("Growthpoint") and Metboard Properties Limited ("Metboard"), in terms of which
the Group will dispose of two properties situated in Hatfield Gardens and the  
associated letting businesses carried on in respect thereof to Growthpoint ("the
Growthpoint transaction") and one of its Protec Park properties and the        
associated letting business carried on in respect thereof to Metboard ("the    
Metboard transaction"). Both the Growthpoint transaction and the Metboard      
transaction (collectively "the transactions") are effective 1 April 2003.      
The properties disposed of were held by Sage Life Limited ("Sage Life") and a  
subsidiary in both shareholders" and policyholders" funds. The proceeds to be  
received approximate the net asset values of the properties at 31 December 2002.