Ratings Revised OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED Registration number 1999/004643/06 ALPHA CODE/BOLDM OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED’S LONG- TERM NATIONAL SCALE RATING AND SUBORDINATED DEFERRABLE DEBT ISSUANCE REVISED FOLLOWING STANDARD AND POOR’S CRITERIA UPDATE Old Mutual Life Assurance Company (South Africa) Limited’s (OMLACSA) long-term South African national scale rating was revised to ‘zaAAA’ from ‘zAA-’, while its short-term rating was revised to ‘zaA-1+1 from ‘zaA-1’. At the same time, its long- term South Africa national scale issue rating on the subordinated deferrable debt was revised to ‘zaAA’ from ‘zaA‘. These ratings are effective from August 7, 2017. These rating actions follow the revision of Standard and Poor’s national scale ratings on South African insurers that were labelled as under criteria observation (UCO) on July 27, 2017, after recalibrating its national scale mapping table for South Africa. At the same time, Standard and Poor’s removed the UCO identifier on these ratings. These rating actions do not reflect any change in the rating agency’s view of the fundamental credit quality of OMLACSA or its debt issues. S&P published the new mapping table for South Africa and the full report on various rating actions taken on South Africa— based insurers and reinsurers. The report is available online at: www.standardandpoors.com and www.oldmutualplc.com Johannesburg 10 August 2017 Debt Sponsor Nedbank CIB Date: 10/08/2017 01:45:00 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.