Sanlam has consolidated the reporting of its interests in the United Kingdom into a single entity, Sanlam UK Limited.

Sanlam UK Limited will consist of Sanlam's subsidiary companies Merchant Investors Assurance Limited (100% owned), Sanlam Multi Manager International Limited (100%), Principal Holdings Limited (86%) and Buckles Holdings Limited (60%). The portfolio is further complemented by Sanlam's minority holdings in Intrinsic, Nucleus and the Punter Southall Group.

Lukas van der Walt, Chief Executive of Merchant Investors has been appointed as Chief Executive and Dr Johan van Zyl, Sanlam Group Chief Executive as Chairman of Sanlam UK Limited.

Dr van Zyl said that the creation of Sanlam UK Limited reflects the consistent progress the Group is making in all the elements of the strategy it began implementing four years ago, and is indicative of the opportunities that exist in the UK market.

"We are consolidating our interests in Sanlam UK Limited to ensure co-ordinated development of our growing portfolio of financial services businesses operating in distribution, packaging, administration and asset management services. In addition, this initiative will position our Group to further develop our quality intermediary relationships in a changing financial retail landscape in the United Kingdom."

Lukas van der Walt added that Sanlam UK Limited would provide focus in terms of market segment choice, differentiated distribution management, modern financial solutions combined with efficiency across platforms and services and optimising group capital requirements.

"Our aim is to empower our independent businesses and to create the framework in which they can thrive by sharing knowledge and experience and having access to capital to grow their businesses," he said.

Intrinsic, Nucleus and the Punter Southall Group were previously part of Sanlam Independent Financial Services (IFS). Management responsibility for the remaining South African businesses that are part of IFS will be transferred to Sanlam Group Finance and IFS will be phased out as a business entity in the Sanlam Group.

Notes to editors:

The Sanlam Group
Sanlam is a leading financial services group in South Africa, listed on the JSE and Namibian stock exchanges. The Group comprises a number of mutually dependent business entities focusing mainly, but not exclusively, on wealth creation and protection, investment management and ancillary financial services solutions for individuals and institutions. Apart from the UK, the Group has business interests elsewhere in Africa and in India. The Group has assets under management in excess of R525 billion (£35 billion) and an employee base of 9,000. www.sanlam.co.za.

Sanlam's acquisitions in the UK over the past four years include Merchant Investors (a niche player in the affluent life and specialist pension markets), Principal (a private client investment business), Buckles (an independent financial adviser) and, through equity stake holdings, the operations of Nucleus (an investment management administration platform), and Intrinsic (an intermediary distribution company).

Buckles Holdings Limited ("Buckles")
Buckles is an Independent Financial Adviser (IFA) based in Wales. After a period of sustained growth it is Wales' largest IFA practice and ranked in the top 100 in the UK by turnover. It has 25,000 clients, 44 advisers and £170m in funds managed through the Snowdonia Funds.
www.buckles-holdings.co.uk

Principal Holdings Limited ("Principal")
Principal is one of the leading independent investment companies in the South of England. Founded in 1987, it now employs around 90 people in its offices in Sevenoaks, London and Bath. It looks after some £1 billion (R15.1 billion) on behalf of its clients. It specialises in discretionary portfolio management for private individuals, family trusts and smaller corporate clients.
www.principalinvestment.co.uk

Merchant Investor Assurance Company Limited ("Merchant Investors")
A Bristol based insurance company acquired in December 2003. In 2006 it embarked on a new business growth strategy. Its financial solutions include a suite of competitive personal pension and unit linked bond products distributed by the intermediary market and directed at affluent individuals resident in the UK. It employs around 130 people with some £1.8 billion in funds under management.
www.merchant-investors.co.uk

Sanlam Multi Manager International Limited ("SMMI")
London based multi manager businesses operating under FSA regulations. It manages a number of Sanlam's Irish-based collective investment schemes.