slide 1 sanlam ubs presentation october 2006 financial services conference the quest for positive jaws balancing growth and efficiency 2 expanding margins we see it a little differently key focus should not be on only believe roe roev is more relevant measure of value creation therefore efficient use capital plays an important role as well 3 influenced by macro environment market factors s remains driving increased roevsanlam simple formula application balanced portfolio strategic investments earnings net top line costs investment returns 4 analysis 1h06analysis 1h06 26 non life operations & other in force 33 6 22 5 25 9 r10 3bn 46 r18 7bn 27 r11 2bn components ev weighting annualised fy05 24 fy04 fy03 14 aided strong markets agenda z
