NU Takes 70% Lifetime Stake

Millfield Group PLC
12 October 2004

Date:                         12 October 2004

On behalf of:                 Millfield Group plc ("Millfield" or "the Company")

Embargoed until:              0700hrs


Millfield Announces that Norwich Union has increased its investment in Lifetime
to £23m

The Board of Millfield Group plc ("Millfield") today announces the completion of
an agreement with Norwich Union Life and Pensions Limited ("Norwich Union") for
the UK's largest insurer to increase its stake in Lifetime Group ("Lifetime") by
20.1% to 70%.  Millfield has been paid a control premium of £824,400 cash for
agreeing to this transaction.

Under the terms of the transaction, Norwich Union is subscribing for new shares
in Lifetime for a total subscription price of £13 million payable in two
tranches, the first £7 million on completion and the second £6 million in
January 2005.

Following the Norwich Union investment, Norwich Union will hold 70% of the
issued share capital of Lifetime, Millfield 24.7% and the Founders will hold
approximately 1.3% each.

The Lifetime Portfolio is an adviser-driven wrap platform designed to provide an
integrated investment and asset allocation / management service for IFAs and
their clients. Lifetime is currently in the final stages of development and is
in advanced negotiations with a number of distribution groups, who it expects to
adopt the platform after an initial roll-out through Millfield.

Paul Tebbutt, Chief Executive of Millfield, said: "Norwich Union's further
investment is an important endorsement not only of the growth potential in the
wrap arena, also of Lifetime's ability to become the number one player in the
market. With an excellent management team and technological infrastructure -
underpinned by a strong and committed shareholder base - Lifetime is set for a
highly successful launch."

- Ends -

Enquiries to

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 (on behalf of Millfield)
Emma Kane/James White                                   Tel: [phone]

Lansons Communications (on behalf of Lifetime)
Louise Bullock                                          Tel: [phone]

Notes to Editors

About Millfield

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

•      Millfield, following its merger with Inter-Alliance, is now the largest
national independent financial adviser.  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.

About Lifetime

The Lifetime Portfolio proposition will provide an integrated investment and
asset management service enabling effective asset allocation which has been
identified as having the greatest impact on a client's financial health.
Investors will work in conjunction with their financial adviser to aggregate
their investments onto the Lifetime Platform.  The Lifetime proposition will
bring key elements of a client's assets together creating an overall wealth
picture.  Both client and adviser will be able to assess existing assets
according to different criteria (e.g. risk rating or tax efficiency).  The
information will be current, in one place (on-line) and readily accessible.

Most financial services organizations have been focused on selling more of a
particular product rather than ensuring that their clients receive independent
advice. Lifetime will enable advisers to make informed judgments about future
plans based on accurate, timely and complete information with regard to their
clients' current assets and liabilities.  It is these  clients (and their
advisers) that the Lifetime Group is focusing on particularly investors in
pension plans, unit trusts, OEICs (and other collectives), shareholders and
homeowners.  In short, effective wealth management is not just for the rich, it
should be available to everyone prepared to commit existing income and capital
for future independence and prosperity.

Wrap propositions have proved to be popular and successful with both clients and
advisers in the Australian and US retail financial services markets. While there
are differences in the way markets operate across international boundaries, the
underlying business drivers remain the same.




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