QUILTER PLC - Completion of the disposal of the Single Strategy asset management business

Completion of the disposal of the Single Strategy asset management business

 QUILTER PLC
(previously, Old Mutual Wealth Management Limited)
Incorporated under the Companies Act 1985 with registered number 06404270 and re-
registered as a public limited company under the Companies Act 2006)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF
AMERICA, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE
TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION

LEI: 54930092XIVK28RZGM95
For immediate release
29 June 2018

                                         Quilter plc
Completion of the disposal of the Single Strategy asset management business
Quilter plc announces that it has today completed the disposal of the “Single Strategy” asset
management business (“the OMGI Transaction”) to the Single-Strategy management team
and funds managed by TA Associates, the global growth private equity firm (together the
“Acquirer”). The transaction was announced on 19 December 2017. The economic
ownership of the Single Strategy business passed to the Acquirer effective from 1 January
2018.
The total consideration, following agreement with the Acquirer in relation to the quantum of
all pre-completion price adjustments, is now confirmed as £583 million, comprising upfront
cash consideration of £576 million and an additional £7 million of deferred consideration.
The deferred consideration will be fully received by 2021 at the latest as surplus capital
associated with the separation from Quilter plc is released in the business. This deferred
consideration is not subject to performance conditions.
Quilter plc is making good progress on separating its retained Multi-asset business from the
Single Strategy business sold as part of the OMGI Transaction and continues to expect to
incur aggregate costs of approximately £20 million in respect of the establishment of the
standalone Multi-asset business. As expected when the transaction was announced in
December 2017, Quilter plc and the Single Strategy business will continue, for a period of up
to three years, to provide commercial services to each other under formal transitional service
agreements.
As previously stated, the Board of Quilter plc will consider a special distribution by the
Company to shareholders from the surplus sale proceeds from the OMGI Transaction,
having taken into account, inter alia, the repayment in full of the £300 million senior
unsecured term loan (which repayment will be made as soon as practical), the costs
associated with undertaking and completing the OMGI Transaction and the costs associated
with the establishment of the Multi-asset business.

                                            - ends -



Enquiries:


                                       CONFIDENTIAL
Investor Relations
John-Paul Crutchley                                +44 20 7002 7016

Media:
Vee Montebello                                             +44 20 7778 9550

Camarco                                                    +44 20 3757 4985
Geoffrey Pelham-Lane

Aprio (South Africa)                               +27 11 880 0037
Julian Gwillim

Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to
create prosperity for the generations of today and tomorrow.

Quilter plc oversees £111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms;
multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth
Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International,
including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance
business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic;
Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter
Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses will be re-branded to Quilter over a period of approximately two
years following separation from Old Mutual:

   •     The Multi-asset business to Quilter Investors
   •     Intrinsic to Quilter Financial Planning
   •     Private Client Advisers to Quilter Private Client Advisers
   •     The UK Platform to Quilter Wealth Solutions
   •     The International business to Quilter International
   •     The Heritage life assurance business to Quilter Life Assurance
   •     Quilter Cheviot will retain its name.




                                      CONFIDENTIAL

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