1. Investor presentation Interim financial results 30 June 2001

2. Highlights  Business highlights  Creation of New Africa Capital  Dynamic new operating structure implemented  Empowerment credentials of the board enhanced  Increase of earnings from diversified sources  Financial highlights  Total assets under management: approximately R40 billion  Positive net cash flow in excess of R2 billion  Sustained strong growth in Employee Benefits business  Increased profits from Health business

3. Features of results No June 2000 FSV valuation March 2000 not always comparable

4. Premium income

5. Recurring premiums

6. Single premiums

7. Policyholders’ benefits paid

9. Benefit payments as a % of premiums

10. Administration expenses – life insurance

11. Income from administration business * Taxation is included in administration expenses for the period under review.

12. Statement of actuarial values of assets and liabilities

13. Analysis of headline earnings

14. Embedded value No adjustment has been mad for CGT. The estimated reduction would be R153 million or 2%.

15. Embedded value by company

16. Embedded value profit

17. Value of new business The comparative period figures have been reallocated to reflect the group’s internal restructuring.

18. Value of new business per company

19. New business premiums

20. Assets under management

21. Assets backing shareholders’ funds Assets backing shareholders’ funds for Metropolitan Life Limited.

22. Excess capital in Metropolitan Life Limited

23. Capital management strategy  New structure will enhance capital management ability  Identify use of and return on capital  Manage capital adequacy requirement  Utilise capital effectively Business growth Strategic acquisitions Share bay-back Dividend policy

24. Focus areas  Investment performance  New business volumes  Expense levels  Return on shareholders’ value

25. Focus areas  Capital management  Empowerment credentials  Surrender and lapse rates  New business levels  Increase presence in Gauteng  Financial disclosure  Market segmentation  Creation of NAC  Board appointments  Agreement with PolicyLink  Creation of MARS  Project Goldrush  Group actuary appointed  Research completed

26. Corporate successes