African Life / Sanlam / Momentum - Fulfilment of suspensive conditions

African Life / Sanlam / Momentum - Fulfilment of suspensive conditions          
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")                                                                    
FULFILMENT OF SUSPENSIVE CONDITIONS                                             
Shareholders are advised that the High Court of South Africa (Witwatersrand     
Local Division) today granted orders approving the scheme of arrangement        
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 shareholders" funds), the African Life Employee
Shareholders Scheme Trust and African Life Investments (Proprietary) Limited    
("the scheme") in terms of section 37 of the Long-term Insurance Act, No. 52 of 
1998, and sanctioning the scheme in terms of section 311 of the Companies Act,  
No. 61 of 1973, as amended.                                                     
All regulatory approvals necessary to implement the scheme have been obtained   
and the final remaining suspensive condition, being the registration of a       
certified copy of the order sanctioning the scheme by the Registrar of          
Companies, is expected to take place on Thursday, 1 December 2005.              
The scheme will be implemented according to the timetable contained in the      
circular to African Life shareholders dated 7 September 2005.  Shareholders of  
African Life are reminded that the last day to trade to participate in the      
scheme will be Friday, 2 December 2005 and the operative date of the scheme will
be Monday, 12 December 2005.                                                    
Johannesburg                                                                    
30 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: 30/11/2005 01:55:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department