Shareholder FAQs. 2. Why is Old Mutual plc pursuing the Managed Separation strategy?

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1 Shareholder FAQs This Shareholder FAQ document contains certain frequently asked questions and answers regarding managed separation which are relevant to Old Mutual plc shareholders. Old Mutual plc shareholders will receive a pack of documents in the post which will include a circular, an explanatory brochure, forms of proxy, and voting instruction forms (the Shareholder Packs ). Old Mutual plc shareholders should read their Shareholder Packs carefully and follow the instructions contained therein, including how to vote. This Shareholder FAQ document should not be regarded or used as a supplement, substitute or summary for any of the information contained in the Shareholder Packs. If you are in any doubt about what action you should take, you should consult a legal adviser, a duly authorised independent financial adviser or a tax adviser for legal, financial or tax advice. 1. What is Managed Separation? The Old Mutual plc board has proposed making significant changes to the Old Mutual group that the Old Mutual plc Board believes will be in the best long-term interests of its shareholders and stakeholders. This strategy for the Old Mutual group is called Managed Separation, and, once completed, will result in the separation of the Old Mutual group s four businesses into standalone businesses. The four businesses are: Quilter plc: the wealth management business focused principally in the affluent market segment in the UK (previously called Old Mutual Wealth); Old Mutual Limited: the sub-saharan Africa financial services business (which you may know as Old Mutual Emerging Markets); Nedbank: the fourth largest bank in South Africa; and OM Asset Management (OMAM): the US-based institutionally focused, multi-boutique asset management business. Quilter plc and Old Mutual Limited: If the proposals to finalise the remaining steps of the Managed Separation are completed, Old Mutual Limited and Quilter plc will be separated and listed on, the London Stock Exchange and Johannesburg Stock Exchange (amongst other exchanges for Old Mutual Limited). At the same time, Old Mutual plc will be delisted from the stock exchanges where it currently trades. Old Mutual plc will become owned by Old Mutual Limited and Old Mutual plc s London-based head office will be wound down. OMAM: Which is already listed in the United States, was sold by Old Mutual plc via a series of transactions during 2016 and Nedbank: Nedbank is already listed on the Johannesburg Stock Exchange and the Old Mutual group owns approximately 52% of the share capital of Nedbank. Approximately six months after the listing of Old Mutual Limited, it is intended that Old Mutual Limited will distribute around 32% of the shares it holds in Nedbank (and will, in any event, distribute at least 30% of such Nedbank shares) to Old Mutual Limited shareholders on the register at the relevant record time. More details will be provided closer to the time, but it is anticipated that Old Mutual Limited shareholders will receive shares in Nedbank should they retain their Old Mutual Limited shares. The calculation of Nedbank shares received will depend on the number of shares that Old Mutual Limited hold in Old Mutual Limited at the relevant record time. 2. Why is Old Mutual plc pursuing the Managed Separation strategy? Managed Separation is Old Mutual plc s strategy to separate its underlying businesses and seek to unlock value currently trapped within its group structure. Old Mutual believes it is in the best long-term interests of the shareholders and stakeholders of Old Mutual plc, and believes that the individual businesses will be better 1 P age

2 placed for growth and for creating value for shareholders after the completion of the Managed Separation. 3. As an Old Mutual plc shareholder, do I need to do anything? The proposals to finalise the Managed Separation require, amongst other things, the approval of Old Mutual plc shareholders and the UK Court. That means that Old Mutual plc shareholders need to vote on Managed Separation to make it happen. In particular, the approval of Old Mutual plc shareholders of certain steps to be undertaken by Old Mutual plc in connection with the proposals to finalise the Managed Separation will be sought at a general meeting of Old Mutual plc shareholders to be held at a.m. on 25 May 2018 and also at two separate shareholder meetings convened with the permission of the UK Court to be held at a.m. and a.m., respectively, on 25 May You should read the full Shareholder Pack, and then complete and return the correct forms as instructed in the Shareholder Pack. 4. As an Old Mutual plc shareholder, what will happen to my shares? If the proposals to finalise the Managed Separation are approved, for every three Old Mutual plc shares held, Old Mutual plc shareholders will receive: one ordinary share in Quilter plc; and three ordinary shares in Old Mutual Limited and they will no longer hold any shares in Old Mutual plc. If the number of Old Mutual plc shares you own is not divisible by three, a fraction of a Quilter plc share will arise. How you hold your Quilter shares will determine how that fraction will be dealt with. 5. As an Old Mutual policyholder, what will happen to my policies? Managed Separation only affects Old Mutual plc shareholders. It will not impact on your policies or investments held with the Old Mutual plc. Old Mutual plc are not giving shares to policyholders. 6. How will the proposed managed separation impact Old Mutual s operations in South Africa and Africa? As part of the Managed Separation strategy, the South African based, African focused insurance, savings and asset management business (what you may know as Old Mutual Emerging Markets) will become an independently listed business. This entity will be called Old Mutual Limited, and, upon listing, it will also hold the Old Mutual group's 52% shareholding in Nedbank. Old Mutual Limited will have its primary listing on the Johannesburg Stock Exchange, a standard listing on the London Stock Exchange and secondary listings on the Malawi Stock Exchange, the Namibia Stock Exchange and the Zimbabwe Stock Exhcange. Nedbank is already listed on the Johannesburg Stock Exchange and the Old Mutual group owns approximately 52% of the share capital of Nedbank. Approximately six months after the listing of Old Mutual Limited, it is intended that Old Mutual Limited will distribute around 32% of the shares it holds in Nedbank (and will, in any event, distribute at least 30% of such Nedbank shares) to Old Mutual Limited shareholders on the

