OLD MUTUAL PLC - Old Mutual Sells Stake in Kotak Mahindra Old Mutual Life Insurance Limited

Old Mutual Sells Stake in Kotak Mahindra Old Mutual Life Insurance Limited

   OLD MUTUAL PLC
   ISIN CODE: GB00B77J0862
   JSE SHARE CODE: OML
   NSX SHARE CODE: OLM
   ISSUER CODE: OLOMOL
   Old Mutual plc

   Ref 86/17
   27 April 2017


   OLD MUTUAL SELLS STAKE IN KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE
   LIMITED

   Old Mutual plc (“Old Mutual”) today announces that it has agreed to sell its 26% stake in Kotak Mahindra
   Old Mutual Life Insurance Limited to its joint venture partner Kotak Mahindra Bank Limited.

   The gross cash consideration for the transaction, before tax, is INR 12,927 million (£156 million
   equivalent1). The net consideration is expected to be approximately INR 11,700 million (£141 million
   equivalent1). The transaction is subject to Indian regulatory approvals and is expected to complete in
   the second half of 2017. As at 31 December 2016, the carrying value in Old Mutual’s consolidated
   financial statements of its stake in the joint venture was £45 million.

   The conclusion of the transaction will also terminate the joint venture arrangement, including the
   respective put and call option arrangements between the parties relating to a 23% stake in the joint
   venture.

   Old Mutual will use the proceeds from the transaction for general corporate purposes. Rothschild acted
   as financial adviser to Old Mutual in connection with the transaction.

   1 Based on the spot exchange rate on 27 April 2017.


   Enquiries
   External communications
   Patrick Bowes                                         +44 20 7002 7440
   Investor relations
   Dominic Lagan                                         +44 20 7002 7190

   Media
   William Baldwin-Charles                               +44 20 7002 7133
                                                         +44 7834 524833
   Sponsor:
   Merrill Lynch South Africa (Pty) Ltd

   Joint Sponsor:
   Nedbank Corporate and Investment Banking

       Notes to Editors
       Old Mutual provides investment, savings, insurance and banking services to 19.4 million customers in Africa, the
       Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and
       Johannesburg Stock Exchanges, among others, since 1999.
       Old Mutual is executing its strategy of managed separation, which will entail separating its four businesses into
       standalone entities. The four businesses are:

       Old Mutual Emerging Markets: an attractive business with a dominant position in South Africa, well-placed to
       capitalise on sub-Saharan African growth as a diversified financial services provider with strong operations in key
       East and West African markets.

       Nedbank: one of South Africa’s four largest banks with very strong corporate, commercial and property finance
       franchises, and a growth opportunity in the retail market, as well as pan-African optionality through its stake in
       Ecobank Transnational Inc (ETI).

       Old Mutual Wealth: a leading, integrated wealth management business, focused on the UK upper and middle
       market, with strong prospects in a rapidly growing £3 trillion market.
       OM Asset Management: an institutionally focussed, multi-boutique asset management business, delivering
       strong, diversified growth in attractive asset classes through organic initiatives and acquisitions.

       For the year ended 31 December 2016, Old Mutual reported an adjusted operating profit before tax of £1.7 billion
       and had £395 billion of funds under management. For further information on Old Mutual plc and the underlying
       businesses, please visit the corporate website at www.oldmutualplc.com


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