Old Mutual : Tax Transparency Report 2022

TAX TRANSPARENCY REPORT 2022

For the year ended 31 December 2022

DO GREAT THINGS EVERY DAY

AT A GLANCE

About our report

Our reporting suite

TAX PHILOSOPHY AND STRATEGY

TAX GOVERNANCE AND RISK MANAGEMENT

STAKEHOLDER ENGAGEMENT

KEY TAX JUDGEMENTS AND RATIOS

SUPPLEMENTARY INFORMATION

Our Integrated Report is supplemented by a suite of online publications and information. These reports can be accessed on our corporate website. The Tax Transparency Report, when read in conjunction with the rest of the reporting suite, provides information targeted at meeting our diverse stakeholders' needs.

https://www.oldmutual.com/investor-relations/reporting-centre/reports

INTEGRATED	CORPORATE GOVERNANCE	REMUNERATION	SUSTAINABILITY	CLIMATE	TAX TRANSPARENCY	ANNUAL FINANCIAL
REPORT 2022	REPORT 2022	REPORT 2022	REPORT 2022	REPORT 2022	REPORT 2022	STATEMENTS
For the year ended 31 December	For the year ended 31 December	For the year ended 31 December	For the year ended 31 December	For the year ended 31 December	For the year ended 31 December	Consolidated and separate
For the year ended 31 December 2022
DO GREAT THINGS EVERY DAY	DO GREAT THINGS EVERY DAY	DO GREAT THINGS EVERY DAY	DO GREAT THINGS EVERY DAY	DO GREAT THINGS EVERY DAY	DO GREAT THINGS EVERY DAY	DO GREAT THINGS EVERY DAY
Integrated	Corporate	Remuneration	Sustainability	Climate Report	Tax Transparency	Annual Financial
Report	Governance Report	Report	Report		Report	Statements

Provides a succinct and balanced view of our value creation story. Our report shares our strategic journey to becoming our customers' first choice to sustain, grow and protect their prosperity. This report is primarily aimed at the providers of capital but will be of interest to all our stakeholders wishing to understand our unique value creation story.

Provides an overview of Old Mutual's approach to corporate governance. The report focuses on how we do business in accordance with sound governance practices, which are informed by the highest ethical standards, integrity, transparency and accountability. The report will be of interest to investors, regulators and analysts.

Reflects how our rewards purposefully align performance outcomes with shareholder interests, while balancing our need to be an attractive employer. The report will be of interest to investors, employees, regulators and analysts.

Is designed to reflect our sustainability journey, sharing insights into our understanding of, and approach to, managing the most significant environmental, social and governance issues and opportunities we face and will be of interest to a wide range of stakeholders.

Contains information relating to the Group's

climate-related activities,

policies, governance,

strategy and related disclosures. The information provided will help readers

assess Old Mutual's progress

in our climate adaptation

journey. This report is of interest to our broader stakeholders.

Concisely outlines our tax philosophy, communicates

how the tax strategy is

interconnected to the Group

strategy and demonstrates our commitment to being a responsible taxpayer.

This report is of interest to

regulators, investors and

analysts.

Contains information relating to the Group's financial position and performance which is useful in assessing the strength and risks associated with the Group. The consolidated and separate financial statements were audited in terms of the Companies Act, 71 of 2008 (as amended) (Companies Act). The report will be of interest to investors, analysts, regulators and other stakeholders.

Feedback

We value stakeholder feedback. Please share your experience of reading this report by contacting us.

Investor relations	Communications
Bonga Mriga	Vuyo Mtawa
T: [phone]	T: [phone]
E: investorrelations	E: oldmutualnews
@oldmutual.com	@oldmutual.com

Adomi Bridge, Ghana - Coordinates 7.9465° N, 1.0232° W

Application of the King IV principles statements

The application of the King Report on Corporate Governance™ for South Africa, 2016 (King IV)1 principles statement is a comprehensive index in our Corporate Governance Report,detailing the arrangements, processes and systems that are in place for governing and managing the various areas of the organisation, to achieve the required governance outcomes. It also confirms the application of the various principles of King IV as required by the JSE Listings Requirements.

Our design centres around the theme of Africa Connected. With a rich history, diverse cultures and latent possibilities - Africa is not only where we are, it is where we want to be. Our reporting suite design echoes this belief, highlighting the potential and power of a continent connected to bridge the gaps between people, and the power of networks to create, execute and deliver value to our stakeholders.

Throughout our reports, you will find succinct "did you know" stories that provide insight into how we are working to make a meaningful contribution towards our stakeholders and the continent we call home.

All images in our reporting suite were taken in the countries in which we operate.

