Sanlam - Trading Statement - 2005 Financial Results.

Sanlam - Trading Statement - 2005 Financial Results.                            
Registered name: Sanlam Limited                                                 
(Registration number 1959/001562/06)                                            
JSE share code: SLM                                                             
NSX share code: SLA                                                             
ISIN number: ZAE000070660                                                       
Sanlam Trading Statement - 2005 Financial Results                               
Headline Earnings per share for the 2005 financial year are estimated to be     
between 90% and 100% higher than in 2004. This expected full year performance is
better than the approximately 80% increase for the ten months to October 2005 as
reported in the Trading Update released on 7 December 2005, mainly due to       
improved operating results and the impact of the high level of South African    
equity markets in December 2005. Better life insurance risk underwriting results
and performance fees earned on investment management results contributed to an  
improvement in the expected operating results. The indicated Headline Earnings  
for 2005 will be net of a provision to cover the estimated after tax cost to    
implement the agreement reached on enhanced life insurance policy termination   
benefits with National Treasury at the end of 2005.                             
Headline Earnings for 2005 are for the first time based on International        
Financial Reporting Standards (the 2004 results have been restated accordingly).
The 2005 interim results announcement set out the anticipated changes to        
accounting policies and practices. As a result of these changes, equity market  
movements during 2005 contributed significantly to the expected increase in     
Headline Earnings.                                                              
Shareholders are advised that the results referred to in this trading update    
have not been reviewed or reported on by Sanlam"s auditors.                     
The final results for 2005 are due to be released on 9 March 2006.              
Bellville                                                                       
16 February 2006                                                                
Sponsor                                                                         
JPMorgan Equities Limited                                                       
Date: 16/02/2006 12:30:04 PM Supplied by www.sharenet.co.za                     
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