Sale of Old Mutual (Bermuda) Ltd and certain related obligations to Beechwood Bermuda Limited OLD MUTUAL PLC ISIN CODE: GB00B77J0862 JSE SHARE CODE: OML NSX SHARE CODE: OLM ISSUER CODE: OLOMOL Ref 01/16 5 January 2016 SALE OF OLD MUTUAL (BERMUDA) LTD AND CERTAIN RELATED OBLIGATIONS TO BEECHWOOD BERMUDA LIMITED Old Mutual plc (Old Mutual) announces that its subsidiary, Old Mutual (Bermuda) Holdings Limited (OMBH), completed the sale of Old Mutual (Bermuda) Ltd (OMB) to Beechwood Bermuda Limited (Beechwood) on 31 December 2015. In anticipation of the sale, OMB’s remaining Variable Annuity guaranteed minimum accumulation benefits (GMAB obligations), which mature in 2017 and 2018, were reinsured to another of OMBH’s subsidiaries, Old Mutual (Bermuda) Re Ltd, and Old Mutual repaid approximately $100m of internal loan notes to OMB in December 2015. As part of the transaction, Old Mutual has agreed to provide Beechwood with administration services for three years. Save for the GMAB obligations referred to above, all other guarantees and responsibilities for remaining policyholder administration have been transferred to the buyer. Other terms of the transaction are not being disclosed. Certain regulatory approvals required for the transfer of future policy administration arrangements are expected to be received by the end of Q1 2016. Don Hope, Chairman of OMBH, said: “This transaction represents an important step in the preparations for the Group’s exit from its Bermuda businesses by the end of 2018 when the GMAB liabilities to customers are due to expire.” 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 Notes to Editors Old Mutual provides investment, savings, insurance and banking services to more than 17 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 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations. For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Sponsor Merrill Lynch South Africa (Pty) Ltd Date: 05/01/2016 08:52:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.