Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
JSE Alpha Code: OMLI
("Old Mutual" or “Company” or “Group”)


11 August 2022


OLD MUTUAL TRADING STATEMENT FOR THE PERIOD ENDED 30 JUNE 2022

Investors are advised that Old Mutual is currently in the process of finalising its interim results
for the period ended 30 June 2022 ("current period"), which will be released on the Stock
Exchange News Service of the JSE Limited on Tuesday, 30 August 2022. This trading statement
provides an indication of a range for headline earnings per ordinary share (HEPS) and earnings
attributable to equity holders of the Group per ordinary share (EPS) in terms of paragraph 3.4(b)
of the JSE Limited Listings Requirements compared to the period ended 30 June 2021
("comparative period").

Investors are advised that the Group’s key profit measures are expected to be within the ranges
outlined below:

                                                                                   Unaudited
                                                                                results for six
                                                                                      months
  Key Performance Indicators                  Estimated            Estimated           ended
  (R million unless stated otherwise)          % change        30 June 2022      30 June 2021
  Results from Operations (RFO)                77% - 97%         3 878 – 4 316            2 190
  Adjusted Headline Earnings (AHE)             (17%) – 3%       2 400 – 2 980            2 899
  AHEPS (cents)¹                               (17%) – 3%           52.9 – 65.6            63.4
1
  AHEPS defined as AHE divided by the weighted average number of ordinary shares (WANS)
adjusted to reflect the Group's B-BBEE shares and shares held in policyholder and consolidated
investment funds.

Investors are reminded that in H1 2021 AHE included the equity accounted earnings from our
strategic equity investment in Nedbank which was unbundled in November 2021. The 12.2%
stake in Nedbank that was distributed contributed R646 million of the R2 899 million of AHE in
the comparative period.

HEPS and Basic EPS are expected to fall within the ranges outlined below:

                                                                                          Unaudited
                                                                                       results for six
                                                                                             months
 Key Performance Indicators                      Estimated            Estimated               ended
 (R million unless stated otherwise)             % change          30 June 2022         30 June 2021
 IFRS profit after tax attributable to
                                                  65% - 85%         4 924 – 5 520               2 984
 equity holders of the parent
 Basic EPS (cents)                                64% - 84%            111.3 – 124.9             67.8
 Headline Earnings                                53% - 73%         4 824 – 5 455                3 155
 HEPS (cents)                                     52% - 72%           109.1 – 123.4               71.7
Headline earnings is higher than AHE, as AHE excludes earnings from operations in Zimbabwe,
adjustments in respect of equity and debt instruments held in life funds as well as the impact
of restructuring. The movement between Headline Earnings and AHE was primarily driven by
the deferred tax associated with the unbundling of Nedbank in the comparative period as well
as an increase in respect of equity and debt instruments held in life funds.

The financial information in this trading statement is the responsibility of the Old Mutual
Limited Board of Directors and has not been reviewed or reported on by the Group’s external
auditors.


Sandton

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

Enquiries
 Investor Relations
 Sizwe Ndlovu                      T: +27 (0)11 217 1163
 Head of Investor Relations        E: tndlovu6@oldmutual.com

 Communications
 Vuyo Mtawa                        M: +27 68 422 8125
 Head: Group Communications        E: VMtawa@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 market segments in
14 countries. Old Mutual's primary operations are in South Africa and the Rest of Africa and it
has a niche business in Asia. With over 177 years of heritage across sub-Saharan Africa, Old
Mutual is a crucial part of the communities they serve and the broader society on the continent.

For further information on Old Mutual and its underlying businesses, please visit the corporate
website at www.oldmutual.com.