SLM - Sanlam - Amendment To Employee Incentive Plans

SLM - Sanlam - Amendment To Employee Incentive Plans                            
Sanlam Limited                                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1959/001562/06)                                            
JSE share code: SLM                                                             
NSX share code: SLA                                                             
ISIN number: ZAE000070660                                                       
("Sanlam")                                                                      
AMENDMENT TO EMPLOYEE INCENTIVE PLANS                                           
During 2007 and 2008 Sanlam entered into long-term incentive agreements with    
Sanlam executive directors and the company secretary (J van Zyl, JP Moller and  
JP Bester) in terms of which cash bonuses may become payable to them on set     
future dates, based on the value on those future dates of a predetermined number
of Sanlam Ltd ordinary shares. The number of reference shares (1 132 834 in     
respect of J van Zyl, 403 613 in respect of JP Moller and 11 322 in respect of  
JP Bester) was calculated with reference to the market price of the Sanlam      
shares when the agreements were entered into (R22,08 in respect of the 2007     
agreement and R18,65 in respect of the 2008 agreement). Entitlement to and      
payment of these bonuses is subject to the achievement of the performance hurdle
that Sanlam`s normalised return on its equity value per share must have exceeded
its cost of capital for the period from the applicable  agreement date until the
date of payment of the bonus by pre-determined percentages.                     
The shareholders of Sanlam approved the introduction of certain new employee    
incentive plans at its annual general meeting in June 2008. Following the       
approval of the new plans, the executive directors and company secretary have   
agreed to convert the current cash bonus arrangements into the new equity       
settled Performance Deferred Share Plan and Restricted Share Plan (with         
performance hurdles), based on the same number of shares (1 132 834 in respect  
of J van Zyl, 403 613 in respect of JP Moller and 11 322 in respect of JP       
Bester) and on the same terms and subject to the previously agreed performance  
hurdles. The existing agreements were accordingly amended on 1 October 2008.    
Bellville                                                                       
1 October 2008                                                                  
Sponsor:                                                                        
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 01/10/2008 13:00:33 Supplied by www.sharenet.co.za                     
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