Sanlam: Changes in directorship

Notification is hereby given in accordance with the JSE Limited Listings Requirements of the following changes in the directorship of Sanlam:

Roy Andersen, the non-executive chairman of the Board has indicated that he wishes to step down as chairman and a director of the company at the annual general meeting to be held on 9 June 2010 at which time he will have completed two three-year terms as a director. He served as non-executive chairman since June 2004.

Patrice Motsepe who is one of South Africa’s leading entrepreneurs and is deputy chairman of the Board and also leader of Sanlam’s anchor empowerment shareholder, Ubuntu-Botho was unanimously requested to accept the position of Chairman of Sanlam. Mr Motsepe however humbly indicated that due to his extensive business commitments and obligations, he was unfortunately not in a position to accept this appointment.

The Board thereafter proceeded to unanimously appoint Desmond Smith as chairman-elect to succeed Mr Andersen on 9 June 2010. He is currently an independent non-executive director of Sanlam and chairman of Santam Limited (“Santam”).

Mr Motsepe commented: “We are sorry that Roy has decided to step down as chairman and, while he will still be chairman until June next year, I would like to express my appreciation and gratitude to him for the exemplary and outstanding manner in which he has served the company and all its stakeholders as Chairman of the Sanlam Board.

While I humbly regret that I am not in a position to accept the chairmanship of Sanlam because of my extensive business commitments and obligations, I am pleased that we can announce the appointment of a person with Desmond’s skills and vast experience of the industry as chairman-elect of our Group.

Sanlam is a truly South African company and is committed to ensuring that our business and employment practices reflect the demographics and rich cultures and traditions of all our people”, Motsepe concluded.

The Sanlam Board also announced the appointment of Dr Yvonne Muthien (53) and Temba Mvusi (54) as executive directors on the Boards of Sanlam and Sanlam Life Insurance Limited with immediate effect.

Dr Muthien will hold the portfolio of Chief Executive: Group Services on the Executive Committee of Sanlam and Mr Mvusi the portfolio of Chief Executive: Market Development of Sanlam.