Re Agreement

Millfield Group PLC
09 July 2003

Date:                         9 July 2003
On behalf of:                 Millfield Group plc ("Millfield")
Embargoed until:              0702hrs


Millfield Group plc

Norwich Union to make strategic investment in wrap service

Millfield Group plc, a leading independent financial services advisory group,
today announces that the UK's largest insurer, Norwich Union, has agreed heads
of terms to invest in Lifetime Group Limited ("Lifetime"), the personal
portfolio services venture in which Millfield has a 78.2% controlling interest.

Lifetime was established in June 2002 to provide online personal portfolio and
investment services to advisers and their clients.  It is planned to incorporate
features such as asset registry, allocation tools and fully integrated tax/
product wrap capability.

Commenting on the announcement, Paul Tebbutt, Chief Executive of Millfield,
said:

"We have been delighted by the progress that the Lifetime proposition has made
over the last year.  We believe that a wrap account provided by an intermediary
such as Lifetime will be preferred by investors and their advisers over one
provided by a single product provider due to its independence.  We believe few
other intermediaries are in a position to provide such a service.  Norwich Union
Life's decision to invest in Lifetime is a powerful endorsement of the potential
of this offering and we look forward to working with our new partners to deliver
this service".

Robert Fletcher, Norwich Union's director of distribution strategy, said:

"We believe wraps will play a significant role in the distribution of investment
products and have undertaken an extensive investigation into the wrap market.
We believe that the Lifetime platform is the best solution for the development
of this market.

"We see this as an exciting development for the future and very complementary to
our strong multi distribution capability which encompasses IFAs, building
society and other brand partnerships and our joint venture with The Royal Bank
of Scotland".


Enquiries:


Millfield Group plc
Paul Tebbutt, Chief Executive                                 Tel: [phone]
Harry Roome, Finance & Operations Director                    Tel: [phone]

Norwich Union Life
James Evans, Head of Media Relations                           Tel: [phone]
Ian Beggs, Media Relations Manager                             Tel: [phone]

Lifetime Group
Jeremy Bradburne                                               Tel: [phone]

Redleaf Communications
Emma Kane                                                     Tel: [phone]
Katharine Sharkey                                             Tel: [phone]

Notes to Editors

•                  A wrap is essentially a web enabled platform which allows
access to a broad range of investment funds through the full spectrum of product
wrappers.

•                  Lifetime Group was established in June 2002 as a joint
venture with AM Corporation.  Millfield acquired its joint venture partner's
interest in Lifetime in December 2002.

•                  Millfield Group plc was floated on the Alternative
Investment Market of the London Stock Exchange in March 2001.

•                  Millfield is a national independent financial advisory
company in the UK, offering truly independent advice, primarily in the pensions,
life insurance, investment and mortgage sectors, as well as long-term care
provision, personal wealth management and the corporate financial planning
arena.  Millfield also has specialist divisions dealing with offshore
investment, insurance and employee benefits.




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