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SNT / SLM - Santam / Sanlam - Announcement To Santam Shareholders SANTAM LIMITED SANLAM LIMITED (Incorporated in the Republic of (Incorporated in the Republic of South South Africa) Africa) (Registration number (Registration number 1959/001562/06) 1918/001680/06) JSE share code: SLM JSE share code: SNT NSX share code: SLA NSX share code: SNM ISIN: ZAE000070660 ISIN: ZAE000006854 ("Sanlam") ("Santam") ANNOUNCEMENT TO SANTAM SHAREHOLDERS Shareholders of Santam are referred to the circular posted to them on Wednesday, 7 March 2007 (the "circular") and the announcement released on SENS on Monday, 26 March 2007 relating to approval by the Registrar of Short-term Insurance (the "Registrar") of the offer by Sanlam to purchase Santam shares tendered in excess of 10% of Santam`s issued ordinary shares (the "Sanlam offer"). Terms defined in the circular (and not defined herein) bear a corresponding meaning in this announcement. The Registrar has granted approval for the acquisition of Santam shares by Sanlam`s wholly-owned subsidiary Sanlam Life Insurance Limited pursuant to the Sanlam offer of up to a maximum number of Santam shares, which, when aggregated with Santam shares already held by Sanlam in its shareholders` funds, will not exceed 74.99% of Santam`s issued ordinary shares. As the Sanlam offer set out in the circular contemplated an acquisition of Santam shares up to a maximum number of Santam shares, which, when aggregated with Santam shares already held by Sanlam in its shareholders` funds, would not exceed 80% of Santam`s issued ordinary shares, the terms on which the Registrar has granted his approval as referred to in the preceding paragraph necessitates an amendment to the Sanlam offer to the effect that the maximum number of Santam shares to be acquired pursuant to the Sanlam offer will be such number of shares which, when aggregated with Santam shares already held by Sanlam in its shareholders` funds, will not exceed 74.99% of the issued ordinary shares of Santam. The Sanlam offer is hereby amended in terms of paragraph 3.5.1 of the circular accordingly. Santam shareholders are accordingly advised that, following the amendment of the Sanlam offer in accordance with the preceding paragraph, the Sanlam offer has become unconditional. The timetable published in the circular remains unchanged, the closing date of the Sanlam offer will be Friday, 20 April 2007 and the settlement date of the Sanlam offer will be Monday, 23 April 2007. Bellville 16 April 2007 Merchant bank and transaction Financial adviser and sponsor to Santam transaction sponsor to Sanlam RAND MERCHANT BANK DEUTSCHE SECURITIES (A division of FirstRand Bank Limited) Sponsor to Santam and Sanlam in Legal advisers to Sanlam Namibia JOWELL GLYN & MARAIS Simonis Storm Securities Date: 16/04/2007 17:00:04 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.
