LIBERTY GROUP - JOINT ANNOUNCEMENT

LIBERTY INVESTORS LIMITED
(REGISTRATION NUMBER 71/04020/06)
LIBERTY HOLDINGS LIMITED
(REGISTRATION NUMBER 68/02095/06)
LIBERTY LIFE ASSOCIATION OF AFRICA LIMITED
(REGISTRATION NUMBER 57/02788/06)
("LIBERTY LIFE")
LIBLIFE STRATEGIC INVESTMENTS LIMITED
(REGISTRATION NUMBER 83/06300/06)
FIRST INTERNATIONAL TRUST LIMITED
(REGISTRATION NUMBER 57/02956/06)
"THE LIBERTY LIFE GROUP"
STANDARD BANK INVESTMENT CORPORATION LIMITED
(REGISTRATION NUMBER 69/17128/06)
("STANBIC")
JOINT ANNOUNCEMENT

SHAREHOLDERS ARE REFERRED TO THE CAUTIONARY ANNOUNCEMENTS PUBLISHED BY THE
BOARDS OF THE COMPANIES COMPRISING THE LIBERTY LIFE GROUP AND STANBIC ON 11
MARCH 1998 AND TO THE JOINT ANNOUNCEMENT PUBLISHED ON 4 MAY 1998.

SHAREHOLDERS ARE ADVISED THAT BOARD MEETINGS OF STANBIC AND LIBERTY LIFE WERE
HELD ON 5 MAY 1998.  AS A CONSEGUENCE OF THE SIGNIFICANT DISPARITY IN THE VIEWS
OF THE PARTIES AND THEIR ADVISORS AS TO THE RELATIVE VALUATIONS OF THE LIBERTY
LIFE GROUP AND STANBIC, IT HAS BEEN RESOLVED, WITH MUTUAL REGRET, TO TERMINATE
THE DISCUSSIONS WHICH WERE TAKING PLACE.
JOHANNESBURG
6 MAY 1998