OLD MUTUAL LIMITED - BEE Certificate and Annual Compliance Report

BEE Certificate and Annual Compliance Report

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 09/19
29 March 2019

BEE CERTIFICATE AND ANNUAL COMPLIANCE REPORT

Shareholders are advised that the Company’s 2018 BEE certificate and the Annual
Compliance Report in terms of section 13G(2) of the Broad-Based Black Economic
Empowerment (“B-BBEE”) Amendment Act, No 46 of 2013, are available on the
Company’s website at: www.oldmutual.co.za/about-us/transformation/black-
empowerment/bee-certificates


Overall BBBEE status

Old Mutual has retained its Level 2 BBBEE status for the 10th consecutive year.


Deemed Black South African Economic interest in Old Mutual

The Old Mutual share register became more South African following the share-for-
share exchange between Old Mutual plc (“OM plc”) and Old Mutual Limited (“OML”)
and the subsequent listing of OML on the JSE. This shift towards a more South
African register had a positive impact on Old Mutual’s deemed South African Black
Ownership as measured in accordance with the Amended Financial Sector Code
(“Black Ownership”).

An industry wide process which involves the Association for Savings and
Investments South Africa (“ASISA”) and the Financial Services Transformation
Council (“FSTC”), constituted in terms of the Financial Sector Code with the
objectives of, inter alia, reviewing implementation guidelines and supporting
compliance, is underway to clarify the recognition of value distributed to BBBEE
shareholders through the unbundling of an asset.

As the consultation process is still on-going and in the absence of an agreed
approach with the FSTC, Old Mutual has excluded the value of assets distributed
to its BBBEE shareholders as part of the Managed Separation from its Black
Ownership disclosed in the OML BBBEE certificate dated 13 March 2019. This has
more than offset the positive impact of a more South African register resulting
in a net reduction in Old Mutual’ s Black Ownership from the 21.5% reported as
at 31 December 2017, to 19.5% reported as at 31 December 2018.
Old Mutual is of the view that value distributed to its BBBEE shareholders during
2018 as part of the Managed Separation should be appropriately recognised.

Should this process deliver a favourable outcome, Old Mutual will re-issue its
BBBEE certificate. In this instance its Black Ownership is expected to increase
to a level above 21.5%, reported as at 31 December 2017, but to remain below the
FSC target of 25%.


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


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

Notes to Editors

About Old Mutual Limited


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 17 countries. Old Mutual's primary operations are in South
Africa and the rest of Africa, and it has niche businesses in Latin America and
Asia. With over 170 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.

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