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


SANLAM SHARE CONSIDERATION


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, the joint announcement declaring the Partial Offer wholly unconditional
published on SENS on 8 May 2023, the fractional entitlements announcement published on SENS on 25 May 2023,
and the Partial Offer Percentage announcement on SENS on 26 May 2023.

1.   RESULTS OF PARTIAL OFFER

     AfroCentric shareholders are advised that the Partial Offer closed at 12:00 on Friday, 26 May 2023. AfroCentric
     Shareholders tendered 416 372 493 AfroCentric Shares, representing 70.75% of the issued AfroCentric Shares.

2.   OFFER CONSIDERATION

     The Offer Consideration is R6.00 per Partial Offer Share, which is to be settled, at the election of each Offer
     Participant, in cash or Sanlam Shares or a combination thereof, as contemplated in paragraph 4.2 of Section B of
     the Circular.

     The formula detailed in paragraph 4.3 of Section B of the Circular will be applied to determine how many Sanlam
     Shares will be received by each Offer Participant who elected to receive all or a portion of its Offer Consideration
     in Sanlam Shares. Offer Participants are advised that although the 30-day VWAP of Sanlam Shares on the JSE as
     at close of market on the Offer Record Date of 26 May 2023 was R54.09806 (5409.80602 cents), a value of no less
     than R60.00 per Sanlam Share will be utilised in respect of “Z” (which represents the price per Sanlam Share) in
     the formula detailed in paragraph 4.3 of Section B of the Circular.

3.   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
29 May 2023

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