SANLAM - PRESS RELEASE

SANLAM INITIAL PUBLIC OFFERING
STRONG DEMAND IN POLICYHOLDERS' OFFER
25 NOVEMBER 1998

SANLAM TODAY ANNOUNCED THAT, BASED ON INITIAL INDICATIONS, POLICYHOLDERS HAVE
APPLIED FOR MORE THEN R900 MILLION OF SHARES, ALTHOUGH COUNTING IS STILL TAKING
PLACE. THE AMOUNT AVAILABLE IN THE POLICYHOLDERS' OFFER WAS SET AT A LEVEL OF
R500 MILLION WITH A PROVISION TO INCREASE THIS BY UP TO A FURTHER R500 MILLION
IN THE EVENT OF STRONG DEMAND. THE FINAL DECISION ON THE AMOUNT BY WHICH THE
POLICYHOLDERS' OFFER WILL BE INCREASED WILL BE MADE ONCE ALL POLICYHOLDERS' AND
OTHER APPLICANTS' DEMAND HAS BEEN COUNTED AND THE INSTITUTIONAL OFFER HAS
CLOSED.

THE POLICYHOLDERS' OFFER AND RETAIL OFFERS CLOSED AT 4.00 PM ON MONDAY, 23
NOVEMBER. THE INSTITUTIONAL OFFER WILL CLOSE AT 5.00 PM ON FRIDAY, 27 NOVEMBER.
THE SIZE OF THE CAPITAL RAISING, PUBLIC OFFER PRICE AND BASIS OF ALLOCATION
WILL BE ANNOUNCED ON MONDAY 30TH NOVEMBER AND ADVERTISED IN THE NATIONAL PRESS.
DEALINGS IN SANLAM SHARES WILL COMMENCE ON MONDAY 30TH NOVEMBER AT 9.30 AM.
MARINUS DALING, EXECUTIVE CHAIRMAN OF SANLAM LIMITED COMMENTED:

"WE ARE DELIGHTED BY THE OVERWHELMING RESPONSE FROM OUR POLICYHOLDERS WHO HAVE
APPLIED TO BUY SHARES UNDER THE POLICYHOLDERS' OFFER. THE STRENGTH OF DEMAND IS
AN EXTREMELY ENCOURAGING ENDORSEMENT OF SANLAM'S FUTURE AS A LISTED COMPANY.
THERE IS ALSO STRONG DEMAND FOR SHARES FROM DOMESTIC AND INTERNATIONAL
INSTITUTION."
ENQUIRIES

ROBERT FLEMING & CO. LIMITED      DAVID FLETCHER      (021) 917 6000

FLEMING MARTIN                    RICHARD STUART      (011) 240 2400

DRESDNER KLEINWORT BENSON         TIM WISE            (021) 947 6840

CAZENOVE & CO.                    JOHN PAYNTER        +44 171 588 2828
ENDS