Press Release 27 January 2015 ,

UAP HOLDINGS AND STRATEGIC PARTNERSHIP

UAP Holdings Limited (UAP) has today announced that it has entered into a strategic partnership with Old Mutual plc (“Old Mutual”). This follows receipt of a notice of intention by Old Mutual Holdings Limited to increase its stake in UAP with a further acquisition of 37.33% of the issued shares of the Company held by the private equity investors - The Abraaj Group, AfricInvest and Swedfund, from the previous agreement to purchase 23.33% from Centum and Dr. Chris Kirubi.

On conclusion of the share transfer, Old Mutual will be the key strategic investor in UAP with 60.66% of the shareholding.

Strategic Rationale

UAP has grown from humble roots as a Kenyan General services provider in 1920, to a strong business franchise focusing on Insurance (general, life and medical insurance), Investment Management and Properties in 6 East and Central Africa countries - Kenya, , , , and Democratic Republic of Congo.

The strategic partnership with Old Mutual will ensure the acceleration of UAP’s vision of being Africa’s revolutionary group. The combined UAP and Old Mutual businesses in Kenya will be enhanced to include: Insurance, Investment Management, Properties, Banking and Securities Brokerage thus creating a strong operating platform to continue growing the business. The growth of the UAP business in new markets including Tanzania, Rwanda and DRC will also be enhanced to include all products and services under the combined UAP-Old Mutual brand.

The complementarity of two strong brands – UAP, a distinctive brand south of the Sahara and north of the Limpopo, and Old Mutual, a strong global brand and ’s leading insurance brand – will result in better value offering and strong future prospects for current and future clients by leveraging on the strengths of both organisations including: IT systems, distribution, wide range of products and services and strong leadership teams.

Dr Joe Wanjui, Chairman of UAP, said: “This is an exciting development for our business and for our clients. The combined strengths of Old Mutual and UAP will give our customers unrivalled access to a full suite of financial services. Our partnership with Old Mutual is aligned with our vision of creating a revolutionary African financial services company that delivers what customers want and where they need it.”

Anchor Shareholders

The anchor shareholders in the UAP Group: Dr. Joe Wanjui (through Bawan Limited) and Mr. James Muguiyi have been with the business for over three decades. They established a harmonious working relationship with the Private Equity investors, whose joint efforts have led to the emergence of the now successful UAP brand. Dr. Wanjui and Mr. Muguiyi will continue as anchor shareholders in the combined business with Old Mutual, a strong testament to their expectations of strong growth prospects in the strategic partnership.

The anchor and strategic shareholders are committed to building significant stakeholder value. Whilst shares are currently trading on the Over-The-Counter (OTC) market, the vision to list the Company on the stock exchange remains a core objective going forward.

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About UAP:

In Kenya, UAP has the third largest Property and Casualty (P&C) market share; the second largest Health Insurance business; a substantial property investment portfolio and a fast growing Life Insurance business. It has established diverse distribution networks including via brokers, an agency force, direct sales, bancassurance, digital, and via supermarkets.

In Uganda and South Sudan, UAP has the largest P&C market share as well as substantial property investment portfolios. UAP also has P&C businesses in Rwanda and Tanzania, the third largest Life Assurance business in Uganda and a brokerage business in DRC.

About Old Mutual:

Old Mutual provides investment, savings, insurance and banking services to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

Old Mutual Kenya also operates one of the best performing Unit Trust Funds in the region with funds under management of over KES 10 billion as well as the recently acquired securities trading company - Old Mutual Securities, which is a licensed by the Capital Markets Authority for the purpose of facilitating trade on the Nairobi Securities Exchange. It also acquired a 67% stake in Faulu Microfinance Bank to broaden its financial services product offering in line with its emerging markets vision of building an African Financial Services Champion.

Note to Editor: For further information, please contact: Catherine Obwino Group Marketing Manager Tel: +254 711 065 713 / +254 20 285 0713 Email: [email protected] Website: www.uap-group.com