2. Liberty Group Limited International Presentation October 2002

3. Contents Market positioning What makes Liberty different? Standard Bank relationship Bancassurance Capital management Corporate governance Black Economic Empowerment HIV/AIDS Sources of future growth Additional information Market positioning What makes Liberty different? Standard Bank relationship Bancassurance Capital management Corporate governance Black Economic Empowerment HIV/AIDS Sources of future growth Additional information

4. Corp/Commercial HNW Mass affluent Middle Mass market STANLIB Asset Management Unit Trusts Liberty Corporate Benefits Liberty Personal Benefits SBFC/IFAs/Agency/Franchise Liberty Corporate Benefits Charter Life Bancassurance Market positioning

5. What makes Liberty different? Multiple distribution channels * Agency, franchise, broker, Standard Bank Financial Consultants (SBFC), Charter Life, call centres * Bancassurance – successful model Quality of business * average case size 260% of industry average * profitability * focused on HNW and mass affluent market Quality of sales force – education and training Product innovation Blueprint technology (sales and servicing) Multiple distribution channels * Agency, franchise, broker, Standard Bank Financial Consultants (SBFC), Charter Life, call centres * Bancassurance – successful model Quality of business * average case size 260% of industry average * profitability * focused on HNW and mass affluent market Quality of sales force – education and training Product innovation Blueprint technology (sales and servicing)

6. What makes Liberty different? Current superior relative investment performance * STANLIB * Liberty Ermitage Focused business units Preferred employer status Top team incentivisation Capital strength High ROE – greater than 20% Insurance cash flow Current superior relative investment performance * STANLIB * Liberty Ermitage Focused business units Preferred employer status Top team incentivisation Capital strength High ROE – greater than 20% Insurance cash flow

7. Standard Bank – the ideal bancassurance partner 35% of South Africa’s banking Strongest financial services brand Penetration by Liberty/Charter ± 20% 35% of South Africa’s banking Strongest financial services brand Penetration by Liberty/Charter ± 20% Affluent 35 000 customers Middle 1m customers Mass market 3m customers Corp/Commercial 15 000 businesses Small/Medium 250 000 businesses R3 300 p.m. R33 000 p.m.

8. Standard Bank relationship Developments during the year * Improved and extended bancassurance agreement - to 2012 * Bancassurance distribution now managed by Liberty – sales up 18% * Creation of STANLIB by merging asset management, mutual fund and linked product operations Liberty achieving increased share of growing market No anticipated change to shareholding structure Developments during the year * Improved and extended bancassurance agreement - to 2012 * Bancassurance distribution now managed by Liberty – sales up 18% * Creation of STANLIB by merging asset management, mutual fund and linked product operations Liberty achieving increased share of growing market No anticipated change to shareholding structure

9. Advantages Creates scale and economies – * assets under management R135 billion * largest mutual fund in South Africa Leverages off all distribution channels Pools intellectual capital Creates ability to design products using banking and insurance licenses Advantages Creates scale and economies – * assets under management R135 billion * largest mutual fund in South Africa Leverages off all distribution channels Pools intellectual capital Creates ability to design products using banking and insurance licenses Major benefits without the risks of a full bank on insurer merger

10. Dedicated investment marketing for: STANLIB Asset Management – in-house active management Simeka – empowerment quants asset manager STANLIB – multi-manager Liberty Ermitage – international hedge fund and long equities Third party funds Dedicated investment marketing for: STANLIB Asset Management – in-house active management Simeka – empowerment quants asset manager STANLIB – multi-manager Liberty Ermitage – international hedge fund and long equities Third party funds Full asset management offering available through STANLIB

11. Capital management Current level 3.4 x statutory requirement Ongoing review of capital management Expected regulatory increase in local CAR requirement - approximately 20% Dividend cover: * Dividend cover reduced from 2.0 x to 1.5 x * Dividend per share increased by 27% * Policy dependent on level of capital Current level 3.4 x statutory requirement Ongoing review of capital management Expected regulatory increase in local CAR requirement - approximately 20% Dividend cover: * Dividend cover reduced from 2.0 x to 1.5 x * Dividend per share increased by 27% * Policy dependent on level of capital Well positioned in volatile markets

12. CAR cover multiple (Capital and reserves divided by statutory CAR) 14.4 10.6 6.2 5.6 3.8 3.4 3.5 7.3 8.9 0 2 4 6 8 10 12 14 16 Jun 98 Dec 98 Jun 99 Dec 99 Jun 00 Dec 00 Jun 01 Dec 01 Jun 02

13. Total net cash inflow from insurance operations Rm

14. Value extracted for shareholders Shareholders’ interests distributed: 1999 * Liberty International PLC * Standard Bank April 2001 * Capital reduction R10.50 per share August 2002 * Dividend cover reduced from 2.0 to 1.5 Shareholders’ interests distributed: 1999 * Liberty International PLC * Standard Bank April 2001 * Capital reduction R10.50 per share August 2002 * Dividend cover reduced from 2.0 to 1.5 Total assets and capital distributed R17.0 billion

