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Director shareholding

Interest of directors

Interest of directors in share capital

Total interest of directors in share capital at 31 December 2017

* At the date of this report there are no material differences with the shareholding disclosed above as at 31 December 2017.

(1) Includes participation in the Restricted Share Plan and share-based Outperformance Plan.

(2) Ubuntu-Botho Investments (Pty) Ltd (Ubuntu-Botho) is the direct beneficial holder of 292 471 806 Sanlam ordinary shares. Sizanani-Thusanang-Helpmekaar Investments (Pty) Ltd (Sizanani), beneficially holds 55% of the ordinary share capital in Ubuntu-Botho. The entire share capital of Sizanani is held by a company, the entire issued share capital of which, with the exception of the Motsepe Foundation, hold those shares for the benefit of Mr Patrice Motsepe and his immediate family. This results in Mr Patrice Motsepe having an indirect interest in the securities of Sanlam amounting to 55% of Ubuntu-Botho’s shareholding in Sanlam. A number of other directors also have a beneficial interest in the share capital of Ubuntu-Botho through its shareholding structure.

(3) Includes full shareholding by trusts, companies and other entities where director has a financial interest in the entity. In some instances, the effective economic interest of the director can be less than 100% of the shares reflected.

Total interest of directors in share capital at 31 December 2016

(1) Includes participation in the Restricted Share Plan.

(2) Ubuntu-Botho Investments (Pty) Ltd (Ubuntu-Botho) is the direct beneficial holder of 292 471 806 Sanlam ordinary shares. Sizanani-Thusanang-Helpmekaar Investments (Pty) Ltd (Sizanani), beneficially holds 55% of the ordinary share capital in Ubuntu-Botho. The entire share capital of Sizanani is held by a company, the entire issued share capital of which, with the exception of the Motsepe Foundation, holds those shares for the benefit of Mr Patrice Motsepe and his immediate family. This results in Mr Patrice Motsepe having an indirect interest in the securities of Sanlam amounting to 55% of Ubuntu-Botho’s shareholding in Sanlam. A number of other directors also have a beneficial interest in the share capital of Ubuntu-Botho through its shareholding structure.

(3) The return swap entered into in respect of these shares expired in December 2015. In November 2016, the shares were transferred by Bostco (Pty) Ltd (Bostco) (a company of which Mr Botha is an executive director and his family members are the shareholders) to the Imalivest Met Worldwide Flexible Fund as part of a larger share portfolio. Bostco's effective interest in the Fund was 65,1% at 31 December 2016, with Bostco and Mr Botha's family together owning an effective interest of 71,8% in the Fund. Mr Botha and his family therefore have an indirect effective interest of 71,8% in the 270 000 Sanlam shares. The transaction was declared in November 2016.

(4) Includes full shareholding by trusts, companies and other entities where the director has a financial interest in the entity. In some instances, the effective economic interest of the director can be less than 100% of the shares reflected.

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