April 2020
Suspension of fungibility of Old Mutual Limited Shares on the Zimbabwe Stock Exchange

Shareholders holding Old Mutual shares on the Zimbabwe Stock Exchange ("ZSE") are advised that on 15 March 2020, the Zimbabwe Minister of Finance issued the Exchange Control (Suspension of Fungibility of Certain Shares) Order, 2020 [Government Notice 583 of 2020] ("the Fungibility Suspension Order").

The Fungibility Suspension Order suspends every exchange control authority, directive or order granted by any exchange control authority allowing the fungibility of the Company"s shares listed on the Zimbabwe Stock Exchange until 12 March 2021. It does not affect transactions conducted on the ZSE on or before 13 March 2020 and in respect of which settlement was due by 18 March 2020.

The Company's understanding is that the shares listed on the ZSE remain tradable subject to the limitations introduced by the Fungibility Suspension Order and the Securities and Exchange Commission of Zimbabwe's related audit of transactions. This may have a material effect on the price of the Company's securities traded on the Zimbabwe Stock Exchange.

Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities on the ZSE until a further announcement is made as may be necessary.