15. Corporate governance Committed to King II Code High ratings for corporate governance South Africa follows International Accounting Standards Appropriate number of independent non-executive directors Strong audit and remuneration committees Share options - 3.5% of shares outstanding Committed to King II Code High ratings for corporate governance South Africa follows International Accounting Standards Appropriate number of independent non-executive directors Strong audit and remuneration committees Share options - 3.5% of shares outstanding Embedded value calculations audited by PwC

16. Black Economic Empowerment Engaging government on Financial Services Charter – co-operative not confrontational Government recognises need for sound business principles Empowerment partnerships * Asset management – Simeka * Corporate Benefits - being developed Employment equity targets achievable Affirmative procurement in place Engaging government on Financial Services Charter – co-operative not confrontational Government recognises need for sound business principles Empowerment partnerships * Asset management – Simeka * Corporate Benefits - being developed Employment equity targets achievable Affirmative procurement in place

17. HIV/AIDS Liberty’s positioning Most new business investment only High value policies in upper income market – reduced exposure HIV screening on policies greater than R100 000 sum assured Ongoing repricing in Corporate Benefits markets Rates reviewable Minimal effect on mortality experienced Industry initiative to cover lower end of market (mortgage cover) Most new business investment only High value policies in upper income market – reduced exposure HIV screening on policies greater than R100 000 sum assured Ongoing repricing in Corporate Benefits markets Rates reviewable Minimal effect on mortality experienced Industry initiative to cover lower end of market (mortgage cover) Risks well managed

18. Sources of future growth Bancassurance Development consultants – accessing the black consumer market Growth in tied sales force and productivity Corporate benefits (group/pension business) Product development Growth in market share – currently growing share by 1% to 3% per annum Bancassurance Development consultants – accessing the black consumer market Growth in tied sales force and productivity Corporate benefits (group/pension business) Product development Growth in market share – currently growing share by 1% to 3% per annum South Africa has minimum social security underpin

19. Growing bancassurance production Rm Bancassurance business up 81% at 30 June 2002 1 661

20. 1 135 1 310 1 663 1 935 Building distribution Tied Intermediaries 1887 Focus on productivity

21. Growth in black adult consumer market (Financial services products purchased) People 000s Based on a sample of 29.5 million black adults with personal income of R5 000+ (Liberty’s target market) Source AMPS 1998 and 2002

22. The Liberty story Strongest diversified distribution New business growth 16% per annum for past five years Successful bancassurance model Well capitalised – high ROE Strong governance Proven track record of achieving objectives Historic dividend yield 7% - trading at close to embedded value Strongest diversified distribution New business growth 16% per annum for past five years Successful bancassurance model Well capitalised – high ROE Strong governance Proven track record of achieving objectives Historic dividend yield 7% - trading at close to embedded value

23. Additional information

24. Group structure Subsidiaries - Charter Life (100%) - Liberty Group Properties (100%) - Liberty Healthcare (100%) - Electric Liberty (100%) - Liberty Ermitage (100%) Joint Ventures - Astute Financial Services Exchange (33%) -Simeka Financial Services (18%) -Medscheme

25. Financial highlights six months to 30 June 2002 Indexed new business New business margin Bancassurance new business Headline earnings per share Net cash inflow from insurance operations: R1.6 billion Embedded value per share: R56.68 Dividend cover amended: reduced from 2.0 x to 1.5 x Dividend per share of 162 cents Indexed new business New business margin Bancassurance new business Headline earnings per share Net cash inflow from insurance operations: R1.6 billion Embedded value per share: R56.68 Dividend cover amended: reduced from 2.0 x to 1.5 x Dividend per share of 162 cents +22% 18% +81% -5% +60% +5% +27% Significant gain in market share

26. Headline earnings – continuing operations Life fund operating surplus Revenue earnings – shareholders’ funds STC on ordinary dividends Preference dividend Headline earnings Headline EPS (cents) Dividend per share (cents) Life fund operating surplus Revenue earnings – shareholders’ funds STC on ordinary dividends Preference dividend Headline earnings Headline EPS (cents) Dividend per share (cents) 563 171 (44 (28 662 242.5 162 563 171 (44 (28 662 242.5 162 ) ) 594 120 (20 694 255.7 128 594 120 (20 694 255.7 128 ) ) (5 42 41 (5 27 (5 42 41 (5 27 ) )) ) )) ) )) ) )) 30 June 2002 Rm 30 June 2002 Rm 30 June 2001 Rm 30 June 2001 Rm Change % Change %

27. Life fund earnings  Reduced by 5.1% from R594 million to R563 million  Geared to investment returns earned for policyholders’ portfolios  Reduced by 5.1% from R594 million to R563 million  Geared to investment returns earned for policyholders’ portfolios  Significant reduction in this component of life fund earnings  Offset by benefits from expense management  Significant reduction in this component of life fund earnings  Offset by benefits from expense management Portfolio weighted average Mainly due to: Offshore portfolio Portfolio weighted average Mainly due to: Offshore portfolio (0.4 (16.2 (0.4 (16.2 )))) )))) 10.2 0.8 10.2 0.8 30 June 2002 % 30 June 2002 % 30 June 2001 % 30 June 2001 % Local equity and bond portfolios outperformed benchmarks

