1. Britannic Group Interim results presentation Half year ended 30 June 2004 7 September 2004

2. Agenda  IntroductionHarold Cottam  Overview Paul Thompson  FinancialsGraham Singleton  Questions and answers 2

3. Overview Paul Thompson Group Chief Executive 3

4. Overview  Good results  Consolidation of refocused business  BAM management changed. Business repositioned as multi-specialist  Closed funds integrated into one division  Active review of closed fund opportunities 4

5. Financial highlights  £41m operating achieved profit before tax (HY03: £38m*)  £36m operating MSB profit before tax (HY03: £17m restated)  £1,029m shareholders’ funds, 523p per share (FY03: 517p)  Interim dividend 5.45p per share (HY03: nil)  Free asset ratio 11.3%, ICA ratio 232% (FY03: 10.8%, 213%) 5 * Adjusted to exclude a net one-off of £6m, primarily the benefit of a reduction in the risk discount margin from 1% to 0.5%

6. Britannic Assurance  £3m new business profit  Good progress towards service company structure  Process re-engineering  Costs to date under budget 6

7. Britannic Retirement Solutions  Relocation completed  Performing in line with expectations 7

8. Alba Life  Continued proactive risk management and mitigation  Reassurance of £350m deferred annuities  Improving free asset ratio 8

9. Closed funds review 9  Due diligence completed confirms:  operational model  reasonableness of target return  validity of strategy  Transactions occurring in the sector  Optimistic on prospects

10. Britannic Asset Management  Repositioned as multi-specialist  Retail sales £102m  Institutional sales £84m  Solid half year performance  New products scheduled for launch second half 10

11. Financials Graham Singleton Group Finance Director 11

12. Summary Group achieved profits 12

13. Summary Group achieved profits 13

14. Britannic Assurance achieved profits 14

15. Britannic Retirement Solutions achieved profits 15

16. Britannic Asset Management 16

17. Summary Group MSB profits 17

18. SRC - achieved profits basis 18

19. Group balance sheet - achieved profits basis 19

20. Capital position Realistic Statutory Free asset ratio: 11.3% excluding implicit items Shareholders’ funds £140m Shareholders’ retained capital – 3 rd party assets £475m Realistic with profit estate £197m Excess capital £374m Internal capital assessment £350m Required capital margin £235m Prudent 25% margin £88m ICA ratio of 232% 20

21. Questions and answers 21

22. Britannic Group Interim results presentation Half year ended 30 June 2004 7 September 2004 22