OLD MUTUAL PLC - OMAM Reports Financial and Operating Results for the Third Quarter ended 30 September 2016

OMAM Reports Financial and Operating Results for the Third Quarter ended 30 September 2016

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

       Ref 533/16
       2 November 2016

       OMAM REPORTS FINANCIAL AND OPERATING RESULTS FOR THE THIRD QUARTER ENDED
       30 SEPTEMBER 2016

       OM Asset Management plc (OMAM), the majority-owned subsidiary of Old Mutual
       plc, today reports its results for the third quarter ended 30 September 2016.

       The following is an extract from the OMAM announcement and the full
       announcement is available via the OMAM website – http://ir.omam.com/investor-
       relations/news/

       “OMAM Reports Financial and Operating Results for the Third Quarter Ended
       September 30, 2016

       -   U.S. GAAP earnings of $34.0 million ($0.28 per share) for the quarter and
           $101.1 million ($0.84 per share) for the year to date, down (2.9)% and
           (14.8)%, respectively, compared to 2015 periods
       -   Economic net income of $38.0 million ($0.32 per share) for the quarter and
           $106.2 million ($0.89 per share) for the year to date, a change of 0.3%
           and (6.2)%, respectively, compared to 2015 periods (excluding the non-
           recurring performance fee)
       -   AUM of $234.2 billion at September 30, 2016, an increase of 10.3% from
           December 31, 2015, including acquisition of Landmark Partners
       -   Net client cash flows (“NCCF”) for the quarter of $(2.6) billion yielding
           an annualized revenue impact of $(7.5) million; year to date NCCF of
           $(3.1) billion yielding an annualized revenue impact of $(3.6) million

       “In the third quarter, we were pleased to close our investment in Landmark
       Partners, which meaningfully enhances the diversity of our product offerings
       to include a range of actively managed secondary private equity, real estate
       and real asset investment strategies with broad appeal to institutional
       investors around the globe,” said Peter L. Bain, OMAM’s President and Chief
       Executive Officer. “Looking ahead, we are confident in our Affiliates’
       ability to deliver value to their clients. By maintaining their investment
       disciplines during a period of challenging performance for active equity
       managers, our Affiliates are positioned for improved investment results as
       markets focus on underlying company fundamentals, rather than a search for
       yield or uncorrelated macroeconomic factors. While our third quarter net
       client cash flows of $(2.6) billion resulted in a $(7.5) million decrease to
       annualized revenue this quarter, we are confident that our pipeline of net
       client cash flows will continue to build over the medium term, as our
       Affiliates and our Global Distribution team have been very active in search
       and fundraising activity.”

       Mr. Bain concluded, “Our efficient capital structure supports and enhances
       our growth initiatives and provides ample internal and external liquidity for
       new investments, as well as additional share repurchases and the funding of
       our Seed Capital and DTA obligations to our Parent as part of our Managed
       Separation process. We continue to enjoy the support of our Parent as it
       implements its previously announced Managed Separation strategy.””

       Ends

       Conference Call Dial-in:
       A conference call and simultaneous webcast to discuss the results will be
       held at 10:00 am EST / 2pm GMT / 4pm SAST on 2 November 2016. The earnings
       presentation will be available to download at http://ir.omam.com. To listen
       to the call or view the webcast, participants should:

       Dial-in:
             Toll Free Dial-in Number:             +1 (877) 201-0168
             International Dial-in Number:         +1 (647) 788-4901
             Conference ID:                        79771803

       Link to Webcast:
       http://event.on24.com/r.htm?e=1264710&s=1&k=813908C191CF8D44F0BE28132970F38F

       Dial-in Replay:
       A replay of the call will be available beginning approximately one hour after
       its conclusion either on OMAM’s website at http://ir.omam.com or at:
             Toll Free Dial-in Number:           +1 (855) 859-2056
             International Dial-in Number:       +1 (404) 537-3406
             Conference ID:                      79771803



       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

       Sponsor:
       Merrill Lynch South Africa (Pty) Ltd

       Joint Sponsor:
       Nedbank Capital

       Notes to Editors
       Old Mutual provides investment, savings, insurance and banking services to
       18.9 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.

       Old Mutual has announced a strategy of managed separation, which will entail
       separating its four businesses into standalone entities. The four businesses
       are:

       Old Mutual Emerging Markets: An African financial services leader, providing
       long-term savings, protection, investment and lending to retail and corporate
       customers

       Nedbank: Old Mutual owns a 54% stake in Nedbank, one of South Africa’s top
       four banks, providing wholesale and retail banking, insurance and asset
       management for individuals and businesses

       Old Mutual Wealth: a leading wealth management business in the UK and
       international markets

       OM Asset Management: Old Mutual owns 65.8% in the New York Stock Exchange
       listed OM Asset Management which offers a diverse range of investment
       strategies and products for institutions, delivered worldwide through seven
       US-based boutiques.

       For the year ended 31 December 2015, Old Mutual reported an adjusted
       operating profit before tax of £1.7 billion and had £304 billion of funds
       under management. For further information on Old Mutual plc and the
       underlying businesses, please visit the corporate website at
       www.oldmutual.com


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