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The offshore thing

26 November 2005 Angelo Coppola

Shareholders are referred to the announcement released by PrefSure Life Limited, Australia.

The parent company of PrefSure Life, South African life assurance company Liberty Group, has on numerous occasions been approached by potential buyers of its Australian life assurance subsidiary, PrefSure Life.

PrefSure was acquired as a result of Liberty"s recent acquisition of Capital Alliance (PrefSure"s immediate parent). Liberty has indicated to the investment community that it does not, at this stage, wish to pursue an offshore strategy, but rather focus on its South African operations.

Therefore, notwithstanding the good performance of PrefSure, it is appropriate to consider the sale of PrefSure and Deutsche Bank has been appointed to assist in this matter.

Shareholders are further advised that Liberty Life is currently reviewing offers for the disposal of Liberty Ermitage"s hedge fund business. Further announcements will be made as finality is reached on each of the above matters.

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