1 Copyright and trademarks are owned by the Institute of Directors in South Africa, NPC and all its rights are reserved

AT A GLANCE

About our report continued

TAX PHILOSOPHY AND STRATEGY

TAX GOVERNANCE AND RISK MANAGEMENT

STAKEHOLDER ENGAGEMENT

KEY TAX JUDGEMENTS AND RATIOS

SUPPLEMENTARY INFORMATION

Approval

The Board acknowledges its responsibility for ensuring the integrity of this Tax Transparency Report and confirms that the report is presented in accordance with the Integrated Reporting Framework. The Board has considered the operating context, strategy and value creation model. This report addresses all issues that are material to or that could have a material effect on Old Mutual Limited's (Old Mutual or the Group) ability to create value.

In the Board's opinion, this report fairly presents the integrated performance of the Group. The Board confirms that the Group complies with the provisions of the South African Companies Act relating to its incorporation and is operating in conformity with its Memorandum of Incorporation. The Board approved this report on 13 April 2023 for release on 14 April 2023.

Materiality

We apply the principle of materiality in assessing which information to include in our Tax Transparency Report. This report focuses on the issues, opportunities and challenges that could materially impact Old Mutual Limited and our ability to consistently deliver value to our stakeholders in a sustainable manner.

Reporting scope and boundary

Forward-looking statement

This report contains certain forward- looking statements of Old Mutual Limited's plans and its current goals and expectations relating

to its future financial condition, performance and results and estimates of future cash flows and costs. Words such as "believe", "anticipate", "intend", "seek", "will",

List of Board members:

Independent Non-executive

Trevor Manuel (Chairman) Prof Brian Armstrong Albert Essien Olufunke Ighodaro Itumeleng Kgaboesele Jaco Langner

John Lister

Dr Sizeka Magwentshu-Rensburg Nosipho Molope

James Mwangi Nomkhita Nqweni Stewart van Graan

Non-executive

Thoko Mokgosi-Mwantembe Marshall Rapiya

Executive

Iain Williamson (Chief Executive Officer)

Casper Troskie (Chief Financial Officer)

Public Officer

Nazrien Kader

Reporting frameworks

• King IV
• United Nations Principles for Responsible Investment
• Guided by the Global Reporting Initiative's Sustainable Reporting Standard (GRI 207: Tax), as issued by the Global Sustainability Standards Board
• Guided by The B Team initiative of Responsible Tax Principles for business (a body founded by global business leaders to set the framework for good tax practice)
• Guided by JSE Sustainability Disclosure Guidance

This report covers the activities of the Group for the period 1 January 2022 to 31 December 2022. It provides an overview of our tax approach, philosophy, strategy and contributions from a tax perspective in the jurisdictions in which we have business operations.

Assurance

Combined reviews by management and internal audit were performed to ensure the accuracy of our reporting content, with the Board and its sub-committees providing an oversight role. This report has not been audited but contains certain information that has been extracted from the audited consolidated annual financial statements for the year ended 31 December 2022, on which an unmodified audit opinion has been expressed by the Group's joint independent external auditors, EY and Deloitte. Our Group internal audit provided limited assurance for non-financial information disclosures.

"could", "may", "project" and similar expressions are intended to identify such forward-looking statements but are not the exclusive means of identifying such statements.

By their nature, all forward-looking statements involve inherent risk and uncertainty because they are based on assumptions related to future events and circumstances which are beyond Old Mutual Limited Group's and its affiliates' control. These include economic and business conditions and market-related risks i.e., equity fluctuations, interest rates, inflation and deflation. These circumstances could arise from the impact of competition, legislation and the policies and actions of regulatory authorities and the timing and impact of any uncertain industry changes.

Strategic pillars	Our stakeholders	Six capitals	Risk
Old Mutual cares	Investors	FC	Financial	Top risks
Always present first	Customers	MC	Manufactured	Navigation
Rewarding digital	Communities	SC	Social and relationship
engagement
Engaged employees	Revenue authorities	HC	Human	More information available online
Solutions that lead	Employees/Intermediaries	IC	Intellectual	Information within this document
	Industry	NC	Natural	Other reports within the reporting suite

Any forward-looking information contained in this report was not reviewed and reported on by Old Mutual Limited's external auditors. The Old Mutual Limited Group and its affiliates undertake no obligation to update the forward-looking statements contained in this report and other related supplementary reports or any other forward-looking statements it may make. Nothing in this report shall constitute an offer to sell or solicitation of an offer to buy securities.

