Trading Statement – For the year ended 31 December 2018 SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 (JSE Share Code: SNT & ISIN ZAE000093779) NSX share code: SNM (‘Santam’) or (“the Company”) TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2018 Shareholders are advised that Santam expects its headline earnings per share (HEPS) for the year ended 31 December 2018 to be between 1 994 cps and 2 204 cps (2017: 1 425 cps), which will be between 40% and 55% higher than the HEPS reported for the comparative period. Earnings per share (EPS) is expected to be between 2 085cps and 2 302 cps (2017: 1 511 cps) which is between 38% and 53% higher. The increase in HEPS and EPS has mainly been driven by significantly improved underwriting results compared to that of the previous year. The net underwriting margin is expected to be above the long-term target range of 4% to 8% of net earned premium. Conventional insurance premium growth, however, slowed somewhat due to the current difficult economic conditions. Significant gains on foreign exchange differences compared to the losses recorded in the prior year have also contributed to the increase in HEPS and EPS. The financial information on which this trading statement is based has not been reviewed or reported on by Santam’s external auditors. Santam will release its audited results for the year ended 31 December 2018 on 28 February 2019. CAPE TOWN 21 February 2019 Sponsor: Investec Bank Limited Date: 21/02/2019 02:30:00 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.