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Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) Bond Issuer Code: BISLI (“Sanlam Life”) Bond Code: SLI5 ISIN No: ZAG000178773 Bond Code: SLI6 ISIN No: ZAG000178781 Bond Code: SLI7 ISIN No: ZAG000178799 CREDIT RATING ACTION BY STANDARD & POOR’S On 26 June 2023, S&P Global Ratings (S&P) raised their national scale ratings on the hybrid debt instruments of Sanlam Life (the “Issuer”), which it had placed under criteria observation (UCO). On 8 June 2023, S&P published revised criteria for determining national and regional scale mapping specifications and assigned credit ratings mapped from global scale to national scale. As a result of the review, S&P have raised the national scale ratings on the Sanlam Life debt instruments to 'zaAA-' from 'zaA+' and removed the UCO identifier on these ratings. S&P also affirmed the global and national scale issuer ratings on the Issuers and maintained a stable outlook on the long-term global scale ratings. Further details regarding the rating action are available on S&P’s website (www.spglobal.com/ratingsdirect) or in its press release titled “Sanlam’s Debt National Scale Ratings Raised To 'zaAA-'; Removed From UCO”. Cape Town 27 June 2023 Debt Sponsor Absa Bank Limited (acting through its Corporate and Investment Bank division)
