[PDF] - Contents Sanlam Group Results Presentation Highlights & PDF Document

SLIDE 1

Sanlam Interim Results 2008 1

Highlights & Environment 2 Executing on Strategy 4 Financial & Actuarial Review 7 Salient Features 8 Group Equity Value 8 Analysis of Return on Group Equity Value 9 Business Flows 10 Operating Profit 12 Income Statement 13 Discretionary Capital 14 Summary of 2008 Interim Results 15 Review of Clusters 15 Retail Cluster (Sanlam Personal Finance, Sanlam Developing Markets & Sanlam UK) 16 Institutional Cluster (Sanlam Investments, Sanlam Employee Benefits & Sanlam Capital Markets) 18 Short-term Insurance (Santam) 21 Capital Optimisation 22 Summary & Outlook 23

Appendices

Sanlam Group

Basis of preparation and presentation 30 Group Equity Value Group Equity Value 32 Change in Group Equity Value 34 Return on Group Equity Value 35 Shareholders’ fund financial statements Shareholders’ fund at fair value 36 Shareholders’ fund income statement 40 Notes to the shareholders’ fund financial statements 44 Embedded value of covered business Embedded value of covered business 52 Change in embedded value of covered business 53 Value of new business 54 Notes to the embedded value of covered business 56

Sanlam Group Business

Sanlam Personal Finance 60 Sanlam Employee Benefits 64 Sanlam Developing Markets 65 Sanlam Investments 67 Santam 69

Economic and Financial Markets Review 72 Contact Details & Sanlam Limited Board 76

SLIDE 2

2 Sanlam Interim Results 2008

HIGHLIGHTS

Agenda

Highlights & Environment

Highlights & Environment Executing on Strategy Financial & Actuarial Review Review of Clusters Summary & Outlook

1918 1922 1928 1932 1936 1938 1939 1943 1953 1954 1958 1965 1967 1968 1993 1996 2001 2003 2008

Index

SLIDE 3

Sanlam Interim Results 2008 3

HIGHLIGHTS

Highlights

Results reflect challenging economic conditions

Earnings Core earnings per share of 89.7c (+4%) Business volumes Total new business volumes of R51bn (+2%) Value of new covered business of R290m (+12%) New covered business margin of 2.39% (versus 2.32% in 1H07) Group Equity Value Group Equity Value per share of R22.54 Return on Group Equity Value per share of 0%

Challenging Operating Environment

Turbulent & volatile financial market conditions

ALSI +5% over 1H08

(-11% since Jun-08)

Resources up 32%, but Financials down 27%, Industrials down 18% Credit spreads widening. Reduction in funding lines / appetite 10-year bond yield up 242bp in 1H08 (RDR up 240bp) ALBI down 6.7%

Divergence in Equity Markets Credit & Bond Markets

60 70 80 90 100 110 120 130 140 06/07 08/07 10/07 12/07 02/08 04/08 06/08 08/08

Alsi Resources Financials

100 150 200 250 300 350 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0

Emerging Markets JP Morgan EMBI Spread (lhs) SA Govt 10-yr bond (rhs)

06/07 08/07 10/07 12/07 02/08 04/08 06/08 08/08

Index

SLIDE 4

4 Sanlam Interim Results 2008

SUSTAINABLE STRATEGY

Sustainable Strategy

Executing on strategy – Sustainable in current conditions

1918 1922 1928 1932 1936 1938 1939 1943 1953 1954 1958 1965 1967 1968 1993 1996 2001 2003 2008

Challenging Operating Environment (continued)

Deteriorating consumer disposable income

Split of Average Monthly Household Income of SPF client Consumer under pressure – Inflation > 10% – Prime rate + 250bps since Jun 2007 – Fuel price up 38% in 12 months

Note: Assumes average household income of R15 000 per month, monthly food cost of R1 500, 1 500km’s traveled per month, mortgage repayments form 30% of gross income, R50 000 of other debt, pension fund /medical scheme and other financial products form 12% of gross salary, & other expenses (incl. education, clothing, electricity, household expenditure) equates to R1 000 per month 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar 2007 Mar 2008 Tax Food Fuel Mortgage Vehicle and other credit Financial products Other expenses Net Discretionary

45%

+10% +7% +4% +16% +38% +16% +7%

Index

SLIDE 5

Sanlam Interim Results 2008 5

SUSTAINABLE STRATEGY

Sustainable Strategy

Increasing diversification underpins resilience

Split of Group net operating profit Increased diversification of Group portfolio, plus more diversified revenue streams within each cluster Life insurance creates stability

Note: Comparative numbers are not restated for group restructuring (ex-Direct Financial Services + ‘Corporate & other’) 49% 6% 4% 6% 20% 2% 13% 65% 9% 11% 5% 10%

SPF SDM SUK SEB SIM SCM SNT

1H03 R736m 1H08 R1 385m

Delivering on Strategy

Strategic progress (maximising shareholder value): Capital efficiencies (share buybacks of R1.6bn, R3.0bn discretionary capital) Growth & diversification (R1.1bn applied to grow & diversify Group) Cost efficiencies (successful integration of Sanlam Life/Santam call centres) Created a sound platform and strategic base from which to grow: SDM (new bus flows: Aflife SA +65%, RoA +42% & India +89%) Established Shriram General Insurance JV Retail Affluent Market (New bus flows: Glacier flows +39%; SPI +8%) Sanlam UK (consolidation of UK activities, acquisition of Principal & Buckles) Innovation continues: MiWay (good progress at the direct financial services provider) Liquid (rated best savings account by Sunday Times & Business Times - 2008) SPE (launch of Agri-Vie Fund)

Index

SLIDE 6

6 Sanlam Interim Results 2008

SUSTAINABLE STRATEGY

Retail Strategy

Defensive qualities of life businesses shining through

Profitability: – Retail Cluster’s profits up 15%

(before new business strain)

Net life cash flows: – Retail net life cash inflows of R1.6bn in 1H08 VNB & new business margin: – Retail VNB up 18% to R276m – Average retail margins of 2.45% for 1H08 (37bps higher

pre-economic basis change)

Persistency: – Longer term improvement, but slight deterioration yoy at SPF

H2 H1 2003 2004 2005 2006 2007 2008 2.0 2.5 3.0 3.5 4.0 4.5 2006 2007 2008 3 4 5 6 7 8 H2 H1

SPF - No. of lapses & surrenders as % of in-force Aflife SA - No. of lapses & surrenders as % of in-force

Institutional Strategy

Solid performance, notwithstanding turbulent market conditions

Profitability: – Sanlam Investment Management’s profits more volatile

(up 8% before gross performance fees)

– Sanlam Employee Benefits profit up 73% New business volumes: – Segregated fund flows +25% – Sanlam Private Investments +8% (despite large inflows in 2007) – However, Sanlam Collective Investments -24% and Multi-Manager -43%

(trends were not unexpected, given the relatively strong inflows in 2007)

Net business flows: – Net investment inflows of R3.1bn (strong improvement in segregated fund flows) – Sanlam Employee Benefits +53% to -R0.5bn

Index

SLIDE 7

Sanlam Interim Results 2008 7

FINANCIAL REVIEW

Sanlam Group

Financial & Actuarial Review

1918 1922 1928 1932 1936 1938 1939 1943 1953 1954 1958 1965 1967 1968 1993 1996 2001 2003 2008

Changes in Presentation / Key Assumptions

Sanlam UK presented as separate business unit – Merchant Investors (ex SPF) – Sanlam Multi-Manager International (ex Institutional Cluster) – Punter Southall Group, Intrinsic, Nucleus (ex IFS) – Principal, Buckles (new acquisitions) Remaining IFS businesses in Corporate 240 bp increase in economic assumptions: Sanlam Life / Aflife – Risk discount rate – Investment returns – Inflation

Index

SLIDE 8

8 Sanlam Interim Results 2008

FINANCIAL REVIEW

Salient Features

June June 2008 2007

D

Group Equity Value* cps 2 254 2 350 (4%) ROGEV per share* % 0.0 18.8 CAR cover (Sanlam Life)* times 2.8 3.5 Net operating profit R mil 1 334 1 488 (10%) Core earnings R mil 1 913 1 983 (4%) cps 89.7 86.2 4% Normalised headline earnings R mil 1 254 3 126 (60%) cps 58.8 135.9 (57%) New business volumes R mil 50 985 49 820 2% Net fund flows R mil 5 470 1 250 SIM funds under management R bn 438 430 Value of new covered business R mil 290 260 12% New covered business margin % 2.39 2.32

* Comparative figures are as at 31 December 2007

Group Equity Value

Rand Million June 2008 December 2007 Group operations 41 496 89% 42 651 83% Personal Finance 21 099 21 281 Developing Markets 2 302 2 188 Sanlam UK 2 479 1 668 Institutional Cluster 11 438 12 371 Short-term insurance 5 235 6 375 Diversification (1 057) (1 232) Covered business 28 618 69% 28 432 67% Other operations 12 878 31% 14 219 33% Other 2 043 5% 2 542 5% 43 539 94% 45 193 88% Discretionary capital 3 000 6% 6 100 12% Total 46 539 100% 51 293 100% GEV (cps) 2 254 2 350

Index

SLIDE 9

Sanlam Interim Results 2008 9

FINANCIAL REVIEW

Return on Group Equity Value

Rand Million June 2008* June 2007* Group operations (694) (3.1%) 5 253 27.7% Personal Finance 503 4.8% 1 886 21.0% Developing Markets 173 16.4% 286 31.4% Sanlam UK 161 20.2% 213 32.2% Institutional Cluster (109) (1.8%) 1 475 24.9% Short-term insurance (1 422) (39.6%) 1 393 55.6% Covered business 998 7.1% 2 434 18.6% Other Group operations (1 692) (20.7%) 2 819 48.0% Discretionary capital & other 119 (58) Total (575) (2.2%) 5 195 23.4% Cps 0.0% 22.7%

* Annualised

Embedded Value Earnings

Covered business

Rand Million June 2008* June 2007* Value of new business 290 2.1% 260 2.0% Existing business 1 268 9.0% 1 003 7.6% Expected return on VIF 919 768 Experience variance 284 223 Assumption changes 65 12 Net project expenses (32) (0.2%) (31) (0.2%) Earnings from Life operations 1 526 10.9% 1 232 9.4% Economic & tax changes (525) (3.7%) 167 1.3% Investment variances (108) (0.8%) 247 1.9% Change in minority interests (115) (0.8%) (133) (1.0%) Growth from covered business 778 5.6% 1 513 11.6% Investment return on net worth 220 1.5% 921 7.0% Total embedded value earnings 998 7.1% 2 434 18.6%

* Annualised

Index

SLIDE 10

10 Sanlam Interim Results 2008

FINANCIAL REVIEW

New business flows New Business Flows

Covered business

6 months 6 months to June to June Rand Million 2008 2007

D

By business Personal Finance 15 824 11 928 33% Developing Markets 1 214 1 050 16% Sanlam UK 807 566 43% Institutional Cluster 23 305 26 348 (12%) Santam 6 085 5 476 11% By license Life insurance 8 991 7 242 24% Investment 32 159 32 650 (2%) Short-term Insurance 6 085 5 476 11% 47 235 45 368 4% White label 3 750 4 452 (16%) Total 50 985 49 820 2% 6 months 6 months to June to June Rand Million 2008 2007

D

Personal Finance 6 014 4 560 32% SA recurring premiums 505 511 (1%) SA single premiums 5 315 3 871 37% Non-SA operations 194 178 9% Developing Markets 1 214 1 050 16% SA recurring premiums 352 272 29% SA single premiums 313 409 (23%) Non-SA operations 549 369 49% Sanlam UK 807 566 43% Recurring premiums 10 5 100% Single premiums 797 561 42% Employee Benefits 956 1 066 (10%) SA recurring premiums 82 122 (33%) SA single premiums 395 850 (54%) Non-SA operations 479 94 410% Total 8 991 7 242 24%

Index

SLIDE 11

Sanlam Interim Results 2008 11

FINANCIAL REVIEW

Value of New Covered Business

6 months 6 months to June to June Rand Million 2008 2007

D

Value of New Business 290 260 12% Personal Finance 160 142 13% Developing Markets 113 88 28% Other 17 30 (43%) Net of minorities 250 222 13% New Business Margin 2.39% 2.32% Personal Finance 1.98% 2.07% Developing Markets 4.85% 4.38% Other 0.99% 1.28% Net of minorities 2.17% 2.11% Before Economic Basis Change* Value of New Business 334 260 28% New Business Margin 2.67% 2.32%

*Note: Gross of minorities

New Business Flows

Investments

6 months 6 months to June to June Rand Million 2008 2007

D

Personal Finance 9 810 7 368 33% SA Operations 5 739 4 482 28% Non-SA Operations 4 071 2 886 41% Institutional Cluster 22 349 25 282 (12%) Segregated funds 6 379 5 111 25% Multi-Manager 2 099 3 672 (43%) Private Investments 4 016 3 730 8% Collective Investment 8 839 11 660 (24%) SA Operations 21 333 24 173 (12%) Non-SA Operations 1 016 1 109 (8%) Total 32 159 32 650 (2%)

