OLD MUTUAL LIMITED - S&P Global Ratings Credit Rating

S&P Global Ratings Credit Rating

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



Ref 18/20

6 May 2020


S&P GLOBAL RATINGS CREDIT RATING

On 29 April 2020, S&P Global Ratings (“S&PGR”) lowered its long-term foreign-
currency sovereign credit rating on the Republic of South Africa to ‘BB-’ from
‘BB’ and affirmed the ‘B’ short-term foreign-currency sovereign rating, with a
stable outlook. At the same time, the long-term local currency sovereign credit
rating for South Africa was lowered to ‘BB’ from ‘BB+’ and the ‘B’ short-term
local currency was affirmed, with a stable outlook. In addition, S&PGR maintained
the long-term South Africa national scale rating at ‘zaAAA’ and affirmed the
‘zaA-1+’ short-term national scale rating alongside a re-calibration of the
national scale rating.

Shareholders of Old Mutual (“Shareholders”) are referred to the Old Mutual Life
Assurance Company (South Africa) (“OMLACSA”) announcement released today, 6 May
2020 advising noteholders regarding the revised OMLACSA credit rating by S&PGR
as published on 4 May 2020.

Shareholders are further advised that S&PGR has affirmed the national scale
rating of Old Mutual at zaA+.

For commentary on detailed ratings, please refer to the S&PGR's press release on
their website:   www.standardandpoors.com.



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
Sizwe Ndlovu                 T: +27 (0)11 217 1163
Head of Investor Relations   E: tndlovu6@oldmutual.com


Tokelo Mulaudzi              T: +27 (0)11 217 1161
Investor Relations Manager   E: tmulaudzi3@oldmutual.com


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 we have a niche business in China. With 175
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: 06-05-2020 12:00:00
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