LIBGROUP - JOINT ANNOUNCEMENT

LIBERTY INVESTORS LIMITED
(REGISTRATION NUMBER 71/04020/06)
LIBERTY HOLDINGS LIMITED
(REGISTRATION NUMBER 68/02095)
LIBERTY LIFE ASSOCIATION OF AFRICA LIMITED
(REGISTRATION NUMBER 57/02788/O6)
LIBLIFE STRATEGIC INVESTMENTS LIMITED
(REGISTRATION NUMBER 83/06300/O6)
FIRST INTERNATIONAL TRUST LIMITED
(REGISTRATION NUMBER S7/O2956/O6)
"THE LIBERTY LIFE GROUP"
STANDARD BANK INVESTMENT CORPORATION LIMITED
(REGISTRATION NUMBER 69/17128/06)
"THE STANDARD BANK GROUP"
JOINT ANNOUNCEMENT

ON 11 MARCH 1998, THE BOARDS OF THE COMPANIES COMPRISING THE LIBERTY LIFE GROUP
AND THE STANDARD BANK GROUP PUBLISHED CAUTIONARY ANNOUNCEMENTS THAT DISCUSSIONS
WERE TAKING PLACE, THE OUTCOME OF WHICH, INTER ALIA, COULD WELL INVOLVE THE
CREATION OF A COMMON LISTED HOLDING COMPANY.

SINCE THE COMMENCEMENT OF THESE DISCUSSIONS, EXTENSIVE INVESTIGATIONS AND
APPRAISALS HAVE TAKEN PLACE.

FOLLOWING DISCUSSIONS BETWEEN THE PARTIES, TOGETHER WITH THEIR RESPECTIVE
ADVISORS, IT IS APPARENT THAT THERE IS AN AS YET UNRESOLVED SIGNIFICANT
DISPARITY IN THE VIEWS OF THE PARTIES AND THEIR ADVISORS AS TO THE RELATIVE
VALUATIONS OF THE LIBERTY LIFE AND STANDARD BANK GROUPS.

IT HAS BEEN AGREED BETWEEN THE PARTIES THAT THEIR BOARDS OF DIRECTORS SHOULD
HAVE THE OPPORTUNITY TO CONSIDER THE FOREGOING INFORMATION AFTER WHICH TIME A
DECISION WILL BE MADE ON WHAT FURTHER STEPS ARE TO BE TAKEN.

SHAREHOLDERS ARE THEREFORE ADVISED CO CONTINUE TO EXERCISE CAUTION IN THEIR
DEALINGS IN THESE SHARES PENDING THE ISSUING OF A FURTHER ANNOUNCEMENT.
JOHANNESBURG
4 MAY 1998