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STANDARD BANK INVESTMENT CORPORATION LIMITED
(REGISTRATION NUMBER 69/17128/06)
("STANBIC")
LIBERTY HOLDINGS LIMITED
(REGISTRATION NUMBER 68/02095/06)
("LIBHOLD")
LIBERTY LIFE ASSOCIATION OF AFRICA LIMITED
(REGISTRATION NUMBER 57/02788/06)
("LIBERTY LIFE")
LIBLIFE STRATEGIC INVESTMENTS LIMITED
(REGISTRATION NUMBER 83/06300/06)
("LIBSIL")
PROGRESS ANNOUNCEMENT
SHAREHOLDERS ARE REFERRED TO THE ANNOUNCEMENTS BY STANBIC, LIBHOLD, LIBERTY
LIFE AND LIBSIL DATED 9 FEBRUARY 1999 AND THE CIRCULAR TO STANBIC SHAREHOLDERS
DATED 16 APRIL 1999 REGARDING THE ACQUISITION BY STANBIC FROM LIBERTY INVESTORS
LIMITED ("LIBVEST") OF A FURTHER 50% SHAREHOLDING IN LIBLIFE CONTROLLING
CORPORATION (PROPRIETARY) LIMITED ("LCC") ("THE ACQUISITION"). FOLLOWING THE
MEETING OF SHAREHOLDERS OF LIBVEST HELD ON 10 MAY 1999, ALL CONDITIONS
PRECEDENT TO THE ACQUISITION HAVE BEEN FULFILLED AND, CONSEQUENTLY, STANBIC
WILL OWN 100% OF LCC, THE CONTROLLING COMPANY OF THE LIBERTY LIFE GROUP, AS AT
30 JUNE 1999.
THE DIRECTORS OF STANBIC AND LIBERTY LIFE HAVE CONCLUDED THAT THE PURSUIT OF A
FULL MERGER IS INAPPROPRIATE GIVEN THE DISPARITY IN THE RELATIVE VALUES.
HOWEVER, IT IS THE UNANIMOUS VIEW OF THE BOARDS OF STANBIC AND LIBERTY LIFE
THAT THE ACTIVE PURSUIT OF BANCASSURANCE AND MARKETING SYNERGIES WILL PRODUCE
SUBSTANTIAL VALUE FOR ALL SHAREHOLDERS.
THE MANAGEMENT TEAMS HAVE ALREADY COMMENCED FOCUSING ON A RANGE OF OPERATIONAL
ISSUES, INCLUDING ACTIVELY OFFERING LIFE ASSURANCE, INVESTMENT, HEALTH AND
PENSION PRODUCTS TO THE CUSTOMERS OF STANBIC. MANAGEMENT IS CONFIDENT THAT A
SUBSTANTIAL PROFIT STREAM WILL FLOW EQUITABLY TO BOTH STANBIC AND LIBERTY LIFE
FROM THIS ADDITIONAL RANGE OF FINANCIAL SERVICES.
THE PRESENT LISTED ENTITIES WILL CONTINUE, BUT LIBSIL WILL BE DELISTED BEFORE
THE END OF 1999.
DIRECTORATE
MR MEYER KAHN, CURRENTLY DEPUTY CHAIRMAN OF LIBERTY LIFE, WAS RECENTLY
APPOINTED AS CHAIRMAN OF SOUTH AFRICAN BREWERIES PLC ("SAB"). IN THE
CIRCUMSTANCES, HIS CONTINUED INVOLVEMENT WITH LIBERTY LIFE MIGHT BE PERCEIVED
AS A CONFLICT OF INTEREST GIVEN LIBERTY LIFE'S SUBSTANTIAL SHAREHOLDING IN SAB
VIA BEVERAGE AND CONSUMER INDUSTRY HOLDINGS LIMITED. ACCORDINGLY, MR KAHN HAS
CHOSEN, WITH DEEP REGRET, TO RETIRE FROM THE LIBERTY LIFE BOARDS.
DUE TO HIS EXTENSIVE COMMITMENTS, MR ERIC MOLOBI HAS DEEMED IT APPROPRIATE TO
RESIGN FROM THE LIBERTY LIFE BOARDS.
MR DONALD GORDON WILL RETIRE FROM THE BOARDS OF THE LIBERTY LIFE GROUP IN SOUTH
AFRICA ON 30 JUNE 1999. HE WILL THEN ASSUME THE OFFICE OF PRESIDENT FOR LIFE
OF THE LIBERTY LIFE GROUP. HE WILL BE SUCCEEDED AS CHAIRMAN BY MR DEREK
COOPER, WHO IS TO BECOME DEPUTY CHAIRMAN OF STANBIC.
THE RELEVANT BOARDS OF DIRECTORS WILL BE RECONSTITUTED AS FOLLOWS AS SOON AS
PRACTICABLE.
STANBIC LIBHOLD LIBERTY LIFE
C B STRAUSS D E COOPER D E COOPER
CHAIRMAN CHAIRMAN CHAIRMAN
D E COOPER R C ANDERSEN R C ANDERSEN *
DEPUTY CHAIRMAN DEPUTY CHAIRMAN &
CHIEF EXECUTIVE
M H VOSLOO * D D B BAND H I APPELBAUM *
GROUP CHIEF EXECUTIVE
J H MAREE * G R FINE D D B BAND
DEPUTY GROUP CHIEF EXECUTIVE
R C ANDERSEN W E CESMAN E BRADLEY
D D B BAND W S MACFARLANE W E CESMAN *
E BRADLEY J H MAREE R M GORDON
A R EVANS R A PLUMBRIDGE S HANDLER *
R M GODSELL M RAPP D A HAWTON
D A HAWTON A ROMANIS M J JACKSON *
R J KHOZA C B STRAUSS R J KHOZA
E A G MACKAY M H VOSLOO S J MACOZOMA
W S MACFARLANE W S MACFARLANE
S J MACOZOMA J H MAREE
B J M MASEKELA C E MAYNARD *
R P MENELL D S NOHR *
R A PLUMBRIDGE R A PLUMBRIDGE
P C PRINSLOO * M RAPP
M RAPP A ROMANIS *
A ROMANIS C B STRAUSS
C J SAUNDERS E P THERON
E P THERON M H VOSLOO
* EXECUTIVE DIRECTORS
JOHANNESBURG
12 MAY 1999
