Sanlam Trading Statement - Interim Results 2005

Sanlam Trading Statement - Interim Results 2005                                 
Registered name: Sanlam Limited                                                 
(Registration number 1959/001562/06)                                            
JSE share code: SLM                                                             
NSX share code: SLA                                                             
ISIN number: ZAE000028262                                                       
Sanlam Trading Statement - Interim Results 2005                                 
The Group"s operating performance is expected to be substantially in line with  
that reported in the Financial Update released on 1 June 2005. Group operating  
profit net of tax and minority shareholders" interests for the six-month period 
to 30 June 2005 is expected to be between 10% and 20% higher than for the       
comparable period in 2004.                                                      
Recently introduced accounting practice changes, as set out in the Financial    
Review in Sanlam"s 2004 Annual Report, require Sanlam to account for its 2005   
Headline Earnings in terms of International Financial Reporting Standards       
(IFRS). Sanlam"s 2004 results will be restated accordingly. The Financial Review
in the 2004 Sanlam Annual Report set out the anticipated changes to the reported
results (refer to the note below).                                              
 As a result of these changes to accounting policies and practices, market      
movements will have a material impact on Sanlam"s Headline Earnings and         
shareholders need to be aware of the potential volatility in reported earnings. 
Equity market movements during the interim period to June 2005 contributed      
significantly to an increase in Headline Earnings. As a result, Headline        
Earnings per share and Earnings per share for the interim period are expected to
be between 80% and 100% higher than the corresponding period in 2004,           
predominantly due to the inclusion of realised and unrealised investment        
surpluses, as well as an increase in investment income.                         
Shareholders are advised that the results referred to in this trading statement 
have not been reviewed or reported on by Sanlam"s auditors.                     
The interim results will be released on 9 September 2005.                       
Bellville                                                                       
4 August 2005                                                                   
Note                                                                            
Accounting practice changes which impact on the volatility in Headline Earnings.
Headline Earnings will:                                                         
-    include both realised and unrealised market value changes attributable to  
     investments held in the shareholders" funds;                               
-    will be reported net of transfers to or from policyholders" funds to       
     compensate the portfolios for market value changes in respect of Sanlam    
shares held in those portfolios (These shares now need to be cancelled in  
     the consolidated Group accounts);                                          
-    will be reported net of transfers to or from policyholders" funds to       
     compensate the portfolios for changes in the market value of Santam shares 
held in those portfolios, to the extent that it differs from changes in    
     Santam"s net asset value. (The policyholder portfolios are now only allowed
     to account for the net asset value of its investment in Santam)            
Sponsor:                                                                        
JP Morgan Equities Limited                                                      
Date: 04/08/2005 12:55:12 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department