SNT - Santam Limited - Operational update to shareholders following its board meeting 30 November 2011 SANTAM LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1918/001680/06) (Share Code: SNT ISIN: ZAE000093779) Operational update to shareholders This serves as a general communication to Santam shareholders with regards to the business environment for the year to date. Overall underwriting results remain very satisfactory following the good margins and excellent results reported for the six months to 30 June 2011. The property class continued to perform well in the absence of significant property claims and major natural disasters, whilst the motor class experienced an exceptional performance for the year to date, mainly due to a reduction in the claims frequency and successful containment of claims cost inflation. Some pressure has been experienced in certain specialist classes of business. Rates within the short term insurance industry generally remain soft and premium growth is expected to be in line with the overall industry experience. Performance of the investment portfolio was commensurate with the volatile equity markets whilst interest rate returns remained lower than last year. The group`s solvency margin remains at the upper end of the target range of 35% to 45%. Due to the nature of Santam`s business, headline earnings are inherently susceptible to the volatility of underwriting and investment activities. The next set of results will be the final results for 2011 to be published on 28 February 2012. CAPE TOWN 30 NOVEMBER 2011 Sponsor: Investec Bank Limited Date: 30/11/2011 16:29:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.