OLD MUTUAL PLC - Old Mutual Announces Results of Tender Offer

Old Mutual Announces Results of Tender Offer

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

Ref 75/12

27 July 2012

OLD MUTUAL ANNOUNCES RESULTS OF TENDER OFFER

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED
STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT
OF COLUMBIA OR TO ANY U.S. PERSON (SEE ALSO “OFFER AND DISTRIBUTION RESTRICTIONS” BELOW)

On 19 July 2012, Old Mutual plc (“Old Mutual”) announced its invitations (the “Offers”) to the holders of its
outstanding £500,000,000 7.125 per cent. Notes due 2016 (the “Senior Notes”), €500,000,000 Fixed to Floating
Rate Step-Up Option B Undated Subordinated Notes (the “UT2 Notes”) and £350,000,000 Perpetual Preferred
Callable Securities (the “T1 Notes” and, together with the Senior Notes and UT2 Notes, the “Securities” and each a
“Series”) to tender their Securities for repurchase by Old Mutual for cash for aggregate consideration of up to
£450,000,000 (or such lesser amount as Old Mutual may determine, in its sole discretion).

The Offers were made on the terms, and subject to the conditions, contained in the tender offer memorandum
dated 19 July 2012 (the “Tender Offer Memorandum”) prepared by Old Mutual, and were subject to the offer and
distribution restrictions contained therein. Capitalised terms used but not defined in this announcement have the
meanings given to them in the Tender Offer Memorandum.

In respect of the Senior Notes Offer, each of the Senior Notes Reference Yield, the Senior Notes Repurchase Yield
and the Senior Notes Repurchase Price was determined at or around 11.00 a.m. (London time) today in
accordance with the terms set out in the Tender Offer Memorandum.

Old Mutual hereby announces that:

(i)      the Total Repurchase Funds Available shall be increased to £459,229,031.75 (the “Total Repurchase
         Funds Available”) from £450,000,000 and all references to the Total Repurchase Funds Available shall
         be deemed to be to such increased amount; and

(ii)     it will accept all valid tenders of Senior Notes pursuant to the Senior Notes Offer on the following pricing
         and acceptance terms:

Description of     Common           Senior Notes      Senior         Senior        Senior          Senior
the Securities     code/ISIN        Acceptance        Notes           Notes        Notes           Notes
                                      Amount        Repurchase      Reference    Repurchase      Repurchase
                                                      Spread          Yield         Yield           Price

£500,000,000      045831655 /      £387,715,000       210 bps        0.388%         2.488%        £1,184.45
7.125 per        XS0458316550
cent. Notes
due 2016
Old Mutual will also pay Accrued Interest in respect of Senior Notes accepted for repurchase pursuant to the
Senior Notes Offer.

As the Total Amount Payable in respect of Senior Notes accepted for repurchase equals the Total Repurchase
Funds Available, Old Mutual will not accept for repurchase any UT2 Notes or T1 Notes validly tendered pursuant to
Tender Instructions in respect of the UT2 Notes Offer and the T1 Notes Offer respectively.

The Settlement Date for the Senior Notes Offer is expected to be 1 August 2012.

BNP Paribas, Citigroup Global Markets Limited, RBC Europe Limited and Nedbank Limited, London Branch are
acting as Dealer Managers for the Offers and Lucid Issuer Services Limited is acting as Tender Agent.

                                        THE DEALER MANAGERS


                     BNP Paribas                             Citigroup Global Markets Limited
                 10 Harewood Avenue                                  Citigroup Centre
                  London NW1 6AA                                      Canada Square
                   United Kingdom                                      Canary Wharf
                                                                     London E14 5LB
                                                                     United Kingdom

              For information by telephone:                    For information by telephone:
                   +44 (0)20 7595 8668                              +44 (0)20 7986 8969
        Attention: Liability Management Group            Attention: Liability Management Group
                          E-mail:                     E-mail: liabilitymanagement.europe@citi.com
        liability.management@bnpparibas.com



                 RBC Europe Limited                         Nedbank Limited, London Branch
                   Riverbank House                                     1st Floor
                  London EC4R 3BF                                 Old Mutual Place
                   United Kingdom                                   2 Lambeth Hill
                                                                 London EC4V 4GG
                                                                   United Kingdom

            For information by telephone:                        For information by telephone:
                  +44 (0)20 7029 7486                                +44 (0)20 7002 3487
        Attention: Liability Management Group             Attention: Liability Management Group
       E-mail: liability.management@rbccm.com                               E-mail:
                                                       liability.management@nedbankcapital.co.uk
                                                THE TENDER AGENT

                                             Lucid Issuer Services Limited
                                                      Leroy House
                                                    436 Essex Road
                                                    London N1 3QP
                                                    United Kingdom

                                              Telephone: +44 (0)20 7704 0880
                                           Attention: Paul Kamminga / Yves Theis
                                               E-mail: oldmutual@lucid-is.com



     Disclaimer: This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or
     invitation to acquire or sell any securities is being made pursuant to this announcement.

     Offer and Distribution Restrictions: The distribution of this announcement in certain jurisdictions may be
     restricted by law. Persons into whose possession this announcement or the Tender Offer Memorandum comes
     are required by each of Old Mutual, the Dealer Managers and the Tender Agent to inform themselves about,
     and to observe, any such restrictions. Please also see the Tender Offer Memorandum for a fuller description of
     such restrictions.



Enquiries

External communications
Patrick Bowes                  UK                             +44 (0)20 7002 7440

Investor relations
Kelly de Kock                  SA                             +27 (0)21 509 8709


Media
William Baldwin-Charles                                       +44 (0)20 7002 7133
                                                              +44 (0)7834 524 833

Sponsor:
Merrill Lynch South Africa (Pty) Limited

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

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