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OLD MUTUAL PLC - Nedbank to Acquire 20% of Ecobank Transnational Incorporated

Release Date: 02/10/2014 15:00
Code(s): OML     PDF:  
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Nedbank to Acquire 20% of Ecobank Transnational Incorporated

Old Mutual plc
ISIN CODE: GB00B77J0862
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSURE CODE: OLOML
Old Mutual plc

Ref 217/14
02 October 2014

NEDBANK TO ACQUIRE 20% OF ECOBANK TRANSNATIONAL INCORPORATED
Old Mutual plc (“Old Mutual” or “the Group”) welcomes the announcement by Nedbank Group Limited
(“Nedbank Group”), the majority-owned South African banking subsidiary of Old Mutual, that it has
exercised its rights to subscribe for a 20% shareholding in Ecobank Transnational Incorporated
(“ETI”).

Nedbank Group will subscribe for 4,512,618,890 new ETI shares to be issued for a cash
consideration of USD493.4 million. The full text of Nedbank Group’s announcement can be accessed
on its website at: www.nedbankgroup.co.za

Julian Roberts, Group Chief Executive of Old Mutual, said: “This investment demonstrates our
commitment to Ecobank and is a further deepening of Nedbank’s strategic alliance. It is a significant
step in the Old Mutual Group's ambition of becoming Africa’s financial services champion.”

ETI and Nedbank Group established their strategic business alliance in 2008, with the aim of
providing seamless banking services across the continent to each other’s clients. The alliance has
enabled clients to access a unique one-bank experience across more than 2,000 branches and
offices in 39 countries, the largest banking network in Africa. This transaction deepens the alliance
and includes a commitment to reciprocal technical banking expertise and management support.

Old Mutual currently has bancassurance agreements with ETI in Ghana and Nigeria, and ETI remains
a shareholder in Old Mutual Nigeria, which Old Mutual bought from ETI in February 2013.

Enquiries

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

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

Lead Sponsor:
Merrill Lynch South Africa (Pty) Limited

Joint Sponsor:
Nedbank Limited

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