Old Mutual : OMLAC(SA)'s subordinated deferrable debt rating

Old Mutual plc

Ref 556/16

13 December 2016

RATING DOWNGRADE TO OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED'S SUBORDINATED DEFERRABLE DEBT ISSUANCE FOLLOWING THE SOVEREIGN DOWNGRADE

Old Mutual Life Assurance Company (South Africa) Limited's (OMLACSA) long-term and short-term South Africa national scale ratings were affirmed at 'zaAAA/zaA-1' while its South Africa national scale issue rating on the subordinated deferrable debt was lowered to 'zaAA-'from 'zaAA+'.These rating actions follow Standard and Poor's recent rating action on South Africa and are effective from December 12, 2016.

S&P published the full report on various rating actions taken on South Africa-based insurers and reinsurers. The report is available online at:www.standardandpoors.comand www.oldmutual.com

Enquiries

External communications

Patrick Bowes UK +44 20 7002 7440

Investor relations

Dominic Lagan UK +44 20 7002 7190

Sizwe Ndlovu SA +27 11 217 1163

Media

William Baldwin-Charles +44 20 7002 7133

+44 7834 524833

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to 18.9 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

Old Mutual has announced a strategy of managed separation, which will entail separating its four businesses into standalone entities. The four businesses are:

Old Mutual Emerging Markets: An African financial services leader, providing long-term savings, protection, investment and lending to retail and corporate customers

Nedbank: Old Mutual owns a 54% stake in Nedbank, one of South Africa's top four banks, providing wholesale and retail banking, insurance and asset management for individuals and businesses

Old Mutual Wealth: a leading wealth management business in the UK and international markets

OM Asset Management: Old Mutual owns 65.8% in the New York Stock Exchange listed OM Asset Management which offers a diverse range of investment strategies and products for institutions, delivered worldwide through seven US-based boutiques.

For the year ended 31 December 2015, Old Mutual reported an adjusted operating profit before tax of £1.7 billion and had £304 billion of funds under management. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website atwww.oldmutual.com