Santam Ltd. advised that Ms Dawn Marole, an independent non-executive director of Santam, recently informed the Board of her intention to retire from the Company's Board due to her long-standing tenure on the Board of Directors, on 30 September 2023. To this end, she will remain in her current role as the Chair of the Human Resources and Remuneration Committee and the Chair of the Social, Ethics and Sustainability Committee until 30 September 2023. The same principle applies to Dawn's membership on the Company's Nomination Committee, which would also continue until 30 September 2023.

Considering the imminent retirement of Dawn referred to herein, notice is further given to shareholders and noteholders that the following changes to the composition of the Board Committees listed below, would come into effect on 01 October 2023: Human Resources and Remuneration Committee Ms Lucia Swartz (an independent non-executive director of Santam and an existing member of the Human Resources and Remuneration Committee) was appointed as the Chair of the Human Resources and Remuneration Committee to succeed Dawn. Lucia is a senior human resources executive and a strategic business partner, with local and international experience in both large corporate and start­up operations. She has a proven record of accomplishment of successfully building and aligning people capabilities to the needs of the business.

She holds a BA degree in Psychology and Geography, a diploma in Human Resources Management and an Advanced Management Program qualification which she obtained from the Henley Business School (UK). Social, Ethics and Sustainability Committee Further to the aforementioned, shareholders and noteholders are also advised that Ms Caroline da Silva (an independent non-executive director of Santam and an existing member of the Social, Ethics and Sustainability Committee), had been appointed as the Chair of the Company's Social, Ethics and Sustainability Committee. Caroline was initially appointed to the Santam Board on 03 June 2021 and she is currently also amember of the Company's Risk Committee and the Human Resources and Remuneration Committee.

She holds a Bachelor of Arts degree and has more than 30 years' experience in the insurance industry. During her professional career, Caroline served in various executive roles at the Financial Services Board and the Financial Sector Conduct Authority between August 2013 and October 2020. Nominations Committee In response to Dawn's notice of retirement, Mr. Monwabisi Fandeso ("Monwabisi") has been appointed to succeed her as a member of the Nominations Committee.

Monwabisi (an independent non-executive director of Santam) was appointed to the Board on 15 January 2020 and holds a BSc (Hons) degree as well as an MBA from the Wharton School. He is currently also the Company's Lead Independent Director, the Chair of the Investment Committee and a member of the Risk Committee.