African Life/Sanlam/Momentum - Court hearing to sanction the scheme

African Life/Sanlam/Momentum - Court hearing to sanction the scheme             
African Life Assurance Company Limited                                          
Incorporated in the Republic of South Africa                                    
Registration number: 1911/003818/06                                             
JSE code: AFI                                                                   
ISIN: ZAE000000246                                                              
("African Life")                                                                
Sanlam Limited                                                                  
Incorporated in the Republic of South Africa                                    
Registration number: 1959/001562/06                                             
JSE code: SLM                                                                   
NSX code: SLA                                                                   
ISIN: ZAE000070660                                                              
("Sanlam")                                                                      
Momentum Group Limited                                                          
Incorporated in the Republic of South Africa                                    
Registration number: 1904/002186/06                                             
("Momentum")                                                                    
COURT HEARING TO SANCTION THE SCHEME                                            
Shareholders are referred to the previous announcements released on SENS and the
circular to African Life shareholders dated 7 September 2005 relating to the    
scheme of arrangement in terms of section 311 of the Companies Act, No. 61 of   
1973, as amended ("the Companies Act"), proposed by Sanlam between African Life 
and the African Life ordinary shareholders other than Sanlam (in respect of     
African Life ordinary shares held by the Sanlam Group Companies in the          
shareholders" funds), the African Life Employee Shareholders Scheme Trust and   
African Life Investments (Proprietary) Limited ("the scheme"); and the proposed 
disposal by African Life of African Life Health (Proprietary) Limited to        
Momentum.                                                                       
Shareholders are advised that the Court hearing to approve the scheme in terms  
of section 37 of the Long-term Insurance Act, No. 52 of 1998, and to sanction   
the scheme in terms of section 311 of the Companies Act, which was set down for 
hearing today, is expected to be heard on Wednesday, 30 November 2005.          
Johannesburg                                                                    
29 November 2005                                                                
Corporate advisor to African Life                                               
Metier                                                                          
Sponsor to African Life                                                         
Merrill Lynch South Africa (Pty) Ltd                                            
Registration number 1995/001805/07                                              
Registered Sponsor and Member of the JSE Limited                                
Independent advisor to African Life                                             
KPMG                                                                            
Corporate law advisor to African Life                                           
Edward Nathan                                                                   
Corporate Law Advisers                                                          
Edward Nathan (Proprietary Limited)                                             
Registration No. 2004/005665/07                                                 
Reporting accountants to African Life                                           
PricewaterhouseCoopers Inc                                                      
Chartered Accountants (SA)                                                      
Registered Accountants and Auditors                                             
(Registration no 1998/012055/21)                                                
Attorneys to African Life                                                       
KNOWLES HUSAIN LINDSAY INC ATTORNEYS                                            
(Registration number 2000/000004/21)                                            
Corporate advisor and transactional sponsor to Sanlam                           
ABSA Corporate & Merchant Bank                                                  
Corporate Finance                                                               
ABSA Bank Limited                                                               
Reg No 1986/004794/06                                                           
Attorneys to Sanlam                                                             
JOWELL GLYN & MARAIS                                                            
Merchant bank to Momentum                                                       
RAND MERCHANT BANK                                                              
A division of FirstRand Bank Limited                                            
Attorneys to Momentum                                                           
Hofmeyr Herbstein & Gihwala Inc.                                                
Registration number 1997/001523/21                                              
Date: 29/11/2005 05:56:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department