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2 International Roadshow Presentation September/October Liberty Life

3 Liberty Life – some information about us

4 Structure Standard Bank Liberty Holdings Limited Liberty Group Limited (54,65%) (53,99%) Life Assurance Liberty Personal Benefits Liberty Corporate Benefits Charter Life Asset Management STANLIB (37,4%) Liberty Ermitage Liberty Properties

5 Mix of business %

6 Broker SBFC* Agency Other Franchise 30 June 2004 % 30 June 2003 % Channel New individual single premium business by channel *Standard Bank sales force

7 Asset classes – new single premium CPI Plus Excelsior Risk Profiled Property Excelsior Income Other Liberty Portfolios Guaranteed Bond Offshore Investments External Investment Managers 30 June 2003 % 30 June 2004 % Portfolio

8 Broker SBFC* Agency Other Franchise 30 June 2004 % 30 June 2003 % Channel New individual recurring premium business by channel *Standard Bank sales force

9 Asset classes– new recurring premiums Property Other Liberty Portfolios CPI Plus Excelsior Risk Profiled Offshore Investments External Investment Managers Excelsior Income June 2004 % June 2003 % Portfolio

10 Market share – individual new business Source: LOA market share statistics for all life offices %

11 Market share – corporate benefits Not comparable due to size of funds targeted Number of schemes: Number of members : Typically funds with 10 to 300 employees

12 Individual average new recurring premiums All offices Large offices Liberty Personal Benefits LPB as % of all offices LPB as % of large offices 3 months 31 Mar 2003 R 3 months 31 Mar 2004 R % Change ,9% 165,0% ,1% 231,3% Source: LOA market share statistics for all life offices (10) (18) 14

13 Our key value drivers

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15 New business +2% +15% +11% +23% +5% Indexed is sum of recurring plus 10% of single +3% Indexed Total Rm

16 New business CAGR of 11,6% Consistent market share gains Upper income segment – growing disposable income Standard Bank’s client base presents further opportunities Changing model for corporate benefits business Charter Life for the future New product development unit

17 Value of new business and new business margins *Value of new business divided by indexed new business premium

18 Value of new business and new business margins Margins maintained in a range between 18% and 21% Individual business margins range from 20% to 23% Corporate business margins range from 6% to 10%

19 Headline earnings Rm

20 Headline earnings Operating profit from insurance operations: Reasons for volatility and decrease since 2000 –10% shareholders’ participation in investment returns –Once off items capitalised by valuation basis e.g. expense profits (or losses) –Stochastic modelling of guarantee reserves –AC133 (to be followed by IFRS4 and IAS compliance) Other earnings contributors: –STANLIB, Liberty Ermitage, trading portfolio and Liberty Properties –Return on other shareholders’ investments –equities –bonds –cash/preference shares –offshore

21 Net cash inflows from insurance operations Not included above:1H 031H 04% change Rm STANLIB net inflows5 485,06 072,9 11 Ermitage net inflows1 013,33 404,4 236 Rm

22 Net cash inflows from insurance operations Useful when read together with new business growth In-force book is being managed Customer service drive and STANLIB’s investment performance will improve retention Maturities of property backed products in second half of 2004 of R2bn Total inflows of R11,9bn including asset management inflows

23 Expenses -1% +8% Rm H 2004 % (Decrease)/increase in maintenance cost per policy -2%+7% +4%

24 Expenses Targeting expense increases below 5% per annum Headcount for Liberty Life reduced by 190 since 30 June 2003 Headcount for STANLIB reduced by 80 since January 2003 IT capacity to be partially outsourced to Standard Bank –Headcount to be reduced by 70 –Conservative estimate R30m cost saving Business structure to be scrutinised

25 Embedded value Rm

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27 Capital adequacy

28 Capital adequacy Capital reduction of R10,50 per share in 2001 Still overcapitalised, but earnings are volatile BEE deal to reduce cover to approximately 2,2 Capital level and mix to be finalised by year end Dividend policy to follow

29 Risks and issues Increasing compliance and regulatory requirements Volatile investment markets Risk averse investors Perception of industry AIDS (not as much an issue for Liberty Life) Financial Sector Charter

30 Focus areas until December 2005 People Customer service Business structure Capital management Product development Financial Sector Charter implementation Domestic operations/other market segments and Africa Distribution channels Implement BEE transaction Continued emphasis on cost containment

31 Why Liberty Life? Pure South African life insurance company Strong parent Strong equity play BEE transaction in formal process Low smoothed bonus business High capital adequacy

32 Why Liberty Life? High dividend yield Future growth opportunities (market segments) Revised top team – good mix of insurance and general management experience Uncomplicated strategy Share price offers value!

33 Insurance industry in South Africa Appendix

34 Competitors Old Mutual (listed on the LSE)R48 840,44m SanlamR27 398,95m Liberty LifeR14 862,68m DiscoveryR 7 459,94m Momentum not listed Market capitalisation

35 Net flow of funds from insurance operations Rm

36 Indexed new business Rm

37 Embedded value

38 New business premiums

39 JSE Securities Exchange statistics Y.t.d months Dec 03 Share price (Rand) - High - Low - Closing 57,00 48,00 54,15 57,00 45,00 54,00 Codes Share code I-Net Bridge Bloomberg Reuters ISIN ordinary shares LGL LGL.SJ LGL.J.J ZAE

40 JSE Securities Exchange statistics Shares traded Volume traded Value traded (Rm) Shares in issue , , months Dec 03 Y.t.d

41 Contact details Myles Ruck Chief Executive Tel: Deon de Klerk Chief Financial Officer Tel: Heather Ferreira Head: Group Corporate Communications and Investor Relations Tel:

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