OLD MUTUAL PLC - Old Mutual Expands its East African Presence

Old Mutual Expands its East African Presence

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


       Ref 01/15
       9 January 2015


       OLD MUTUAL EXPANDS ITS EAST AFRICAN PRESENCE

       Old Mutual plc (“Old Mutual” or “the Group”) today announces that it has taken a 23.3% stake in UAP
       Holdings Limited (“UAP”), an East and Central African financial services company with a presence in
       6 countries, for KES 8.88 billion (USD 97.6 million). The consideration will be paid in cash and will be
       funded from existing Group resources.
       In Kenya, UAP has the third largest Property & Casualty (“P&C”) market share; the second largest
       health insurance business; a substantial property investment portfolio and a fast growing life
       insurance business. It has established and diverse distribution networks including via brokers; an
       agency force; direct sales; bancassurance; digital; and via supermarkets.
       In Uganda, it has the second largest P&C and health insurance businesses, and the third largest life
       business. It also has P&C businesses in Rwanda, Tanzania and South Sudan, and a brokerage
       business in the Democratic Republic of the Congo.
       Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said: “This investment is another
       significant step in delivering the Group’s aim of becoming an African financial services champion.
       UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to
       deepening and broadening our relationship in the future.”
       In Kenya, Old Mutual serves more than 500,000 customers through its activities in life insurance,
       asset management and micro-finance.


       Enquiries
       External communications
       Patrick Bowes                    UK      +44 20 7002 7440
       Investor relations
       Dominic Lagan                    UK      +44 20 7002 7190
       Sizwe Ndlovu                     SA      +27 11 217 1163

       Media
       William Baldwin-Charles                  +44 20 7002 7133
                                                +44 7834 524833




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       Sponsor:
       Merrill Lynch South Africa (Pty) Ltd


       Joint Sponsor:
       Nedbank Capital


       Notes to Editors
       Old Mutual provides investment, savings, insurance and banking services to more than 16 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.
       In the year ended 31 December 2013, the Group reported adjusted operating profit before tax of £1.6 billion (on
       an IFRS basis) and had £294 billion of funds under management from core operations.
       For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
       For further information on UAP, please visit the corporate website at www.uap-group.com




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