Index

SLIDE 12

12 Sanlam Interim Results 2008

FINANCIAL REVIEW

Net Business Flows

6 months 6 months to June to June Rand Million 2008 2007 By business Personal Finance 2 221 2 627 Developing Markets 673 497 Sanlam UK 91 (187) Institutional Cluster 2 538 (3 627) Santam 1 768 1 767 By license Life insurance 639 (2 232) Investment 4 884 1 542 Short-term Insurance 1 768 1 767 7 291 1 077 White label (1 821) 173 Total 5 470 1 250

Net Operating Profit

6 months 6 months to June to June Rand Million 2008 2007

D

Retail cluster 808 754 7% Personal Finance 678 629 8% Developing Markets 78 80 (3%) Sanlam UK 52 45 16% Institutional cluster 389 513 (24%) Investment management 272 373 (27%) Employee Benefits 83 48 73% Capital Markets 34 92 (63%) Santam 188 245 (23%) Corporate and other (51) (24) Total 1 334 1 488 (10%)

Index

SLIDE 13

Sanlam Interim Results 2008 13

FINANCIAL REVIEW

Net Operating Profit (continued)

6 months 6 months to June to June Rand Million 2008 2007

D

Net profit on comparable basis 1 848 1 858 (1%) Retail cluster 1 280 1 113 15% Institutional cluster 408 524 (22%) Santam 188 245 (23%) Corporate and other (28) (24) (17%) Direct financial services (MiWay) (23)

New business strain

(491) (370) (33%) Net result from financial services 1 334 1 488 (10%)

Income Statement

6 months 6 months to June to June Rand Million 2008 2007

D

Net operating profit 1 334 1 488 (10%) Investment income 579 495 17% Core earnings 1 913 1 983 (4%)

Cents per share 89.7 86.2 4%

Net investment surpluses (451) 1 304 Project expenses (40) (31) Discontinued operations (35) (11) STC, amortisation & other (133) (119) Normalised headline earnings 1 254 3 126 (60%)

Cents per share 58.8 135.9 (57%)

Index

SLIDE 14

14 Sanlam Interim Results 2008

FINANCIAL REVIEW

Discretionary Capital

June December Rand Billion 2008 2007 Group Equity Value 46.5 51.3 Embedded Value of covered business (28.6) (28.4) Allocated capital (14.8) (14.7) Value of in-force (13.8) (13.7) Other group operations (13.9) (15.6) Capital diversification 1.1 1.2 5.1 8.5 Dividend & other (2.1) (2.4) Discretionary capital 3.0 6.1

Sanlam Share Buy Back

Number Average % of

f shares

price issued R bn (million) cps Jan 05 Acquired in 2005 4.5 359.0 12.39 13.0% Acquired in 2006 1.6 103.6 15.88 3.7% Acquired in 2007 2.9 126.3 23.01 4.6% 9.0 588.8 15.28 21.3% Acquired in 2008 1.6 81.2 19.89 2.9% Acquired since 2005 10.6 670.0 15.84 24.2%

Index

SLIDE 15

Sanlam Interim Results 2008 15

FINANCIAL REVIEW

Summary

Strategic objectives are being achieved: Business volumes – Satisfactory new business volumes (+2%), net cash inflows – Improved value of new business (+12%) & margins (+7bps) Profitability: Core earnings resilient (+4%) Operational efficiencies: Integration opportunities with Santam Capital management: Value adding initiatives – R1.1bn on ventures to further grow & diversify group – R1.6bn on share buy backs Focus areas: Capital efficiency & optimal application of discretionary capital Bedding down new ventures

Business Clusters

Operational Review

1918 1922 1928 1932 1936 1938 1939 1943 1953 1954 1958 1965 1967 1968 1993 1996 2001 2003 2008

Index

SLIDE 16

16 Sanlam Interim Results 2008

CLUSTER REVIEW

A Portfolio of Diversified Assets

SPF (45%) SDM (5%) SIM (12%) SEB (12%) SCM (1%) Santam (11%) Discretionary capital (8%) Other (1%) SUK (5%)

1. Retail Cluster (SPF, SDM & SUK)

SPF (45%) SDM (5%) SUK (5%)

Stability & Growth (Optimise Capital)

Index

SLIDE 17

Sanlam Interim Results 2008 17

CLUSTER REVIEW

Snapshot

Sanlam Personal Finance (SPF)

“Good performance notwithstanding a challenging environment”

Overall SA single premiums up 32% (life and investment) 13% increase in VNB Admin cost increased by only 5% Deliberate slowdown in Retail Credit business Key Challenges Economic environment Persistency and retention VNB margin pressure

1H08 %D Net Operating Profit R678m +8% New business flows R15 824m +33%

Life: SA Recurring

R505m

1%
Life: SA Single

R5 315m +37%

Life: Non-SA

R194m +9%

Investment business

R9 810m +33% PVNB Premiums* R8 089m +18% VNB* R160m +13% Margin* 1.98% vs 2.07% ROGEV# 4.8%

* Excludes non-life businesses # Annualised

1H08 %D Net Operating Profit R78m

3%

New business flows* R1 214m +16%

SA Recurring

R352m +29%

SA Single

R313m

23%
Non-SA

R549m +49% PVNB Premiums* R2 330m +16% VNB* R113m +28% Margin* 4.85% vs 4.38% ROGEV# 16.4%

* Excludes White Labels # Annualised

Snapshot

Sanlam Developing Markets (SDM)

“Strong growth – impact on earnings”

Overall Record sales levels in Aflife SA Product diversification strategy successful in rest of Africa Loss making Channel call centre closed Impact of new business strain

n profit

Key Challenges System and brand migration in Q3 Grow volumes while maintaining quality Embed Santam products in our ELM offering Difficult trading conditions

Index

SLIDE 18

18 Sanlam Interim Results 2008

CLUSTER REVIEW

1H08 %D Net Operating Profit R52m +16% New business flows

Life: Mainly SP

R807m +43% PVNB Premiums R836m +44% VNB R3m

25%

Margin 0.36% vs 0.69% ROGEV# 20.2%

# Annualised

Snapshot

Sanlam UK

“Consolidate our UK presence”

Overall SMMI & MI continue to deliver solid

perating profit, while building new

business proposition New acquisitions (Principal & Buckles) UK minority interests (PS Group, Intrinsic, Nucleus) transferred to Sanlam UK Key Challenges Difficult economic & market conditions Pace and integration of common strategy within cluster Economies of scale in MI to establish sustainable and profitable platform Sustain and improve investment performance in SMMI and Principal

2. Institutional Cluster (SIM, SEB and SCM)

SIM (12%) SEB (12%) SCM (1%)

Growth (Optimise Capital)

Index

SLIDE 19

Sanlam Interim Results 2008 19

CLUSTER REVIEW

Snapshot

Sanlam Investment Management (SIM)

“Satisfactory performance from core businesses”

Overall Stable growth in profits (before gross performance fees) International strategy in implementation mode (Australia, India & Africa) Focused & efficient distribution support to intermediaries Integration of SEB into Investments Cluster bearing fruit Key Challenges Appropriate allocation of resources to support growth Achieving sustained good investment performance in current market

1H08 %D Net Operating Profit R272m

27%

Gross business flows R23 035m

12%
SA: Segregated

R6 379m +25%

SA: Other

R15 161m

23%
Non-SA

R1 495m +24% Net flows R1 234m

Institutional & retail

R3 055m

White label
R1 821m

FUM R438bn

4%

Profit Margin* 24bps ROGEV#

9.9%

* Profit margin on a 12 months rolling basis # Annualised

Investment Performance

SIM – Excess investment performance

2Q08 YTD Rolling 1 Yr Rolling 3 Yrs Rolling 5 Yrs 10 20 30 40 50 60 70 80

%

Percentage of SIM’s AUM to exceed benchmark (R239bn)

Index

SLIDE 20

20 Sanlam Interim Results 2008

CLUSTER REVIEW

Sanlam Employee Benefits (SEB)

“Turnaround remains on track”

Sanlam Capital Markets (SCM)

“Steady performance in challenging conditions”

Snapshot Snapshot Overall Growth in Group Risk Business (especially differentiated product) Launched Sanlam Umbrella Solutions successfully (flows positive) Coris migration on track Key Challenges NSSS – how will it be played out? Administration business remains challenging Capital reduction – positive strides, but much more needed Overall ROE of 17.7% Impact of market volatility on

perating results contained

Turbulent conditions affect deal flow Key Challenges Ongoing volatility in debt and equity markets Staff retention

1H08 %D Net Operating Profit R83m +73% New business flows R270m

2%
SA: Single

R188m +5%

SA: Recurring

R82m

15%

PVNB Premiums R886m

50%

VNB R14m

46%

Margin 1.58% vs 1.47% ROGEV# 7.3%

# Annualised

1H08 %D Net Operating Profit R34m

63%

Total Revenue R97m

59%

Cost to income ratio 100% vs 62% Capital R400m

ROGEV#

17.7%

# Annualised

Index

SLIDE 21

Sanlam Interim Results 2008 21

CLUSTER REVIEW

3. Short-term Insurance (Santam)

Santam (11%)

Growth (Optimise Capital) Snapshot Overall Healthy net insurance margin Solvency ratio of 40% within target range Large number of high value industrial claims in Corporate business Negative investment returns in line with market (low resources exposure) Key Challenges Risk management on large corporate exposure Retaining profitability in high inflation environment (motor book in particular) Client retention in face of increased competition and broker activity Manage run-off of international business

1H08 %D Net Operating Profit R188m

23%

Gross Written Premium R6 801m +8% Net earned premiums R5 694m +11%

Net claims ratio

69.2%

Net acquisition ratio*

25.0%

Underwriting ratio*

5.8% NAV per share 3525cps Regulatory Solvency 40% ROE 5.0% ROGEV#

39.6%

# Annualised * Excluding BEE transaction costs

Santam

“Solid operating performance in SA”

Index

SLIDE 22

22 Sanlam Interim Results 2008

CLUSTER REVIEW

Discretionary capital (8%)

4. Capital Optimisation

Utilise

Discretionary Capital

Ongoing focus on efficient utilisation of capital in 2008 … Application of remaining discretionary capital of R3.0bn: – Value-adding strategic initiatives (maximise return on GEV) – Buy back of Sanlam shares continues to be an attractive option in periods of price weakness Timeframe: – Strategic projects assessed on an ongoing basis Further optimisation of capital remains a priority

Index

SLIDE 23

Sanlam Interim Results 2008 23

OUTLOOK

Summary & Outlook for 2008

1918 1922 1928 1932 1936 1938 1939 1943 1953 1954 1958 1965 1967 1968 1993 1996 2001 2003 2008

Summary of 1H08 results

Key Points Life insurance businesses show their worth: – Good growth in new business volumes in difficult conditions – Robust group net cash inflows – Margins have been defended Good progress with diversification Created a sound platform and strategic base from which to grow Continued innovation Good progress with capital management initiatives

Index

SLIDE 24

24 Sanlam Interim Results 2008

OUTLOOK

Outlook (continued) Outlook

Focus Areas Growth and diversification – organic & (niche) structural opportunities Efficiencies in tough economic environment Optimise distribution channels Unlock additional synergies within the Sanlam Group Attract and retain talented people Culture of execution and delivery Continue with capital optimisation drive Existing and New Challenges Deteriorating consumer disposable income High interest rate and inflationary environment Uncertainty and volatility in global financial markets Continuation of credit crises Dealing with regulatory change (NSSS, empowerment targets and new commission structures)

Index

SLIDE 25

90 years of thinking ahead

SLIDE 26

Notes

SLIDE 27

Sanlam Interim Results 2008 27

APPENDICES SANLAM GROUP

SLIDE 28

28 Sanlam Interim Results 2008

SLIDE 29

Sanlam Interim Results 2008 29

Shareholders’ information

Basis of preparation and presentation 30 Group Equity Value Group Equity Value 32 Change in Group Equity Value 34 Return on Group Equity Value 35 Shareholders’ fund financial statements Shareholders’ fund at fair value 36 Shareholders’ fund income statement 40 Notes to the shareholders’ fund financial statements 44 Embedded value of covered business Embedded value of covered business 52 Change in embedded value of covered business 53 Value of new business 54 Notes to the embedded value of covered business 56 for the six months ended 30 June 2008 Contents

SLIDE 30

30 Sanlam Interim Results 2008

Basis of Preparation and Presentation

The basis of preparation and presentation of the results is consistent with that applied in the 2007 financial statements and shareholders’ information, apart from the following:

Segmental reporting

The Group announced the creation of a Sanlam UK cluster during June 2008, which consolidates the Group’s

perations in the United Kingdom (UK). The following

businesses have been transferred from other Group clusters to the Sanlam UK cluster. From Sanlam Personal Finance: Merchant Investors; From Sanlam Investments: Sanlam Multi-Manager International; and From Independent Financial Services: Punter Southall Group, Intrinsic and Nucleus. The newly acquired UK businesses, Principal and Buckles, also form part of the Sanlam UK cluster. Responsibility for the remaining businesses formerly included in the Independent Financial Services cluster has been transferred to the Group Finance function. These operations are accordingly not presented separately anymore but included in the Corporate and Other cluster. Comparative information in the Group’s segmental reporting and shareholders’ information has been restated to reflect these changes in the Group’s operational

structure. The results for MiWay, the Group’s direct

financial services business launched in February 2008, are included in the Short-term Insurance cluster.

