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Redemption of Sanlam Life Insurance Ltd Debt Instruments

13 July 2018

Sanlam Life Insurance Limited (‘the Issuer’) issued the SLI3 Notes (‘the Notes’) with a final maturity date of 15 August 2023 pursuant to the Programme Memorandum dated 8 August 2013.

The Notes are redeemable at the Issuer’s option on 15 August 2018 (‘Optional Redemption Date’) in accordance with condition 8.4 (Redemption at the Option of the Issuer) of the Terms and Conditions of the Notes (as read with the Applicable Pricing Supplement).

The Issuer’s Board of Directors approved the redemption of the Notes at the Optional Redemption Date after due consideration of the Issuer’s solvency position and optimal capital structure. A new issuance to replace the Notes is not currently under consideration.

In terms of condition 17 (Notices) of the Terms and Conditions of the Notes, notice is hereby given to Noteholders that the Issuer has exercised its right to early redeem the Notes on 15 August 2018. Payment of the optional redemption amount, together with applicable interest, will be effected on 15 August 2018.

The redemption amount and amount outstanding after the redemption are as follows:

Optional Redemption AmountAmount Outstanding After Capital Redemption
SLI3ZAR 1,160,000,000.00 ZAR 0.00

The optional redemption of the Notes has been approved by the Prudential Authority.

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