2. Interim Results June 2002

3. Contents 1.Business environment 2.Interim results and operational performance 3.STANLIB 4.Capital adequacy and dividend cover 5.Scorecard – performance against goals 6.Key issues for second half 2002 7.Summary of achievements for first half 2002 1.Business environment 2.Interim results and operational performance 3.STANLIB 4.Capital adequacy and dividend cover 5.Scorecard – performance against goals 6.Key issues for second half 2002 7.Summary of achievements for first half 2002

4. Business environment Market turmoil World equities down 22% JSE all share down 2% Volatile Rand up 14% CPIX up to 9,8% Prime rate up 1% to 16% Market turmoil World equities down 22% JSE all share down 2% Volatile Rand up 14% CPIX up to 9,8% Prime rate up 1% to 16% Liberty performed well in testing markets

5. Highlights Indexed new business New business margin Bancassurance new business Headline earnings per share Net cash inflow from insurance operations: R1,6bn 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: R1,6bn 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

6. Accounting policies No changes to accounting policies In accordance with GAAP STANLIB equity accounted No changes to accounting policies In accordance with GAAP STANLIB equity accounted

7. 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 %

8. 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

9. Net cash inflows from insurance operations Total premiums Claims and policyholder benefits Net cash flow Total premiums Claims and policyholder benefits Net cash flow 7 552 (5 915 1 637 7 552 (5 915 1 637 ) ) 6 782 (5 758 1 024 6 782 (5 758 1 024 ) ) 11 3 60 11 3 60 30 June 2002 Rm 30 June 2002 Rm 30 June 2001 Rm 30 June 2001 Rm Change % Change %

10. Total net cash inflow from insurance operations 102,5 221,5 707,2 1024,3 1636,5 0 500,0 1 000,0 1 500,0 2 000,0 19981999200020012002 Rm

11. 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 %

12. Liberty Personal Benefits Number of policies New business up 18% Surrenders down 22% Lapses down 3% Number of policies New business up 18% Surrenders down 22% Lapses down 3% Better than assumed cost per policy produced expense benefits

13. New business – percentage increase Recurring Single Total Index Recurring Single Total Index 26 30 29 27 26 30 29 27 10 (24 (18 (2 10 (24 (18 (2 23 17 18 22 23 17 18 22 )))))) )))))) Personal Benefits % Personal Benefits % Corporate Benefits % Corporate Benefits % Total % Total % Driven by: Bancassurance sales up 81,3% Growth and productivity of sales force Investment performance Product innovation Adequate off-shore capacity

14. Value of new business (VONB)  Current period margin = 18% on index (Dec 2001 : 19%)  Margin sustained in Personal Benefits and Charter  Liberty Corporate Benefits VONB reduced as a result of lower volumes  Higher level of bancassurance sales reduces calculated margin  Current period margin = 18% on index (Dec 2001 : 19%)  Margin sustained in Personal Benefits and Charter  Liberty Corporate Benefits VONB reduced as a result of lower volumes  Higher level of bancassurance sales reduces calculated margin Value of new business 248 225 10 30 June 2002 Rm 30 June 2002 Rm 30 June 2001 Rm 30 June 2001 Rm Change % Change %

15. Market share ( Full year ended 31 December 2001) New recurring individual Brokers Agents Individual single premiums Brokers Agents New recurring individual Brokers Agents Individual single premiums Brokers Agents 15,72 14,11 17,68 11,49 9,46 17,00 15,72 14,11 17,68 11,49 9,46 17,00 17,86 16,96 18,94 14,76 13,25 14,95 17,86 16,96 18,94 14,76 13,25 14,95 2000 % 2000 % 2001 % 2001 %

16. Average recurring premiums ( Full year ended 31 December 2001) Liberty average premiums Industry average Liberty % average Liberty average premiums Industry average Liberty % average 5 705 2 649 215 5 705 2 649 215 6 086 2 519 241 6 086 2 519 241 2000 Rm per annum 2000 Rm per annum 2001 Rm per annum 2001 Rm per annum 6,7 (4,9 6,7 (4,9 Change % Change % ) )

