SANLAM AND ABSA PURSUE FORMAL CO-OPERATION

SANLAM AND ABSA PURSUE FORMAL CO-OPERATION                                      
SANLAM LIMITED                                                                  
ISIN: ZAE000028262                                                              
JSE SHARE CODE: SLM                                                             
Sanlam and Absa today announced that they have signed a memorandum of           
understanding to pursue formal business co-operation. Under the agreement, the  
groups will develop business plans and structures to harness potential synergies
through strategic business co-operation.                                        
Several co-operation projects will be pursued in the next few months, including 
distribution, data broking, trust business, bond and banking products, life     
insurance, small and medium business development and financial transactions.    
It was also announced today that Sanlam would offer some of the activities, such
as the investment banking business and arbitrage that will be discontinued in   
the restructured Gensec Bank, to Absa in line with the aims of the co-operation 
projects to seek potential value adding opportunities together.                 
Commenting on the co-operation process, Johan van Zyl, Sanlam Limited CEO, said:
"The agreement is a point of departure for both groups towards enhanced business
co-operation that is based on sound business principles and service excellence. 
It is a major step forward for Sanlam to ensure it maximises opportunities      
flowing from its large shareholding in Absa. Working closely with Absa          
complements our existing product offering and provides us with access to a      
number of key growth areas to continue to unlock shareholder value."            
Commenting on the co-operation process, Absa Group Limited CEO Nallie Bosman,   
said, "We are following a thorough process to ensure the practical              
implementation of these business plans. We are determined that the cooperation  
must deliver positive financial outcomes for both groups. The benefits will be  
realised over the next few years as a result of proper implementation."         
Enquiries:  Johan van Zyl (021) 947-4448                                        
Date: 01/09/2003 11:00:07 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department