Completion of the transfer of the Group Risk and Retail Life Businesses of Alexander Forbes Life to Sanlam Life Sanlam Limited (Incorporated in the Republic of South Africa) Registration number 1959/001562/06 JSE share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 (“Sanlam”) COMPLETION OF THE TRANSFER OF THE GROUP RISK AND RETAIL LIFE BUSINESSES OF ALEXANDER FORBES LIFE TO SANLAM LIFE Shareholders are referred to the announcement released by Sanlam on the Stock Exchange News Service of the JSE Limited on 14 June 2021, regarding the acquisition of the group risk and retail life businesses (“AF Life Book”) of Alexander Forbes Life Limited (“AF Life”) via a transfer of the AF Life Book from AF Life to Sanlam Life Insurance Limited (“Sanlam Life”), a wholly-owned subsidiary of Sanlam, in terms of Section 50 of the Insurance Act ("the Transaction"). The board of directors of Sanlam wish to advise shareholders that all of the suspensive conditions to the Transaction have now been fulfilled and the parties will therefore proceed to implement the Transaction in accordance with its terms. The effective date of the Transaction is 31 March 2022. The total cash consideration is R100 million, 50% of which will be deferred and paid in two equal payments, to be made 12 and 24 months respectively from the effective date, subject to the achievement of agreed metrics. The Transaction will contribute towards the realisation of Sanlam’s South African growth strategy by strengthening Sanlam Life’s position in the group risk and retail life insurance markets. The Transaction is expected to deliver capital synergies by integrating the AF Life Book into the Sanlam Life licence and diversifying the portfolio of risks. Bellville 01 April 2022 Enquiries Sanlam Investor Relations Phone: +27 21 947 8455 E-mail: ir@sanlam.co.za Transaction Sponsor to Sanlam The Standard Bank of South Africa Limited Legal Advisers to Sanlam Norton Rose Fulbright South Africa Date: 01-04-2022 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.