TIDMOMU

RNS Number : 5253U

Old Mutual Limited

29 March 2019

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 10(th) 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 Exchange   Merrill Lynch South Africa (Pty) Limited 
 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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March 29, 2019 09:30 ET (13:30 GMT)

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