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Insurance Financial Planning Retirement Investments Wealth investor presentation 2014 interim results 4 September 2014

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agenda Operating environment Strategic overview Financial review Priorities and outlook 2014 interim resultsagenda

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operating environment fundamentals remain weak

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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 2014 interim resultsoperating environment

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sa economy Growth in real retail sales, GDP and PDI (%) sub-2% growth outlook 2014 interim resultsoperating environment

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sa interest rates SA 9-year bond yields and short-term interest rates higher LT rates had negative impact on RoGEV and VNB growth 2014 interim resultsoperating environment Impact on growth: Net VNB -4% New business margin -3%

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sa equity and bond markets Higher average AuM (average Alsi up 20%) 2014 interim resultsoperating environment 2,3% 11,8% -1,3% 3,4%

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average exchange rate benefiting non-sa results 2014 interim resultsoperating environment Contribution to growth: Net result from financial services 5% New business volumes 2% Net VNB 1%

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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 2014 interim resultsoperating environment

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strategic delivery value delivered

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strategic focus remains unchanged maximise shareholder return 2014 interim resultsstrategic delivery Returns (ROGEV) Capital Efficiency Optimal Application Return of Excess Strategic Investments Growth / Operational Efficiency Net Business Flows Operational Efficiency Diversification

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

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top-line earnings growth 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) financial performance in 1H2014 2014 interim resultsstrategic delivery

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operational efficiencies Gross VNB grew by 9%; 13% on comparable economic basis profitable volume growth 2014 interim resultsstrategic delivery

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operational efficiencies Persistency SA middle-income market focus on quality 2014 interim resultsstrategic delivery

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operational efficiencies Persistency SA lower income market focus on quality 2014 interim resultsstrategic delivery

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investment performance Percentage of SIMs AUM to exceed benchmark focus on long-term performance track record 2014 interim resultsstrategic delivery

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operational efficiencies Focus on quality, costs + prudence = consistent positive experience experience variances 2014 interim resultsstrategic delivery

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Group Equity ValueNet operating profit diversification diversified earnings base 2014 interim resultsstrategic delivery * General insurance

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diversification international positioning 2014 interim resultsstrategic delivery 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 Emerging Markets - Direct presence Emerging Markets - Indirect presence Developed Markets

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diversification growth markets delivering value 2014 interim resultsstrategic delivery Net VNB 1H03 (R100m)Net VNB 1H14 (R626m)

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1H03 R756 million diversification Contribution to group net operating profit increasing contribution from growth markets 2014 interim resultsstrategic delivery 1H13 R2 409 million1H14 R3 461 million

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diversification contribution from businesses outside of South Africa 2014 interim resultsstrategic delivery South AfricaOther emerging marketsDeveloped markets Net operating profitNet VNBGroup Equity Value

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capital efficiency Final SAM specifications expected towards end of the year SAM QIS3 results indicate that sufficient capital is allocated to life operations R1,8 billion of investments in growth opportunities finalised during 1H14 Discretionary capital of R3,3 billion earmarked for investment in growth opportunities optimising capital base 2014 interim resultsstrategic delivery

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capital efficiency Balance 1 January 20144 000 Investments(1 761) SE Asia(1 258) Rwanda(255) Botswana(95) Rest of Africa(81) SEM/Santam co-investment43 Developed markets(25) South Africa(90) Investment return & other1 061 Balance 30 June 20143 300 discretionary capital 2014 interim resultsstrategic delivery

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sanlam group financial review

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changes in presentation / key assumptions Accounting policies & basis of presentation No change from 2013 Changes in RDR: (Sanlam Life 11,0%) 30 bps up from December 2013 70 bps up from June 2013 Negative impact on valuations and RoGEV 2014 interim resultsfinancial review

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salient features 20142013 Group Equity Value*cps4 2774 1214% Annualised RoGEV per share%18,014,3 Annualised RoGEV per share (adjusted)%15,315,1 CAR cover (Sanlam Life)*4,44,5 Net operating profitR mil3 4612 40944% cps169,2118,143% Normalised Headline earningsR mil4 3933 44927% cps214,8169,127% New business volumes +R mil81 83375 7968% Net fund flows + R mil19 22213 74640% New Life business EV (net)R mil6265877% New Life EV margin%2,682,83 2014 interim resultsfinancial review * Comparative information as at 31 December 2013 + Excludes white label

