Notification of an amendment to the Issuer’s ZAR 4 Billion Unsecured Subordinated Callable Note Programme Memorandum SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 Company code: BISAN (“Santam” or the “Issuer”) NOTIFICATION OF AN AMENDMENT TO THE ISSUER’S ZAR 4 BILLION UNSECURED SUBORDINATED CALLABLE NOTE PROGRAMME MEMORANDUM Santam has received approval from the JSE Limited (the “JSE”) on the amendments to its ZAR 4 Billion Unsecured Subordinated Callable Note Programme Memorandum (the “Programme Memorandum”). A summary of the amendments effected is provided below: • Updates to the Documents Incorporated by Reference section to include links to where the information is available and the inclusion of an Information Statement containing: - information pertaining to the business description, corporate governance, board and committees, nomination policy, directors and debt officer of the Issuer; and - information relating to risk factors specific to the Issuer and the notes; and the removal of such information from the Programme Memorandum; • Amendments to the pro forma applicable pricing supplement to cater for amendments to the JSE Debt Listings Requirements (“Requirements”); • Amendments to the terms and conditions to cater for the Part 1A of 2018 amendments to the Requirements, which resulted in amendments to Conditions 9, 17 and 19 headed “Redemption and Purchase”, “Notices” and “Meetings of Noteholders/Consent Process” respectively; • Amendments to cater for the movement of unlisted notes to Strate Proprietary Limited’s platform; • Amendments to remove any references to cheques, as a result of the non-acceptance of cheques by South African banks with effect from 1 January 2021; • Updates to the General Information section; • Updates to the Corporate Information section; • Definitions were removed or inserted to give effect to all of the above-mentioned amendments; and • Other technical changes. The updated Programme Memorandum and Information Statement are available for inspection at the registered office of the Issuer and have been made available for inspection on their website, https://www.santam.co.za/financial/subordinated-debt-programme/. The updated Programme Memorandum will also be available for inspection on the JSE’s website, www.jse.co.za. 11 December 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 11-12-2020 05:16:00 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.