Credit Rating review by Standard & Poor's SANLAM LIFE INSURANCE LIMITED (“Sanlam Life”) Registration number 1998/021121/06 Bond Code: SLI3 ISIN No: ZAG000107905 Bond Code: SLI4 ISIN No: ZAG000138629 CREDIT RATING ACTION BY STANDARD & POOR’S Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that S&P Global Ratings (S&P) has reviewed its national scale ratings on South African insurers which were labeled as under criteria observation (UCO) on 2 July 2018 (after recalibrating the national scale mapping table for South Africa), removing the UCO identifier on the ratings. Accordingly, Sanlam Life’s National Scale Rating has been revised from ‘zaAA+ to zaAAA’ and the ratings of the SLI3 and SLI4 subordinated deferrable debt issued by Sanlam Life from ‘zaA’ to ‘zaAA-’. The rating actions do not reflect any change in S&P’s view of the fundamental credit quality of the issuers or issues and the global scale issuer and issue credit ratings on insurers were not affected by the rating actions. Further details regarding the rating action is available on S&P’s website or in its press release entitled “South Africa National Scale Ratings On Sanlam Revised After Criteria Update; Removed From UCO”. Cape Town 02 July 2018 Debt Sponsor Absa Bank Limited (acting through its Corporate and Investment Bank division) Date: 03/07/2018 10:30:00 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.
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