SANLAM LIMITED - Allianz Europe BV Increases To 49% Its Shareholding In Sanlam Allianz Africa Proprietary Limited

Allianz Europe BV Increases To 49% Its Shareholding In Sanlam Allianz Africa Proprietary Limited

SANLAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1959/001562/06)
JSE & A2X Share Code: SLM; NSX Share Code: SLA
ISIN: ZAE000070660
("Sanlam")

SANLAM LIFE INSURANCE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/021121/06)
LEI: 378900E10332DF012A23
Bond Issuer Code: BISLI
("Sanlam Life")

VOLUNTARY ANNOUNCEMENT: ALLIANZ EUROPE BV INCREASES TO 49% ITS
SHAREHOLDING IN SANLAM ALLIANZ AFRICA PROPRIETARY LIMITED


1. INTRODUCTION

Shareholders are referred to the announcements released on the Stock Exchange News
Service of the JSE Limited on 4 May 2022 and 5 September 2023, in which it was advised
that Sanlam and Allianz SE ("Allianz") had entered into a long-term strategic joint venture
arrangement regarding their operations on the African continent, outside of South Africa (the
"JV Transaction"). In terms of the JV Transaction, Sanlam and Allianz contributed their
respective African operations into a newly incorporated joint venture company, Sanlam Allianz
Africa Proprietary Limited ("SanlamAllianz") on 4 September 2023. Sanlam's operations in
Namibia were contributed to SanlamAllianz in October 2024. Shareholders were previously
advised that as part of the JV Transaction, Allianz would also have the option to increase its
shareholding in SanlamAllianz to a maximum of 49% (the "Allianz Step-up Transaction").

The board of directors of Sanlam is pleased to advise Sanlam shareholders that Sanlam,
through its wholly owned subsidiary Sanlam Emerging Markets (Pty) Ltd ("SEM"), and Allianz
Europe BV ("Allianz BV"), a wholly owned subsidiary of Allianz, have concluded definitive
transaction agreements in respect of the Allianz Step-up Transaction.

2. OVERVIEW OF THE ALLIANZ STEP-UP TRANSACTION

SEM will dispose of 8.59% of its interest in SanlamAllianz to Allianz BV for an initial cash
consideration of R4.5 billion, resulting in a final shareholding split between SEM and
Allianz BV in SanlamAllianz of 51% and 49% respectively. The final sale consideration will be
subject to closing adjustments, which will be determined based on the 31 December 2024
audited financial statements of SanlamAllianz.

3. CONDITIONS PRECEDENT

The Allianz Step-up Transaction is subject to obtaining the necessary regulatory approvals.
4. CATEGORISATION OF THE ALLIANZ STEP-UP TRANSACTION

In terms of the JSE Listings Requirements, the Allianz Step-up Transaction falls below the
Category 2 threshold and this announcement is made on a voluntary basis.

Bellville
20 December 2024

Enquiries
Sanlam Investor Relations
Email: ir@sanlam.co.za

JSE Equity Sponsor to Sanlam Limited
The Standard Bank of South Africa Limited

JSE Debt Sponsor to Sanlam Life Insurance Limited
The Standard Bank of South Africa Limited

NSX sponsor to Sanlam Ltd
Simonis Storm Securities (Pty) Ltd

Legal advisor to Sanlam Limited
Webber Wentzel

Date: 20-12-2024 05:00:00
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