NEW CREDIT RATING AGENCY OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED (Registration number 1999/004643/06) NEW CREDIT RATING AGENCY Old Mutual Life Assurance Company (South Africa) Limited “(OMLAC(SA))” advised note-holders on 19 January 2016 of the extended validity period to 30 April 2016 relating to the ratings assigned to OMLAC(SA) by Fitch Ratings. OMLAC(SA) would like to advise that they have appointed Standard and Poor’s (S&P) as their new credit rating agency. S&P has today published the full rating report on OMLAC(SA)which is online at: www.standardandpoors.com and www.oldmutual. Com. As per S&P’s report, the ratings reflect OMLAC(SA)’s strong positioning in the South African life insurance market, as demonstrated by its leading positions in diversified product segments and its diversified sales forces. Other credit strengths include OMLAC(SA)’s resilient balance sheet, resulting from prudent capital and reserve buffer policies. S&P has therefore assigned OMLAC(SA) a ‘zaAAA’ long-term South African national scale counterparty credit rating and a ‘zaAA+’ South African national scale issue rating to the 10 subordinated note issuances under the South African (ZAR) 10 billion medium-term note program. Johannesburg 26 April 2016 Debt Sponsor Nedbank CIB Date: 26/04/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.