Disposal of Enterprise Group Investments Sanlam Limited (Incorporated in the Republic of South Africa) Registration number 1959/001562/06 JSE share code: SLM NSX share code: SLA ISIN: ZAE000070660 (“Sanlam” or “the Group”) Disposal of Enterprise Group investments The board of directors of Sanlam hereby announces that Sanlam Emerging Markets Proprietary Limited (“SEM”), a wholly-owned subsidiary within the Sanlam Group, has entered into agreements on 22 June 2017 with Black Star Holdings Limited, a separate managed account held by LeapFrog Strategic African Investments and Prudential Insurance of America, for the disposal of its stakes in Enterprise Life Assurance Company Limited, Enterprise Trustees Limited and Enterprise Insurance Company Limited for a cash consideration of US$130 million (“the Disposal”). With SEM as a strategic partner in both the Enterprise Group and Saham Finances, it would have been difficult to meet the regional expansion aspirations of the Enterprise Group. The parties therefore agreed for SEM to exit from the Enterprise Group, but with Sanlam able to continue participating in Ghana. Ghana remains a strategically important geography for the Sanlam Group and options to re-establish a meaningful presence in the country are under consideration. The Enterprise Group contributed R105 million to Sanlam’s net result from financial services, R281 million to new business volumes and R53 million to net Value of New Business in the 2016 financial year. At current exchange rates, Sanlam Emerging Markets is expected to realise a profit compared to the 31 December 2016 Group Equity Value of the business. The transaction remains subject to conditions precedent, including regulatory approvals and notifications. The conclusion of the Disposal will increase the Group’s available discretionary capital, after allowance for payment of the BrightRock and PineBridge transactions, to some R2 billion, which is sufficient for the Group’s immediate needs. Raising debt to fund a portion of the additional 16.6% stake acquired in Saham Finances, as referred to in the Operational Update released on the Stock Exchange News Services of the JSE Limited on 7 June 2017, is commensurately not subject to further consideration. The consideration in respect of the Disposal is below the categorisation threshold of the JSE Limited Listings Requirements. Cape Town 23 June 2017 Sponsor Deutsche Securities (SA) Proprietary Limited Date: 23/06/2017 03:59:00 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.