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sanlam personal finance R million20142013 New business flows23 66219 23923% Sanlam Sky474503-6% Individual Life5 8215 3688% Glacier17 36713 36830% Net flows8 0876 564 Sanlam Sky1 3071 410 Individual Life(859)(701) Glacier7 6395 855 2014 interim resultsfinancial review

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sanlam personal finance R million20142013 Value of new life business437450-3% Sanlam Sky135146-8% Individual Life228240-5% Glacier746416% Comparable economic basis4674504% New business margin2,73%3,07% Sanlam Sky7,62%7,46% Individual Life2,59%2,89% Glacier1,37%1,45% Comparable economic basis2,89%3,07% 2014 interim resultsfinancial review

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sanlam personal finance R million20142013 Gross operating profit2 4391 94126% Sanlam Sky51836044% Individual Life life and investments1 5711 26724% Glacier17112240% Personal loans148157-6% Other3135-11% Net operating profit1 7631 40925% Group Equity Value*36 97635 666 RoGEV (six months)8,7%6,8% 2014 interim resultsfinancial review * Comparative information as at 31 December 2013ite label

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sanlam emerging markets R million20142013 New business flows4 0305 933-32% Namibia1 5414 263-64% Botswana1 13787131% Rest of Africa82743690% India/Malaysia52536345% Net fund flows1 762607 Namibia343(419) Botswana478460 Rest of Africa814530 India/Malaysia12736 Value of new life business19613644% Margin7,30%6,52% 2014 interim resultsfinancial review

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sanlam emerging markets R million20142013 Gross operating profit1 12969762% Namibia254112127% Botswana34827626% Rest of Africa1087642% India/Malaysia43224477% Corporate(13)(11)-18% Net operating profit62439160% Group equity value*12 96710 189 RoGEV (six months)12,3%22,0% 2014 interim resultsfinancial review * Comparative information as at 31 December 2013

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sanlam investments R million20142013 Net investment business flows4 8712 959 Investment management SA3 883(810) Wealth management(457)2 457 International1 3461 312 Capital management99- New life business4 3893 64420% Employee benefits9521 157-18% Sanlam UK3 4372 48738% Net life business1 4911 235 Value of new life business645321% Margin1,16%1,13% 2014 interim resultsfinancial review

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sanlam investments R million20142013 Gross operating profit98268743% Investment management60545134% Employee benefits21617424% Capital management16162160% Net operating profit72752339% Group Equity Value*19 26717 971 Covered business7 2686 901 Other11 99911 070 RoGEV (six months)11,2%9,2% 2014 interim resultsfinancial review * Comparative information as at 31 December 2013

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santam R million20142013 Net earned premiums8 4598 0964% Gross operating profit871296194% Underwriting surplus626101520% Working capital & other24519526% Net operating profit353128176% Underwriting margin7,4%1,3% Group Equity Value*13 23612 644 RoGEV (six months)7,0%2,9% 2014 interim resultsfinancial review * Comparative information as at 31 December 2013

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business flows GrossNet R million20142013 20142013 by business Personal Finance23 66219 23923%8 0876 564 Emerging Markets4 0305 933-32%1 762607 Sanlam Investments45 68242 5287%6 3624 194 Santam8 4598 0964%3 0112 381 by licence Life insurance17 53614 95617%6 1375 159 Investment55 25152 4365%9 9796 160 Short-term9 0468 4048%3 1062 427 Total81 83375 7968%19 22213 746 2014 interim resultsfinancial review * Excludes white label

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value of new covered business Value of New BusinessMargin R million20142013 20142013 Personal Finance437450-3%2,73%3,07% Emerging Markets19613644%7,30%6,52% Employee Benefits423040%2,30%1,45% Sanlam UK2223-4%0,59%0,87% Total6976399%2,88%2,98% Net of minorities6265877%2,68%2,83% Comparable economic basis65058711%2,77%2,83% 2014 interim resultsfinancial review

