Press Release

Fieldstone Management Secures MBO

January 23, 2004 - Gensec Bank Limited ("Gensec") announced today the sale of the independent investment bank Fieldstone to an international group of its senior management.

The divestment follows Sanlam's decision to restructure Gensec, which had acquired Fieldstone in 2001 as part of its program of internationalization.

Fieldstone, a leading investment bank in the energy and infrastructure sector since its founding in 1990, has offices in New York, London, Johannesburg and Berlin.

Steve Muller, Executive Director of Gensec said Gensec's main objective with this transaction was to ensure that Fieldstone can continue to serve it clients and to prosper as a business. The transaction achieves this and we wish the staff and management of Fieldstone all the best for the future.

The management buyout is led by Executive Chairman Manfred Ernst (New York) who played a central role in the development of Fieldstone as a leader in the global energy and infrastructure advisory business. The Fieldstone Board will include lone-time Fieldstone professionals from each key region:

"This deal and this team will enable Fieldstone to continue to do what it does best- provide expert financial advice and transactional services", says Dr. Ernst. "In the post-Enron world, clients in the Energy and Infrastructure industries see independence and industry-specific competence as essential in selecting an advisor. We look forward to enhancing our global platform and building on our reputation for excellence established over the last decade and a half."

For information or enquiries, please contact:

Fieldstone

Manfred Ernst +1 212 626 1400
New York

Michael Sutcliffe +44 20 7808 1500
London

Jason Harlan +49 30 2123 370
Berlin

Clive Ferreira +27 11 771-5100
Johannesburg

Gensec Bank Limited

Steve Muller +27 11 778-6121
Johannesburg

Fieldstone has been a leader in the niche financial advisory business providing specialist independent advice on energy and infrastructure transactions ranging from privatizations and mergers and acquisitions to the development of new projects. It is consistently rated among the top ten advisors in its field. The firm has done work on all continents and has concluded more than USD 54 billion worth of projects and transactions since it was formed in 1990.

Notes

1. The MBO team

Dr Ernst was responsible for the pre-eminent development of Fieldstone as a leader in the energy and infrastructure advisory business. Dr Ernst will be joined on the Board by:

Clive Ferreira;
Alan Muir;
Jason Harlan;
Andrew Smith-Maxwell; and
Michael Sutcliffe.

2. Fieldstone business

Fieldstone is unique by combining in depth sector focus on a global basis with the independence from balance sheet banking.

3. Background to sale

This divestment has been anticipated for a while in line with parent Sanlam's current restructuring of Gensec. Gensec acquired Fieldstone in November 2001 as part of its internationalization program.