investment case sustainable value creation Insurance Financial Planning Retirement Investments Wealth

investment case sustainable value creation Insurance Financial Planning Retirement Investments Wealth

agenda Overview Strategic positioning Strategic delivery Financial performance 2014 interim results Page 2

overview Leading financial services group in Africa, with presence in India and SE Asia. Established in 1918, listed in 1998 on the JSE & Namibian Stock Exchange 2 166 million issued shares, 494 000 shareholders Market Cap of > R100bn JSE/ALSI40 stock with > 80% free-float Average daily trading stats 4-5 million shares per day >50% of shares trade p.a. Institutional shareholding of 86%, 32% offshore shareholding Page 3

operational structure Sanlam Group Group Office 100% 100% 100% 60% Sanlam 100 Personal % Finance Sanlam 100 Emerging % Markets Sanlam 100 % Investments 60% Santam SA Retail: long-term insurance, investment & other financial services Emerging markets ex- SA: long-term insurance, general insurance, investments, credit & banking SA & Developed markets: investment management, wealth management, employee benefits General insurance in SA & co-investor in SEM general insurance businesses Page 4

strategic positioning focus on growth markets

Capital Efficiency Returns (ROGEV) Growth / Operational Efficiency strategic focus remains unchanged maximise shareholder return Net Business Flows Diversification Operational Efficiency Optimal Application Strategic Investments Return of Excess Page 6

core strategic objectives progress in all areas during 2014, particularly growth markets South Africa Delivery of sustainable growth International Creating a platform for future growth Maximising return on Investment in existing business Efficient and effective management Sourcing new growth opportunities Identification of core markets for growth & expansion Effective capital management Page 7

five strategic pillars underpinning the Sanlam Group business model Improving performance through top-line growth Increasing market share in key segments Diversifying the base (including geographical presence, products, market segments and distribution platforms) Improved operating and cost efficiencies (including quality) Prioritising Sanlam s international positioning (diversification) Improving capital-efficiency on an on-going basis Embracing and accelerating transformation of the Group Page 8

% of population the growth opportunity growth markets in South Africa 50% 47% 45% 40% 35% 36% 30% 25% 22% 22% 25% 20% 15% 16% 15% 17% 10% 5% 0% 2006 2013 LSM 1-4 LSM 5 LSM 6-7 LSM 8-10 Page 9

% of GDP the growth opportunity life insurance penetration in Africa 11.4% 5.4% Global average: 3.7% 1.9% 0.9% 1.1% 0.5% 0.4% BRIC average: 1.9% 0.1% 0.2% 0.1% South Africa Namibia Botswana Malawi Kenya Ghana Zambia Tanzania Nigeria Uganda Source: Swiss Re and AXCO Page 10

strategic delivery consistency and prudence

top-line earnings growth financial performance in 1H2014 Earnings per share Net operating profit per share increased by 43% Normalised headline earnings per share up 27% Business volumes New business volumes increased by 8% to R82bn (excl white label) Net fund inflows of R19bn (excl white label), up 40% Net life VNB up 7% to R626m Net VNB margin of 2,68% maintained on per product basis Group Equity Value of 4 277 cents per share Annualised RoGEV per share of 18% (15,3% adjusted) Page 12

operational efficiencies profitable volume growth Gross VNB grew by 9%; 13% on comparable economic basis 800 700 600 500 400 300 200 100 0 1H06 1H07 1H08 1H09 1H10 1H11 1H12 1H13 1H14 South Africa Africa Other International Margins - rhs 3.2% 2.7% 2.2% 1.7% 1.2% 0.7% 0.2% -0.3% Page 13

operational efficiencies focus on quality Persistency SA middle-income market Lapses, surrenders & fully paid-ups as % of in-force per half year 5% 4% 3% 4.8% 4.2% 4.2% 3.9% 4.0% 3.9% 3.8% 3.9% 3.8% 3.6% 3.7% 3.6% 3.4% 3.4% 3.0% 2.9% 2.9% 2.8% 2.9% 2.8% 2.9% 2.9% 2.7% 2% 1% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H1 H2 Page 14

operational efficiencies focus on quality Persistency SA lower income market Number of NTUs, lapses and surrenders as % of in-force 30% 27.6% 25% 20% 15% 10% 15.2% 17.5% 16.8% 14.1% 14.5% 12.7% 12.7% 11.4% 11.1% 11.1% 10.4% 11.0% 10.0% 11.3% 5% 0% 2007 2008 2009 2010 2011 2012 2013 2014 H1 H2 Page 15

