Sanlam Limited - Further Cautionary Announcement

Sanlam Limited - Further Cautionary Announcement                                
Sanlam Limited                                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1959/001562/06)                                            
(Share code: SLM)                                                               
(ISIN code: ZAE000028262)                                                       
("Sanlam" or "the company")                                                     
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Shareholders of Sanlam are referred to the detailed joint cautionary            
announcement dated 4 December 2003 regarding an empowerment transaction that    
will result in Ubuntu-Botho Investments Limited acquiring an initial 10% equity 
holding in Sanlam.                                                              
Shareholders are advised that the requisite legal agreements are still being    
finalised. Accordingly, the shareholders of Sanlam are advised to continue to   
exercise caution when dealing in their securities until a further announcement  
is made.                                                                        
Johannesburg                                                                    
15 January 2004                                                                 
Financial adviser and sponsor to Sanlam Limited                                 
Deutsche Securities                                                             
Member of the Deutsche Bank Group                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
(Registration number 1995/011798/07)                                            
Financial adviser to Ubuntu-Botho Investments Limited                           
JP Morgan                                                                       
Attorneys to Sanlam Limited                                                     
Jowell Glyn & Marais                                                            
Attorneys to Ubuntu-Botho Investments Limited                                   
Bowman Gilfillan                                                                
Date: 15/01/2004 08:00:05 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department