Overview of Sanlam Group Strategy:

Strategic focus

South African strategy

International strategy

Growth & diversification

Results originating from strategy:

Financial review

Strategic delivery

Growth & diversification

Focus on quality

Critically focused on two areas:

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 the

existing business

Efficient & effective

management of the

existing business

INTERNATIONAL: Creating a platform for future growth

Improving performance through top-line earnings growth by:

increasing market share in key segments, and

diversifying the base (including diversification of geographical

presence, products, market segments and distribution platforms);

Improved operating and cost efficiencies (including quality);

Improving capital-efficiency on an on-going basis,

Prioritising Sanlam’s international positioning (diversification)

Embracing and accelerating transformation of the Group.

Returns

(ROGEV)

Growth/

Operational

Efficiency Operational Efficiency

Diversification

Net Business Flows

Capital

Efficiency

Optimal Application

Focus Areas

Return of Excess

Themes Target

Strategic Investments

Optimise, expand and achieve a leadership position as a diversified

financial services group, servicing retail, corporate & institutional markets

Improve efficiency and performance:

operational (including effective use of technology & synergy seeking)

capital efficiency and utilisation

Continued diversification:

product offering,

distribution

geographical presence,

client base / market segments

Building a credible institutional/corporate offering

A focused credit offering & bancassurance/transactional banking capability

Transformation

Offshore expansion into existing and new markets (untapped,

non-traditional and niche) to achieve growth

Sanlam Emerging Markets

Africa, India & Asia – lower middle market focus

Position for achievement of scale over time

Sanlam International Investments

A differentiated strategy / niche approach

Provision of specialist financial services, mainly investments, to high

net-worth and mass-affluent market:

Sanlam International Investment Partners

Sanlam UK

SPI International

Africa Funds

Country approach

focussing on all different aspects of financial services

Anglophone countries

Partnership model

generally not Sanlam-branded

Management/partner equity participation

Deferred payment approach on acquisition

Milestone/targets

Technical partner

Actuarial, IT, product development, finance & governance

South Africa

Emerging markets

Developed markets

UK

Europe

Australia / USA

Affluent

Entry level

Middle market

SE Asia

Rest of Africa

India

Growth Cross

sell

Consolidate

Growth

Niche

Defensive

Corporate

South Africa

Risk

Entry-

level

Middle-

income Affluent

Short-term insurance

Savings / Investment

Risk

Credit

Trust / Admin

Health Admin

Risk

Investment

Short-term

Credit

Health

Corporate

Admin

All

segments

Emerging

markets

Risk

Short-term

Investment

Credit

Health

Affluent /

Corporate

Developed

markets

Investment

Admin Admin

Earnings per share

Net operating profit per share increased by 14%

Normalised headline earnings per share up 16%

Business volumes

New business volumes increased by 11% to R61bn

Net fund inflows of R10bn

Net life VNB up 38% to R491m

VNB margin of 2,86% – up from 2,52%

Group Equity Value of 3 293 cents per share

Annualised RoGEV per share of 18,4%

2012 2011

Group Equity Value * cps 3 293 3 146 5%

RoGEV per share % 18.4 12.8

RoGEV per share (adjusted) % 17.1 12.6

CAR cover (Sanlam Life) * 3.7 3.7

Net operating profit R mil 1 946 1 716 13%

cps 96.2 84.7 14%

Normalised Headline earnings R mil 2 539 2 202 15%

cps 125.5 108.6 16%

Diluted Headline earnings cps 120.1 109.6 10%

New business volumes + R mil 56 774 51 851 9%

New Life business EV (net) R mil 491 356 38%

New Life EV margin % 2.86 2.52

+ Excluding white label

* Comparative figure as at 31 December 2011

Equity Value * RoGEV

R million 2012 2011 Rm

Group operations 59 695 56 809 6 074 10.7%

Personal Finance 30 053 28 876 2 583 8.9%

Emerging Markets 3 443 3 409 215 6.3%

Investments 15 064 14 909 940 6.3%

Santam 11 134 9 615 2 336 24.3%

Discretionary & Other 7 126 6 712 (207)

