AfroCentric Investment Corporation Limited                      Sanlam Limited
     (Incorporated in South Africa)                                  (Incorporated in South Africa)
     (Registration number 1988/000570/06)                            (Registration number 1959/001562/06)
     JSE share code: ACT                                             JSE share code: SLM
     ISIN: ZAE000078416                                              A2X share code: SLM
     (“AfroCentric”)                                                 NSX share code: SLA
                                                                     ISIN: ZAE000070660
                                                                     (“Sanlam”)




 RESULTS OF PARTIAL OFFER


 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’s website (http://www.afrocentric.za.com/inv-
 circulars.php) and on Sanlam’s website (www.sanlam.com/presentations).

 AfroCentric Shareholders 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, the joint announcement declaring the Partial Offer wholly unconditional
 published on SENS on 8 May 2023 and the fractional entitlements announcement published on SENS on 25 May 2023.

1.     PARTIAL OFFER PERCENTAGE

       Sanlam has elected to accept AfroCentric Shares in terms of the Partial Offer up to the Maximum Shares
       Percentage, being 43.9% and amounting to 257 928 500 AfroCentric Shares. Following the implementation of the
       Partial Offer and related Asset for Share Transaction, Sanlam will effectively hold 494 431 629 AfroCentric Shares,
       representing 60.0% of the AfroCentric Shares.

2.     RESPONSIBILITY STATEMENTS

       The AfroCentric Board (including the Independent Board), individually and collectively, accepts responsibility for the
       information contained in this announcement insofar as it relates to AfroCentric. In addition, the AfroCentric Board
       confirms that, to the best of its knowledge and belief, the information contained in this announcement, as it relates
       to AfroCentric, 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 AfroCentric and that all reasonable enquiries to
       ascertain such information have been made.

       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 AfroCentric Board
       Johannesburg
       26 May 2023

       Financial Advisor and Transaction Sponsor to AfroCentric
       Investec Bank Limited
Legal Advisor to AfroCentric
Norton Rose Fulbright South Africa

Independent Expert to AfroCentric Independent Board
BDO Corporate Finance Proprietary Limited

By order of the Sanlam Board
Bellville
26 May 2023

Financial Advisor and Transaction Sponsor to Sanlam Limited
Rand Merchant Bank, a division of FirstRand Bank Limited

Legal Advisor to Sanlam Limited
ENSafrica