1. Presentation to Investment Analysts Society of Southern Africa 6 March 2002

2. Roy Andersen Group Chief Executive Roy Andersen Group Chief Executive

3. Content Building value in Financial Services Operations Mike Jackson Roy Andersen The future l STANLIB and bancassurance l International operations l Human capital l Goals for 2002 l Conclusion The future l STANLIB and bancassurance l International operations l Human capital l Goals for 2002 l Conclusion 2001 achievements

4. Financial highlights 2001

5. Financial services environment in 2001 l Good demand for n Offshore products n Guaranteed products n Bancassurance products l Volatile investment markets l Implementation of policyholder protection rules l Implementation of CGT l Good demand for n Offshore products n Guaranteed products n Bancassurance products l Volatile investment markets l Implementation of policyholder protection rules l Implementation of CGT Environment anticipated and addressed well by Liberty

6. Highlights l Embedded value per share + 23% l Headline ROE continuing operations 25% l Return on embedded value 26% l Headline earnings per share – continuing operations + 14% l Indexed new business premiums + 11% l Recurring new business premiums + 17% l Value of new business + 16% l New business margin 18% l Embedded value per share + 23% l Headline ROE continuing operations 25% l Return on embedded value 26% l Headline earnings per share – continuing operations + 14% l Indexed new business premiums + 11% l Recurring new business premiums + 17% l Value of new business + 16% l New business margin 18%

7. Headline earnings on continuing operations Life fund operating surplus Revenue earnings on shareholders’ funds Preference dividend in subsidiary Headline earnings Headline earnings per share Headline ROE Life fund operating surplus Revenue earnings on shareholders’ funds Preference dividend in subsidiary Headline earnings Headline earnings per share Headline ROE 2001 Rm 2000 Rm % Change ) ) 1 320 222 (43 1 499 551 25% 1 320 222 (43 1 499 551 25% ) ) 1 153 202 (40 1 315 485 16% 1 153 202 (40 1 315 485 16% 14 10 7 14 14 10 7 14 * * * Total operations

8. Investment return (Managed portfolio) Consistent first and second halves Return Bonus stabilisation reserves boosted

9. New business 2001 (excluding natural increases) Single premiums Corporate Benefits Individual business Recurring premiums Corporate Benefits Individual business Total on balance sheet New business index Value of new business Single premiums Corporate Benefits Individual business Recurring premiums Corporate Benefits Individual business Total on balance sheet New business index Value of new business 2001 Rm 2000 Rm % Change 1 225 6 415 225 1 475 9 340 2 465 455 1 225 6 415 225 1 475 9 340 2 465 455 2 167 5 589 190 1 251 9 197 2 217 391 2 167 5 589 190 1 251 9 197 2 217 391 (43 15 18 2 11 16 (43 15 18 2 11 16 ) )

10. Unit trust sales +25% +91% +61% Three Raging Bull awards Rm +99% +142% +120%

11. Net insurance cash flow Claims and benefits up 10% Rm

12. 8 346 5 112 1 310 14 768 R54,21 26,4% 8 346 5 112 1 310 14 768 R54,21 26,4% 6 123 4 822 996 11 941 R43,95 11,3% 6 123 4 822 996 11 941 R43,95 11,3% Embedded value Shareholders’ funds Net value of life business in force Financial services subsidiaries fair value adjustment Total embedded value Embedded value per share Return on embedded value Shareholders’ funds Net value of life business in force Financial services subsidiaries fair value adjustment Total embedded value Embedded value per share Return on embedded value 2001 Rm 2000 Rm % Change 36 6 32 24 23 36 6 32 24 23

13. Capital adequacy cover Overweight deployment of capital in SAB significantly reduced

14. Dividend Final Continuing operations In respect of capital reduction Interim Final Continuing operations In respect of capital reduction Interim 2001 cents per share 2000 cents per share % Change 150 128 278 150 128 278 131 19 150 133 283 131 19 150 133 283 + 15 * * * Pre capital reduction Cover 2x earnings

15. Headline return on equity

16. Scorecard Goals set for 2001 financial year 1.Redeploy shareholder investments into financial services 2.Individual business – leverage the strong position in the upper income market 3.Implement customer value management Goals set for 2001 financial year 1.Redeploy shareholder investments into financial services 2.Individual business – leverage the strong position in the upper income market 3.Implement customer value management ½ ½

