Portfolio Update

Ref 96/12

11 October 2012

US Asset Management completes the Repositioning of Its Portfolio

Old Mutual Asset Management (OMAM), the US-based global asset management business of Old Mutual plc, announced today that it has entered into definitive agreements to sell five of its US affiliates to their current senior management teams. The five affiliate asset managers are 2100 Xenon Group, 300 North Capital, Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors. These businesses had combined assets under management of $11.7 billion at 30 June 2012.

Terms of the transactions were not disclosed. The sales are expected to close in the fourth quarter of 2012, subject to customary closing conditions. These transactions are expected to improve OMAM's margin in 2013 and result in the return of over $100 million of seed funding to reinvest in the business.

OMAM intends to expand its business through strategic growth initiatives, driven by strong investment performance and targeted investments in new products, continued investment in global distribution and diversifying its asset classes and strategies.

"These transactions complete the transition of our existing portfolio, begun 18 months ago, and will enable us to focus our capital and distribution resources on our largest affiliates and those that are building strategies most highly aligned to our strategy", said Peter Bain, Chief Executive Officer of OMAM. "Our growth plan is grounded in creating a portfolio of diverse affiliates with institutionally-focused active strategies that can benefit from our global distribution capabilities."

"As OMAM's strategy has advanced, we believe these five firms are best positioned for continued growth as independent entities owned and managed by their employees. We value the partnerships we have had with these five firms and are pleased that we will have an economic interest in their continued success", said Steve Belgrad, Executive Vice President and Chief Financial Officer of OMAM.

Enquiries

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com