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SANLAM GROUP - REFOCUSING OF SANLAM LIFE CLUSTER AND MARKETING FUNCTION SANLAM GROUP Incorporated in the Republic of South Africa Registered name: Sanlam Limited (Registration number 1959/001562/06) JSE share code: SLM NSX share code: SLA ISIN number: ZAE000028262 ("Sanlam") 30 April 2004 REFOCUSING OF SANLAM LIFE CLUSTER AND MARKETING FUNCTION Sanlam Limited"s Board of Directors announces the refocusing of the Sanlam Life cluster and the companies forming part of the Sanlam Group (the "Group") marketing function. It is intended that: * Two separate business units will be created in the Life cluster - Sanlam Life and Sanlam Employee Benefits; * Innofin / SPSquared will be moved to Sanlam Life; and * A new centralised marketing and brand management function will be created for the Group. These changes are in line with the Group"s back to basics strategy and the restructuring of its business to improve financial performance, optimise capital structure and increase the inflows and market share of the Life cluster. Creating two separate business units within the Sanlam Life cluster Two separate business units, Sanlam Life and Sanlam Employee Benefits (SEB), will be created in the Life cluster from 1 July 2004 to place the appropriate focus on these different businesses and give SEB the necessary attention and prominence. The SEB distribution will be separated from the retail part of Sanlam Life and the SEB team will be further strengthened. Themba Gamedze remains CEO of SEB and will become a member of the Executive Committee of the Group. Lize Lambrechts will continue to head Sanlam Life, which will now consist of the current individual life business and Innofin. Moving Innofin/SP Squared to Sanlam Life In the past, Innofin has been competing directly with the Life business for funds from retail investors. To ensure better co-ordination between the two businesses going forward, Innofin will be moved from the Investment cluster to Sanlam Life. Johan du Preez remains CEO of Innofin and also becomes a member of Sanlam Life"s Exco. These changes will be implemented on 1 May 2004 with accounting changes effective from 1 January 2004 retrospectively. Creating a Central Marketing and Brand Management Function A new function for Group marketing and brand management has been created in Sanlam Limited to ensure a unified and more market-related approach. Margaret Jenks, who has been a consultant for the Group since 2002, has been appointed on a contract basis as CEO for this function. She also becomes a member of the Exco of Sanlam Limited. Current chief executive for marketing at Sanlam Life, Deon Lessing, has been appointed to develop a newly created, highly strategic Sanlam loyalty programme for the group"s clients. Commenting on the changes, Sanlam Limited CEO Johan van Zyl, said: "These initiatives are another step in our strategy of sharpening our focus on the changing service and product needs of our clients, rightsizing the Group to weather ongoing economic and market challenges and realising the opportunities open to us to deliver value to shareholders. "We remain confident that these changes will continue to improve financial performance, optimise our capital structure and assist in increasing the inflows and market share of the Life cluster." -ENDS- Date: 30/04/2004 09:12:20 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
