("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.
