Shareholder Engagement Regarding Old Mutual’s Remuneration Policy and Remuneration Implementation Report Old Mutual Limited Incorporated in the Republic of South Africa Registration number: 2017/235138/06 ISIN: ZAE000255360 LEI: 213800MON84ZWWPQCN47 JSE Share Code: OMU MSE Share Code: OMU NSX Share Code: OMM ZSE Share Code: OMU ("Old Mutual" or “the Company”) Ref 31/19 26 July 2019 ENGAGEMENT WITH SHAREHOLDERS REGARDING OLD MUTUAL’S REMUNERATION POLICY AND REMUNERATION IMPLEMENTATION REPORT Shareholders of Old Mutual are referred to the results of annual general meeting announcement released on the Stock Exchange News Service on 24 May 2019 (“Announcement”). The non-binding advisory resolutions on the endorsement of the remuneration policy and remuneration implementation report, disclosed in the Announcement, did not achieve the requisite 75% majority of votes. In terms of the recommendations of the King IV Report on Corporate Governance for South Africa, 2016 and paragraph 3.84(k) of the JSE Limited Listings Requirements, an engagement with the dissenting shareholders is required. Old Mutual believes that remuneration must align with shareholder value creation and believes that the group’s key performance measures, including but not limited to Results from Operations, Net Client Cash Flow and Return on Net Asset Value, ensures that the link between pay and performance is direct. Consequently, Old Mutual invites dissenting shareholders to raise concerns or recommendations regarding the non-binding advisory resolutions directly with the chairman of the remuneration committee, Ms. Nombulelo Moholi, by making their written submissions to the Group Company Secretary, Elsabe Kirsten, using the following email address - AGM@oldmutual.com, by no later than 17:00 on Thursday, 8 August 2019 (“closing date”). For any other enquiries relating to the abovementioned resolutions, you may contact the Group Company Secretary via our Registrars on +27 (0)86 140 0010 (if calling from South Africa) or +27 (0)11 029 0251 (if calling from overseas). Subsequent to the closing date of the aforementioned submissions, the Company will provide feedback to the dissenting shareholders in a manner acceptable to the shareholders concerned. Sponsors Johannesburg Stock Merrill Lynch South Africa (Pty) Limited Exchange Namibia PSG Wealth Management (Namibia) (Proprietary) Limited Zimbabwe Imara Capital Zimbabwe plc Malawi Stockbrokers Malawi Limited Enquiries Investor Relations Sizwe Ndlovu T: +27 (0)11 217 1163 Head of Investor Relations E: tndlovu6@oldmutual.com Communications Tabby Tsengiwe T: +27 (11) 217 1953 Head of Communications M: +27 (0)60 547 4947 E: ttsengiwe@oldmutual.com Notes to Editors About Old Mutual Limited Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 14 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche business in Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent. For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com. Date: 26/07/2019 05:30:00 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.