SANTAM LIMITED - Further Operational update to shareholders

Further Operational update to shareholders

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)

Further Operational update to shareholders

This serves as a general communication to Santam shareholders with regards to the business
environment for the year to date.

In the operational update to shareholders published on 28 November 2012 the Group indicated
that the underwriting result was negatively impacted by the adverse weather conditions in
Gauteng and the Eastern Cape in October 2012 and by the extensive fires in St Francis Bay in
November 2012. The operational update also noted that the net underwriting margin was at the
lower end of the medium term target range of 5% to 7%.

Following increases in the claim estimates which relate to these events and the continuing
adverse weather conditions across the country, the net underwriting margin is now below the
medium term target range.




CAPE TOWN
20 DECEMBER 2012

Sponsor:
Investec Bank Limited

Date: 20/12/2012 12:05:00 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.