ZURICH INSURANCE COMPANY S A LTD - Detailed cautionary announcement

Detailed cautionary announcement

Zurich Insurance Company South Africa Limited
(Incorporated in the Republic of South Africa)
Registration number 1965/006764/06
ISIN: ZAE000094496
JSE Code: ZSA
("Zurich" or "the Company")

DETAILED CAUTIONARY ANNOUNCEMENT

Shareholders are advised that the Company’s majority shareholder, SA Firehouse Limited, a wholly owned
subsidiary company of the ultimate holding company Zurich Insurance Group Limited, intends to make an
offer to all minority shareholders, at a price of R240 per share, to acquire their shares by means of a
scheme of arrangement in accordance with the Companies Act, No. 71 of 2008 ("the Offer"). The Company
has received irrevocable undertakings from three shareholders, representing over 75% of the minority
shareholders, that they will support the Offer.

Accordingly, shareholders are advised to exercise caution when dealing in the Company’s shares until a
further announcement is made.

Johannesburg
30 June 2015

Merchant Bank and Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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