Sanlam - Cancellation And Delisting Of Sanlam Shares Repurchased

Sanlam - Cancellation And Delisting Of Sanlam Shares Repurchased                
Sanlam Limited                                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1959/001562/06)                                           
JSE share code: SLM                                                             
ISIN : ZAE000070660                                                             
NSX share code: SLA                                                             
("Sanlam" or "the Company")                                                     
CANCELLATION AND DELISTING OF SANLAM SHARES REPURCHASED                         
1 Background - Capital Management                                               
     Sanlam shareholders are referred to the capital management announcement,   
dated 11 July 2005, the circular relating to a share repurchase, dated 18  
     August 2005, and the repurchases results announcement, dated 24 October    
     2005 ("the results announcement"). Shareholders are reminded that Sanlam   
     effected a share repurchase through three processes:                       
*    a scheme of arrangement in terms of section 311 of the Companies Act, 
          proposed by Sanlam between Sanlam and its ordinary shareholders other 
          than the Sanlam Limited Share Incentive Trust, The Sanlam             
          Demutualisation Trust, Ubuntu-Botho Investments (Proprietary) Limited 
and Genbel Securities Limited, ("scheme participants") for the purpose
          of repurchasing in terms of section 85 of the Act, on a pro rata      
          basis, 10% of the Sanlam ordinary shares held by scheme participants  
          on Friday, 21 October 2005 for the scheme consideration of R12 per    
Sanlam share ("the scheme");                                          
     *    a conditional offer by Sanlam to all Sanlam ordinary shareholders     
          holding less than 300 Sanlam ordinary shares (after the implementation
          of the scheme) on Friday, 21 October 2005, to repurchase in terms of  
section 85 of the Act, 100% of their remaining shares at R13.67 per   
          Sanlam share ("the offer"); and                                       
     *    a share repurchase in the open market pursuant to a general authority 
          granted to the board of directors by shareholders at the last annual  
general meeting ("the general repurchase").                           
2    Shares repurchased and transferred                                         
     2.1  Subsequent to the results announcement, Sanlam has repurchased a      
          further 423 432 shares following the late receipts of acceptances     
pursuant to the offer from shareholders who, in Sanlam"s opinion, had 
          taken reasonable steps to communicate their acceptance of the offer by
          the closing date.                                                     
     2.2  An additional 79 884 856 shares, representing 50 784 039 shares       
repurchased in terms of the general repurchase as well as 29 100 817  
          shares repurchased by wholly-owned subsidiaries of Sanlam (and held as
          treasury stock), pursuant to the general authority granted at the     
          previous annual general meeting, have furthermore been transferred to 
Sanlam.                                                               
3     Cancellation and delisting of shares repurchased                          
     The 80 308 288 shares so repurchased and transferred were cancelled and    
     restored to the status of authorised, but unissued shares. The JSE has     
granted approval for the delisting of these shares with effect from the    
     commencement of trading on the JSE on Thursday, 15 December 2005.          
Bellville                                                                       
14 December 2005                                                                
Corporate adviser and transactional sponsor                                     
   ABSA                                                                         
   Corporate and Merchant Bank                                                  
   Corporate Finance                                                            
ABSA Bank Limited                                                            
  (Registration number 1986/004794/06)                                          
Attorneys                                                                       
   JOWELL GLYN & MARAIS                                                         
Date: 14/12/2005 01:41:50 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department