28. Embedded value Shareholders’ funds Value of life business in-force Financial services subsidiaries fair value adjustment Total Embedded value per share (Rand) Shareholders’ funds Value of life business in-force Financial services subsidiaries fair value adjustment Total Embedded value per share (Rand) 9 136 5 507 835 15 478 56.68 9 136 5 507 835 15 478 56.68 8 346 5 112 1 309 14 767 54.21 8 346 5 112 1 309 14 767 54.21 9 8 (36 5 9 8 (36 5 ) ) 30 June 2002 Rm 30 June 2002 Rm 30 June 2001 Rm 30 June 2001 Rm Change % Change %

29. Key issues for second half 2002 Profitability will be influenced by investment market performance Higher Secondary Tax on Companies on higher dividend – R42 million (total for 2002 - R82 million, 2001 - R32 million) Merger costs – STANLIB – R44 million Profitability will be influenced by investment market performance Higher Secondary Tax on Companies on higher dividend – R42 million (total for 2002 - R82 million, 2001 - R32 million) Merger costs – STANLIB – R44 million

30. Market share New recurring individual Brokers Agents Individual single premiums Brokers Agents New recurring individual Brokers Agents Individual single premiums Brokers Agents 17.86 16.96 18.94 14.76 13.25 14.95 17.86 16.96 18.94 14.76 13.25 14.95 18.56 19.10 17.93 17.01 16.43 17.87 18.56 19.10 17.93 17.01 16.43 17.87 Full years 1 st Quarter 2002 % 1 st Quarter 2002 % 15.72 14.11 17.68 11.49 9.46 17.00 15.72 14.11 17.68 11.49 9.46 17.00 2001 % 2000

31. Average recurring premiums Liberty average premiums Industry average Liberty % average Liberty average premiums Industry average Liberty % average 6 086 2 519 242 6 086 2 519 242 6 626 2 465 269 6 626 2 465 269 Full year 2001 Full year 2001 1 st Quarter 2002 1 st Quarter 2002 8.9 (2.1 8.9 (2.1 Change % Change % ) )

32. STANLIB Asset Management Assets under management at 31.12.01 SCMBAM Rbn SCMBAM Rbn Libam Rbn Libam Rbn STANLIB Rbn STANLIB Rbn Life fund Segregated funds Unit trusts Africa Multi-manager Life fund Segregated funds Unit trusts Africa Multi-manager * Charter Life funds ** Includes money market funds of R10 billion * Charter Life funds ** Includes money market funds of R10 billion 4.7 20.6 17.9 2.0 2.2 4.7 20.6 17.9 2.0 2.2 * ** * ** 47.0 29.0 7.8 – 1.0 47.0 29.0 7.8 – 1.0 51.7 49.6 25.7 2.0 3.2 51.7 49.6 25.7 2.0 3.2 47.4 84.8 132.2

33. International strategy Grow Liberty Ermitage distribution Follow Stanbank into emerging markets Build distribution in Europe Grow Liberty Ermitage distribution Follow Stanbank into emerging markets Build distribution in Europe

34. Liberty Ermitage Assets under management increased from US$2 152 million to US$2 258 million at 30 June Investment marketing sales force now in place Strong support from Standard Bank and STANLIB Alternative asset management strategy Focusing primarily on wholesale market Assets under management increased from US$2 152 million to US$2 258 million at 30 June Investment marketing sales force now in place Strong support from Standard Bank and STANLIB Alternative asset management strategy Focusing primarily on wholesale market

35. Liberty Ermitage Hedge funds standing up well to turmoil in world markets as at 30 June: * Alpha –0.03% in US dollars * Asset Selection +0.94% in US dollars Hedge funds standing up well to turmoil in world markets as at 30 June: * Alpha –0.03% in US dollars * Asset Selection +0.94% in US dollars Three out of four equity funds achieved Micropal 4-Star ratings placing them in the top 30% of their categories in the world over three years

36. Scorecard Goals set for 2002 1.Launch and grow STANLIB 2.Develop SBFC and bancassurance sales 3.Reposition Charter Life in mass and niche markets 4.Focus on profitability of Liberty Corporate Benefits Goals set for 2002 1.Launch and grow STANLIB 2.Develop SBFC and bancassurance sales 3.Reposition Charter Life in mass and niche markets 4.Focus on profitability of Liberty Corporate Benefits       ½½ ½½

37. Scorecard Goals set for 2002 5.Leverage CRM initiative for new business and retention 6.Grow Liberty Ermitage sales 7.Focus on productivity of agency and franchise Goals set for 2002 5.Leverage CRM initiative for new business and retention 6.Grow Liberty Ermitage sales 7.Focus on productivity of agency and franchise       By half year 5½ out of 7 achieved