Group Equity Value (GEV)

Long-term incentives granted by the Group on Sanlam Limited shares are accounted for as dilutive instruments with effect from the 2007 annual results. The GEV is accordingly not adjusted for the fair value of these

utstanding shares, but the number of issued shares

used to calculate GEV per share is adjusted for the dilutionary effect of these instruments. In the June 2007 comparative information, which has not been restated, the GEV was reduced with the fair value of these shares, with no adjustment to the number of shares in issue. The change in basis does not have a material impact on the June 2007 GEV and Return on GEV on a per share basis. The GEV disclosed for June 2007 accordingly equates to the total group embedded value disclosed in the 2007 interim results report.

Change in embedded value assumptions and methodology

The methodology and assumptions used to determine the embedded value of covered business was adjusted in the 2007 annual report with effect from December 2007 in preparation for the revised embedded value guidance from the Actuarial Society of South Africa that becomes effective for reporting periods ending on or after 31 December 2008. These are intended to be materially consistent with the CFO Forum’s European Embedded Value (EEV) Principles. No adjustment has been made to the June 2007 published embedded value.

Application of new and revised standards

The following new or revised IFRSs and interpretations are applied in the Group’s 2008 financial year: IFRIC 11 IFRS 2 Group and Treasury Share Transactions IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 The Limit on Defined Benefit Asset, Minimum Funding Requirement and their Interaction The application of these interpretations did not have a significant impact on the Group’s reported results and cash flows for the six months ended 30 June 2008 and the financial position at 30 June 2008. The following new or revised IFRSs and interpretations have effective dates applicable to the Group’s 2009 financial year and have not been early adopted: IAS 1 Revised (effective 1 January 2009) IFRS 2 Amendments to IFRS 2 Share-based Payment – Vesting Conditions and Cancellations (effective 1 January 2009) IFRS 3 Revised Business Combinations (effective 1 July 2009) IAS 27 Amended Consolidated and Separate Financial Statements (effective 1 July 2009)

Index

SLIDE 31

Sanlam Interim Results 2008 31 IAS 23 Borrowing costs (effective 1 January 2009) IAS 32 Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation (effective 1 January 2009) The application of these revised standards in future financial reporting periods is not expected to have a significant impact

n the Group’s reported results, financial position and cash

flows, except for IFRS 3 Revised and IAS 27 Amended for which the impact can not be quantified as it will depend on the nature and structure of a specific business combination, combined with the fact that the revised standards will mainly be applied on a prospective basis.

Basis of presentation and accounting policies continued

Index

SLIDE 32

32 Sanlam Interim Results 2008

Sanlam Group Group Equity Value

June Reviewed at 30 June 2008 2008 R million Total Fair value

f assets

Value of in-force Sanlam Personal Finance 21 099 9 425 11 674 Covered business (1) 19 974 8 300 11 674 Glacier 584 584

Sanlam Personal Loans

73 73

Multi-Data

172 172

Sanlam Trust

111 111

Sanlam Home Loans

61 61

Anglo African Finance

54 54

Sanlam Namibia Holdings

70 70

Sanlam Developing Markets

2 302 946 1 356 Covered business (1) 2 281 925 1 356 Alfinanz 21 21

Sanlam UK

2 479 1 959 520 Covered business (1) 1 030 510 520 Principal 584 584

Punter Southall Group

318 318

Sanlam Multi-Manager International

144 144

Other UK operations

134 134

Preference shares and interest-bearing instruments

269 269

Institutional cluster

11 438 11 225 213 Covered business (1) 5 333 5 120 213 Investment Management and Fund Administration 5 671 5 671

Capital Markets

434 434

Direct Financial Services

110 110

Shriram General Insurance

115 115

Short-term insurance

5 010 5 010

Group operations

42 553 28 790 13 763 Capital diversification (2) (1 057) (1 057)

Discretionary capital

3 000 3 000

Balanced portfolio - other

2 852 2 852

Group Equity Value before adjustments to net worth

47 348 33 585 13 763 Net worth adjustments (809) (809)

Present value of holding company expenses

(763) (763)

Fair value of outstanding equity compensation shares granted

by subsidiaries on own shares (46) (46)

Fair value of outstanding equity compensation shares granted
n Sanlam Limited shares
Other
Group Equity Value

46 539 32 776 13 763 Value per share (cents) 2 254 1 587 667 Analysis per type of business Covered business (1) 28 618 14 855 13 763 Sanlam Personal Finance 19 974 8 300 11 674 Sanlam Developing Markets 2 281 925 1 356 Sanlam UK 1 030 510 520 Sanlam Employee Benefits 5 333 5 120 213 Other Group operations 13 935 13 935

Discretionary and other capital

3 986 3 986

Group Equity Value

46 539 32 776 13 763

(1) Refer embedded value of covered business on page 52. (2) Benefit arising from utilising the net asset value of other Group operations to cover a portion of the long-term required capital of the covered business.

Index

SLIDE 33

Sanlam Interim Results 2008 33 June Reviewed December Audited 2007 2007 Total Fair value

f assets

Value of in-force Total Fair value

f assets

Value of in-force 20 543 9 881 10 662 21 281 9 477 11 804 19 397 8 735 10 662 20 089 8 285 11 804 569 569

593

593

114

114

104

104

115

115

143

143

96

96

104

104

187

187

177

177

65

65

71

71

2 084

685 1 399 2 188 888 1 300 2 049 650 1 399 2 160 860 1 300 35 35

28

28

1 643

1 162 481 1 668 1 194 474 904 423 481 921 447 474

298

298

297

297

136

136

147

147

108

108

97

97

197

197

206

206

12 157

11 636 521 12 371 12 227 144 5 936 5 415 521 5 262 5 118 144 5 681 5 681

6 568

6 568

540

540

541

541

6 896

6 896

6 375

6 375

43 323

30 260 13 063 43 883 30 161 13 722 (1 201) (1 201)

(1 232)

(1 232)

5 800

5 800

6 100

6 100

2 368

2 368

3 429

3 429

50 290

37 227 13 063 52 180 38 458 13 722 (1 664) (1 664)

(887)

(887)

(760)

(760)

(793)

(793)

(77)

(77)

(94)

(94)

(801)

(801)

(26)

(26)

48 626

35 563 13 063 51 293 37 571 13 722 2 188 1 600 588 2 350 1 721 629 28 286 15 223 13 063 28 432 14 710 13 722 19 397 8 735 10 662 20 089 8 285 11 804 2 049 650 1 399 2 160 860 1 300 904 423 481 921 447 474 5 936 5 415 521 5 262 5 118 144 15 037 15 037

15 451

15 451

5 303

5 303

7 410

7 410

48 626

35 563 13 063 51 293 37 571 13 722

Index

SLIDE 34

34 Sanlam Interim Results 2008 for the six months ended 30 June 2008 Six months Reviewed Full year Audited R million 2008 2007 2007 Earnings from covered business (1) 998 2 434 4 700 Earnings from other Group operations (1 692) 2 819 4 428 Operations valued based on ratio of price to assets under management (335) 995 1 599 Assumption changes 10 238 253 Change in assets under management (430) 289 392 Earnings for the period and changes in capital requirements (103) 497 1 013 Foreign currency translation differences and other 188 (29) (59) Operations valued based on discounted cash flows 31 286 327 Expected return 132 112 223 Operating experience variances and other 12 19 6 Assumption changes (194) 145 104 Foreign currency translation differences 81 10 (6) Operations valued on earnings multiple - earnings for the period

1
Operations valued at net asset value - earnings for the period

34 144 140 Listed operations - investment return (1 422) 1 393 2 362 Earnings from discretionary and other capital 119 (58) (209) Investment return 214 396 294 Shriram goodwill less VIF acquired (43) (105) (108) Treasury shares and other (130) (203) (286) Change in adjustments to net worth 78 (146) (109) Group Equity Value earnings (575) 5 195 8 919 Change in presentation of outstanding equity compensation shares granted

n Sanlam Limited shares
740

Dividends paid (1 968) (1 771) (1 771) Shares cancelled (1 439)

Cost of treasury shares acquired

(772) (1 609) (3 406) Sanlam share buy back (1 616) (1 446) (2 906) Transfer to shares cancelled 1 439

Share incentive scheme and other

(595) (163) (500) Group Equity Value at beginning of the period 51 293 46 811 46 811 Group Equity Value at end of the period 46 539 48 626 51 293

(1) Refer embedded value of covered business on page 53.

Sanlam Group Change in Group Equity Value

Index

SLIDE 35

Sanlam Interim Results 2008 35

Sanlam Group Return on Group Equity Value

Six months Full year Reviewed Audited for the six months ended 30 June 2008 2008 2007 2007 R million Earnings R million Return % Earnings R million Return % Earnings R million Return % Sanlam Personal Finance 503 4.8 1 886 21.0 4 122 21.8 Covered business (1) 490 4.9 1 785 21.0 3 953 22.2 Other operations 13 2.2 101 20.0 169 16.0 Sanlam Developing Markets 173 16.4 286 31.4 377 19.3 Covered business (1) 180 17.4 253 27.6 351 18.0 Other operations (7) (43.8) 33

26
Sanlam UK

161 20.2 213 32.2 235 16.5 Covered business (1) 139 32.5 44 10.5 63 7.3 Other operations 22 6.0 169 69.0 172 30.6 Institutional cluster (109) (1.8) 1 475 24.9 2 032 16.2 Covered business (1) 189 7.3 352 10.7 333 4.9 Investment management and fund administration (332) (9.9) 983 41.1 1 558 28.9 Capital markets 34 17.7 140 58.5 141 35.3 Short-term insurance (1 422) (39.6) 1 393 55.6 2 362 42.0 Discretionary and other capital 119 (58) (209) Balance of portfolio 240 444 365 Shares delivered to Sanlam Demutualisation Trust (26) (48) (71) Shriram goodwill less VIF acquired (43) (105) (108) Treasury shares and other (130) (203) (286) Change in net worth adjustments 78 (146) (109) Return on Group Equity Value (575) (2.2) 5 195 23.4 8 919 19.1

(1) Refer embedded value of covered business on page 53.

Six months Reviewed Full year Audited 2008 2007 2007 Reconciliation of return on Group Equity Value: The return on Group Equity Value reconciles as follows to normalised attributable earnings: Normalised attributable earnings per shareholders' fund income statement on page 43 1 151 3 740 5 860 Earnings recognised directly in equity 481 (152) (200) Net foreign currency translation gains 461 (5) (99) Dilution from Santam treasury share transactions (29) (175) (175) Share-based payments 49 28 74 Movement in fair value adjustments - Group operations and other (2 168) 1 236 2 160 Movement in adjustments to net worth 50 (226) (181) Present value of holding company expenses 30 (93) (126) Fair value of outstanding equity compensation shares granted by subsidiaries on own shares 48 (50) (62) Fair value of outstanding equity compensation shares granted on Sanlam Limited shares

(56)
Change in goodwill and VOBA adjustments less VIF acquired

(28) (80) (72) Other

53

79 Treasury shares and other (130) (198) (271) Growth from covered business: Value of in-force (1) 41 795 1 551 Return on Group Equity Value (575) 5 195 8 919

(1) Refer embedded value of covered business on page 53.

