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The Enterprise Group contributed R105 million to Sanlam’s net result from financial services, R281 million to new business volumes and R53 million to net Value of New Business in the 2016 financial year. At current exchange rates, Sanlam Emerging Markets is expected to realise a profit compared to the 31 December 2016 Group Equity Value of the business. The transaction remains subject to conditions precedent, including regulatory approvals and notifications.

The conclusion of the Disposal will increase the Group’s available discretionary capital, after allowance for payment of the BrightRock and PineBridge transactions, to some R2 billion, which is sufficient for the Group’s immediate needs. Raising debt to fund a portion of the additional 16.6% stake acquired in Saham Finances, as referred to in the Operational Update released on the Stock Exchange News Services of the JSE Limited on 7 June 2017, is commensurately not subject to further consideration.

The consideration in respect of the Disposal is below the categorisation threshold of the JSE Limited Listings Requirements.

Sanlam Life Insurance is a licensed financial service provider.
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