Notes to the Financial Statements

for the year ended 31 December 2004

4 Dividends

Provision has been made in the Group financial statements for a final dividend of 3.5p (38.0c*) per share calculated using the number of shares in issue at 31 December 2004 of 3,854 million (2003: 3,837 million) less 92 million (2003: 97 million) shares in Employee Share Ownership Plans, which have waived their rights to dividends and 291 million (2003: 316 million) shares held in policyholders’ funds of Group companies. The dividend will be paid on 31 May 2005 to shareholders on the register at the close of business on 22 April 2005, being the record date for the dividend.

As a consequence of the exchange control arrangements in place in South Africa and other relevant African territories, dividends to shareholders on the branch registers in those countries (or in the case of Namibia, the Namibian section of the principal register) are settled through dividend access trusts established for that purpose. The dividend payable by the Company represents only the proportion of the Group dividend payable to shareholders on the principal register (other than its Namibian section) and is calculated based on the directors’ estimate of the number of shares that will be on that register on the record date for the dividend.

* Indicative only – the actual amount of the dividend per share in Rand will be determined by reference to the exchange rate prevailing on 31 March 2005 and announced by the Company on 1 April 2005.