Index

SLIDE 36

36 Sanlam Interim Results 2008

Sanlam Group Shareholders’ fund at fair value

June Reviewed at 30 June 2008 2008 R million Fair value Fair value adjustment Net asset value Covered business, discretionary and other capital 21 068 169 20 899 Property and equipment 204

204

Owner-occupied properties 610

610

Goodwill (2) 475

475

Value of business acquired (2) 826

826

Deferred acquisition costs 1 177

1 177

Investments 19 990 169 19 821 Equities and similar securities 11 346 112 11 234 Associated companies 336 15 321 Joint ventures Safair Lease Finance 254 48 206 Shriram and other (3) 211

211

Public sector stocks and loans 1 171

1 171

Investment properties 360

360

Other interest-bearing and preference share investments 6 312 (6) 6 318 Net term finance

Term finance

(4 933)

(4 933)

Assets held in respect of term finance 4 933

4 933

Net deferred tax

Net working capital

(1 273)

(1 273)

Minority shareholders' interest (941)

(941)

Other Group operations 13 935 6 334 7 601 Sanlam Investments 5 625 4 339 1 286 SIM Wholesale 3 778 3 010 768 International 1 538 1 096 442 Sanlam Collective Investments 309 233 76 Sanlam Personal Finance 1 125 656 469 Glacier 584 317 267 Sanlam Personal Loans (4) 73 (18) 91 Multi-Data 172 159 13 Sanlam Trust 111 105 6 Sanlam Home Loans 61

61

Anglo African Finance 54 40 14 Sanlam Namibia Holdings 70 53 17 Sanlam UK 1 449 219 1 230 Principal 584 24 560 Punter Southall Group 318 62 256 Sanlam Multi-Manager International 144 78 66 Other UK operations 134 55 79 Preference shares and interest-bearing instruments 269

269

Alfinanz 21 21

Coris Administration

46 20 26 Sanlam Capital Markets 434

434

Direct Financial Services 110 34 76 Shriram General Insurance 115

115

Santam 5 010 2 292 2 718 Goodwill held on Group level in respect of the above businesses

(1 247)

1 247 Shareholders' fund at fair value 35 003 6 503 28 500 Value per share (cents) 1 696 315 1 381

Index

SLIDE 37

Sanlam Interim Results 2008 37 June December Reviewed Audited 2007 2007 Fair value Fair value adjustment Net asset value Fair value Fair value adjustment Net asset value 23 700 144 23 556 24 397 184 24 213 209

209

214

214

604

604

612

612

476

476

487

487

967

967

843

843

857

857

1 079

1 079

24 599 144 24 455 23 002 184 22 818 11 719

11 719

11 112 112 11 000 137 19 118 347 23 324 271 106 165 209 12 197 213

213

169

169

1 803

1 803

2 697

2 697

310

310

245

245

10 146 19 10 127 8 223 37 8 186

(5 142)
(5 142)

(5 068)

(5 068)

5 142

5 142

5 068

5 068

(415)

(415)

(95)

(95)

(2 670)

(2 670)

(888)

(888)

(927)

(927)

(857)

(857)

15 037 7 605 7 432 15 451 8 487 6 964 5 681 4 849 832 6 530 5 031 1 499 3 992 3 454 538 4 443 3 621 822 1 359 1 135 224 1 710 1 105 605 330 260 70 377 305 72 1 146 560 586 1 192 563 629 569 311 258 593 319 274 114 51 63 104 29 75 115 63 52 143 78 65 96 89 7 104 89 15 187

187

177

177
65

46 19 71 48 23 739 301 438 747 295 452

298

95 203 297 96 201 136 98 38 147 102 45 108 108

97

97

197
197

206

206

35 35

28

26 2

38

5 33 540

540

541

541
6 896

3 130 3 766 6 375 3 814 2 561

(1 270)

1 270

(1 247)

1 247 38 737 7 749 30 988 39 848 8 671 31 177 1 743 349 1 394 1 826 398 1 428

Index

SLIDE 38

38 Sanlam Interim Results 2008 June Reviewed at 30 June 2008 2008 R million Total Fair value

f assets

Value of in-force Reconciliation to Group Equity Value Group Equity Value before adjustments to net worth 47 348 33 585 13 763 Add: Goodwill and value of business acquired replaced by value of in-force 1 418 1 418

Merchant Investors

356 356

Sanlam Sky Solutions (formerly African Life)

778 778

Channel Life

115 115

Shriram (3)

151 151

Other

18 18

Less: Value of in-force

(13 763)

(13 763)

Shareholders' fund at fair value 35 003 35 003

June

December Reviewed Audited R million 2008 2007 2007 Reconciliation of net asset value to Group balance sheet Shareholders' fund at net asset value 28 500 30 988 31 177 Consolidation reserve (834) (2 052) (1 843) Shareholders' fund per Group balance sheet 27 666 28 936 29 334

(1) Group businesses listed above are not consolidated, but reflected as investments at fair value. (2)

The value of business acquired and goodwill relate mainly to the consolidation of African Life, Channel Life and Merchant Investors and are excluded in the build-up of the Group Equity Value, as the current value of in-force business for these life insurance companies are included in the embedded value of covered business.

(3)

The carrying value of Shriram includes goodwill of R151 million that is excluded in the build-up of the Group Equity Value, as the current value of in-force business for Shriram is included in the embedded value of covered business.

(4)

The life insurance component of Sanlam Personal Loans' operations is included in the value of in-force business and therefore excluded from the Sanlam Personal Loans fair value.

Sanlam Group Shareholders’ fund at fair value continued

Index

SLIDE 39

Sanlam Interim Results 2008 39 June Reviewed December Audited 2007 2007 Total Fair value

f assets

Value of in-force Total Fair value

f assets

Value of in-force 50 290 37 227 13 063 52 180 38 458 13 722 1 510 1 510

1 390

1 390

356

356

356

356

934

934

794

794

88

88

114

114

105

105

108

108

27

27

18

18

(13 063)
(13 063)

(13 722)

(13 722)

38 737 38 737

39 848

39 848

Index

SLIDE 40

40 Sanlam Interim Results 2008

Sanlam Group Shareholders’ fund income statement

for the six months ended 30 June 2008 Sanlam Personal Finance Sanlam Developing Markets Sanlam UK R million 2008 2007 2008 2007 2008 2007 Financial services income 3 090 2 922 1 504 1 262 218 141 Sales remuneration (508) (463) (419) (326) (23) (16) Income after sales remuneration 2 582 2 459 1 085 936 195 125 Underwriting policy benefits (782) (781) (559) (416)

Administration costs

(905) (859) (400) (341) (128) (72) Result from financial services before tax 895 819 126 179 67 53 Tax on financial services income (203) (184) (12) (59) (14) (8) Result from financial services after tax 692 635 114 120 53 45 Minority shareholders' interest (14) (6) (36) (40) (1)

NET RESULT FROM FINANCIAL SERVICES

678 629 78 80 52 45 Net investment income 1 534 392 38 72 11 10 Dividends received - Group companies 1 219 180

Other investment income

391 260 78 108 12 12 Tax on investment income (76) (48) (14) (19) (1) (2) Minority shareholders' interest

(26)

(17)

CORE EARNINGS

2 212 1 021 116 152 63 55 Project expenses (32) (31)

Amortisation of VOBA
(21)

(22) (10)

Broad-based employee share plan
BEE transaction cost
Net equity-accounted headline earnings
21

3 (7)

Equity-accounted headline earnings
21

6 (13)

Minority shareholders' interest
(3)

6

Net investment surpluses

(3 712) 2 599 (37) 154

Investment surpluses - Group companies

(3 659) 2 209

Other investment surpluses

(72) 506 (71) 383

Tax on investment surpluses

19 (116) 4 (123)

Minority shareholders' interest
30

(106)

Secondary tax on companies - after minorities

(136) (37) (14) (45)

Net loss from discontinued operations
Loss from discontinued operations
Minority shareholders' interest
NORMALISED HEADLINE EARNINGS

(1 668) 3 573 47 232 53 55 Other equity-accounted earnings

32
Profit on disposal of subsidiaries
Net profit on disposal of associated companies
567
Profit on disposal of associated companies
705
Tax on profit on disposal of associated companies
(138)
Impairment of investments and goodwill

(120)

(1)
NORMALISED ATTRIBUTABLE EARNINGS

(1 788) 4 140 46 232 85 55 Fund transfers

ATTRIBUTABLE EARNINGS PER GROUP

INCOME STATEMENT (1 788) 4 140 46 232 85 55 Ratios Admin ratio(1) 35.1% 34.9% 36.9% 36.4% 65.6% 57.6% Operating margin(2) 34.7% 33.3% 11.6% 19.1% 34.4% 42.4% Diluted earnings per share Adjusted weighted average number of shares (million) Net result from financial services (cents) 31.8 27.3 3.7 3.5 2.4 2.0 Core earnings (cents)

(1) Administration costs as a percentage of income earned by the shareholders’ fund less sales remuneration. (2) Result from financial services before tax as a percentage of income earned by the shareholders’ fund less sales remuneration.

Index

SLIDE 41

Sanlam Interim Results 2008 41 Sanlam Employee Benefits Short-term insurance Investment Management Capital Markets Subtotal: Operating businesses 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 1 006 908 5 829 5 299 1 061 1 105 97 237 12 805 11 874 (18) (20) (837) (711)

(1 805)

(1 536) 988 888 4 992 4 588 1 061 1 105 97 237 11 000 10 338 (726) (690) (3 937) (3 399)

(6 004)

(5 286) (145) (131) (652) (574) (661) (556) (97) (147) (2 988) (2 680) 117 67 403 615 400 549

90

2 008 2 372 (34) (19) (92) (158) (90) (116) 34 2 (411) (542) 83 48 311 457 310 433 34 92 1 597 1 830

(146)

(212) (38) (60)

(235)

(318) 83 48 165 245 272 373 34 92 1 362 1 512 95 128 53 40 19 3

1 750

645

1 219

180 117 156 103 114 29 3

730

653 (22) (28) (4) (40) (4)

(121)

(137)

(46)

(34) (6)

(78)

(51) 178 176 218 285 291 376 34 92 3 112 2 157

(3)
(35)

(31)

(1)
(31)

(23)

(3)
(3)
6

27 (19) 19

3

(10) 63

11

50 (16) 19

3

1 80

(5)

(23) (3)

(11)

(17) (56) 242 (137) 214 (36) 32

(3 978)

3 241

(3 659)

2 209 (65) 283 (396) 462 (35) 37

(639)

1 671 9 (41) 138 (63)

(2)
170

(345)

121

(185) (1) (3)

150

(294)

(10)

(10)

(160)

(92)

(35)

(11)

(35)

(11)

(63)

(21)

(63)

(21)

28

10

28

10 122 418 36 504 236 427 34 95 (1 140) 5 304

32
13
13
31
598
36
741
(5)
(143)
(3)
(2)
(126)
122

418 33 504 234 427 34 139 (1 234) 5 915

122

418 33 504 234 427 34 139 (1 234) 5 915 14.7% 14.8% 13.1% 12.5% 62.3% 50.3% 100.0% 62.0% 27.2% 25.9% 11.8% 7.5% 8.1% 13.4% 37.7% 49.7% 0.0% 38.0% 18.3% 22.9% 3.9 2.1 7.7 10.6 12.8 16.2 1.6 4.0 63.9 65.7

Index

SLIDE 42

42 Sanlam Interim Results 2008

Sanlam Group Shareholders’ fund income statement continued

for the six months ended 30 June 2008 Subtotal: Operating businesses R million 2008 2007 Financial services income 12 805 11 874 Sales remuneration (1 805) (1 536) Income after sales remuneration 11 000 10 338 Underwriting policy benefits (6 004) (5 286) Administration costs (2 988) (2 680) Result from financial services before tax 2 008 2 372 Tax on result from financial services (411) (542) Result from financial services after tax 1 597 1 830 Minority shareholders' interest (235) (318) NET RESULT FROM FINANCIAL SERVICES 1 362 1 512 Net investment income 1 750 645 Dividends received - Group companies 1 219 180 Other investment income 730 653 Tax on investment income (121) (137) Minority shareholders' interest (78) (51) CORE EARNINGS 3 112 2 157 Project expenses (35) (31) Amortisation of VOBA (31) (23) Broad-based employee share plan

BEE transaction cost

(3)

Net equity-accounted headline earnings

(10) 63 Equity-accounted headline earnings 1 80 Minority shareholders' interest (11) (17) Net investment surpluses (3 978) 3 241 Investment surpluses - Group companies (3 659) 2 209 Other investment surpluses (639) 1 671 Tax on investment surpluses 170 (345) Minority shareholders' interest 150 (294) Secondary tax on companies - after minorities (160) (92) Net loss from discontinued operations (35) (11) Loss from discontinued operations (63) (21) Minority shareholders' interest 28 10 NORMALISED HEADLINE EARNINGS (1 140) 5 304 Other equity-accounted earnings 32

Profit on disposal of subsidiaries
13

Net profit on disposal of associated companies

598

Profit on disposal of associated companies

741

Tax on profit on disposal of associated companies

(143)

Impairment of investments and goodwill (126)

NORMALISED ATTRIBUTABLE EARNINGS

(1 234) 5 915 Fund transfers

ATTRIBUTABLE EARNINGS PER GROUP INCOME STATEMENT

(1 234) 5 915 Ratios Admin ratio 27.2% 25.9% Operating margin 18.3% 22.9% Diluted earnings per share Adjusted weighted average number of shares (million) Net result from financial services (cents) 63.9 65.7 Core earnings (cents)

Index

SLIDE 43

Sanlam Interim Results 2008 43 Total Six months Total Full year Corporate & Other Consolidation entries Reviewed Audited 2008 2007 2008 2007 2008 2007 2007 75 62

