SANLAM HOLDS FIRST POST LISTING ANNUAL GENERAL MEETING

NEWS RELEASE
SANLAMHOF 2 JUNE 1999

SANLAM HOLDS FIRST POST LISTING ANNUAL GENERAL MEETING

SANLAM'S FIRST ANNUAL GENERAL MEETING SINCE THE FINANCIAL SERVICES GROUP LISTED
ON THE JOHANNESBURG AND NAMIBIAN STOCK EXCHANGES LAST YEAR, WAS HELD THIS
MORNING (2 JUNE 1999) AT THE COMPANY'S HEAD OFFICE IN BELLVILLE.

THE TERMS AS NON-EXECUTIVE DIRECTORS OF PROFESSORS AHMED BAWA, KATE JOWELL AND
FLIP SMIT, AND MR MURRAY GRINDROD EXPIRE ACCORDING TO SANLAM'S STATUTES ON
ROTATION THIS YEAR. THEY WERE ALL RE-ELECTED AT THE MEETING.

NO OTHER NOMINATIONS FOR NON-EXECUTIVE DIRECTORS WERE RECEIVED.

THE OTHER NON-EXECUTIVE DIRECTORS ON THE BOARD ARE MS DAWN MOKHOBE AND MESSRS.
JOHAN ALBERTS, DAVE BRINK, DEREK KEYS, PETER SWARTZ, BOETIE VAN ZYL AND TON
VOSLOO.

SANLAM'S FINANCIAL REPORT FOR THE YEAR ENDED, 31 DECEMBER 1998 AND THE REPORT
OF THE AUDITORS WERE ALSO APPROVED AT THE MEETING. SANLAM HAD EARLIER ANNOUNCED
HEADLINE EARNINGS OF R1 186 MILLION FOR 1998 (PRO FORMA 1997 : R1 147 MILLION).
ERNST & YOUNG AND PRICEWATERHOUSECOOPERS INC. WERE RE-APPOINTED AS SANLAM'S
AUDITORS.

THE DATE FOR THE AGM WAS DETERMINED AND ANNOUNCED BEFORE THE ELECTION DAY ON 2
JUNE WAS DECLARED A PUBLIC HOLIDAY. IT COULD NOT BE RESCHEDULED BECAUSE OF
LEGAL CONSIDERATIONS.

COMPILED AND ISSUED BY FRANS VAN RENSBURG, SANLAM MEDIA RELATIONS
(W) 021/947-4893
NOTE TO EDITORS

THE NUMBER OF SANLAM SHAREHOLDERS HAD DECREASED FROM 2,08 MILLION AT LISTING ON
30 NOVEMBER 1998 TO 1,59 MILLION ON 31 MAY, 1999. ON THE SAME DATE INDIVIDUALS
HELD 45% OF THE ISSUED SHARES (1,15 BILLION) COMPARED TO 1,45 BILLION (55,5%)
ON 30 NOVEMBER. NOMINEES ARE NOW HOLDING MORE THAN 36% OF THE SHARES WHILE THE
BALANCE IS DOMINATED BY PENSION AND PROVIDENT FUNDS. THE HOLDINGS OF THE LATTER
HAVE DECLINED FROM 554 MILLION AT LISTING TO 353 MILLION ON 31 MAY.

THE NUMBER OF SHARES HELD IN THE DEMUTUALISATION TRUST (SHAREHOLDERS WHO HAVE
NOT YET CONFIRMED THEIR ADDRESS DETAILS) HAVE DECLINED FROM 256 MILLION AT
DEMUTUALISATION (509 000 SHAREHOLDERS) TO 149 MILLION (306 00 SHAREHOLDERS) ON
31 MAY 1999.
ENDS