SANLAM LIFE INSURANCE LIMITED - TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026

Sanlam Limited                                                      Sanlam Life Insurance Limited
Incorporated in the Republic of South Africa                        (Incorporated in the Republic of South Africa)
(Registration number 1959/001562/06)                                (Registration No. 1998/021121/06)
JSE Share code: SLM                                                 Bond Issuer Code: BISLI
A2X share code: SLM                                                 LEI: 378900E10332DF012A23
NSX share code: SLA                                                 (“Sanlam Life”)
ISIN: ZAE000070660
(“Sanlam”, “Sanlam Group” or “the group”)

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026

Shareholders (Sanlam) and noteholders (Sanlam Life) are advised that Sanlam is in the process of finalising its
financial results for the six months ended 30 June 2026. In accordance with paragraph 6.30 of the Listings
Requirements of the JSE Limited, the Group expects attributable earnings per share and headline earnings per share
for the period to be as follows:
                                                                                Six months to 30 June
                                                              2025                                     2026
                                                             Actual                   Expected range increase/(decrease)
 Metric                                                 cents per share              cents per share                     %
 Earnings per share (EPS)                                     490                       607 to 656                    24 to 34
 Diluted EPS                                                  483                       599 to 648                    24 to 34
 Headline earnings per share (HEPS)                           465                       372 to 418                   (20) to (10)
 Diluted HEPS                                                 459                       367 to 413                   (20) to (10)

Earnings per share (“EPS”) and diluted EPS are expected to increase mainly due to one-off gains from the disposal
of the Sanlam Investments active asset manager and the gain recognised when Sanlam’s shareholding in Shriram
Finance Limited was diluted, following the Mitsubishi UFJ Financial Group’s capital injection. The gain crystallises
value in a long-held investment, with new capital introduced at a valuation that recognises Shriram Finance Limited’s
growth and supports the value of Sanlam’s remaining shareholding. As these gains are included in EPS but excluded
from HEPS, EPS and HEPS are expected to move in different directions.

Headline earnings per share (“HEPS”) and diluted HEPS are expected to decline mainly because shareholder
investment returns were lower than in the prior period across the portfolio. This reflects negative fair value movement
in the listed equity exposure to Ninety One following the closing of the transaction on 2 February 2026 and weaker
market conditions in Morocco and India over the reporting period.

The group generated strong business volumes and positive net client cash flows, reflecting continued client demand
and the strength of its market positions across key businesses. While elevated weather-related and large claims in
both South Africa and Pan Africa impacted general insurance earnings, the group's diversified portfolio and strong
capital position continued to support value creation and cash generation. Shareholders are referred to Santam’s
operational update published on https://www.santam.co.za/about-us/sens-feed/

The financial results for the six months ended 30 June 2026 will be released on the Stock Exchange News Service
(“SENS”) of the JSE on Thursday, 10 September 2026.

The financial information in this trading statement is the responsibility of the Sanlam board of directors and has not
been reviewed or reported on by the group’s external auditors.

SANLAM LIMITED
Registered office: 2 Strand Road, Bellville, 7530, South Africa
Sanlam Investor Relations:
E-mail: ir@sanlam.co.za

JSE Sponsor
Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited

Debt Sponsor to Sanlam Life Insurance Limited
The Standard Bank of South Africa Limited

NSX Sponsor
Simonis Storm Securities (Pty) Ltd

26 August 2026
Date: 26/08/2026 13:05:00
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