Sanlam Life Insurance Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/021121/06)
Bond Issuer Code: BISLI
(“Sanlam Life”)


SANLAM PARTIAL OFFER TO AFROCENTRIC SHAREHOLDERS: CASH PAYMENT APPLICABLE TO FRACTIONAL
ENTITLEMENTS


Unless otherwise defined in this announcement, words and expressions contained herein shall have the same
meanings as assigned to them in the combined circular distributed to AfroCentric Shareholders on Thursday,
8 December 2022 (“Combined Circular”) and available on AfroCentric Investment Corporation Limited’s
(“AfroCentric”) website (http://www.afrocentric.za.com/inv-circulars.php) and on Sanlam Limited’s (“Sanlam”) website
(www.sanlam.com/presentations).

Sanlam Life investors are referred to the Combined Circular, the updated timetable applicable to the Proposed
Transaction published on SENS on 23 January 2023, the joint announcement to extend the Offer Closing Date
published on SENS on 16 March 2023 and the joint announcement declaring the Partial Offer wholly unconditional
published on SENS on 08 May 2023.

1.   SHARE PRICE TO DETERMINE CASH PAYMENT FOR FRACTIONAL ENTITLEMENTS

     In the event that an AfroCentric Shareholder who accepts the Partial Offer becomes entitled to a fraction of a
     Sanlam Share by virtue of the Share Consideration Ratio, such fractional entitlement will be rounded down to the
     nearest whole number of Sanlam Shares. Such Afrocentric Shareholder will therefore receive an allocation
     consisting of whole Sanlam Shares and a cash payment in respect of any entitlement to a fraction of a Sanlam
     Share.

     In accordance with the JSE Listings Requirements, the value of a Sanlam Share to be utilised in determining the
     fractional entitlement due to AfroCentric Shareholders who have accepted the Partial Offer is R47.41711
     (4741.71062 cents), which has been determined by applying a discount of 10% to the volume weighted average
     traded price of a Sanlam Share on the JSE on Wednesday, 24 May 2023, namely R52.68567 (5268.56736 cents).
     The cash payment for fractional entitlements will not be subject to Dividend Withholding Tax in terms of the Income
     Tax Act 58 of 1962.


2.   RESPONSIBILITY STATEMENT

     The board of directors of Sanlam accepts responsibility for the information contained in this announcement insofar
     as it relates to Sanlam. In addition, the Sanlam Board confirms that, to the best of its knowledge and belief, the
     information contained in this announcement, as it relates to Sanlam, is true and correct and, where appropriate,
     does not omit anything that is likely to affect the importance of the information contained herein pertaining to
     Sanlam and that all reasonable enquiries to ascertain such information have been made.




By order of the Sanlam Board
Bellville
25 May 2023


Debt sponsor to Sanlam Life Insurance Limited
Absa Bank Limited, acting through its Corporate and Investment Banking division