operational efficiencies experience variances Focus on quality, costs + prudence = consistent positive experience 1 200 5.0% 1 000 1 021 4.5% 4.0% 800 3.5% 636 681 3.0% 600 555 2.5% 468 477 2.0% 400 200 241 142 138 277 288 278 1.5% 1.0% 0.5% 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14 0.0% R'million % of VIF (rhs) Page 16

investment performance focus on long-term performance track record Percentage of SIM s AUM to exceed benchmark 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% Rolling 3 Yr 0% Rolling 5 Yr 2011 2012 2013 1H14 2011 2012 2013 1H14 Page 17

capital efficiency optimising capital base Optimising capital allocated to clusters - driving increased returns Discretionary capital invested in growth markets as preference Return to shareholders if not utilised in reasonable timeframe Prudent approach while awaiting final SAM specifications Discretionary capital earmarked mainly for Africa, India and SE Asia Page 18

capital efficiency capital redeployed since 2005 35 000 30 000 25 000 20 000 15 000 Discretionary capital 10 000 South Africa 5 000 Developed markets Emerging markets - Capital released Capital deployed Share buy back/special dividend Page 19

capital efficiency composition of GEV transformed since 2005 100 000 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 - GEV 2005 GEV Jun 2014 Discretionary capital Other capital Non-life operations Value of in-force Life Required Capital Page 20

diversification international positioning RSA based Rest of Africa Botswana Ghana Kenya Lesotho Malawi Mozambique Namibia Nigeria Rwanda South Sudan Swaziland Tanzania The Gambia Uganda Zambia South-East Asia India Malaysia Philippines Developed markets UK / Ireland Switzerland Australia USA Developed Markets Emerging Markets - Direct presence Emerging Markets - Indirect presence Page 21

diversification geographic profile Country direct stake Main brand Effective interest Life insurance market share General insurance market share South Africa Sanlam/Santam 100%/60% 23% >22% Botswana Botswana Insurance Holdings 60% 82% 3% Namibia Sanlam Namibia 58% - 100% 17% 28% Zambia African Life Zambia 70% 33% 12% Tanzania African Life Tanzania 64% 48% 4% Kenya Pan Africa Life 56% 13% - Malawi NICO Holdings 25% 48% 38% Uganda Sanlam Uganda 100% 13% 2% Ghana Enterprise Life Assurance 49% 23% - Nigeria FBN Life 35% 2% 1% Rwanda Soras Group 63% 35% 37% India Shriram Capital 20% - 26% 0.2% 2% Malaysia Pacific & Orient 49% - 4% Malaysia MCIS Insurance 51% 3% - Developed markets Various 33% - 100% <1% - Page 22

diversification product mix COUNTRY LIFE ASSURANCE SHORT-TERM INSURANCE ASSET MANAGEMENT CREDIT BANKING OTHER Botswana Botswana Life BIHL SURE Botswana Insurance Fund Management Letshego Bank Gaborone Ghana Enterprise Life India Shriram Life Shriram General STFC, SCUF Kenya Pan Africa Life Pan Africa Asset Management Letshego Lesotho Letshego Malawi NICO Life NICO General Insurance NICO Asset Management NBS Bank Malaysia MCIS Insurance Pacific & Orient Mozambique NICO Vida Letshego Namibia Sanlam Life Santam Sanlam Investment Management Letshego Bank Windhoek Nigeria FBN Life Oasis Insurance Philippines Monarch Rwanda Soras VIE Soras AG Letshego Tanzania African Life Assurance NIKO Insurance Letshego The Gambia Enterprise Life Uganda Sanlam Life NIKO Insurance Letshego Zambia African Life Assurance NICO Insurance African Life Financial Services Letshego Cavmont Direct presence Indirect presence via associated company Holding Co., Properties, Employee Benefits, Funeral Page 23

diversification diversified earnings base Group Equity Value Net operating profit Credit & banking 8% Admin, health & other 8% Credit & banking 14% Admin, health & other 3% Investment management 14% Investment management 13% Short-term insurance* 17% Life business 53% Short-term insurance* 13% Life business 57% * General insurance Page 24

diversification growth markets delivering value Net VNB 1H03 (R100m) Net VNB 1H14 (R626m) Namibia 2% Botswana 8% Rest of Africa 8% Other international 3% Namibia 4% SA Traditional 98% SA Entry-level 22% SA Traditional 55% Page 25

diversification increasing contribution from growth markets Contribution to group net operating profit 1H03 R756 million 1H13 R2 409 million 1H14 R3 461 million Namibia 1% Other international 1% India/Malaysia 7% Rest of Africa 2% Botswana 4% Namibia 5% Other International 6% India/Malaysia 7% Rest of Africa 1% Botswana 5% Namibia 5% Other international 6% SA Traditional 98% SA Entry-level 11% SA Traditional 65% SA Entry-level 11% SA Traditional 65% Page 26

