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"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals."

Jim Sutcliffe, Chief Executive
17 March 2004

Adjusted operating profit* £650 million (2002: £724 million), R8,041 million (2002: R11,431 million)
Operating profit £475 million (2002: £473 million**), R5,884 million (2002: R7,453 million**)
Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
Basic operating earnings per share 8.0p (2002: 5.9p**), 99.1c (2002: 93.5c**)
Life sales of £529 million on an Annual Premium Equivalent basis
Value of life assurance new business £105 million (after tax)
Net positive fund inflows of over $4.7 billion in the USA (including $1.8 billion from our US life operations)
Adjusted embedded value £4,124 million (2002: £3,928 million), R49,230 million (2002: R54,267 million)
Return on equity 13.9%
Final dividend unchanged at 3.1p***

Wherever the items asterisked in the Financial Highlights are used, whether in the Financial Highlights, the Chief Executive's Statement, the Group Financial Review or the Business Review, the following apply:

* Adjusted operating profit represents the directors' view of the underlying performance of the Group. For life assurance and general insurance businesses, adjusted operating profit is based on a long term investment return and includes investment returns on own shares held in policyholders' funds. For banking business, adjusted operating profit excludes the loss on disposal of investment in Dimension Data Holdings plc, Nedcor restructuring and integration costs and the transitional impact of the change in credit provisioning methodology. For all businesses, adjusted operating profit excludes goodwill amortisation and impairment. Adjusted operating earnings per share is similarly based, but is stated after tax and minority interests, with the calculation of the weighted average number of shares including own shares held in policyholders' funds.

** Comparative figures have been restated to reflect the adoption of Urgent Issues Taskforce Abstract 37 ?Purchases and Sales of Own Shares?.

*** The dividend recommended (final 3.1p per share, making 4.8p per share for the year) will be converted, for payment to shareholders on the branch registers and the Namibian section of the principal register, into local currencies at exchange rates ruling on 1 April 2004.