12 880

11 936 25 026

(1 805)

(1 536) (3 248) 75 62

11 075

10 400 21 778

(6 004)

(5 286) (11 176) (117) (99)

(3 105)

(2 779) (6 063) (42) (37)

1 966

2 335 4 539 14 13

(397)

(529) (997) (28) (24)

1 569

1 806 3 542

(235)

(318) (513) (28) (24)

1 334

1 488 3 029 48 30 (1 219) (180) 579 495 1 117

(1 219)

(180)

32

24

762

677 1 504 16 6

(105)

(131) (228)

(78)

(51) (159) 20 6 (1 219) (180) 1 913 1 983 4 146 (5)

(40)

(31) (85)

(31)

(23) (51)

(4)
(4)

(5)

(3)
6

41

(4)

104 152 6 41

7

121 188

(11)

(17) (36) (128) 168 3 659 (2 209) (447) 1 200 1 264

3 659

(2 209)

(128)

132

(767)

1 803 1 716

36
170

(309) (118)

150

(294) (334) 61

(99)

(92) (131)

(35)

(11) (91)

(63)

(21) (168)

28

10 77 (46) 211 2 440 (2 389) 1 254 3 126 5 199

32
13

44

3
601

624

3
744

769

(143)

(145) (9)

(135)
(7)

(55) 214 2 440 (2 389) 1 151 3 740 5 860

701

(381) 701 (381) (366) (55) 214 3 141 (2 770) 1 852 3 359 5 494 28.0% 26.7% 27.8% 17.8% 22.5% 20.8% 2 132.6 2 300.6 2 273.2 (1.3) (1.0)

62.6

64.7 133.3 89.7 86.2 182.4

Index

SLIDE 44

44 Sanlam Interim Results 2008

1. Analysis of new business and total funds received

Analysed per business, reflecting the split between life and non-life business

Notes to the shareholders’ fund information

for the six months ended 30 June 2008 Total Life Insurance (2) Life Licence (1), (2) Other (2) R million 2008 2007 2008 2007 2008 2007 2008 2007 Sanlam Personal Finance 15 824 11 928 6 014 4 560

9 810

7 368 South Africa 11 559 8 864 5 820 4 382

5 739

4 482 Recurring 558 544 505 511

53

33 Single 10 164 7 360 4 478 2 911

5 686

4 449 Continuations 837 960 837 960

Africa

4 265 3 064 194 178

4 071

2 886 Recurring 32 21 32 21

Single

4 233 3 043 162 157

4 071

2 886 Sanlam Developing Markets 1 214 1 050 1 214 1 050

South Africa

665 681 665 681

Recurring

352 272 352 272

Single

313 409 313 409

Africa

449 316 449 316

Recurring

150 106 150 106

Single

299 210 299 210

Other international

100 53 100 53

Recurring

37 29 37 29

Single

63 24 63 24

Sanlam UK

807 566 807 566

Recurring

10 5 10 5

Single

797 561 797 561

Sanlam Employee Benefits

270 276 270 276

Recurring

82 97 82 97

Single

188 179 188 179

Investment Management

23 035 26 072 479 94 207 696 22 349 25 282 Employee benefits 207 696

207

696

Recurring
25
25
Single

207 671

207

671

Collective investment schemes

8 839 11 660

8 839

11 660 Retail funds 5 603 5 637

5 603

5 637 Wholesale business 3 236 6 023

3 236

6 023 Segregated funds 12 494 12 513

12 494

12 513 Wholesale business 8 478 8 783

8 478

8 783 Private Investments 4 016 3 730

4 016

3 730 Non-SA 1 495 1 203 479 94

1 016

1 109 Short-term insurance 6 085 5 476

6 085

5 476 New business excluding white label 47 235 45 368 8 784 6 546 207 696 38 244 38 126 White label 3 750 4 452

454
3 750

3 998 Sanlam Collective Investments 3 750 3 998

3 750

3 998 Sanlam Developing Markets

454
454
Total new business

50 985 49 820 8 784 7 000 207 696 41 994 42 124

Index

SLIDE 45

Sanlam Interim Results 2008 45 for the six months ended 30 June 2008 2008 R million 2007 R million Analysed per market Retail Life business 6 485 5 063 Sanlam Personal Finance 5 820 4 382 Sanlam Developing Markets 665 681 Non-life business 15 358 13 849 Sanlam Personal Finance 5 739 4 482 Sanlam Private Investments 4 016 3 730 Sanlam Collective Investments 5 603 5 637 South African 21 843 18 912 Non-South African 5 621 3 999 Sanlam Personal Finance 4 265 3 064 Sanlam Developing Markets 549 369 Sanlam UK 807 566 Total retail 27 464 22 911 Institutional Group Life business 477 972 Sanlam Employee Benefits 270 276 Investment Management 207 696 Non-life business 11 714 14 806 Segregated 6 379 5 111 Sanlam Multi-Manager 2 099 3 672 Sanlam Collective Investments 3 236 6 023 South African 12 191 15 778 Investment Management Non-SA 1 495 1 203 Total institutional 13 686 16 981 White label 3 750 4 452 Sanlam Collective Investments 3 750 3 998 Sanlam Developing Markets

454

Short-term insurance 6 085 5 476 Total new business 50 985 49 820 for the six months ended 30 June 2008 Total Life Insurance (2) Life Licence (1), (2) Other (2) R million 2008 2007 2008 2007 2008 2007 2008 2007 Recurring premiums on existing funds: Sanlam Personal Finance 4 525 4 318 Sanlam Developing Markets 1 106 967 Sanlam UK 286 249 Group Life 1 462 1 512 Total funds received 58 364 56 866

(1)

Life licence business relates to investment products provided by Institutional businesses and Sanlam Personal Finance by means of a life insurance policy where there is very little or no insurance risk.

(2)

Comparative figures have been restated for a reclassification of collective investment funds between retail and institutional business as well as a reclassification of Sanlam Employee Benefits funds between life insurance and life licence.

1. Analysis of new business and total funds received (continued)

Analysed per business, reflecting the split between life and non-life business

Index

SLIDE 46

46 Sanlam Interim Results 2008

Notes to the shareholders’ fund information continued

2. Analysis of payments to clients

for the six months ended 30 June 2008 Total Life Insurance (2) Life Licence (1), (2) Other (2) R million 2008 2007 2008 2007 2008 2007 2008 2007 Sanlam Personal Finance 18 128 13 619 9 677 9 305

8 451

4 314 South Africa 13 791 11 722 9 351 8 988

4 440

2 734 Surrenders 1 962 1 790 1 962 1 790

Other

11 829 9 932 7 389 7 198

4 440

2 734 Africa 4 337 1 897 326 317

4 011

1 580 Surrenders 62 46 62 46

Other

4 275 1 851 264 271

4 011

1 580 Sanlam Developing Markets 1 647 1 520 1 647 1 520

South Africa

1 326 1 303 1 326 1 303

Surrenders

202 180 202 180

Other

1 124 1 123 1 124 1 123

Africa

321 217 321 217

Surrenders

91 4 91 4

Other

230 213 230 213

Sanlam UK

1 002 1 002 1 002 1 002

Surrenders

740 772 740 772

Other

262 230 262 230

Sanlam Employee benefits

1 993 2 252 1 993 2 252

Terminations(3)

195 602 195 602

Other benefits

1 798 1 650 1 798 1 650

Investment Management

20 236 29 235 247 51 1 164 2 406 18 825 26 778 Employee benefits 1 164 2 406

1 164

2 406

Terminations

687 1 402

687

1 402

Other benefits

477 1 004

477

1 004

Collective investment schemes

7 873 11 535

7 873

11 535 Retail funds 5 564 4 947

5 564

4 947 Wholesale business 2 309 6 588

2 309

6 588 Segregated funds 9 286 14 120

9 286

14 120 Wholesale business 7 853 12 835

7 853

12 835 Private Investments 1 433 1 285

1 433

1 285 Non-SA 1 913 1 174 247 51

1 666

1 123 Short-term insurance 4 317 3 709

4 317

3 709 Payments to clients excluding white label 47 323 51 337 14 566 14 130 1 164 2 406 31 593 34 801 White label 5 571 4 279

341
5 571

3 938 Sanlam Collective Investments 5 571 3 938

5 571

3 938 Sanlam Developing Markets

341
341
Total payments to clients

52 894 55 616 14 566 14 471 1 164 2 406 37 164 38 739

(1)

Life licence business relates to investment products provided by Institutional businesses and Sanlam Personal Finance by means of a life insurance policy where there is very little or no insurance risk.

(2)

Comparative figures have been restated for a reclassification of collective investment funds between retail and institutional business as well as a reclassification of Sanlam Employee Benefits funds between life insurance and life licence.

(3) Includes taxation paid on behalf of certain retirement funds.

Index

SLIDE 47

Sanlam Interim Results 2008 47

3. Analysis of net inflow/(outflow) of funds

for the six months ended 30 June 2008 Total Life Insurance (2) Life Licence (1), (2) Other (2) R million 2008 2007 2008 2007 2008 2007 2008 2007 Sanlam Personal Finance 2 221 2 627 861 (411)

1 360

3 038 South Africa 2 068 1 278 768 (454)

1 300

1 732 Africa 153 1 349 93 43

60

1 306 Sanlam Developing Markets 673 497 673 497

South Africa

83 77 83 77

Africa

471 367 471 367

Other international

119 53 119 53

Sanlam UK

91 (187) 91 (187)

Sanlam Employee benefits

(517) (1 097) (517) (1 097)

Sanlam Investment Management

3 055 (2 530) 232 43 (701) (1 077) 3 524 (1 496) Employee benefits (701) (1 077)

(701)

(1 077)

Collective investment schemes

966 125

966

125 Retail funds 39 690

39

690 Wholesale business 927 (565)

927

(565) Segregated funds 3 208 (1 607)

3 208

(1 607) Wholesale business 625 (4 052)

625

(4 052) Private Investments 2 583 2 445

2 583

2 445 Non-SA (418) 29 232 43

(650)

(14) Santam 1 768 1 767

1 768

1 767 Net inflow/(outflow) excluding white label 7 291 1 077 1 340 (1 155) (701) (1 077) 6 652 3 309 White label (1 821) 173

113
(1 821)

60 Sanlam Collective Investments (1 821) 60

(1 821)

60 Sanlam Developing Markets

113
113
Total net inflow/(outflow)

5 470 1 250 1 340 (1 042) (701) (1 077) 4 831 3 369

(1)

Life licence business relates to investment products provided by Institutional businesses and Sanlam Personal Finance by means of a life insurance policy where there is very little or no insurance risk.

(2)

Comparative figures have been restated for a reclassification of collective investment funds between retail and institutional business as well as a reclassification of Sanlam Employee Benefits funds between life insurance and life licence.

Index

SLIDE 48

48 Sanlam Interim Results 2008

Notes to the shareholders’ fund information continued

3. Analysis of net inflow/(outflow) of funds (continued)

2008 R million 2007 R million Analysed per market Retail Life business 851 (377) Sanlam Personal Finance 768 (454) Sanlam Developing Markets 83 77 Non-life business 3 922 4 867 Sanlam Personal Finance 1 300 1 732 Sanlam Private Investments 2 583 2 445 Sanlam Collective Investments 39 690 South African 4 773 4 490 Non-South African 834 1 582 Sanlam Personal Finance 153 1 349 Sanlam Developing Markets 590 420 Sanlam UK 91 (187) Total retail 5 607 6 072 Institutional Group Life business (1 218) (2 174) Sanlam Employee Benefits (517) (1 097) Investment Management (701) (1 077) Non-life business 1 552 (4 617) Segregated 2 974 (4 522) Sanlam Multi-Manager (2 349) 470 Sanlam Collective Investments 927 (565) South African 334 (6 791) Investment Management Non-SA (418) 29 Total institutional (84) (6 762) White label (1 821) 173 Sanlam Collective Investments (1 821) 60 Sanlam Developing Markets

113

Short-term insurance 1 768 1 767 Total net inflow/(outflow) 5 470 1 250

Index

SLIDE 49

Sanlam Interim Results 2008 49

4. Fair value of Sanlam businesses

The shareholders’ fund at fair value includes the value of the Sanlam businesses based on directors’ valuation, apart from Santam, which is valued according to ruling share prices. Valuation methodology The fair value of the unlisted Sanlam businesses has been determined by the application of the following valuation methodologies: June Reviewed December Audited Valuation method 2008 R million 2007 R million 2007 R million Ratio of price to assets under management 5 839 5 817 6 748 SIM Wholesale 3 778 3 992 4 443 International 1 538 1 359 1 710 Sanlam Collective Investments 309 330 377 Sanlam Multi-Manager International 144 136 147 Sanlam Namibia Holdings 70

