SANTAM LIMITED - Notification of a Change to the Credit Rating of the Issuer

Notification of a Change to the Credit Rating of the Issuer

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
Company code: BISAN
(“Santam” or “the Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

S&P Global Ratings (“S&P”) has on 2 July 2018 raised its national scale ratings on South African insurers
and as a result the following ratings have been amended:

                                                  Rating To                Rating From

National Scale Rating                             zaAAA                    zaAA+
Subordinated Deferrable Rating                    zaAA-                    zaA

The rationale for the rating change is due to S&P recalibrating their mapping table for South Africa.

4 July 2018

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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