Appointment of Independent Non-Executive Directors

Old Mutual Limited

03 June 2026

 

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

MSE Share Code: OMU

NSX Share Code: OMM

ZSE Share Code: OMU

JSE Alpha Code: OMLI

("Old Mutual" or "the Company")

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03 June 2026

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTORS

In compliance with paragraph 6.71 of the JSE Limited ("JSE") Listings Requirements and paragraph 6.42 of the JSE Debt and Specialist Securities Listings Requirements, shareholders are advised of the following changes to the board of Old Mutual Limited ("Board").

The Board is pleased to announce the appointment of Dr Claudia Manning and Dr Phumla Mnganga as independent non-executive directors of the Company, with effect from 01 June 2026.

Dr Manning will serve as a member of the Responsible Business Committee (and its sub-committee, the Group Customer Committee) as well as the Remuneration Committee while Dr Mnganga will serve as a member of the Remuneration Committee and the Technology & Platforms Committee.

Old Mutual Board Chairman, Trevor Manuel, said:

"We are delighted to welcome Dr Manning and Dr Mnganga to the Board. Their combined knowledge and experience will further strengthen and renew the Board as Old Mutual enters its next phase of disciplined growth and value creation.

"Dr Manning brings more than 25 years' experience across investment, finance and economic development, as well as significant board and investment committee expertise. Her experience in capital allocation, fund management, development finance and sustainability will further strengthen the Board's oversight of long-term value creation and responsible business practices.

"Dr Mnganga brings extensive listed-company board and executive leadership experience across governance, organisational strategy, transformation and human capital management. Her background in investment holding and portfolio oversight, together with her track record in supporting business growth and sustainable transformation, will add valuable perspective to the Board.

"Together, their appointments enhance the Board's collective depth and capability across governance, investment and people-related priorities. They also reflect our commitment to a thoughtful and orderly process of Board renewal, ensuring Old Mutual maintains an appropriate balance of skills, experience, diversity and independence in support of sustainable value creation for all stakeholders."

Dr Claudia Manning

Dr Manning is a senior investment and development professional with expertise spanning finance, investment and economic development.

 Her governance experience includes previous roles as a non-executive director at JSE-listed Adcock Ingram and other leading financial institutions including, the Development Bank of Southern Africa ("DBSA") and the Public Investment Corporation ("PIC"), where she also served on investment committees. She currently serves as a non-executive director of Rothschild & Co South Africa and Chair of Mondi Zimele.

She is currently an Investment Principal at the SA SME Fund, focusing on fund investments, due diligence and portfolio management, including ESG and sustainability. She has also held senior executive roles, including Managing Director of DAI Southern Africa.

Dr Manning holds a Doctor of Philosophy and a Master of Philosophy from the University of Sussex, as well as a Bachelor of Arts (Honours) from the University of Natal.

Dr Phumla Mnganga

Dr Mnganga is an experienced business leader and non-executive director with extensive listed-company board experience. She currently serves on the boards of Altron, Adcorp and Exxaro, and has previously chaired Crookes Brothers South Africa and Novus Holdings, while also serving for many years on the board of The Spar Group.

Her executive career includes senior roles at Gold Circle Group, Tongaat-Hulett and Deloitte Consulting, with responsibilities spanning business transformation, organisational development, human capital management and stakeholder engagement. She is the founder of Lehumo Women's Investment Holdings, a women-owned investment company focused on infrastructure-related investments.

Dr Mnganga holds a PhD in Social Entrepreneurship from Wits Business School and a Master's in Business Leadership from the University of South Africa, together with qualifications in arts, education and psychology from the University of KwaZulu-Natal.

Board Renewal

Shareholders are reminded that, following the Company's incorporation in 2018 with a newly constituted Board, the majority of whose directors were appointed at that time, and in line with the Board's rotation policy as set out in the memorandum of incorporation of Old Mutual, the Board continues to implement a structured and phased approach to succession. This includes a staggered rotation of directors to give effect to tenure limits, support independence and effective shareholder oversight, and balance Board refreshment with continuity, institutional knowledge and sound governance.

Fit and proper statement

The Board has performed fit and proper assessments, in terms of sections 5.6 and 6.73 of the JSE Listings Requirements, of Dr Manning and Dr Mnganga, before they were appointed as directors and is satisfied with the outcome of the assessments. The assessments by the Board included an investigation into their backgrounds, including independent verifications of qualifications.

There are no positive statements to be made regarding the integrity information, as outlined in section 6.74 of the JSE Listings Requirements, on Dr Manning and Dr Mnganga.

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

Sandton

Sponsors

JSE equity sponsor: Tamela Holdings (Proprietary) Limited

JSE debt sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

NSX: PSG Wealth Management (Namibia) (Proprietary) Limited

ZSE: Imara Capital Zimbabwe plc

MSE: Stockbrokers Malawi Limited

Enquiries

Investor Relations

Langa Manqele

M: [phone]

E: [e-mail]

Communications

Wendy Tlou

M: [phone]

E: [e-mail]

About Old Mutual

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 12 countries. Old Mutual's primary operations are in Africa and it has a niche business in China. With over 181 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader society on the continent.

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

 

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