The Directors will target full year ordinary dividends that are covered by Adjusted Headline Earnings between 1.50 and 2.00 times. The Directors will target an interim dividend at a level of 40% of the current year interim Adjusted Headline Earnings. Any dividends will take into account the Company’s underlying cash generation, fungibility of earnings, targeted liquidity and solvency levels, business strategy needs and market conditions at the time. Given the profile of earnings and above considerations, it is anticipated that the dividend cover may vary between reporting periods and dividends will be set using the full flexibility of the range.

The Company will declare dividends in South African Rand (ZAR). Conversion rates for non-South African Shareholders will be communicated before dividends are paid. The Company may revise its dividend policy from time to time.

Dividend Tax Considerations

South Africa levies a 20% dividend withholding tax on dividends paid to shareholders unless they are exempt from dividend tax.

Shareholders that are tax resident in jurisdictions other than South Africa may qualify for a reduced rate under a double taxation agreement with South Africa.

To apply for this reduced rate, non-SA taxpayers should complete and submit a declaration form to the respective registrars for the jurisdiction on which register you hold the relevant shares. View details of the registrars on our Shareholders Centre page. Please do not send the forms to Old Mutual.

For any queries relating to your dividend tax please consult a financial adviser.

Dividend tax declaration form