71

Discounted cash flows 1 765 1 532 1 610 Glacier 584 569 593 Sanlam Personal Loans 73 114 104 Multi-Data 172 115 143 Sanlam Trust 111 96 104 Sanlam Home Loans 61

Punter Southall Group

318 298 297 Other 446 340 369 Earnings multiple - Sanlam Namibia Holdings

65
Net asset value

1 321 727 718 Principal 584

Sanlam Home Loans
187

177 Other UK operations 78

Shriram General Insurance

115

Direct Financial Services

110

Sanlam Capital Markets

434 540 541 Fair value of unlisted businesses 8 925 8 141 9 076 The main assumptions applied in the primary valuation for the unlisted businesses are presented below. The sensitivity analysis is based on the following changes in assumptions: Assumption Change in assumption Ratio of price to assets under management (P/AuM) 0.1% Risk discount rate (RDR) 1.0% Perpetuity growth rate (PGR) 1.0% Fair value of Sanlam business R million Weighted average assumption Base value Decrease in assumption Increase in assumption Ratio of price to assets under management P/AuM = 1.40% (Dec 2007: 1.34%) 5 839 5 328 6 358 Discounted cash flows RDR = 20.5% (Dec 2007: 17.9%) 1 765 1 875 1 666 PGR = 2.5% - 5% (Dec 2007: 2.5% - 5%) 1 765 1 725 1 808

Index

SLIDE 50

50 Sanlam Interim Results 2008

Notes to the shareholders’ fund information continued

5. Normalised diluted earnings per share

In terms of IFRS, the policyholders’ fund’s investments in Sanlam shares and Group subsidiaries are not reflected as equity investments in the Sanlam balance sheet, but deducted in full from equity on consolidation (in respect of Sanlam shares) or reflected at net asset value (in respect of subsidiaries). The valuation of the related policy liabilities however includes the fair value of these shares, resulting in a mismatch between policy liabilities and policyholder investments, with a consequential impact on the Group’s earnings. The number of shares in issue must also be reduced with the treasury shares held by the policyholders’ fund for the calculation of IFRS basic and diluted earnings per share. This is not a true representation of the earnings attributable to the Group’s shareholders, specifically in instances where the share prices and/or the number of shares held by the policyholders’ fund varies significantly. The Group therefore calculates normalised diluted earnings per share to eliminate the impact of investments in Sanlam shares and Group subsidiaries held by the policyholders’ fund. Six months Reviewed Full year Audited 2008 cents 2007 cents 2007 cents Normalised diluted earnings per share: Net result from financial services 62.6 64.7 133.3 Core earnings 89.7 86.2 182.4 Headline earnings 58.8 135.9 228.7 Profit attributable to shareholders' fund 54.0 162.5 257.8 R million R million R million Analysis of normalised earnings (refer shareholders' fund income statement): Net result from financial services 1 334 1 488 3 029 Core earnings 1 913 1 983 4 146 Headline earnings 1 254 3 126 5 199 Profit attributable to shareholders' fund 1 151 3 740 5 860 million million million Adjusted number of shares: Weighted average number of shares for diluted earnings per share 2 068.1 2 209.8 2 189.3 Add: Weighted average Sanlam shares held by policyholders’ fund 64.5 90.8 83.9 Adjusted weighted average number of shares for normalised diluted earnings per share 2 132.6 2 300.6 2 273.2 Number of ordinary shares in issue at beginning of period 2 303.6 2 303.6 2 303.6 Shares cancelled (63.5)

Number of ordinary shares in issue

2 240.1 2 303.6 2 303.6 Shares held by subsidiaries in shareholders' fund (218.5) (91.1) (168.9) Outstanding shares and share options in respect of Sanlam Limited long-term incentive schemes 43.2

43.3

Number of shares under option that would have been issued at fair value (14.4)

(7.3)

Convertible deferred shares held by Ubuntu-Botho 13.9 9.7 12.1 Adjusted number of shares for value per share 2 064.3 2 222.2 2 182.8

Index

SLIDE 51

Sanlam Interim Results 2008 51

6. Share repurchases

The Sanlam shareholders granted general authorities to the Group at the 2007 and 2008 annual general meetings to repurchase Sanlam shares in the market. The Group acquired 81,2 million shares from 6 March 2008 to 30 June 2008 in terms of the general

authorities. The lowest and highest prices paid were R16,51 and R21,49 per share respectively. The total consideration paid of

R1,6 billion was funded from existing cash resources. All repurchases were effected through the JSE trading system without any prior understanding or arrangement between the Group and the counter parties. Authority to repurchase 210,4 million shares, or 9,4%

f Sanlam’s issued share capital at the time, remain outstanding in terms of the general authority granted at the annual general meeting

held on 4 June 2008. The financial effects of the share repurchases during 2008 on the IFRS earnings and net asset value per share are illustrated in the table below: Before repurchases After repurchases Basic earnings per share: Profit attributable to shareholders’ fund cents 90.9 91.4 Headline earnings cents 95.9 96.5 Diluted earnings per share: Profit attributable to shareholders’ fund cents 89.1 89.5 Headline earnings cents 94.0 94.5 Value per share: Group Equity value cents 2 245 2 254 Net asset value cents 1 366 1 340 Tangible net asset value cents 1 085 1 048

Index

SLIDE 52

52 Sanlam Interim Results 2008 at 30 June 2008 June Reviewed December Audited Note 2008 R million 2007 R million 2007 R million SANLAM PERSONAL FINANCE 19 974 19 397 20 089 Adjusted net worth 8 300 8 735 8 285 Net value of in-force covered business 11 674 10 662 11 804 Value of in-force covered business 13 309 12 327 13 452 Cost of capital (1 528) (1 582) (1 555) Minority shareholders' interest (107) (83) (93) SANLAM DEVELOPING MARKETS 2 281 2 049 2 160 Adjusted net worth 925 650 860 Net value of in-force covered business 1 356 1 399 1 300 Value of in-force covered business 1 956 1 922 1 833 Cost of capital (280) (155) (268) Minority shareholders' interest (320) (368) (265) SANLAM UK 1 030 904 921 Adjusted net worth 510 423 447 Net value of in-force covered business 520 481 474 Value of in-force covered business 560 513 506 Cost of capital (40) (32) (32) Minority shareholders' interest

SANLAM EMPLOYEE BENEFITS

5 333 5 936 5 262 Adjusted net worth 5 120 5 415 5 118 Net value of in-force covered business 213 521 144 Value of in-force covered business 1 075 951 961 Cost of capital (862) (430) (817) Minority shareholders' interest

Embedded value of covered business

28 618 28 286 28 432 Adjusted net worth 14 855 15 223 14 710 Net value of in-force covered business 1 13 763 13 063 13 722 Embedded value of covered business 28 618 28 286 28 432

Embedded value of covered business

Index

SLIDE 53

Sanlam Interim Results 2008 53 Six months Full year Reviewed Audited for the six months ended 30 June 2008 2008 2007 2007 R million Note Total Value of in-force Adjusted net worth Total Total Embedded value of covered business at beginning of the period 28 432 13 722 14 710 27 403 27 403 Value of new business 290 825 (535) 260 565 Net earnings from existing covered business 1 268 (106) 1 374 1 003 2 085 Expected return on value of in-force business 919 919

768

1 493 Expected transfer of profit to adjusted net worth

(1 134)

1 134

Operating experience variances

3 284 78 206 223 315 Operating assumption changes 65 31 34 12 277 Net project expenses 4 (32)

(32)

(31) (77) Embedded value earnings from life operations 1 526 719 807 1 232 2 573 Economic assumption changes 5 (712) (688) (24) (118) (128) Tax changes 6 187 187

285

291 Investment variances (239) (238) (1) 238 210 Exchange rate movements 131 131

9

(22) Change in minority shareholders' interest (115) (70) (45) (133) (85) EEV changes

272

Growth from covered business 778 41 737 1 513 3 111 Investment return on adjusted net worth 220

220

921 1 589 Embedded value earnings from covered business 998 41 957 2 434 4 700 Transfers to other Group operations

(205)

Net transfers from covered business (812)

(812)

(1 551) (3 466) Embedded value of covered business at end of the period 28 618 13 763 14 855 28 286 28 432 Analysis of earnings from covered business Sanlam Personal Finance 490 (130) 620 1 785 3 953 Sanlam Developing Markets 180 56 124 253 351 Sanlam UK 139 46 93 44 63 Sanlam Employee Benefits 189 69 120 352 333 Embedded value earnings from covered business 998 41 957 2 434 4 700

Change in embedded value of covered business

Index

SLIDE 54

54 Sanlam Interim Results 2008 for the six months ended 30 June 2008 Six months Reviewed Full year Audited R million Note 2008 2007 2007 Value of new business (at point of sale): Gross value of new business 332 278 657 Sanlam Personal Finance 178 147 363 Sanlam Developing Markets 128 95 233 Sanlam UK 6 7 13 Sanlam Employee Benefits 20 29 48 Cost of capital (42) (18) (90) Sanlam Personal Finance (18) (5) (39) Sanlam Developing Markets (15) (7) (30) Sanlam UK (3) (3) (5) Sanlam Employee Benefits (6) (3) (16) Value of new business 290 260 567 Sanlam Personal Finance 160 142 324 Sanlam Developing Markets 113 88 203 Sanlam UK 3 4 8 Sanlam Employee Benefits 14 26 32 Value of new business attributable to: Shareholders’ fund 2 250 222 493 Sanlam Personal Finance 157 141 321 Sanlam Developing Markets 76 51 132 Sanlam UK 3 4 8 Sanlam Employee Benefits 14 26 32 Minority shareholders’ interest 40 38 74 Sanlam Personal Finance 3 1 3 Sanlam Developing Markets 37 37 71 Sanlam UK

Sanlam Employee Benefits
Value of new business

290 260 567 Geographical analysis: South Africa 198 202 426 Africa 85 52 125 Other international 7 6 16 Value of new business 290 260 567

Value of new business (VNB)

Index

SLIDE 55

Sanlam Interim Results 2008 55 Six months Reviewed Full year Audited R million 2008 2007 2007 Analysis of new business profitability: Before minorities: Present value of new business premiums 12 141 11 214 23 886 Sanlam Personal Finance 8 089 6 859 14 985 Sanlam Developing Markets 2 330 2 010 5 476 Sanlam UK 836 579 1 327 Sanlam Employee Benefits 886 1 766 2 098 New business margin 2.39% 2.32% 2.37% Sanlam Personal Finance 1.98% 2.07% 2.16% Sanlam Developing Markets 4.85% 4.38% 3.71% Sanlam UK 0.36% 0.69% 0.60% Sanlam Employee Benefits 1.58% 1.47% 1.53% After minorities: Present value of new business premiums 11 501 10 535 21 886 Sanlam Personal Finance 8 020 6 811 14 873 Sanlam Developing Markets 1 759 1 379 3 588 Sanlam UK 836 579 1 327 Sanlam Employee Benefits 886 1 766 2 098 New business margin 2.17% 2.11% 2.25% Sanlam Personal Finance 1.96% 2.07% 2.16% Sanlam Developing Markets 4.32% 3.70% 3.68% Sanlam UK 0.36% 0.69% 0.60% Sanlam Employee Benefits 1.58% 1.47% 1.53%

Index

SLIDE 56

56 Sanlam Interim Results 2008 for the six months ended 30 June 2008

1. Value of in-force sensitivity analysis

Gross value

f in-force

business Cost of capital Net value

f in-force

business Change from base value R million R million R million % Base value 16 397 (2 634) 13 763

฀Increase฀risk฀discount฀rate฀by฀1,0%

15 428 (3 438) 11 990 (13%)

฀Decrease฀risk฀discount฀rate฀by฀1,0%

17 500 (1 922) 15 578 13%

2. Value of new business sensitivity analysis

Gross value

f new

business Cost of capital Value of new business Change from base value R million R million R million % Base value 285 (35) 250

฀Increase฀risk฀discount฀rate฀by฀1,0%

246 (42) 204 (18%)

฀Decrease฀risk฀discount฀rate฀by฀1,0%

333 (28) 305 22% Six months Reviewed Full year Audited 2008 2007 2007 R million R million R million

3. Operating experience variances

Risk experience 116 111 254 Group stabilised business outflows 24 (14) (20) Working capital and other 144 126 81 Total operating experience variances 284 223 315

4. Net project expenses

Net project expenses relate to once-off expenditure on the Group’s distribution platform that has not been allowed for in the embedded value assumptions.

