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JOINT ANNOUNCEMENT REGARDING THE FULFILMENT OF ALL SUSPENSIVE CONDITIONS TO,AND IMPLEMENTATION OF THE SA TRANSACTION
NINETY ONE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2019/526481/06)
JSE Share Code: NY1
ISIN: ZAE000282356
("Ninety One Limited")
NINETY ONE PLC
(Incorporated in England and Wales)
(Registration number: 12245293)
LSE Share Code: N91
JSE Share Code: N91
ISIN: GB00BJHPLV88
LEI: 549300G0TJCT3K15ZG14
("Ninety One plc")
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" or "Sanlam Group")
SANLAM LIFE INSURANCE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/021121/06)
LEI: 378900E10332DF012A23
Bond Issuer Code: BISLI
("Sanlam Life")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
JOINT ANNOUNCEMENT REGARDING THE FULFILMENT OF ALL SUSPENSIVE
CONDITIONS TO, AND IMPLEMENTATION OF THE SOUTH AFRICAN TRANSACTION
Shareholders are referred to the joint announcements released by Sanlam and Ninety One (the dual-
listed company consisting of Ninety One plc and Ninety One Limited) on 20 November 2024 and
6 March 2025 regarding the creation of a long-term active asset management relationship between
Ninety One and Sanlam (the "Transaction"). The 6 March 2025 announcement provided details
regarding the execution of key Operative Agreements relating to (i) the South African component of
the Transaction (the "SA Transaction"); and (ii) the UK component of the Transaction (the "UK
Transaction").
As previously announced by Ninety One and Sanlam on 17 June 2025, the UK Transaction closed
on 16 June 2025.
Further to the announcement released by Ninety One earlier today, Sanlam and Ninety One are
pleased to inform shareholders that all suspensive conditions relating to the SA Transaction have
now been fulfilled. Accordingly, the SA Transaction became unconditional and closed today, Monday,
2 February 2026.
Following implementation of both the SA Transaction and UK Transaction, the Sanlam Group now
holds an effective equity interest of approximately 12.5% in Ninety One on a dual-listed company
("DLC") basis, calculated on Ninety One's total issued share capital as at 2 February 2026. Excluding
minority interests in Sanlam Investment Holdings Limited, the Sanlam Group's effective economic
interest equates to approximately 9.1% in Ninety One on a DLC basis.
2 February 2026
Ninety One Enquiries:
Ninety One Investor Relations
ir@ninetyone.com
This announcement is being released simultaneously on the LSE and JSE in accordance with the
rules applicable to dual listed company structures and will be made available on the Ninety One
website at www.ninetyone.com.
JSE Sponsor to Ninety One:
J.P. Morgan Equities South Africa (Pty) Ltd
Financial Advisor to Ninety One:
Rothschild & Co South Africa (Pty) Ltd
Legal Advisors to Ninety One:
Edward Nathan Sonnenbergs Inc.
Linklaters LLP
Sanlam Enquiries:
Sanlam Investor Relations
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 Advisors to Sanlam:
Webber Wentzel
Allen Overy Shearman Sterling LLP
Forward looking statements
This announcement, oral statements made regarding the Transaction, and other information
published by Ninety One (where it relates to Ninety One) and/or Sanlam (where it relates to Sanlam)
(jointly the "Parties") may contain statements which are, or may be deemed to be, "forward-looking
statements". Forward-looking statements are prospective in nature and are not based on historical
facts, but rather on current expectations and projections of the respective management of the Parties
about future events, and are therefore subject to risks and uncertainties which could cause actual
results to differ materially from the future results expressed or implied by the forward-looking
statements. The forward-looking statements contained in this announcement include statements
relating to the expected effects of the Transaction for the Parties, the expected timing and scope of
the Transaction and other statements other than historical facts. Often, but not always, forward-
looking statements can be identified by the use of forward-looking words such as "plans", "expects"
or "does not expect", "is expected", "is subject to", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will"
be taken, occur or be achieved. Although the Parties believe that the expectations reflected in such
forward-looking statements are reasonable, the Parties can give no assurance that such
expectations will prove to be correct. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future.
There are a number of factors that could cause actual results and developments to differ materially
from those expressed or implied by such forward-looking statements. Other unknown or
unpredictable factors could cause actual results to differ materially from those in the forward-looking
statements. Such forward-looking statements should therefore be construed in the light of such
factors. Neither the Parties nor any of their respective associates or directors, officers or advisers,
provides any representation, assurance or guarantee that the occurrence of the events expressed
or implied in any forward-looking statements in this announcement will actually occur. You are
cautioned not to place undue reliance on these forward-looking statements. Other than in
accordance with their legal or regulatory obligations (including under the UK Listing Rules, the JSE
Listings Requirements and the Disclosure and Transparency Rules of the FCA and/or Chapter X of
the Financial Markets Act in South Africa), the Parties are under no obligation, and expressly disclaim
any intention or obligation, to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
No statement in this announcement is intended as a profit forecast or profit estimate.
No offer or solicitation
This announcement is not intended to, and does not constitute, or form part of, any offer to sell or
an invitation to purchase or subscribe for any securities.
Date: 02-02-2026 10:17:00
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