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net operating profit R million20142013 Personal Finance1 7631 40925% Emerging Markets62439160% Sanlam Investments72752339% Santam353128176% Corporate & other(6)(42)86% Total3 4612 40944% 2014 interim resultsfinancial review

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income statement R million20142013 Net operating profit3 4612 40944% Per share169,2118,143% Net investment return1 1221 150-2% Other(190)(110)-73% Normalised headline earnings4 3933 44927% Per share214,8169,127% Fund transfers5425 Headline earnings4 4473 47428% Per share220,2171,428% 2014 interim resultsfinancial review

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group equity value Equity Value*RoGEV + R million20142013Rm% Group operations82 44676 4707 2829,5% Personal Finance36 97635 6663 1078,7% Emerging Markets12 96710 1891 25812,3% Investments19 26717 9712 03111,2% Santam13 23612 6448867,0% Discretionary & Other5 1427 93960,1% TOTAL87 58884 4097 2888,6% cps 4 2774 1213568,6% Adjusted return7,4% Return target5,9% 2014 interim resultsfinancial review * Comparative information as at 31 December 2013 + Return for six months

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group equity value earnings R millionActualAdjusted Net value of new business626626 Existing business2 2602 260 Expected return on VIF1 6591 659 Operating experience variance477477 Operating assumption changes1241242 886 Inv variances in-force497(497)- Tax changes(3)3- Economic assumption changes(200)200- 3 180(294)2 886 Return on net worth765(189)576 EV earnings3 945(483)3 462 Non-life3 343(578)2 765 GEV earnings7 288(1 061)6 227 2014 interim resultsfinancial review

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summary Delivery on strategy: Shareholder value Cumulative RoGEV per share exceeds hurdle Profitable growth Strong growth in most markets and segments Net VNB +11% on comparable basis Net operating profit up 29% on comparable basis Diversification Increasing contribution from growth markets Capital management Investments in growth markets 2014 interim resultsfinancial review

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rogev versus target Out perform cumulative growth target of long-bond rate + 400bps since listing 2014 interim resultsfinancial review

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priorities for 2H14

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sanlam personal finance Focus on sales growth and maintain margins on same discount rate Grow adviser force in all market segments Product innovation, particularly recurring premiums Improve Sanlam Sky broker channel performance Increased focus on persistency Continue focus on operational efficiency - manage costs Focus on transformation and employer of choice Meet regulatory obligations 2014 interim resultspriorities for 2014

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sanlam emerging markets Focus remains on Africa, India and South-East Asia Continue focus on top-line growth, efficiencies and capital optimisation in current operations Bed down new acquisitions in Rwanda and Malaysia Unlock Shriram Capital synergies Bed down IT implementations Delivery on revenue diversification initiatives Bolt-on transactions/deepening existing partnerships in Africa, India and Malaysia Strong deal-making focus to remain the leading player in Africa Continuously refine organisational capacity to support growth Governance, ethics and values 2014 interim resultspriorities for 2014

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sanlam investments Maintain consistent upper quartile investment performance Grow market share in higher margin areas Institutional fund flows Retail fund flows Large mandates from promising EB pipeline Provide appropriate, innovative and cost effective solutions to clients from across SI value chain Further leverage competitive active and passive management capabilities Accelerate efforts to grow a market leading African Investments proposition Continued focus on collaboration and efficiencies across businesses 2014 interim resultspriorities for 2014

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santam Deliver on diversified growth Market diversification (specialist business, Santam Re, investment in SEM partners) Continued growth at MiWay Increased emphasis on quality of risk pool Ongoing segmented premium rate increases Underwriting actions to rectify unprofitable accounts Drive efficiency through value chain Focus on cost management and strategic sourcing to counter rand weakness Ongoing implementation of key strategic projects in Santam Commercial and Personal 2014 interim resultspriorities for 2014

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outlook

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outlook for 2014 Weak SA environment will continue to hamper new business growth Some market volatility likely in second half of 2014 Focus on bedding down new acquisitions Number of investment opportunities under consideration Compliance to regulatory changes 2014 interim resultsoutlook

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questions THANK YOU

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thank you