Sanlam partial offer to AfroCentric shareholders unconditional as to acceptances - SMT1 Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) Bond Issuer Code: SMT1 (“Sanlam Life”) SANLAM PARTIAL OFFER TO AFROCENTRIC SHAREHOLDERS UNCONDITIONAL AS TO ACCEPTANCES Unless otherwise defined in this announcement, words and expressions contained herein shall have the same meanings as assigned to them in the combined circular distributed to AfroCentric Shareholders on Thursday, 8 December 2022 (“Combined Circular”) and available on AfroCentric Investment Corporation Limited’s (“AfroCentric”) website (http://www.afrocentric.za.com/inv-circulars.php) and on Sanlam Limited’s (“Sanlam”) website (www.sanlam.com/presentations). AfroCentric Shareholders are referred to the Combined Circular and the updated timetable applicable to the Proposed Transaction published on SENS on 23 January 2023. 1. LEVEL OF ACCEPTANCES Sanlam and AfroCentric are pleased to announce that acceptances have been received in respect of 268 361 529 AfroCentric Shares, representing 46.4% of the issued share capital of AfroCentric, which exceeds the Minimum Shares Percentage of 36.9%. In the circumstances and in accordance with Regulation 102(1) of the Takeover Regulations, it is confirmed that the Partial Offer is hereby unconditional as to acceptances and, further, that the Partial Offer Condition Precedent detailed in Section B Paragraph 6.2.1 has been fulfilled . AfroCentric Shareholders should note that the Proposed Transaction remains subject to the remaining Partial Offer Conditions Precedent detailed in Section B Paragraph 6.2 of the Combined Circular. An announcement will be released on SENS at the appropriate time declaring the Partial Offer wholly unconditional and/or, if applicable, advising of any extension of the Offer Closing Date. It is currently anticipated that this announcement will be published on SENS on or about 16 March 2023. 2. RESPONSIBILITY STATEMENT The board of directors of Sanlam accepts responsibility for the information contained in this announcement insofar as it relates to Sanlam. In addition, the Sanlam Board confirms that, to the best of its knowledge and belief, the information contained in this announcement, as it relates to Sanlam, is true and correct and, where appropriate, does not omit anything that is likely to affect the importance of the information contained herein pertaining to Sanlam and that all reasonable enquiries to ascertain such information have been made. By order of the Sanlam Board Bellville 14 February 2023 Exclusive Financial Advisor and Transaction Sponsor to Sanlam Limited Rand Merchant Bank, a division of FirstRand Bank Limited Debt sponsor to Sanlam Life Insurance Limited Absa Bank Limited, acting through its Corporate and Investment Banking division Legal Advisor to Sanlam Limited ENSafrica Date: 14-02-2023 03:43:00 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.