Old Mutual : Update on Managed Separation, First scheme effective, Pricing of global offer by Old Mutual plc

First Scheme Effective

Further to the announcement by Old Mutual plc ('Old Mutual') on 20 June 2018 that the Court has sanctioned the First Scheme, Old Mutual is pleased to announce that the First Scheme became effective at 7.00 p.m. (London time) on 22 June 2018 in accordance with its terms. As part of the First Scheme, the Demerger Reduction of Capital and the Quilter Demerger have now taken effect and it is expected that the Second Scheme Court Hearing will take place later today.

Pricing of Global Offer

Following the announcement by Old Mutual on 11 June 2018 regarding the price range of the offer (the 'Global Offer') of up to 9.6% of the ordinary shares of Quilter plc ('Quilter') ('Ordinary Shares'), Old Mutual today announces the final offer price of 145 pence per Ordinary Share. The expected offering comprises of 165,010,507 Ordinary Shares to institutional placees, 1,002,064 Ordinary Shares to certain non-executive directors of Quilter and certain non-executive directors of Old Mutual, and an over-allotment option in respect of 16,501,050 Ordinary Shares. The offer price is payable in GBP or, in respect of South African placees, Rand (converted at the reference price of 17.85 Rand per GBP). The net proceeds expected to be received by Old Mutual plc is approximately £231.1 million (on the basis of the above reference price and including expected proceeds from certain non-executive directors of Quilter and certain non-executive directors of Old Mutual), excluding any proceeds of the over-allotment option if exercised.

Old Mutual is pleased to announce that admission of, and commencement of unconditional dealings in, Quilter plc to the London Stock Exchange and the Johannesburg Stock Exchange will take place at 8.00am (London time) today.

Old Mutual expects the Global Offer and Managed Separation to occur in accordance with the dates and times set out in the Circular.

Defined terms used but not defined in this announcement have the meanings set out in the Circular.

BofA Merrill Lynch is acting as joint financial adviser and sponsor to Old Mutual in connection with the managed separation.

Rothschild is acting as independent financial adviser to Old Mutual on its managed separation including the Global Offer.