SANTAM LIMITED - Dealings in Securities: Award and Acceptance of Santam Shares

Dealings in Securities: Award and Acceptance of Santam Shares

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
LEI: 37890092DC55C7D94B35
JSE Share Code: SNT & ISIN: ZAE000093779
A2X Share Code: SNT
NSX Share Code: SNM
Bond company code: BISAN
("Santam" or the "Company" or the "Group")

DEALINGS IN SECURITIES: AWARD AND ACCEPTANCE OF SANTAM SHARES

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements and paragraphs 6.42 to 6.45
of the Debt Listings Requirements of the JSE Limited (hereafter collectively referred to as the "Listings
Requirements"), shareholders and noteholders are advised of the following information regarding the
acceptance of conditional Santam shares, by the undermentioned Executive Director and the
Company Secretary of Santam, that were awarded in terms of the Company's long-term incentive
Performance Deferred Share Plan ("PDSP") and the PDSP with more stretched performance hurdles
(referred to as the Out Performance Plan ("OPP")):

Acceptance date:                                     30 November 2023
Nature of transaction:                               Off-market acceptance of fully paid up Santam
                                                     shares awarded under the PDSP. The release of
                                                     these shares is subject to pre-determined
                                                     conditions over the vesting period of 5 years.
Vesting period:                                      40% after 3 years; 30% after 4 years; and 30%
                                                     after 5 years (i.e. subject to meeting the vesting
                                                     conditions)
Class of securities:                                 Ordinary shares
Extent of interest:                                  Direct, beneficial
Clearance Obtained:                                  Yes


Name                            Designation         Number of        Market Value     Conditional value
                                                  conditional          per share*              of award
                                                Santam shares                                         R

Tavaziva Madzinga        Executive Director            46,123              287.50         13 260 362.50
Ruwaida Eksteen           Company Secretary             2,134              287.50            613 525.00

In addition, shareholders and noteholders are also advised of the acceptance of fully paid up Santam
shares on 30 November 2023 awarded under the OPP, which will be subject to certain performance
conditions being met over a measurement period of 5 years ending 31 December 2027.

Name                            Designation         Number of        Market Value     Conditional Value
                                                  conditional          per share*              of award
                                                Santam shares                                         R

Tavaziva Madzinga        Executive Director           263,847              287.50         75 856 012.50

Notably to highlight is that the award of conditional Santam shares under the PDSP and OPP is subject
to meeting the pre-determined vesting conditions and will only be delivered to the extent that these
conditions are met. No voting or dividend rights are attached thereto prior to vesting.

*Shareholders and noteholders are further advised that the calculation of the market value of these
awards is based upon the closing Santam share price as at 04 December 2023.

The requisite clearances and approvals for the abovementioned transactions have been obtained in
compliance with the Company's Securities Dealing Policy and the relevant procedures of Santam as
well as the Listings Requirements.


CAPE TOWN
05 December 2023

Sponsor: Investec Bank Limited
Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 05-12-2023 16:00:00

Date: 05-12-2023 04:00:00
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