INVESTMENT OPPORTUNITIES

IN AFRICA AND AROUND THE WORLD

OLD MUTUAL GROUP (Established in South Africa in 1845)

ASSETS UNDER MANAGEMENT: US$498.7bn

Old Mutual is an international savings, insurance and banking group. Listed on the London
and Johannesburg stock exchanges, and operating on five continents across emerging and
developed markets.

Old Mutual Wealth: US$128.5bn

Serving over
17.5 million customers

US$26.5bn invested in
community projects

US Asset Management:
US$271.1bn

Employing over
Old Mutual Emerging
61 583 people
Markets: US$78.4bn
South America, Africa,
Over 400 investment
China & India
professionals

OLD MUTUAL INVESTMENT GROUP

ASSETS UNDER MANAGEMENT US$49.3bn

Largest African private sector investment manager
10 specialist investment boutiques
Global leverage

All figures as at 31 December 2014 unless otherwise stated

Dear Investors

At the Old Mutual Investment Group, we take our

responsibility to our customer very seriously. So much so
we even have a unique Customer and Fund Manager
“Investment Partnership Agreement”— a contract that
sets out, in detail, our commitment to delivering market-
beating returns for you in the long term.

Over the next few pages, you will find out how we
work… and gain some insight into why the many
investment solutions offered by our unique multi-specialist
boutiques could benefit your investment portfolio.

If you would like more information, please don’t hesitate

to call us. We’re always available to talk and we’re
as invested as you are in making sure you see market-
beating returns over the long term.

Diane Radley
Chief Executive Officer (CEO)

COMMITMENT
AS INVESTED
AS YOU ARE
With over US$49.3bn billion in assets under
management, we are focused on delivering
consistent market-beating returns for our customers,
being responsible stewards of the assets we manage
and benefiting the communities in which we invest.

To ensure that we achieve these goals, our portfolios

are managed by a suite of specialist investment
boutiques, each with a unique philosophy and process.
As part of a leading life assurance company, with
a proud heritage of 169 years, our teams are well
resourced to grow and develop new and innovative
products for the benefit of our customers.
PARTNERSHIP
DESIGNED TO ENABLE GROWTH
Old Mutual is an international savings, insurance and banking group. It is listed on the London and Johannesburg
stock exchanges and operates on five continents across emerging and developed markets. The group’s vision is to
harness the resources and skills we have around the world to become our customers’ most trusted partner and, in
so doing, help them achieve their lifetime financial goals. Old Mutual serves more than 17.5 million customers and
employs more than 61 000 people – including over 400 investment professionals.
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TOGETHER
LOOKING TO ACHIEVE LONG-TERM
INVESTMENT SUCCESS

INVESTING RESPONSIBLY IN YOUR FUTURE,

OUR FUTURE AND THE WORLD’S FUTURE
In the interests of investing in a richer life, in every sense of the word, we are
pioneers in infrastructure and impact asset investing across the African continent.
As such, we are proud to contribute to the economic and social development of
the communities in which we invest, and the continent as a whole, knowing that
the ultimate investment is in the people of the countries in which we operate.
AtWe
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TRUST
TRUST
BUILDING
BUILDINGRELATIONSHIPS
RELATIONSHIPS
We’ve been proving ourselves for 169 years. Offering unequalled on-the-ground expertise in
WeWe’ve been proving
are Africa’s ourselves
largest private forinvestment
sector 169 years. And world-class
emerging markets. governance and business practices.
We areand
manager Africa’s largestofinvestment
a member manager
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Group, WeWe have a
operate in strong focus on governance
South America, China, Indiaissues
and and
member of the Old Mutual Group,
a Fortune 500 company, which has been growinga Fortune 500 align our compliance procedures with international
across the African continent. This means our customers
company, which has been growing investors’ wealth best from
benefit practice.
our access to on-the-ground intelligence
investors’ wealth since 1845. We’re proud to say that
since 1845. We’re proud to say that we manage when navigating the complexities of investing in
we manage South Africa’s longest running unit trust
South Africa’s longest-running unit trust and offer you a We pride
emerging ourselves on being responsible stewards
markets.
and offer you a record of long-term, market-beating
record of long-term, market-beating returns. Including of our customer’ assets.
returns. