2

3

5

Returns (ROGEV)

Focus Areas Themes Target

Growth/ Operational Efficiency

Operational Efficiency

Diversification

Net Business Flows

Capital Efficiency

Optimal Application

Return of Excess

Strategic Investments

6

Effective capital

manage-ment

Sourcing new growth opportunities

Identification of core markets for

growth and expansion

SOUTH AFRICA: Delivery of sustainable growth

Maximising return on investment in existing

businesses

Efficient & effective management

INTERNATIONAL: Creating a platform for future growth

8

Indirect presence via associate companies

9

2003

2013 Country Life

Assurance Short-term Insurance

Asset Management

Credit Other*

South Africa

Botswana

Ghana

India

Kenya

Malawi

Malaysia

Mozambique

Namibia

Nigeria

Philippines

Rwanda

South Sudan

Swaziland

Tanzania

The Gambia

Uganda

Zambia

Country Life Assurance

Short-term Insurance

Asset Management

Other*

South Africa

Namibia

Other* = consists of medical, funeral services, employee benefits etc.

Indirect presence via associate company

10

Group Equity Value (30-Jun-13)

Life business 52% Short-term

insurance* 19%

Investment management

13%

Credit & banking

8%

Admin, health &

other 8%

* General insurance

11

SA Traditional

65%

SA Entry-level 11%

Namibia 5%

Botswana 4%

Rest of Africa

2%

India/ Malaysia

7%

Other inter-

national 6%

SA Traditional 98%

Namibia 1%

Other inter- national

1%

SA Traditional 75%

SA Entry- level 7%

Namibia 5%

Botswana 5%

Rest of Africa 1%

Other inter- national

7%

1H03 – R756m 1H12 – R1 946m 1H13 – R2 409m

Contribution to group net operating profit

12

SA Traditional 57%

SA Entry-level 25%

Namibia 4%

Botswana 3%

Rest of Africa 7%

Other inter-national

4%

SA Traditional 98%

Namibia 2%

Net VNB – 1H03 (R100m) Net VNB – 1H13 (R587m)

14

15

-0.30%

0.20%

0.70%

1.20%

1.70%

2.20%

2.70%

3.20%

0

100

200

300

400

500

600

700

1H06 1H07 1H08 1H09 1H10 1H11 1H12 1H13South Africa Africa Other International Margins - rhs

16

SA middle-income market

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

4.8%

3.9% 3.9% 3.6%

3.4% 3.8% 3.9%

3.0% 2.9% 2.9% 2.8%

4.2% 4.0% 3.8% 3.7% 3.6%

4.2%

3.4%

2.9% 2.8% 2.7%

Lapses, surrenders & fully paid-ups as % of in-force per half year

H1 H2

17

2007 2008 2009 2010 2011 2012 2013

15.2% 17.5%

14.1% 12.7%

11.4% 11.1% 10.0%

27.6%

16.8% 14.5%

12.7% 11.1% 10.4%

Number of NTUs, lapses and surrenders as % of in-force

H1 H2

SA lower income market

18

45 32 96

241

142 138

277 288 278

636

468

681

555

471

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H13

R'million Average

298

Focus on quality, costs + prudence = consistent positive experience

19

R28bn excess capital released Unproductive capital, excess investment return, sale of

businesses etc

R13bn share buy back / R1bn special dividend 28% of market cap

R11bn invested R6bn Rest of Africa, India & SE Asia

R3bn South Africa

R2bn Developed markets

R3bn discretionary capital available

Capital efficiency

21 25 28 30 30 34 34 35 39 42

24 28 26 27 30

29 30 32 32 32

55 47 46 43 40 37 37 33 29 26

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Non Life VIF Capital

20

Composition of Group equity value

22

23

Sanlam Emerging Markets

24

Sanlam Emerging Markets

Sanlam Group Partners

26