diversification contribution from businesses outside of South Africa Net operating profit Net VNB Group Equity Value 76% 76% 77% 82% 77% 81% 18% 18% 6% 6% 20% 14% 3% 4% 16% 13% 7% 6% 1H14 1H13 1H14 1H13 1H14 1H13 South Africa Other emerging markets Developed markets Page 27

diversification competitive advantage Largest exposure to ex-sa emerging markets of South African insurers Diversified operations shield Group earnings from difficult operating environment in specific countries Expanding SA entry-level footprint Strengthening relationships in Africa Shriram Capital unique business model in India Expansion into South-East Asia synergies and organic growth Page 28

sanlam group financial performance 2014 interim results

operating environment Challenging operating conditions Slow growth in global demand Weak economic growth in SA Industrial action, in particular platinum mines SA consumer under pressure SA economy Growth Interest rates Equity markets Currencies Africa/India/Malaysia Page 30

rest of africa/india/malaysia Botswana Resilient economy and consumer base Rest of Africa GDP growth prospects exceed SA, despite slow growth in global demand Ghana economy struggling; devaluation of currency India Below-trend economic growth Buoyant equity market Positive environment post elections Malaysia Growth prospects remain in place Page 31

salient features Page 32 2014 2013 Group Equity Value* cps 4 277 4 121 4% Annualised RoGEV per share % 18,0 14,3 Annualised RoGEV per share (adjusted) % 15,3 15,1 CAR cover (Sanlam Life)* 4,4 4,5 Net operating profit R mil 3 461 2 409 44% cps 169,2 118,1 43% Normalised Headline earnings R mil 4 393 3 449 27% cps 214,8 169,1 27% New business volumes + R mil 81 833 75 796 8% Net fund flows + R mil 19 222 13 746 40% New Life business EV (net) R mil 626 587 7% New Life EV margin % 2,68 2,83 * Comparative information as at 31 December 2013 + Excludes white label

business flows Gross Net R million 2014 2013 2014 2013 by business Personal Finance 23 662 19 239 23% 8 087 6 564 Emerging Markets 4 030 5 933-32% 1 762 607 Sanlam Investments 45 682 42 528 7% 6 362 4 194 Santam 8 459 8 096 4% 3 011 2 381 by licence Life insurance 17 536 14 956 17% 6 137 5 159 Investment 55 251 52 436 5% 9 979 6 160 Short-term 9 046 8 404 8% 3 106 2 427 Total 81 833 75 796 8% 19 222 13 746 * Excludes white label Page 33

value of new covered business Value of New Business Margin R million 2014 2013 2014 2013 Personal Finance 437 450-3% 2,73% 3,07% Emerging Markets 196 136 44% 7,30% 6,52% Employee Benefits 42 30 40% 2,30% 1,45% Sanlam UK 22 23-4% 0,59% 0,87% Total 697 639 9% 2,88% 2,98% Net of minorities 626 587 7% 2,68% 2,83% Comparable economic basis 650 587 11% 2,77% 2,83% Page 34

net operating profit R million 2014 2013 Personal Finance 1 763 1 409 25% Emerging Markets 624 391 60% Sanlam Investments 727 523 39% Santam 353 128 176% Corporate & other (6) (42) 86% Total 3 461 2 409 44% Page 35

income statement R million 2014 2013 Net operating profit 3 461 2 409 44% Per share 169,2 118,1 43% Net investment return 1 122 1 150-2% Other (190) (110) -73% Normalised headline earnings 4 393 3 449 27% Per share 214,8 169,1 27% Fund transfers 54 25 Headline earnings 4 447 3 474 28% Per share 220,2 171,4 28% Page 36

group equity value Equity Value* RoGEV + R million 2014 2013 Rm % Group operations 82 446 76 470 7 282 9,5% Personal Finance 36 976 35 666 3 107 8,7% Emerging Markets 12 967 10 189 1 258 12,3% Investments 19 267 17 971 2 031 11,2% Santam 13 236 12 644 886 7,0% Discretionary & Other 5 142 7 939 6 0,1% TOTAL 87 588 84 409 7 288 8,6% cps 4 277 4 121 356 8,6% Adjusted return 7,4% Return target 5,9% * Comparative information as at 31 December 2013 + Return for six months Page 37

group equity value earnings R million Actual Adjusted Net value of new business 626 626 Existing business 2 260 2 260 Expected return on VIF 1 659 1 659 Operating experience variance 477 477 Operating assumption changes 124 124 2 886 2 886 Inv variances in-force 497 (497) - Tax changes (3) 3 - Economic assumption changes (200) 200-3 180 (294) 2 886 Return on net worth 765 (189) 576 EV earnings 3 945 (483) 3 462 Non-life 3 343 (578) 2 765 GEV earnings 7 288 (1 061) 6 227 Page 38