17. Bancassurance SBFC (Stanfin) Now managed by Liberty Total sales up 18% Charter Total new business up 32% Funeral products sales up 35% (410 000 policies in-force) SBFC (Stanfin) Now managed by Liberty Total sales up 18% Charter Total new business up 32% Funeral products sales up 35% (410 000 policies in-force)

18. Franchise performance New franchise principal remuneration focusing on quality of business Results year-to-date: * Single premiums up 48,8% * Recurring premiums up 43,3% * Case count up 18,1% New franchise principal remuneration focusing on quality of business Results year-to-date: * Single premiums up 48,8% * Recurring premiums up 43,3% * Case count up 18,1%

19. New products – Excelsior Investments Series Segmented offering (savers and wealth creators) World class local and international asset management Risk profiled and sector specific funds Risk analysis and investment tools Investment switching at no cost Tax benefit and flexibility of an endowment Transparency and dynamic reporting on-line Segmented offering (savers and wealth creators) World class local and international asset management Risk profiled and sector specific funds Risk analysis and investment tools Investment switching at no cost Tax benefit and flexibility of an endowment Transparency and dynamic reporting on-line

20. Medscheme Transfer effective 1 August 2002 ± 38 000 members Liberty to continue marketing interface Liberty retains reinsurance of scheme Insurance JV with Charter to mine ± 1,2 million members Transfer effective 1 August 2002 ± 38 000 members Liberty to continue marketing interface Liberty retains reinsurance of scheme Insurance JV with Charter to mine ± 1,2 million members

21. Liberty Ermitage Assets under management increased from US$2 152 million to US$2 258 million Investment marketing sales force now in place Strong support from Standard Bank and STANLIB evident Assets under management increased from US$2 152 million to US$2 258 million Investment marketing sales force now in place Strong support from Standard Bank and STANLIB evident

22. Liberty Ermitage Hedge funds stood up well to turmoil in world markets: * Alpha –0,03% in US dollars * Asset Selection +0,94% in US dollars Hedge funds stood up well to turmoil in world markets: * 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

23. STANLIB Assets under management Life fund Segregated funds Unit trusts Africa Total Life fund Segregated funds Unit trusts Africa Total 30 June 2002 Rm 30 June 2002 Rm 31 December 2001 Rm 31 December 2001 Rm Increase % Increase % 54 807 53 392 25 191 1 737 135 127 54 807 53 392 25 191 1 737 135 127 53 996 52 551 21 174 1 677 129 398 53 996 52 551 21 174 1 677 129 398 1,5 1,6 19,0 3,6 4,4 1,5 1,6 19,0 3,6 4,4

24. STANLIB Strong relative investment performance Headcount down 79 people Products being rationalised – best of breed to be retained Systems integration commenced Office move early December Strong relative investment performance Headcount down 79 people Products being rationalised – best of breed to be retained Systems integration commenced Office move early December Ahead of plan – merger costs in second half

25. CAR cover multiple 14,4 10,6 6,26,2 5,65,6 3,83,8 3,43,4 3,53,5 7,37,3 8,98,9 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

26. Capital management Ongoing review of capital management European insurers capital adequacy being tested Expected regulatory increase in local CAR requirement Dividend cover: * Dividend cover reduced from 2,0 x to 1,5 x * Retain 33,3% of headline earnings vs 50% * Dividend per share increased by 27% Ongoing review of capital management European insurers capital adequacy being tested Expected regulatory increase in local CAR requirement Dividend cover: * Dividend cover reduced from 2,0 x to 1,5 x * Retain 33,3% of headline earnings vs 50% * Dividend per share increased by 27% Well positioned in volatile markets

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

28. Scorecard Goals set for 2002 5.Leverage CVM 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 CVM 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

29. Key issues for second half 2002 Investment market performance Higher STC on higher dividend Merger costs – STANLIB Re-positioning of Charter Corporate Benefits – sales and margins Investment market performance Higher STC on higher dividend Merger costs – STANLIB Re-positioning of Charter Corporate Benefits – sales and margins

30. Summary of achievements for first half 2002 Achievements New business and margin Market share Franchise productivity Bancassurance and SBFC Management of in-force business Expense control Healthcare administration outsourced STANLIB launch Achievements New business and margin Market share Franchise productivity Bancassurance and SBFC Management of in-force business Expense control Healthcare administration outsourced STANLIB launch