OMLACSA- Credit Rating Change

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED
Registration number 1999/004643/06
JSE alpha code: OLDM
("OMLACSA")

CREDIT RATING ANNOUNCEMENT

Investors are advised that on 18 November 2025, S&P Global Ratings ("S&P") announced the
following rating actions following the upgrade of South Africa's sovereign credit ratings:
•   Old Mutual Limited's ("OML") national scale credit rating was raised to 'zaAA+/zaA-1+'
    from 'zaA+/zaA-1'.
•   OMLACSA's global scale rating was upgraded to 'BB+' from 'BB', with a positive outlook
    assigned.
•   The national scale rating on OMLACSA and its debt was affirmed.


These rating actions have also positively impacted OML, as guarantor of OMLACSA, as
detailed in a separate announcement.

S&P's credit rating announcement is available on its website at www.spglobal.com/ratings.


Sandton
19 November 2025

Debt Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank
Limited

Date: 19-11-2025 02:05:00
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