Recommended Cash Offer For Nucleus Financial Group Plc By James Hay Holdings Limited Sanlam Limited (Incorporated in the Republic of South Africa) Registration number 1959/001562/06 JSE share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 (“Sanlam”) RECOMMENDED CASH OFFER FOR NUCLEUS FINANCIAL GROUP PLC BY JAMES HAY HOLDINGS LIMITED Sanlam shareholders are referred to an announcement by Nucleus Financial Group plc ("Nucleus") published on 9 February 2021 indicating that Nucleus has reached agreement on the terms of a recommended all cash offer to be made by James Hay Holdings Limited ("James Hay"), pursuant to which James Hay is to acquire the entire issued and to be issued share capital of Nucleus (the "Acquisition"). Sanlam UK Limited holds 39,914,760 shares in Nucleus, representing approximately 52.19 per cent of Nucleus’ issued share capital as at 8 February 2021 and has given an irrevocable undertaking to vote in favour of the Acquisition. Sanlam UK Limited is an indirectly held subsidiary of Sanlam. Should the Acquisition complete, Sanlam UK Limited will receive approximately £75 million in cash. The Acquisition is subject to Nucleus shareholder and regulatory approvals, and other conditions precedent. Subject to satisfaction of these conditions, the Acquisition is expected to complete in the second quarter of 2021. Bellville 9 February 2021 Enquiries Sanlam Investor Relations Phone: +27 21 947 8455 E-mail: ir@sanlam.co.za Sponsor to Sanlam The Standard Bank of South Africa Limited 1 Date: 09-02-2021 09:20:00 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.