group equity value out perform growth target of long-bond rate + 400bp 25 20 15 3.1 4.8 3.3 9.8 6.2 5.8 5.5 10 5 13.1 13.4 12.4 12.2 10.8 12.2 12.4 0 2009 2010 2011 2012 2013 2014 Avg Target Outperformance Page 39

group equity value (adjusted return) out perform growth target of long-bond rate + 400bp 25 20 15 2.6 2.4 2.8 3.8 3.1 2.5 10 5 13.1 13.4 12.4 12.2 10.8 12.2 12.4 0 2009 2010 2011 2012 2013 2014 Avg Target Outperformance Page 40

rogev versus target Out perform cumulative growth target of long-bond rate + 400bps since listing 1200 1000 800 600 400 200 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Target Cost of Capital (RFR + 300bps) Actual Page 41

Sanlam group cluster results for 1H2014

sanlam personal finance R million 2014 2013 New business flows 23 662 19 239 23% Sanlam Sky 474 503-6% Individual Life 5 821 5 368 8% Glacier 17 367 13 368 30% Net flows 8 087 6 564 Sanlam Sky 1 307 1 410 Individual Life (859) (701) Glacier 7 639 5 855 Page 43

sanlam personal finance R million 2014 2013 Value of new life business 437 450-3% Sanlam Sky 135 146-8% Individual Life 228 240-5% Glacier 74 64 16% Comparable economic basis 467 450 4% New business margin 2,73% 3,07% Sanlam Sky 7,62% 7,46% Individual Life 2,59% 2,89% Glacier 1,37% 1,45% Comparable economic basis 2,89% 3,07% Page 44

sanlam personal finance R million 2014 2013 Gross operating profit 2 439 1 941 26% Sanlam Sky 518 360 44% Individual Life life and investments 1 571 1 267 24% Glacier 171 122 40% Personal loans 148 157-6% Other 31 35-11% Net operating profit 1 763 1 409 25% Group Equity Value* 36 976 35 666 RoGEV (six months) 8,7% 6,8% * Comparative information as at 31 December 2013ite label Page 45

sanlam emerging markets R million 2014 2013 New business flows 4 030 5 933-32% Namibia 1 541 4 263-64% Botswana 1 137 871 31% Rest of Africa 827 436 90% India/Malaysia 525 363 45% Net fund flows 1 762 607 Namibia 343 (419) Botswana 478 460 Rest of Africa 814 530 India/Malaysia 127 36 Value of new life business 196 136 44% Margin 7,30% 6,52% Page 46

sanlam emerging markets R million 2014 2013 Gross operating profit 1 129 697 62% Namibia 254 112 127% Botswana 348 276 26% Rest of Africa 108 76 42% India/Malaysia 432 244 77% Corporate (13) (11) -18% Net operating profit 624 391 60% Group equity value* 12 967 10 189 RoGEV (six months) 12,3% 22,0% * Comparative information as at 31 December 2013 Page 47

sanlam investments R million 2014 2013 Net investment business flows 4 871 2 959 Investment management SA 3 883 (810) Wealth management (457) 2 457 International 1 346 1 312 Capital management 99 - New life business 4 389 3 644 20% Employee benefits 952 1 157-18% Sanlam UK 3 437 2 487 38% Net life business 1 491 1 235 Value of new life business 64 53 21% Margin 1,16% 1,13% Page 48

sanlam investments R million 2014 2013 Gross operating profit 982 687 43% Investment management 605 451 34% Employee benefits 216 174 24% Capital management 161 62 160% Net operating profit 727 523 39% Group Equity Value* 19 267 17 971 Covered business 7 268 6 901 Other 11 999 11 070 RoGEV (six months) 11,2% 9,2% * Comparative information as at 31 December 2013 Page 49

santam R million 2014 2013 Net earned premiums 8 459 8 096 4% Gross operating profit 871 296 194% Underwriting surplus 626 101 520% Working capital & other 245 195 26% Net operating profit 353 128 176% Underwriting margin 7,4% 1,3% Group Equity Value* 13 236 12 644 RoGEV (six months) 7,0% 2,9% * Comparative information as at 31 December 2013 Page 50

Sanlam ADR programme Sponsored level 1 ADR Ticker symbol: CUSIP: Ratio: Depositary bank: Depositary bank contact: ADR broker helpline: e-mail: ADR website: SLLDY 80104Q208 1 ADR : 5 Ordinary Shares Deutsche Bank Trust Company Americas Stanley Jones +1 212 250 9100 (New York) +44 207 547 6500 (London) adr@db.com www.adr.db.com Depositary bank s local custodian: Computershare South Africa Page 51