OLD MUTUAL PLC - Nedbank Group - Update on Quantum of Strategic Minority Shareholding in Nedbank Group to be held by Old Mutual

Nedbank Group - Update on Quantum of Strategic Minority Shareholding in Nedbank Group to be held by Old Mutual

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

   Ref 246/17
   1 November 2017

   NEDBANK GROUP - UPDATE ON QUANTUM OF STRATEGIC MINORITY SHAREHOLDING IN
   NEDBANK GROUP TO BE HELD BY OLD MUTUAL LIMITED

   Nedbank Group Limited (“Nedbank Group”), the majority-owned South African
   banking subsidiary of Old Mutual plc, released the following announcement
   today, 1 November 2017.

   The following is the full text of the Nedbank Group’s announcement.

   “UPDATE ON QUANTUM OF STRATEGIC MINORITY SHAREHOLDING IN NEDBANK GROUP TO
   BE HELD BY OLD MUTUAL LIMITED

   Old Mutual plc today announced that the strategic minority shareholding to
   be retained in Nedbank Group to underpin the ongoing commercial
   relationship between the companies has been agreed at 19,9%.

   This follows the announcement by Old Mutual plc on the Old Mutual Managed
   Separation (“Managed Separation”) on 11 March 2016, and the subsequent
   communication on 25 May 2017, in which Old Mutual plc stated that the new
   South African holding company, to be named Old Mutual Limited (“OML”),
   would retain a strategic minority shareholding in Nedbank Group post the
   implementation of the Managed Separation.

   The 19,9% shareholding will be held by OML, which will have a primary
   listing on the JSE and a secondary listing on the London Stock Exchange.
   OML will be listed on both exchanges at the earliest opportunity in 2018
   following the publication of Old Mutual plc’s 2017 full-year results
   announcement.

   As previously announced, the decrease in OML’s shareholding in Nedbank
   Group to 19,9% will be achieved through the distribution of the balance of
   OML’s majority shareholding in Nedbank Group to its shareholders, at an
   appropriate time and in an orderly manner, post the listing of OML. OML
   does not intend to sell any part of its shareholding in Nedbank Group to a
   new strategic investor.
       
       Nedbank Group shareholders will be kept appropriately informed of further
       developments regarding the Managed Separation.”

       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
       About Old Mutual plc

       Old Mutual plc is a holding company for several financial services companies.
       In March 2016, it announced a new strategy of managed separation entailing
       the separation of its underlying businesses into independently-listed,
       standalone entities.

       The managed separation strategy seeks to preserve and release the value
       currently trapped within the group structure. The managed separation will be
       materially complete by the end of 2018.

       OM Asset Management, a US based institutional asset manager, is now
       independent from Old Mutual. The remaining underlying businesses are:

       Old Mutual Emerging Markets: A South African based leading provider of
       financial services in sub-Saharan Africa.

       Nedbank: One of South Africa’s largest banks, with a 20% stake in pan-African
       Ecobank Transational Inc.

       Old Mutual Wealth: a leading, integrated, advice-led wealth management
       business focused on the UK upper and middle market.

       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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