3 register at the relevant record time. More details will be provided closer to the time, but it is anticipated that Old Mutual Limited shareholders will receive shares in Nedbank should they retain their Old Mutual Limited shares. The calculation of Nedbank shares received will depend on the number of shares that Old Mutual Limited shareholders hold in Old Mutual Limited at the relevant record time. 7. What does Managed Separation mean for Old Mutual s relationship with Nedbank? Nedbank and Old Mutual plc have a long history as commercial partners, and this will continue, with no impact on ongoing collaboration between the two companies. Nedbank is already an independently listed company, of which Old Mutual plc indirectly owns a 52% stake. 8. What will happen to Old Mutual plc? If the proposals to finalise the remaining steps of the Managed Separation are completed, Old Mutual Limited and Quilter plc will be separated and listed on the London Stock Exchange and Johannesburg Stock Exchange (amongst other exchanges for Old Mutual Limited). Old Mutual plc will then be delisted from the stock exchanges where it currently trades. Old Mutual plc will become owned by Old Mutual Limited and Old Mutual plc s London-based head office will be wound down. 9. What are the key dates for the Managed Separation? Please see the Expected Timetable of Principal Events in Part III of the circular contained in the Shareholder Pack. 10.I have an Old Mutual plc share certificate do I need to return it? No, there is no need to return your Old Mutual plc share certificates. Share certificates for existing Old Mutual plc shares will no longer be valid upon completion of the Managed Separation and thereafter they can be destroyed. 11.Can I still sell my shares in Old Mutual plc? The latest date for dealing in shares in Old Mutual plc that are registered on the Malawian branch register of Old Mutual plc is expected to be 14 June The latest for dealing in shares in Old Mutual plc registered on the UK register of members, the South African branch register, the Zimbabwean branch register and the Namibian section of the UK register of members of Old Mutual plc is expected to be 22 June Old Mutual plc shares can be traded up until this time. 12.Can I elect to have shares in just one of the companies rather than both? No. The schemes of arrangement proposed in relation to Old Mutual plc will have the effect that every Old Mutual plc shareholder will receive three Old Mutual Limited shares and one Quilter plc share for every three

4 Old Mutual plc shares that they hold. Once the shares in Old Mutual Limited and Quilter plc have been listed, you will be able to trade your shares in both companies. 13.I think I have shares in Old Mutual plc How can I check? Please contact the appropriate registrar for the country you live in and they will be able to help you. Please see question 18 below for further information. 14.What currency will the dividends from each of the companies be paid in? Old Mutual Limited dividends will be declared in Rand and paid in the local currency of the jurisdiction of the stock exchange on which your Old Mutual Limited shares are listed. Quilter plc dividends will be declared in pounds sterling and paid in the local currency of the jurisdiction of the stock exchange on which your Quilter plc shares are listed. 15.Can I elect to have my Quilter plc dividends paid in pounds sterling even if I do not live in the UK? No. Quilter plc dividends will be declared in pounds sterling and paid in Rand if you hold your Quilter plc shares on the Johannesburg Stock Exchange. 16.What do I do if I am a participant in any of the Old Mutual plc share plans or Quilter plc share plans? If you are a participant in any of the Old Mutual plc share plans or existing Quilter plc share plans, you will be sent a separate letter explaining the implications of the Managed Separation for your options and awards and what action, if any, you need to take. If you are in any doubt about what action you should take, you should consult a legal adviser, a duly authorised independent financial adviser or a tax adviser for legal, financial or tax advice. 17.What happens next? You should read the Shareholder Pack in full before making any decision on how to vote. The Shareholder Pack sets out the advantages, disadvantages and risks of the proposals to finalise the Managed Separation.

5 18.Who can I talk to for more information? If you have any questions relating to this document, the free share dealing service or the completion and return of the forms of proxy or the voting instruction forms, please contact the registrar of the share register on which your Old Mutual plc shares are held, using the following contact details: UNITED KINGDOM SOUTH AFRICA MALAWI NAMIBIA ZIMBABWE Equiniti Limited on telephone number: (if calling from the UK) or (if calling from overseas) Link Market Services South Africa Proprietary Limited on telephone number: +27 (0) (if calling from South Africa) or +27 (0) (if calling from overseas) oldmutualenquiries@linkmarketservices.co.za National Bank of Malawi on telephone number: +265 (0) /0054 nbminvestment@nedbankmw.com Transfer Secretaries (Proprietary) Ltd on telephone number: +264 (0) ts@nsx.com.na Corpserve Registrars (Private) Limited on telephone number: +263(0) /61 corpserve@escrowgroup.org In order for the registrar to assist you with your query, please have your Shareholder Reference Number when calling. Lines are open Mondays to Fridays from 8.30 a.m. to 5.30 p.m. (local time) for the Equiniti Limited and from 8.00 a.m. to 4.30 p.m. (local time) for all other registrars, except on public holidays. Please note that, for legal reasons, the registrars cannot provide advice on the merits of the managed separation nor give any legal, tax or financial advice. If you are in any doubt about what action you should take, you should consult a legal adviser, a duly authorised independent financial adviser or a tax adviser for legal, financial or tax advice.