17. Scorecard Goals set for 2001 financial year 4.Expand Liberty Corporate Benefits’ business 5.Drive continued growth in bancassurance 6.Provide private banking services to clients Goals set for 2001 financial year 4.Expand Liberty Corporate Benefits’ business 5.Drive continued growth in bancassurance 6.Provide private banking services to clients

18. Scorecard Goals set for 2001 financial year 7.Achieve further synergies with Stanbic 8.Establish an empowerment partnership 9.Leverage Liberty Ermitage for international expansion Goals set for 2001 financial year 7.Achieve further synergies with Stanbic 8.Establish an empowerment partnership 9.Leverage Liberty Ermitage for international expansion

19. The future

20. a new Wealth Management Group and an enhanced Bancassurance Structure Standard Bank Standard Bank

21. STANLIB Organisational structure Stanbic Liberty STANLIB Limited 50% Executive Chairman Roy Andersen CEO - Roy AndersenCEO-Jacko Maree STANLIB Asset Management STANLIB Wealth Management 100% Alan Miller John Liackman “ The factory” “Product / marketing / distribution arm”

22. Asset management components introduced SCMBAM Best investment processes retained Libam STANLIB Asset Management

23. STANLIB wealth management components introduced STANLIB Wealth Management Simeka 100% 52% Standard Bank Unit Trusts Lisps Standard Bank Investment Services Liberty Collective Investments Liberty Specialised Investments Lodestone

24. Summary of the benefits l Plays to each company’s undisputed strengths l Powerful and far reaching distribution = client convenience l Leverages the power of two blue chip brands l Combines asset management, banking and actuarial skills for product development l Pools and leverages intellectual capital l Economies of scale achieved l New Stanfin and bancassurance contract attractive l Plays to each company’s undisputed strengths l Powerful and far reaching distribution = client convenience l Leverages the power of two blue chip brands l Combines asset management, banking and actuarial skills for product development l Pools and leverages intellectual capital l Economies of scale achieved l New Stanfin and bancassurance contract attractive

25. Mike Jackson Executive Director: FSO Mike Jackson Executive Director: FSO Building value in Financial Services Operations

26. 970 1 135 1 310 1 663 1 935 Building distribution Intermediaries Consultancy new business up 18%

27. Rm Growing bancassurance production

28. R12,7 million loss in 2001 Liberty Healthcare Approaching critical mass Principal members Total lives Principal members Total lives 36 343 86 500 36 343 86 500 18 870 45 161 18 870 45 161 February 2002 February 2002 Focusing on quality growth and profitability December 2000 December 2000

29. Liberty Corporate Benefits Enhancing new business profitability Single premiums Recurring premiums Total Embedded value of in-force Single premiums Recurring premiums Total Embedded value of in-force 26 21 47 674 26 21 47 674 2001 Rm 2000 Rm % Change 38 4 42 588 38 4 42 588 ) ) (32 425 12 15 (32 425 12 15 Focusing on expense control and margins

30. Liberty Personal Benefits New business – average policy size Recurring premiums RAs Risk and investment Single premiums Recurring premiums RAs Risk and investment Single premiums Industry (Values for first half 2001) R Industry (Values for first half 2001) R 5 650 6 179 136 104 5 650 6 179 136 104 Liberty Full year 2001 R Liberty Full year 2001 R 4 043 2 429 56 699 4 043 2 429 56 699 % Difference Focused on the profitable segment 40 154 140 40 154 140

31. Liberty Personal Benefits Building market share – New recurring individual

32. Liberty Personal Benefits Building market share – New single individual

33. Liberty Managed Variable Equity Performance Global Managed Liberty Managed Variable Equity Performance Global Managed 20,0 20,2 21,0 35,8 20,0 20,2 21,0 35,8 Liberty Personal Benefits Policyholder returns Portfolio Fund returns (after tax) % Fund returns (after tax) %

34. Dollar Money Alpha Class Asset Selection Global Equity North American Equity Pan European Equity Asia Pacific Equity Dollar Money Alpha Class Asset Selection Global Equity North American Equity Pan European Equity Asia Pacific Equity 51,5 50,8 53,0 47,4 52,2 46,4 31,7 51,5 50,8 53,0 47,4 52,2 46,4 31,7 Fund returns (after tax) % Fund returns (after tax) % Runner-up to Goldman Sachs – Global Investor Award for Excellence 2001 Liberty Personal Benefits Liberty Ermitage returns in Rand

