OLD MUTUAL LIFE ASSURANCE CO SA LIMITED - Internal transfer of Nedbank Group Limited shares from OMLACSA to Old Mutual Emerging Markets Proprietary Limited

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED
Registration number 1999/004643/06
JSE alpha code: OLDM
('OMLACSA')


INTERNAL TRANSFER OF NEDBANK GROUP LIMITED ('NEDBANK') SHARES FROM OMLACSA TO OLD MUTUAL
EMERGING MARKETS PROPRIETARY LIMITED ('OMEM')


OMLACSA hereby notifies its debt investors that it intends to transfer 62 131 692 Nedbank ordinary shares
('Nedbank shares') internally to OMEM ('the Transaction'). OMLACSA and OMEM are both wholly owned
subsidiaries of Old Mutual Limited ('OML'). The Transaction is subject to receiving the necessary regulatory
approval and will result in greater capital efficiency for the group.


The Transaction will have no impact on the financial results and net assets of OML as this transaction does not
change the total number of Nedbank shares held by the Old Mutual group. In the separate financial statements
of OMLACSA, the Transaction will result in a reduction in the net asset value equivalent to the market value of
the Nedbank shares transferred to OMEM (at 30 June 2020, the market value of the Nedbank shares, based on
a share price of R101.55 per share, was c.R6,3 billion). The net asset value of OMLACSA will change further by
the recognition of deferred tax on the Nedbank shares that remain within OMLACSA.


At the end of June 2020, the solvency ratio was 182% for the OML group and 208% for OMLACSA. Post the
Transaction, the solvency ratios of Old Mutual group and OMLACSA are expected to remain comfortably within
the solvency target ranges. This demonstrates the capital strength and resilience of our balance sheet.


16 October 2020

Debt Sponsor: Nedbank CIB, a division of Nedbank Limited

Date: 16-10-2020 10:00:00

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