Prudential Financial Completes Sale of THI Holdings, Inc. to Nationwide Mutual Insurance Company

NEWARK, N.J.--Aug. 1, 2003--Prudential Financial, Inc. announced today the completion of the agreement to sell its specialty automobile insurance business, THI Holdings (Delaware), Inc. to Nationwide Mutual Insurance Company. As was previously announced, the sale was completed for a cash consideration of $138 million and a dividend distribution of $3.8 million, for a total consideration of $141.8 million. This represents a pre-tax loss of about $30 million in comparison to book value.

The specialty auto business, marketed under the Titan and Victoria Insurance group brands, concentrates on the domestic, non-standard auto insurance market. It was a subsidiary of Prudential Property and Casualty Insurance Company.

Prudential's sale of its national auto and homeowner personal lines business to Liberty Mutual and its New Jersey business to Palisades remain on track for closing in the fourth quarter.

Prudential Financial companies, with approximately $376 billion in total assets under management as of March 31, 2003, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.