SANLAM - ANNOUNCEMENT RELATING TO OFFERS

(SANLAM LIMITED, FORMERLY KNOWN AS SANKERN (PROPRIETARY) LIMITED)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NO. 59/01562/06)
("SANLAM LIMITED")
ANNOUNCEMENT RELATING TO OFFERS

SANLAM LIMITED ANNOUNCES THAT THE GLOBAL CO-ORDINATORS HAVE SUBSCRIBED FOR 26
260 393 ADDITIONAL SHARES IN THE SHARE CAPITAL OF SANLAM LIMITED ("SHARES") AT
THE PUBLIC OFFER PRICE PURSUANT TO THE OVER-ALLOTMENT OPTIONS.  THE PERIOD
DURING WHICH ROBERT FLEMING & CO. LIMITED, ON BEHALF OF THE GLOBAL

CO-ORDINATORS, MAY EFFECT PRICE STABILISATION TRANSACTIONS WITH RESPECT TO THE
SHARES USING A QUOTE ON SEAQ INTERNATIONAL HAS NOW ENDED.

IN ADDITION, SANLAM LIMITED HAS ISSUED 17 300 936 SHARES TO GENBEL SECURITIES
LIMITED ("GENSEC"), ON BEHALF OF GENSEC'S MANAGED FUNDS, AT THE PUBLIC OFFER
PRICE PURSUANT TO THE GENSEC SUBSCRIPTION AGREEMENT.

FOLLOWING THE OFFERS, INCLUDING THE SHARE ISSUANCES REFERRED TO IN THIS
ANNOUNCEMENT, THERE ARE 2 654 570 667 SHARES IN ISSUE.
JOINT GLOBAL CO-ORDINATORS

ROBERT FLEMING & CO. LIMITED, DRESDNER KLEINWORT BENSON, CAZENOVE & CO