Update

Millfield Group PLC
24 July 2003




Date:                       24 July 2003
On behalf of:               Millfield Group plc ("Millfield" or "the Company")
                            For immediate release









Millfield Group plc

Strategic investment in wrap service by Norwich Union - update



Further to Millfield's announcement on 9 July 2003 that the UK's largest
insurer, Norwich Union, had 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, the Company is delighted to announce that
Norwich Union has made its initial investment in Lifetime today.







Enquiries:


Lifetime Group
Jeremy Bradburne                                                         Tel: [phone]


Redleaf Communications
Emma Kane/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 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.  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.






                      This information is provided by RNS
            The company news service from the London Stock Exchange