GENSEC / SANLAM - RESULTS OF THE SCHEME MEETING

GENBEL SECURITES LIMITED
  (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
  (REGISTRATION NUMBER 1977/002124/06)
  ("GENSEC")
SANLAM LIMITED
  (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
  (REGISTRATION NUMBER 1959/001562/06)
  ("SANLAM")
RESULTS OF THE SCHEME MEETING
1. RESULTS OF THE SCHEME MEETING

ON WEDNESDAY, 6 DECEMBER 2000, A MEETING WAS HELD TO CONSIDER THE SCHEME OF
ARRANGEMENT PROPOSED BY SANLAM ("THE SCHEME") IN TERMS OF SECTION 311 OF THE
COMPANIES ACT (ACT 61 OF 1973), AS AMENDED, BETWEEN GENSEC AND ITS SHAREHOLDERS
OTHER THAN SANLAM AND ITS SUBSIDIARIES (THE "SCHEME MEMBERS"). SHAREHOLDERS OF
GENSEC AND SANLAM ARE ADVISED THAT THE SCHEME WAS APPROVED BY THE REQUISITE
MAJORITY OF SCHEME MEMBERS PRESENT AND VOTING AT THE MEETING IN PERSON OR BY
PROXY. IF THE SCHEME BECOMES OPERATIVE, SANLAM WILL ACQUIRE THE GENSEC SHARES
HELD BY SCHEME MEMBERS FOR A CASH CONSIDERATION OF R37,00 PER GENSEC SHARE (THE
"SCHEME CONSIDERATION") AGAINST DELIVERY OF THE DOCUMENTS OF TITLE.
2.  REMAINING CONDITIONS TO THE SCHEME
THE SCHEME WILL BECOME OPERATIVE SUBJECT TO:

-  THE SANCTION OF THE HIGH COURT OF SOUTH AFRICA (WITWATERSRAND LOCAL
DIVISION) (THE "COURT") AT THE COURT HEARING, WHICH IS SCHEDULED FOR 10:00 OR
SO SOON THEREAFTER AS COUNSEL MAY BE HEARD ON TUESDAY, 12 DECEMBER 2000; AND
-  THE ORDER OF COURT SANCTIONING THE SCHEME BEING LODGED WITH AND REGISTERED
BY THE REGISTRAR OF COMPANIES, WHICH IS EXPECTED TO BE ON OR ABOUT WEDNESDAY,
13 DECEMBER 2000.

IT IS ANTICIPATED THAT THE SCHEME WILL BECOME OPERATIVE ON MONDAY, 18 DECEMBER
2000 (THE "OPERATIVE DATE").
3.  SURRENDER OF DOCUMENTS OF TITLE

THE SCHEME CONSIDERATION WILL BE POSTED TO SCHEME MEMBERS BY THE TRANSFER
SECRETARIES WITHIN FIVE BUSINESS DAYS OF THE OPERATIVE DATE IF SCHEME MEMBERS'
DOCUMENTS OF TITLE ARE SURRENDERED PRIOR TO THE OPERATIVE DATE OR, IF SCHEME
MEMBERS' DOCUMENTS OF TITLE ARE SURRENDERED AFTER THE OPERATIVE DATE, WITHIN
FIVE BUSINESS DAYS OF RECEIPT THEREOF BY THE TRANSFER SECRETARIES, AT THE RISK
OF THE SCHEME MEMBERS CONCERNED.
4.  STOCK EXCHANGE LISTING

SUBJECT TO THE SCHEME BEING SANCTIONED BY THE COURT AND THE ORDER OF COURT
BEING REGISTERED BY THE REGISTRAR OF COMPANIES, THE LISTING OF GENSEC SHARES
WILL BE SUSPENDED FROM THE JSE SECURITIES EXCHANGE SOUTH AFRICA WITH EFFECT
FROM THE CLOSE OF TRADING ON WEDNESDAY, 13 DECEMBER 2000, AND TERMINATED WITH
EFFECT FROM THE CLOSE OF TRADING ON FRIDAY, 22 DECEMBER 2000.
5.  FURTHER ANNOUNCEMENT

A FURTHER ANNOUNCEMENT WILL BE MADE ON OR ABOUT FRIDAY, 15 DECEMBER 2000.
JOHANNESBURG AND BELLVILLE
6 DECEMBER 2000
FINANCIAL ADVISER TO GENSEC

  MORGAN STANLEY SOUTH AFRICA (PROPRIETARY) LIMITED
  (REGISTRATION NUMBER 1994/000261/07)
INVESTMENT BANK TO GENSEC
  GENSEC BANK LIMITED
  (REGISTRATION NUMBER 1996/004744/06)
LEGAL ADVISER TO GENSEC
  WEBBER WENTZEL BOWENS
FINANCIAL ADVISER TO SANLAM
  CHASE
JOINT LEGAL ADVISERS TO SANLAM
  JOWELL, GLYN & MARAIS INC
  (REGISTRATION NUMBER 1990/000849/21)
  CANCA INCORPORATED
  (REGISTRATION NUMBER 1996/006459/21)