Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or “the Company”)


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30 May 2023


OLD MUTUAL SHARE REPURCHASE PROGRAMME

Shareholders are referred to Old Mutual’s Results announcement dated 14 March 2023, wherein the
company announced that Old Mutual Limited (“OML”) had earmarked a share repurchase
programme of between R1.0 billion to R1.5 billion (the "Repurchase Programme"). OML wishes to
further announce that the Repurchase Programme will commence on 30 May 2023 and continue
until the R1.5 billion maximum amount is reached.

The repurchase of OML shares will take place on the Johannesburg Stock Exchange (“JSE”) only and
will be implemented in terms of JSE Listing Requirements. The Repurchase Programme will be
implemented in accordance with the General Authority received by way of a shareholder resolution
passed at the AGM, held on 26 May 2023, allowing the Company to repurchase up to R1.5 billion,
limited to 3. 5% of the issued share capital of the Company for the financial year. OML has approval
from the Prudential Authority for the Repurchase Programme until the financial year end on 31
December 2023.

The OML Board believes that OML is trading at a discount to its intrinsic value and is of the view that
a share repurchase programme will deliver longer term incremental value to shareholders. The
management team remains committed to following a disciplined trading approach under the share
repurchase programme and will only repurchase shares to the extent that market conditions are
favourable. The purpose of the repurchase programme is to reduce the share capital of the Company.

The Repurchased Shares shall be cancelled as issued shares and will revert to authorised but unissued
share capital status.

This announcement is also available on the Old Mutual website at www.oldmutual.com.

Sandton

Sponsors

Johannesburg Stock                         Merrill Lynch South Africa (Pty) Limited ta BofA
Exchange                                   Securities
Malawi Stock Exchange                      Stockbrokers Malawi Limited
Namibia Stock Exchange                     PSG Wealth Management (Namibia) (Proprietary)
                                           Limited
Zimbabwe Stock Exchange                    Imara Capital Zimbabwe plc

Enquiries
Investor Relations
Bonga Mriga                                 M: +27 (0)67 866 6348
Interim Head of Investor Relations          E: bmriga@oldmutual.com

Communications
Vuyo Mtawa                                  M: +27 68 422 8125
Head of Group Communications                E: vmtawa@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 market segments in 14 countries. Old Mutual's
primary operations are in South Africa and the Africa Regions, and it has a niche business in Asia. With
over 177 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part of the communities
they serve and the broader society on the continent.

For further information on Old Mutual, and its underlying businesses, please visit the corporate
website at www.oldmutual.com.