Operational Update – 4 months ended 30 April 2012

Sanlam continues strong performance trend despite market challenges

The Sanlam Group today reported a satisfactory set of results for the four-month period ended 30 April 2012, maintaining its trend of resilience despite challenging market conditions.

The Group increased new life insurance business by 28% compared to the same period last year. Other highlights in the first four months were:

• Net fund inflows of R8 billion
• Growth in net result from financial services per share of 7%
• Normalised headline earnings per share up 6% on 2011

Says Sanlam Group Chief Executive, Dr Johan van Zyl: “We are pleased with the performance of our businesses across the Group. While the outlook for the operating environment is expected to remain challenging, we believe our strategy continues to provide a solid base for us to perform and optimise shareholder value.”

Despite a positive start to the year in the investment markets, recent renewed concerns around Eurozone debt and political change in a number of key European countries again fuelled increased volatility, impacting negatively on the economies of the markets in which the Group operates.

The Group announced that it was satisfied with progress in the finalisation of the R2 billion Shriram Capital transaction which was announced in 2011, with the final regulatory approval being the major outstanding item in the process.

The Group said its discretionary capital amounted to some R3 billion, which would be redeployed in line with the Group’s capital management strategy.

Details of the results for the four-month period are available at http://www.sanlam.co.za/wps/wcm/connect/Sanlam_EN/sanlam/investor+relations/financial+results. Sanlam will release its half-year financial results on 6 September 2012.

A conference call for analysts, investors and the media will take place at 17h00 (South African time) today. Investors and media who wish to participate in the conference call should dial the following numbers:

Audio dial-in facility

A toll free dial-in facility will be available. We kindly advise callers to dial in 5 - 10 minutes before the conference call starts at 17:00.

Access numbers for participants dialing live from their country:

Recorded playback will be available for three days after the conference.

Access Numbers for Recorded Playback:

Access code for recorded playback: 2560#