SANLAM LIMITED - Voluntary Announcement: Completion Of The Mandatory Takeover Offer For Sanlam Maroc Shares

Voluntary Announcement: Completion Of The Mandatory Takeover Offer For Sanlam Maroc Shares

Sanlam Limited
(Incorporated in the Republic of South Africa)
Registration number 1959/001562/06
JSE share code: SLM
NSX share code: SLA
A2X share code: SLM
ISIN: ZAE000070660
("Sanlam")

Sanlam Life Insurance Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/021121/06)
Bond Issuer Code: BISLI
LEI: 378900E10332DF012A23
("Sanlam Life")


VOLUNTARY ANNOUNCEMENT: COMPLETION OF THE MANDATORY TAKEOVER OFFER FOR SANLAM MAROC SHARES

Shareholders are advised that the implementation of the previously announced transaction between
Sanlam and Allianz S.E. on 4 September 2023, which resulted in the formation of Sanlam Allianz Africa
Proprietary Limited ("SanlamAllianz"), triggered a mandatory takeover offer (the "Mandatory Offer")
in Morocco in respect of Sanlam Maroc S.A. ("Sanlam Maroc"). Pursuant to the Mandatory Offer,
SanlamAllianz was required to make an offer to acquire Sanlam Maroc shares at a price of MAD1,320
per share in terms of article 18 of Moroccan law no. 26-03 relating to public offers on the public market
in Morocco.

Sanlam is pleased to advise that 982,198 shares, constituting 23.86% of Sanlam Maroc's issued share
capital, were offered by the shareholders of Sanlam Maroc in relation to the Mandatory Offer for a
total consideration of MAD1,296 million (ZAR2,430 million) which was ultimately funded by Sanlam
Emerging Markets Proprietary Limited, a subsidiary of Sanlam, and by Allianz Europe B.V, a subsidiary
of Allianz S.E., in line with their respective 60% and 40% shareholdings in SanlamAllianz. Following the
implementation of the Mandatory Offer, SanlamAllianz's shareholding in Sanlam Maroc will increase
from 61.73% to 85.59%.

Shareholders are referred to the publication issued on the website of the Moroccan Capital Market
Authority on 25 January 2024 containing the full notice relating to the results of the Mandatory Offer
(https://www.ammc.ma/sites/default/files/CP_Sanlam_Maroc_resultats_OPAobligatoire.pdf).

Bellville
2 February 2024

Enquiries
Sanlam Investor Relations
Phone: +27 21 947 8455
E-mail: ir@sanlam.co.za

Financial Advisor to Sanlam
CFG Finance S.A.

Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited

Debt Sponsor to Sanlam Life Insurance Limited
Rand Merchant Bank, a division of FirstRand Bank Limited

Legal Advisors to Sanlam
Allen & Overy
Webber Wentzel


Closing spot exchange rate of MAD 1 = ZAR 1.8743 as at 17 January 2024

Date: 02-02-2024 09:05:00
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