5. Economic assumption changes

Investment yields and inflation gap (715) (80) (95) Long-term asset mix assumptions 3 (38) (33) Total economic assumption changes (712) (118) (128)

6. Tax changes

Change in corporate tax rate 187

Change in policyholders' fund tax rate
135

141 Reduction in STC rate from 12,5% to 10,0%

150

150 Total tax changes 187 285 291

Notes to the embedded value of covered business

Index

SLIDE 57

Sanlam Interim Results 2008 57 June Reviewed December Audited 2008 2007 2007 % % %

7. Economic assumptions (continued)

Gross investment return, risk discount rate and inflation SANLAM LIFE: Point used on the government bond yield curve 9 year 10 year 9 year Fixed-interest securities 10.7 8.4 8.3 Equities 14.2 10.4 11.8 Hedged equities 11.2 8.4 8.8 Property 11.7 9.4 9.3 Cash 9.7 6.4 7.3 Return on required capital 12.2 7.6 9.7 Inflation rate 7.7 4.9 5.3 Risk discount rate 13.2 10.9 10.8 MERCHANT INVESTORS: Point used on the government bond yield curve 15 year 15 year 15 year Fixed-interest securities 5.2 5.3 4.6 Equities 8.4 7.8 7.8 Hedged equities 8.4 7.8 7.8 Property 8.4 7.8 7.8 Cash 5.2 5.3 4.6 Return on required capital 5.2 5.3 4.6 Inflation rate 4.5 3.9 3.7 Risk discount rate 8.9 9.0 8.3 SANLAM SKY SOLUTIONS: Point used on the government bond yield curve 6 year 6 year 6 year Fixed-interest securities 11.0 8.7 8.6 Equities 14.5 10.7 12.1 Hedged equities n/a n/a n/a Property 12.0 9.7 9.6 Cash 10.0 6.7 6.6 Return on required capital 12.3 8.7 9.4 Inflation rate 8.0 5.7 5.6 Risk discount rate 13.5 11.2 11.1 BOTSWANA LIFE INSURANCE: Fixed-interest securities 10.5 10.5 10.5 Equities 14.0 12.5 14.0 Hedged equities n/a n/a n/a Property 11.5 11.5 11.5 Cash 9.5 8.5 8.5 Return on required capital 10.6 11.1 9.5 Inflation rate 7.5 7.5 7.5 Risk discount rate 14.0 14.0 14.0

Index

SLIDE 58

58 Sanlam Interim Results 2008 June Reviewed December Audited 2008 2007 2007 % % %

7. Economic assumptions (continued)

Asset mix for assets supporting required capital (1) SANLAM LIFE: Equities 44

44

Hedged equities 13 20 13 Property 3

3

Fixed-interest securities 25 50 25 Cash 15 30 15 100 100 100 MERCHANT INVESTORS: Equities

Hedged equities
Property
Fixed-interest securities
Cash

100 100 100 100 100 100 SANLAM SKY SOLUTIONS: Equities 50 50 50 Hedged equities

Property
Fixed-interest securities
Cash

50 50 50 100 100 100 BOTSWANA LIFE INSURANCE: Equities 15 68 69 Hedged equities

Property

10 8 1 Fixed-interest securities 25 14 30 Cash 50 10

100

100 100

(1)

From 31 December 2007 the cost of capital is based on the higher of an internally assessed required capital and the statutory capital adequacy requirement, previously based on the statutory capital adequacy requirement.

Notes to the embedded value of covered business continued

Index

SLIDE 59

Sanlam Interim Results 2008 59

APPENDICES SANLAM GROUP BUSINESSES

SLIDE 60

60 Sanlam Interim Results 2008

Sanlam Personal Finance

Administration Costs (Rm)

Second Half First Half

500 600 700 800 900 1000 1100 2002 2003 2004 2005 2006 2007 2008

961 906 846 882 937 1023 787 818 757 779 808 859 905

Administration Cost Ratio (%) Analysis of Operating Profit

Six months Six months 2008 2007 R million R million Admin income 147 142 Risk income 194 179 Market Related income 554 498 Operating profit before tax & minorities 895 819 Minorities (14) (6) Operating profit before tax 881 813 Admin Ratio 35.1% 34.9%

30% 35% 40% 45% 50% 2002 2003 2004 2005 2006 2007 1H2008

44.1 42.1 38.4 38.1 36.8 35.6 35.1 Historical data restated to exclude MIA Historical data restated to exclude MIA All figures have been restated to exclude MIA which is now reported with Sanlam UK.

Index

SLIDE 61

Sanlam Interim Results 2008 61

SA Surrenders (Rm) Total Benefits Paid (SA)

Six months Six months 2008 2007 R million R million Total life benefits 9 351 8 988 Death & disability benefits 985 902 Maturity benefits 4 757 4 659 Life & term annuities 1 625 1 520 Surrenders 1 962 1 790 Other 22 117 Non-life benefits (linked) 4 440 2 734 Total benefits paid 13 791 11 722

Second Half First Half

500 1 400 1 600 1 800 2 000 2 200 2 400 2 600 1 200 1 000

2419 1374 1823 1668 2104 1963 2378 1707 1367 1535 1678 1790 1962

2002 2003 2004 2005 2006 2007 2008

Sanlam Personal Finance continued

All figures have been restated to exclude MIA which is now reported with Sanlam UK.

Index

SLIDE 62

62 Sanlam Interim Results 2008

Sanlam Personal Finance continued

SA Single Premiums (life & non-life linked) (%) SA Total APE (recurring + 10% single life & non-life linked) (%)

ABSA Brokers Direct and other Other Brokers Advisor

8.0 11.5 8.5 6.0 8.5 9.4 8.7 9.0 6.9 6.3 40.0 38.5 41.5 45.4 43.7 42.6 41.3 41.0 41.7 41.5

2004 2005 2006 2007 1H2008 0% 10% 20% 30% 40% 50% 70% 60%

ABSA Brokers Direct and other Other Brokers Advisor

2004 2005 2006 2007 1H2008

7.8 11.6 10.1 9.6 10.7 6.0 6.2 6.4 5.0 4.8 38.0 35.8 36.1 38.5 37.7 48.2 46.4 47.4 46.9 46.8

0% 10% 20% 30% 40% 50% 70% 60%

SA New Recurring Premiums (%)

ABSA Brokers Direct and other Other Brokers Advisor

0% 10% 20% 30% 40% 50% 70% 2004 2005 2006 2007

7.5 11.7 11.9 13.3 13.5 2.8 3.5 3.6 3.0 3.0 36.1 32.9 30.5 31.5 30.2 53.6 51.9 54.0 52.2 53.2

1H2008 60%

All figures have been restated to exclude MIA which is now reported with Sanlam UK.

Index

SLIDE 63

Sanlam Interim Results 2008 63

SA New Business Recurring Premiums (Rm) SA Single Premiums (life vs non-life linked) (Rm)

200 400 600 1H2004 1H2005 1H2006 1H2007 1H2008 1H2003 3000 4000 5000 6000

Life Non-Life

2000 1000 1H2004 1H2005 1H2006 1H2007 1H2008 1H2003

Sanlam Personal Finance continued

All figures have been restated to exclude MIA which is now reported with Sanlam UK.

Index

SLIDE 64

64 Sanlam Interim Results 2008

Sanlam Employee Benefits

Analysis of Operating Profit

Six months Six months Full Year 2008 2007 2007 R million R million R million Administration (25) (35) (92) Underwriting Risk 68 51 116 Investment 59 69 140 Interest on Working capital 15 (13) 21 Contribution 117 72 185 Distribution expense (5) (12) Operating profit 117 67 173

Half year 2007 restated for the inclusion of Coris loss of R7m.

Index

SLIDE 65

Sanlam Interim Results 2008 65 June 2008 June 2007 Operating Operating Operating Operating profit after profit after profit before profit after tax & tax & tax Tax tax Minorities minorities minorities R million R million R million R million R million R million RSA 25.0 6.2 31.2 3.2 34.4 29.1 Africa 103.7 (18.7) 85.0 (38.9) 46.1 41.8 Other International * (2.8) 0.6 (2.2)

(2.2)

9.3 Total 125.9 (11.9) 114.0 (35.7) 78.3 80.2

* Sanlam’s share only

New Business recurring premiums for the six months ended 30 June 2008

*Other June 2008 June 2007 SA Africa International Total Total R million R million R million R million R million Brokers 128.7 55.0 0.6 184.3 143.0 Agents 99.3 93.3 36.7 229.3 159.2 Bancassurance 0.4 0.9

1.3

0.6 Direct 44.7

44.7

42.8 Other 78.5 0.4

78.9

61.5 Total New business 351.6 149.6 37.3 538.5 407.1

* Sanlam’s share only

New Business single premiums for the six months ended 30 June 2008

Sanlam Developing Markets

Operating profit for the six months ended 30 June 2008

*Other June 2008 June 2007 SA Africa International Total Total R million R million R million R million R million Brokers 154.6 6.8 0.9 162.3 315.0 Agents

38.9

62.1 101.0 25.9 Bancassurance

83.8
83.8

44.1 Direct

Other

158.8 169.5

328.3

257.5 Total New business 313.4 299.0 63.0 675.4 642.5

* Sanlam’s share only

Index

SLIDE 66

66 Sanlam Interim Results 2008

Sanlam Developing Markets continued

African Life SA – Cases per quarter (’000) African Life SA – Sales volumes (’000) African Life SA – NTUs

20 40 50 60 70 80 90 2005 2006 2007 30 2004

Quarter 4 Quarter 3 Quarter 2 Quarter 1

2008 40 50 60 70 80 30 Jun 04 Dec 04 Jun 05 Dec 05 Jun 06 Dec 06 Jun 07 Jun 08

Field Broker Broker Direct

20 10 Dec 07 30 25 20 10 15 5

Including new channels (API Weight) NTU Rate Traditional channels NTU Rate

Jan’06 Feb’06 Mrc’06 Apr’06 May’06 Jun’06 Jul’06 Aug’06 Sept’06 Oct’06 Nov’06 Dec’06 Jan’07 Feb’07 Mrc’07 Apr’07 May’07 Jun’07 Jul’07 Aug’07 Sept’07 Oct’07 Nov’07 Dec’07 Jan’08 Feb’08 Mrc’08 Apr’08 May’08 Jun’08

Index

SLIDE 67

Sanlam Interim Results 2008 67

Sanlam Investments

Income Statement per Division

Total Total Total Total South African Rest of Africa International Investment Cluster

peration
peration
peration

R million Jun ’08 Jun ’07 Dec ’07 Jun ’08 Jun ’07 Dec ’07 Jun ’08 Jun ’07 Dec ’07 Jun ’08 Jun ’07 Dec ’07

Income 1 034 928 2 036 781 715 1 534 81 78 152 172 135 350 Operating expenses (502) (443) (1 008) (370) (316) (725) (42) (40) (87) (90) (87) (196) Asset Management and distribution fees paid (159) (141) (325) (152) (136) (313)

(7)

(5) (12) Profit before tax & performance fees 373 344 703 259 263 496 39 38 65 75 43 142 Performance fees 27 205 527 23 32 300

6

4 173 221 Profit before tax 400 549 1 230 282 295 796 39 38 71 79 216 363 Tax and minorities (128) (176) (361) (79) (84) (216) (26) (26) (46) (23) (66) (99) Operating profit after tax 272 373 869 203 211 580 13 12 25 56 150 264 Assets under management (R’ billion) 438 430 454 357 360 380 20 19 19 59 51 55

Split in AUM (Rbn)

June Dec 2008 2007 Wholesale 345.3 352.9

Sanlam (SA assets)

168.8 173.9

Sanlam (International assets)

49.1 46.2

Segregated *

112.0 112.4

Sanlam Properties

4.1 4.2

Sanlam Collective Investments

11.3 16.2 Retail 92.2 101.1

Sanlam Private Investments

44.3 50.0

Sanlam Collective Investments

39.6 42.1

Sanlam Multi Manager (Glacier) **

8.3 9.0 Total AUM (Consolidated) 437.5 454.0

* The assets of SIM Emerging Markets are included in this number. ** The rest of Sanlam Multi Manager assets are included in Sanlam and Segregated assets.

