BISAN - Notice to Noteholders regarding the release of the Issuer’s Reviewed Consolidated Interim Financials SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 Company code: BISAN (“Santam” or the “Issuer”) NOTICE TO NOTEHOLDERS REGARDING THE RELEASE OF THE ISSUER’S REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2020 Noteholders are referred to the announcement released by the Issuer on the Stock Exchange News Service on 3 September 2020, in relation to its reviewed condensed consolidated interim financial statements for the six months ended 30 June 2020 (“Interim Results Announcement”). The Interim Results Announcement provided security holders with the salient features, key financial results and key performance highlights of Santam’s reviewed condensed consolidated interim financial statements for the six months ended 30 June 2020 (“Interims”). Noteholders are advised that: 1. PricewaterhouseCoopers expressed an unmodified review opinion on the reviewed condensed consolidated interim financial statements in their report dated 2 September 2020. The full report is available on http://www.santam.co.za/media/2686016/2020-interim- financial-statements.pdf; and 2. The Interim Results Announcement is only a summary of the information in the full reviewed condensed consolidated interim financial statements announcement ("full announcement") and any investment decision by investors and/or shareholders and/or noteholders should be based on consideration of the full announcement that was released on 3 September 2020 and which can be found on the Issuer’s website at http://www.santam.co.za/media/2686016/2020-interim-financial-statements.pdf. Copies of the full announcement may also be requested at the company's registered office, at no charge, during office hours at the investor relations department. Noteholders are advised to refer to the Interim Results Announcement for further details in this regard. 3 September 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 03-09-2020 07:33:00 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.