TOTAL 66 820 63 521 5 867 9.2%

cps 3 293 3 146 277 8.8%

Adjusted return 8.2% Return target 5.9%

* Comparative figure as at 31 December 2011

Outperform cumulative growth target of long-bond rate + 400bp since

listing

0

100

200

300

400

500

600

700

800

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Target Cost of Capital (RFR + 300bps) Actual

Sanlam

Limited

Short-term

insurance

Admin,

health &

other

Discretionary & other capital

Life business Investment

management

Credit &

structuring

54% 17% 12% 3% 3%

11%

Based on Group Equity Value at 30 June 2012

South-East Asia

India

RSA based

Rest of Africa

Botswana

Namibia

Swaziland

Mozambique

Zambia

Tanzania

Kenya

Malawi

Uganda

Ghana

Nigeria

Developed markets

UK / Ireland

Switzerland

Australia

USA

Gross VNB grew by 33%, at higher average margins

1.50%

1.70%

1.90%

2.10%

2.30%

2.50%

2.70%

2.90%

0

50

100

150

200

250

300

350

400

450

500

550

1H06 1H07 1H08 1H09 1H10 1H11 1H12

South Africa Africa Other International Margins (net) - rhs

Value of new business (Rm) vs new business margins (%)

SA Traditional

77%

SA Entry-level 6%

Namibia 3%

Botswana 8%

Rest of Africa 1%

Other inter-national

4%

SA Traditional

98%

Namibia 1%

Other inter-

national 1%

1H2003 – R1 222m 1H2012 – R3 104m

Contribution to group operating profit

SA Tradi-tional 50%

SA Entry-level 28%

Namibia 5%

Botswana 7%

Rest of Africa 9%

Other interna-tional 1%

SA Traditional

75%

SA Entry-level 5%

Namibia 2%

Botswana 5%

Rest of Africa 4%

Other interna-tional 9%

New life business volumes – 1H2012 Gross VNB – 1H2012

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

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

H1 H2

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

2007 2008 2009 2010 2011 2012

15.2%

17.5%

14.1% 12.7%

11.4% 11.1%

27.6%

16.8%

14.5% 12.7%

11.1%

H1 H2

Strategic focus on quality + prudence = consistent positive experience

45 32

96

241

142 138

277 288 278

636

468

681

0

100

200

300

400

500

600

700

800

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

R'million Average

277

Percentage of SIM’s AUM to exceed benchmark (R327bn)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Rolling 3 Yr

2008/12/31 2009/12/31 2010/12/31

2011/12/31 2012/06/30

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Rolling 5 Yr

2008/12/31 2009/12/31 2010/12/31

2011/12/31 2012/06/30

Unallocated balance 1 January 2012 1 900

Share buy-back (22)

Investments (245)

Sanlam Emerging Markets (85)

Sanlam Personal Finance (66)

Sanlam Investments (94)

Capital released 1 848

Illiquid investments 750

Santam special dividend 576

Excess return on life capital 522

Investment return & other 519

Buy-backs & corporate activity 4 000

2012 CityWealth

Offshore Awards :

Trust Company of

the Year

2012 Gold Category - World

Quality Commitment (WQC)

International Star Award

Deloitte Best Company to Work

For in the Medium Co Category &

Financial Services Insurance

Category

Short-term Insurance Category in

the Ask Afrika Orange Index for

Service Excellence

Won all awards in the

Fund of Funds category at

prestigious HedgeNews

Africa Awards in 2012

2012 Employee Benefits

Product Supplier of the Year

Short-term Insurer of the Year

– Personal Lines

2012 FIA Short-term Insurer of

the Year – Commercial

2012 Product Supplier of the

Year Award : Investment

Products Single Premium

Platform of the Year -

Aberdeen UK Platform

Awards 2011

The Sunday Times 100

Best Small Companies to

Work for 2012

Kokkie Kooyman

3rd year running

Sanlam & WWF partnership won:

First of the Sudley Adams

Memorial Award;

The award for Water Care and

Management

Excellence in Growth

Award 2011 in the

insurance segment as

the fastest growing

company over 3 years

2010 Manager of the

Year ~ Kenya

Life Insurance Company

of the year

2012 Best Foreign

Equity Fund

Ghana Club 100

No. 1 in the

Financial Services

Sector

Client Contact Centre

Best Client Contact Centre in SA

Best Business Processing Centre

in the country

Community involvement programme

won national 1st prize