OLD MUTUAL LIMITED - Old Mutual Assigned Credit Ratings

Old Mutual Assigned Credit Ratings

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
MSE Share Code: OMU
NSX Share Code: OMM
ZSE Share Code: OMU
("Old Mutual" or the “Company”)

Ref 44/19
08 October 2019

OLD MUTUAL ASSIGNED CREDIT RATINGS

On 8 October 2019, S&P Global Ratings (“S&PGR”) assigned Old Mutual a long-term
South Africa National Scale issuer credit rating of ‘zaAA-‘ and a short-term
South Africa National Scale issuer credit rating of ‘zaA-1+’. These are Old
Mutual’s maiden ratings.

The ratings reflect the Old Mutual group’s overall creditworthiness and Old
Mutual’s structural subordination as a non-operating holding company. Old Mutual
Life Assurance Company (South Africa) Limited’s (“OMLACSA”) resilient balance
sheet and the sound regulatory solvency ratios of both the Old Mutual group and
OMLACSA are also reflected in the rating. As at the end of June 2019, OMLACSA
reported a solvency ratio of 218% and the Old Mutual group reported a solvency
ratio of 166%.

The    full    S&PGR    credit    rating       report   can   be    found     at
https://www.spglobal.com/ratings/en/.

Sandton

Sponsors

Johannesburg Stock            Merrill Lynch South Africa (Pty) Limited
Exchange
Namibia                       PSG Wealth Management (Namibia) (Proprietary)
                              Limited
Zimbabwe                      Imara Capital Zimbabwe plc
Malawi                        Stockbrokers Malawi Limited
Enquiries

Investor Relations
                             T: +27 (11) 217 1163
Sizwe Ndlovu
                             E: tndlovu6@oldmutual.com
Head of Investor Relations
Communications:
Tabby Tsengiwe               T: +27 (11) 217 1953
Head of Communications       M: +27 (0)60 547 4947
                             E: ttsengiwe@oldmutual.com

Notes to Editors
Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
markets segments in 14 countries. Old Mutual's primary operations are in South
Africa and the rest of Africa, and it has a niche business in China. With over
174 years of heritage across sub-Saharan Africa, we are a crucial part of the
communities we serve and broader society on the continent.

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

Date: 08/10/2019 05:45:00
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