Tax Transparency Report 2022		2

AT A GLANCE

TAX PHILOSOPHY AND STRATEGY

TAX GOVERNANCE AND RISK MANAGEMENT

STAKEHOLDER ENGAGEMENT

KEY TAX JUDGEMENTS AND RATIOS

SUPPLEMENTARY INFORMATION

CONTENTS

Messages from our leadership	4
Casper Troskie (Chief Financial Officer) and
Nazrien Kader (Group Head of Tax)
At a glance	5
A dashboard of our tax contributions and our lens on
the impact of our tax contributions
Tax philosophy and strategy	7
An overview of our tax strategy and its alignment to
the overall Old Mutual Group strategy
Tax governance and risk management	10
Our approach to tax governance and risk
management
Stakeholder engagement	12
Our commitments to our various stakeholders
Key tax judgements and ratios	14
Insights into our key tax judgements, including
actuarial judgements inherent in the tax process, an
overview of the key drivers of our effective tax rates
and a three-year tax trend analysis
Supplementary information	19
An overview of our key tax statistics, the lines of
business per region and an overview of tax
developments internationally and locally

Mutual Place, Johannesburg, South Africa - Coordinates 26.1068° S, 28.0580° E

Tax Transparency Report 2022

3

- PwC Building Public Trust through Tax Reporting, 7 March 2023

		TAX PHILOSOPHY
AT A GLANCE		AND STRATEGY

Messages from our leadership

TAX GOVERNANCE
AND RISK		STAKEHOLDER
MANAGEMENT		ENGAGEMENT

KEY TAX
JUDGEMENTS	SUPPLEMENTARY
AND RATIOS	INFORMATION

Casper Troskie

Chief Financial Officer

"In 2022, Old Mutual contributed R14.7 billion in taxes to the jurisdictions in which we have business operations."

In line with our pledge to significantly contribute to improving the lives of our customers and their communities while ensuring a sustainable future for our business and communities, Old Mutual was among the first companies to sign up to the World Economic Forum's initiative to develop common metrics and consistent reporting for sustainable development. One important element of this initiative includes transparency in tax reporting.

We proudly present our third annual Tax Transparency Report, which forms an integral part of the 2022 Old Mutual Integrated Reporting Suite. As a socially responsible citizen, we understand the deep impact our operations and the taxes we pay have on the prosperity

of the countries and communities we serve. Old Mutual strives to pay our equitable share of taxes on time, in every country in which we operate. In 2022, Old Mutual contributed

R14.7 billion in taxes to the jurisdictions

in which we have business operations. Our 2022 Tax Transparency Report seeks to provide further context and a deeper narrative around the taxes we pay in line with our so-called victory condition.

Our belief is that tax transparency is the foundation on which to build trust. Our 2022 Tax Transparency Report is our way of communicating the steps we have taken to create shared value for our investors, employees, customers and their families and communities.

"The judging panel identified Old Mutual as (one of the) companies that is consistently providing value-added,high-quality tax disclosure."

Nazrien Kader

Group Head of Tax

"We are fully committed to a zero-tolerance approach to tax evasion. We steer away from aggressive tax structures and exploitation of ambiguity."

As a values-led business, we are delighted to present our 2022 Tax Transparency Report. This is aligned to our commitment to delivering on our social contract as a signatory to the United Nations Global Compact. Our report follows a similar structure to previous years and seeks to raise the bar further by providing additional insights into the actions we have taken to implement best practice in the areas of tax risk management, tax strategy, tax compliance and reporting.

We see our report as a powerful signal of our intent by voluntarily publishing details of our tax contributions and

a simple narrative explaining our tax position. We are aligning closely with our purpose and strategy, as well as our support for the United Nations agenda on Sustainable Development Goals. Our ambitions do not end there.

As one of the largest taxpayers in every country in which we conduct business on the continent of Africa, we believe it is important for us to continually lead the conversation on tax transparency. As one of the early adopters of Tax Transparency Reporting in Africa, we were proudly recognised by PricewaterhouseCoopers Inc (PwC) for two years running in their publication "Building Public Trust through Tax Reporting" - as being among the leading financial services organisations in South Africa, on tax transparency.

We are committed to build trusting, respectful relationships with Revenue Authorities. In this vein, we proactively engaged with Revenue Authorities on major transactions concluded during the 2022 year. In particular, we voluntarily engaged with the South African Revenue Service (SARS), to provide the context

and the tax consequences for the parties, ahead of Old Mutual's Bula Tsela black economic empowerment transaction.

We are fully committed to a zero- tolerance approach to tax evasion. We steer away from aggressive tax structures and exploitation of ambiguity.

As Old Mutual's business environment evolves, its tax function is also transforming and adapting to new developments (e.g. the implementation of International Financial Reporting Standard (IFRS) 17 Insurance Contracts, the global minimum tax regime, new tax legislation, etc). We strive to be more agile to produce the right information, at the right time for the right stakeholders through the adoption of new technology, improved processes and highly skilled people. Our Tax Transparency Report is our testimony to that.

Tax Transparency Report 2022		4