Trading Statement – for the year ended 31 December 2023 SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 LEI: 37890092DC55C7D94B35 JSE Share Code: SNT & ISIN ZAE000093779 NSX Share Code: SNM A2X Share Code: SNT Bond company code: BISAN ("Santam" or the "Group") TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2023 Shareholders and noteholders are hereby advised that Santam is currently compiling its annual financial results for the year ended 31 December 2023. This trading statement provides guidance for headline earnings per ordinary share ("HEPS") and earnings per ordinary share ("EPS") attributable to equity holders of Santam in terms of paragraph 3.4(b) of the JSE Limited Listings Requirements. Shareholders and noteholders are advised that Santam expects its HEPS and EPS for the year ended 31 December 2023 to fall within the following ranges: Year to Year to Year to 31 December 2023 31 December 2023 31 December 2022(1) Expected increase Expected range Prior year on comparative year % Cents per share Cents per share HEPS 17% to 37% 2 126 to 2 489 1 817 EPS 55% to 75% 2 799 to 3 161 1 806 The increase in HEPS is mostly attributable to improved investment returns earned during 2023. Strong returns on local and foreign money-market and fixed-interest portfolios were key contributors to the excellent investment performance, supported by foreign currency gains following a weaker rand exchange rate. The net underwriting margin is expected to be below the long-term target range of 5% to 10% of net earned premiums(2), impacted by adverse weather conditions, exposure to the Türkiye earthquakes, run-off losses in respect of cancelled loss-making business and large fire claims. This was offset to some extent by a final release of COVID-19 related contingent business interruption claims provisions. In addition to the factors impacting the growth in HEPS, EPS also benefited from profit realised on the disposal of the Group's interest in SAN JV. Satisfactory gross written premium growth is expected. The Group's economic capital position is expected to be well within the target range of 145% to 165%. The financial information on which this trading statement is based has not been reviewed or reported on by Santam's external auditors. Santam will release its audited results for the year ended 31 December 2023 on or about 29 February 2024. (1) Comparative information for the year ended 31 December 2022 have been restated for the adoption of IFRS 17 Insurance Contracts. (2) Net earned premiums as defined in the segmental information disclosed in the Group's 2023 Interim Results. CAPE TOWN 13 February 2024 Sponsor: Investec Bank Limited Debt Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited) Date: 13-02-2024 04:00:00 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.