35. Liberty Personal Benefits Leveraging existing clients l Cross-selling and retention are key objectives l Intermediary productivity tools implemented successfully l Client data mart, data analysis tools and campaign management capabilities established l Enterprise data warehouse infrastructure implementation due April 2002 l Cross-selling and retention are key objectives l Intermediary productivity tools implemented successfully l Client data mart, data analysis tools and campaign management capabilities established l Enterprise data warehouse infrastructure implementation due April 2002

36. Rm Liberty Personal Benefits Individual surrenders and maturities 1997 1998 1999 2000 Trend line 2001 % of in-force book Higher retention of in-force book

37. Product innovation l Investment products launched 2001 n Global bond – UK Properties n Guaranteed Hedge Fund 100 n Liberty CPI Plus Investment n Liberty Secured RA n Guaranteed Global Equity Index n Sandton Properties n Liberty Ermitage portfolio range n LSI Symphony wrap funds l Investment products launched 2001 n Global bond – UK Properties n Guaranteed Hedge Fund 100 n Liberty CPI Plus Investment n Liberty Secured RA n Guaranteed Global Equity Index n Sandton Properties n Liberty Ermitage portfolio range n LSI Symphony wrap funds

38. Product development l Risk products launched 2001 n Optimum/Optimum Plus n LivAbility, FemAbility, CareAbility,EnAbility n Procure l Risk products launched 2001 n Optimum/Optimum Plus n LivAbility, FemAbility, CareAbility,EnAbility n Procure

39. An exciting future l Reaping benefits of an expanding distribution force l Bancassurance – growing SBFC (Stanfin) sales l Ongoing market share growth l Full pipeline of products for 2002 l Managing and leveraging in-force business l Reaping benefits of an expanding distribution force l Bancassurance – growing SBFC (Stanfin) sales l Ongoing market share growth l Full pipeline of products for 2002 l Managing and leveraging in-force business

40. Roy Andersen Group Chief Executive Roy Andersen Group Chief Executive Goals for 2002

41. Liberty Properties Developing value through property l Portfolio continually upgraded l Disciplined programme of improvements l Revaluations n Continued conservatism n 5,3% uplift of R466 million to R9,2 billion n Disposals of R141 million confirmed valuations l Portfolio continually upgraded l Disciplined programme of improvements l Revaluations n Continued conservatism n 5,3% uplift of R466 million to R9,2 billion n Disposals of R141 million confirmed valuations The Earth Summit will boost Sandton

42. International growth l Liberty Ermitage n AUM up 69% in Rands n Hedge funds doubled – sales force doubled n Capital uplift in 2001 + R146 million n Effect on earnings of depreciated Rand to be felt in 2002 l Offshore acquisition n Discerning approach l Liberty Ermitage n AUM up 69% in Rands n Hedge funds doubled – sales force doubled n Capital uplift in 2001 + R146 million n Effect on earnings of depreciated Rand to be felt in 2002 l Offshore acquisition n Discerning approach

43. Human capital Creating value through people “The best people, doing the best things, best!” B 3 Vision

44. Human capital Creating value through people l The best people n Attitude towards the client – key n Energy and enthusiasm – a requirement n Correct cultural diversity – on track n Measure progress through growth in Human Capital Index l The best people n Attitude towards the client – key n Energy and enthusiasm – a requirement n Correct cultural diversity – on track n Measure progress through growth in Human Capital Index Liberty a top ten employer for the second year

45. Human capital Creating value through people l The best things n Clear and open strategies n A wide understanding of what drives value n Incentivisation aligned with value creation l The best things n Clear and open strategies n A wide understanding of what drives value n Incentivisation aligned with value creation Top 200 people on incentive scheme linked to growth in appraisal value

46. Human capital Creating value through people l Best n Use of international benchmarks n Integrity, trust and honesty core values l Best n Use of international benchmarks n Integrity, trust and honesty core values

47. Goals for 2002 1.Launch and grow STANLIB Limited 2.Develop SBFC (Stanfin) and increase bancassurance sales 3.Reposition Charter in mass and niche markets 4.Focus on profitability in Employee Benefits 1.Launch and grow STANLIB Limited 2.Develop SBFC (Stanfin) and increase bancassurance sales 3.Reposition Charter in mass and niche markets 4.Focus on profitability in Employee Benefits

48. Goals for 2002 5.Leverage CVM initiative for new business and retention 6.Grow Liberty Ermitage sales 7.Focus on productivity of Agency and Franchise 6.Grow Liberty Ermitage sales 7.Focus on productivity of Agency and Franchise

49. Conclusion