SANLAM LIFE INSURANCE LIMITED - Credit Rating Action by Standard & Poor's - BISLI

Credit Rating Action by Standard & Poor's - BISLI

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)

Date: 27-06-2023 09:30:00
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