Index

SLIDE 68

68 Sanlam Interim Results 2008

Sanlam Investments continued

Operating Profit before Tax (6 month periods ending 30 June) (Rm) Net Fund Flows (Rbn) – excluding White Labels

100 200 300 400 500 600 2003 2005 2006 2007

International SA

2004 2008

34 73 154 254 118 112 178 196 329 295 282

4
2

4 6 8 2003 2005 2006 2007 2004 H1 2007 H1 2008 2

0.3 5.4 6.6 6.7 4.5

2.5

3.1 Note: 2005 excludes PIC outflows of R6.0bn 2006 excludes PIC outflows of R21.6bn

Operating Expediture (Rm)

R million Operating expenses - H1 2007 443 Business expansions (Simeka, Blue Ink, Distribution) 59 Variable expenses (commissions, admin fees and bonuses) (27) Normalised discretionary operating expenses (ie inflation adjustment and organic growth) 27 Operating expenses - actual H1 2008 502 Normalised y-o-y increase in operating expenses 6.1%

Index

SLIDE 69

Sanlam Interim Results 2008 69

Santam Limited and its subsidiaries

Consolidated Income Statements

Reviewed Reviewed Audited Six months Six months Year ended ended ended 31 December 30 June 2008 30 June 2007 2007 R million R million % Change R million Continuing operations Gross written premium 6 801 6 269 8% 13 173 Less: reinsurance premium 1 282 1 138 2 254 Net premium 5 519 5 131 8% 10 919 Less: change in unearned premium Gross amount (229) 56 330 Reinsurers’ share 54 (78) (127) Net insurance premium revenue 5 694 5 153 11% 10 716 Investment income 372 279 33% 666 Income from reinsurance contracts ceded 180 162 306 Net (losses)/gains on financial assets at fair value through income (480) 463 (204%) 454 Net income 5 766 6 057 (5%) 12 142 Insurance claims and loss adjustment expenses 5 096 3 886 8 552 Insurance claims and loss adjustment expenses recovered from reinsurers (1 160) (487) (1 250) Net insurance benefits and claims 3 936 3 399 16% 7 302 Expenses for the acquisition of insurance contracts 999 873 1 794 Expenses for marketing and administration 613 574 1 262 Expenses for asset management services rendered 12 12 27 Amortisation of intangible assets 6 1 2 Expenses 5 566 4 859 15% 10 387 Results of operating activities 200 1 198 (83%) 1 755 Finance costs (45) (9) (45) Share of profit of associates 11 50 76 Profit before tax 166 1 239 (87%) 1 786 Income tax expense 7 (280) (542) Profit for the period from continuing operations 173 959 (82%) 1 244 Discontinued operations Loss for the year from discontinued operations (63) (21) (168) Profit for the year 110 938 (88%) 1 076 Attributable to:

equity holders of the company

100 928 (89%) 1 050

minority interest

10 10 26 110 938 1 076

Index

SLIDE 70

70 Sanlam Interim Results 2008

Santam Limited and its subsidiaries continued

Reviewed Reviewed Audited Six months Six months Year ended ended ended 31 December 30 June 2007 30 June 2008 2007 R million R million % Change R million Earnings attributable to equity shareholders cents cents % change cents Earnings per share Basic earnings per share 89 804 (89%) 924 Diluted earnings per share 88 793 (89%) 914 Headline earnings per share 89 803 (89%) 906 Diluted headline earnings per share 88 793 (89%) 897 Weighted average number of shares - millions 112.40 115.45 113.67 Dividend per share 166 166 410 Special dividend per share

2200

Ratios % % % Net claims ratio 69.2 66.0 68.2 Net acquisition cost ratio 25.1 24.9 25.6 Net underwriting ratio 5.7 9.1 6.2 Net insurance result margin on net earned premium 8.0 11.9 9.2 Solvency Net asset value (NAV) Rm 3 970 6 598 4 045 NAV per share cps 3 525 5 894 3 610 Net written premium** Rm 11 827 11 252 11 802 Regulatory solvency % 40 64 42

* Includes fair value of subordinated debt ** Net written premium is for rolling 12 months and include discontinued operations

Index

SLIDE 71

Sanlam Interim Results 2008 71

Santam Limited and its subsidiaries continued

GWP per Insurance Class (%) – Continuing activities only Underwriting Surplus per Insurance Class (Rm) – Continuing activities only

Motor Property ART Liability Engineering Crop Transportation Accident and health Miscellaneous Guarantee

(300) 100 200 300

Guarantee Miscellaneous Crop Transportation Accident & health Engineering Liability Motor

(100) (200)

ART Property

2008 2007 19 (3) (47) 1 9 132 176 7 68 107 4 3 66 4 20 69 231 3 (253) 185

Index

SLIDE 72

72 Sanlam Interim Results 2008

Economic and Financial Markets Review 20 August 2008

The South African economy suffered a sharp reversal in both sentiment and real activity levels in the first half of 2008 compared with the previous four years. Business and consumer confidence plunged at a rate commensurate with declines in past crises (e.g. 1998 and 2000) and economic growth decelerated from 5.1% in 2007 to 2.1% in the first quarter of 2008. It is a virtual certainty that the second quarter produced a technical rebound to a growth rate of probably around 4%, but the weakening trend is well entrenched. A number of factors contributed to this reversal. The year started on an uncertain note as a result of the change in the leadership of the ruling party, the ANC, in December 2007. Many observers consequently questioned the sustainability of the current government’s policy approach. With important policy anchors such as inflation targeting and counter cyclical fiscal policy coming in for severe criticism, concerns were expressed whether macroeconomic stability would be maintained. However, since then the new leadership of the ANC has stated on numerous occasions that the broad thrust of policy will remain unchanged, with greater emphasis on improved policy implementation, in particular in education and health. During this period of heightened uncertainty, South Africa was struck by a series of electricity blackouts that brought the mining sector in particular to a virtual standstill, while also having a severe impact on the manufacturing sector and causing widespread disruption. These events highlighted the urgency of expanding South Africa’s power supply and the financial implications this would have. It also served as a reminder of the broader infrastructure deficit, as acknowledged in Government’s “Accelerated and Shared Growth Initiative for South Africa (ASGI-SA)”. The negative impact of these domestic developments was given further impetus by international developments at the time. The deepening sub-prime crisis in the USA was reflected in a slide in financial markets which further undermined

confidence. The UK economy suffered from similar

pressures to those in the US, and the Bank of England has recently raised the possibility of an imminent recession. However, in spite of the growing expectations of a marked slow down in global economic activity, commodity prices continued to boom. The oil price rose to an all-time high

f more than $140/barrel, with food prices not far behind.

The inflationary impact of these trends not only compounded downward pressure on economic activity, especially in commodity importing countries, but it also presented central bankers with a dilemma by raising the specter of stagflation. Emerging market countries suffered relatively more from increased inflationary pressures due to the greater importance of energy and food in their consumption

baskets. In some countries the full impact was delayed by

subsidizing these commodities, but fiscal constraints eventually caught up with this practice and it could not be

maintained. Monetary policy is still too accommodative in

many emerging economies, and some of them, including India, have belatedly started raising interest rates, to the detriment of the short-term outlook for economic growth. Rising global oil and food prices, exacerbated by renewed rand weakness, caused inflation in South Africa to spiral

upwards. CPIX-inflation, in terms of which the Reserve

Bank’s 3% to 6% inflation target is defined, increased from 8.6% at the start of the year to 11.6% in June. Upward pressure on inflation was given a further push by the sharp increase in electricity tariffs granted to Eskom in its bid to deal with the increased cost of coal and the financial demands of its capacity expansion programme. The Reserve Bank responded to the worsening inflation

utlook by raising its repo rate by an additional 100 basis

points to 12%. The bond market followed suit, and the generic 10-year government bond yield increased from 8.4% at the start of the year to 10.7% at its peak. It has since fallen back to 9.3% on the view that inflation and short-term interest rates are in the process of peaking.

Index

SLIDE 73

Sanlam Interim Results 2008 73

Economic and Financial Markets Review continued

This proved to be just too much for over indebted consumers who were simultaneously being faced with declining discretionary income in the face of rapidly increasing food and energy costs. The increase in the debt burden of households to nearly 80% of disposable income combined with higher interest rates pushed up debt servicing costs to levels last seen in 1999. Households started capitulating in the first quarter, and interest rate sensitive sectors of the economy took a turn for the worse. Growth in real retail sales had already peaked late in 2006, but year-on-year growth turned negative from March 2008. New car sales continued their downward trend, and the residential property market came under severe pressure. Bad debts in the banking sector started increasing more rapidly, in spite of widespread rescheduling of debt. Taken as a whole, developments in the first half of 2008 created the most challenging environment for the financial services industry since the early years of the decade. The outlook for the rest of 2008, and indeed up to at least mid-2009, remains rather bleak. Economic activity should continue its downward trend, and it will take some time for households to digest their debt burden. On the positive side, it is encouraging that inflation is expected to peak soon, and the repo rate has probably already done so. Interest rates could start to decline as soon as the second quarter of 2009, although its downward path will be constrained by unfavourable surrounding conditions such as the persistently high current account deficit. Real disposable income of households should get some relief from lower inflation in the months ahead, in conjunction with double-digit wage and salary increases increasingly being the norm. However, net job creation in the private sector has come to a standstill, although not in the public sector. Financial markets should nevertheless as usual start discounting a more positive outlook ahead of the actual turn around – the bond market is indeed already doing just that. The uncertainty with regard to future economic policy should also be addressed gradually as the 2009 general election approaches.

Index

SLIDE 74

74 Sanlam Interim Results 2008

Analysis of Return on Group Equity

2,0%

(4,8% x 0,415*)

Component of Group Equity Value (weightings) Annualised Return (actual) Weighted ROGEV

0,7%

(16,4% x 0,043*)

16,4%

SANLAM PERSONAL FINANCE

4,8% 45,3%

(R21,1bn) Dec 2007: 41,5%

5.2%

(R2,4bn)

*Weighting of GEV at beginning of year 1H08 ANNUALISED ROGEV: 2,0% + 0,7% + 0,7% - 0,4% - 4,9% - 0,3% = -2,2%

Dec 2007: 4,3%

0,7%

(20,2% x 0,033*)

SANLAM UK

20,2% 5,3%

(R2,5bn) Dec 2007: 3,3%

4,9%

(-39,6% x 0,124*)

SHORT-TERM INSURANCE

39,6%

11,0%

(R5,1bn) Dec 2007: 12,4%

0,3%

(-2,3% x 0,144*)

OTHER

2,3%

8,6%

(R4,0bn) Dec 2007: 14,4%

SANLAM DEVELOPING MARKETS

0.4%

(-1,8% x 0,241*)

INSTITUTIONAL CLUSTER

1,8%

24,6%

(R11,4bn) Dec 2007: 24,1%

Index

SLIDE 75

Sanlam Interim Results 2008 75

Sanlam’s Strategic Focus

Diversification of undeveloped markets Growing alternative revenue services Distribution alternatives Cost vs income ratio Grow assets under management Sustained top investment performance Return to shareholders Appropriate reward for capital/risk Investment profile optimised Appropriate risk adjusted return

Net Top-Line Growth Cost management Investment returns Application

f capital

Regulatory capital Strategic aquisitions

ROE/ ROEV

EARNINGS CAPITAL EFFICIENCY Index

SLIDE 76

76 Sanlam Interim Results 2008

Contact Details

Registered Office

Sanlam 2 Strand Road Bellville 7530 South Africa Tel: +27 21 947-9111 Fax: +27 21 947-3670

Investor Relations Website:

www.sanlamltd.co.za

Corporate Office

Group Chief Executive Johan van Zyl Tel. : +27 21 947 4448 Fax : +27 21 947 5551 E-mail : johan.vanzyl@sanlam.co.za Financial Director Kobus Möller Tel. : +27 21 947 9201 Fax : +27 21 947 3670 E-mail : kobus.moller@sanlam.co.za Chief Actuary André Zeeman Tel. : +27 21 947 3490 Fax : +27 21 947 3670 E-mail : andre.zeeman@sanlam.co.za Head: Investor Relations David Barnes Tel. : +27 21 947 4942 Fax : +27 21 957 1884 E-mail : david.barnes@sanlam.co.za Investor Relations Officer Helet Malherbe Tel. : +27 21 947 4092 Fax : +27 21 957 1331 E-mail : helet.malherbe@sanlam.co.za

Businesses

CEO : Sanlam Personal Finance Lizé Lambrechts Tel : +27 21 947 3439 Fax : +27 21 957 1840 E-mail : lize.lambrechts@sanlam.co.za CEO : Sanlam Developing Markets Heinie Werth Tel : +27 11 359 7701 Fax : +27 11 625 6130 E-mail : heinie.werth@sanlam.co.za CEO : Sanlam UK Lukas van der Walt Tel. : +44 117 975 2121 Fax ; +44 117 975 2304 E-mail : lukas.vanderwalt@merchinv.co.uk CEO : Institutional Cluster Johan van der Merwe Tel. : +27 21 950 2945 Fax : +27 21 950 2850 E-mail : johanvdm@sim.sanlam.com CEO : Santam Ian Kirk Tel. : +27 21 915-7193 Fax : +27 21 915-7570 E-mail : ian.kirk@santam.co.za Non-Executive Directors RC (Roy) Andersen (Chairman); PT (Patrice) Motsepe (Deputy Chairman); MMM (Manana) Bakane-Tuoane; AD (Anton) Botha; AS (Attie) du Plessis; FA (Fran) du Plessis; WG (Wilmot) James; MV (Valli) Moosa; SA (Sipho) Nkosi; I (Ian) Plenderleith; M (Maria) Ramos; GE (George) Rudman; RV (Rejoice) Simelane; ZB (Bernard) Swanepoel; PL (Lazarus) Zim Executive Directors J (Johan) van Zyl (Group Chief Executive), JP (Kobus) Möller (Financial Director) and RK (Raisibe) Morathi (Chief Executive: Group Services)