SANLAM LIFE INSURANCE LIMITED - SLI3/ SLI4 - Credit rating action by Standard & Poor's

SLI3/ SLI4 - Credit rating action by Standard & Poor's

SANLAM LIFE INSURANCE LIMITED
(“Sanlam Life”)
Registration number 1998/021121/06
Bond Code: SLI3
ISIN No: ZAG000107905
Bond Code: SLI4
ISIN No: ZAG000138629

CREDIT RATING ACTION BY STANDARD & POOR’S

Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that S&P Global
Ratings (S&P) has on 7 August 2017 reviewed its national scale ratings on South African insurers which
were labeled as under criteria observation (UCO) on 7 July 2017 (after recalibrating the national scale
mapping table for South Africa), removing the UCO identifier on the ratings.

Accordingly, Sanlam Life’s National Scale Rating has been revised from ‘zaAA-/ zaA-1‘ to ‘zaAAA/ zaA-1+’,
and the ratings of the SLI3 and SLI4 subordinated deferrable debt issued by Sanlam Life from ‘zaA-‘ to
‘zaAA’.

The rating actions do not reflect any change in S&P’s view of the fundamental credit quality of the issuers or
issues and the global scale issuer and issue credit ratings on insurers were not affected by the rating
actions.

Further details regarding the rating action is available on S&P’s website or in its press release entitled “South
Africa National Scale Ratings On Insurers Revised After Criteria Update; Removed From UCO”.

Cape Town
22 August 2017

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

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