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Fri 12 Sep 2003, 12:57 DEALING IN SECURITIES BY DIRECTOR
SANLAM LIMITED -                     
  Sanlam Limited                                                                  
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1959/001562/06)                                            
  Share code:  SLM                                                                
  ISIN No: ZAE000028262                                                           
  12 September 2003                                                               
  In Compliance with Rule 3.63 to 3.74 of the JSE Securities Exchange SA Listings 
  Requirements, the following should be noted:                                    
  Name of  Director:                  G.E. Rudman (Non-executive Director)        
  The class of securities :           Ordinary shares (Option scheme)             
  The option scheme period:           Five years                                  
  The option scheme expiry date:      1 October 2003                              
  The original purchase price:        R6,00                                       
  The date on which the                                                           
  transaction was effected:           10 September 2003                           
  The nature of the transaction :     Buy                                         
  Total number of units:              6 364                                       
  Transaction price:                  R6,00                                       
  Total amount involved:              R38 184,00                                  
  The nature and the extent of the                                                
  directors" interest in the                                                      
  transaction :                       Indirect non-beneficial                     
  Name of Director:                     G.E. Rudman (Non-executive Director)      
  The class of securities :             Ordinary shares (Option scheme)           
  The option scheme period:             Five years                                
  The option scheme expiry date:        1 October 2003                            
  The original purchase price:          R6,00                                     
  The date on which the transaction                                               
  was effected:                         10 September 2003                         
  The nature of the transaction :       Sell                                      
  Total number of units:                22 370                                    
  Selling price:                        R7,75                                     
  Total amount involved:                R173 367,50                               
  The nature and the extent of                                                    
  the directors" interest in the                                                  
  transaction :                         Indirect non-beneficial                   
  Date: 12/09/2003 12:12:39 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
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