SANLAM LIMITED - Erratum: Correction to the Joint Firm Intention Announcement

Erratum: Correction to the Joint Firm Intention Announcement

 SANLAM LIMITED                                      SANTAM LIMITED
 (Incorporated in the Republic of South Africa)      (Incorporated in the Republic of South Africa)
 (Registration number: 1959/001562/06)               (Registration number: 1918/001680/06)
 JSE Share Code: SLM                                 LEI: 37890092DC55C7D94B35
 NSX Share Code: SLA                                 JSE Share Code: SNT & ISIN: ZAE000093779
 A2X Share Code: SLM                                 NSX Share Code: SNM
 ISIN: ZAE000070660                                  A2X Share Code: SNT
 ("Sanlam" or "Sanlam Group")                        Bond Company Code: BISAN
                                                     ("Santam")

 SANLAM LIFE INSURANCE LIMITED
 (Incorporated in the Republic of South Africa)
 (Registration number: 1998/021121/06)
 LEI: 378900E10332DF012A23
 Bond Issuer Code: BISLI
 ("Sanlam Life")

ERRATUM: CORRECTION TO THE JOINT FIRM INTENTION ANNOUNCEMENT

Sanlam and Santam shareholders and noteholders (collectively “Securityholders”) are referred to the
joint firm intention announcement released on SENS on 5 October 2026 ("FIA"). Capitalised terms used
in this announcement bear the same meaning as in the FIA.

The FIA stated that Sanlam's effective shareholding in Santam, as at 18 September 2026, was
68 958 604 Santam Shares, representing 62.7% of the issued Santam Shares (excluding Treasury
Shares). The figure included certain Santam Shares held by entities within the Sanlam Group on behalf
of third parties in which Sanlam has no beneficial interest. Sanlam’s beneficial shareholding in Santam
is 68 023 017 Santam Shares, representing 61.9% of the issued Santam Shares (excluding Treasury
Shares). Accordingly, a further 935 587 Santam Shares fall within the Scheme Shares, and the
aggregate Scheme Consideration increases commensurately. Sanlam Life has furnished the TRP with
an updated irrevocable and unconditional guarantee replacing the guarantee referred to in the FIA,
covering the Scheme Consideration payable in respect of all Scheme Shares. Securityholders are
advised that the rest of the terms of the Scheme and the Scheme Consideration of R505 (five hundred
and five Rand) per Scheme Share remain unchanged.

The (i) Santam Board and the Independent Board (to the extent that the information relates to Santam)
and (ii) board of directors of Sanlam (to the extent that the information relates to Sanlam and/or the
Sanlam Group), collectively and individually accept responsibility for the information contained in this
announcement and certify that, to the best of their knowledge and belief, the information contained in
this announcement relating to Santam (in respect of the Santam Board and the Independent Board)
and Sanlam (in respect of the board of directors of Sanlam), is true and this announcement does not
omit anything that is likely to affect the importance of such information.

Johannesburg

14 October 2026

Transaction Sponsor to Sanlam

J.P. Morgan

Transaction Sponsor to Santam

Investec Bank Limited
Date: 14/10/2026 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.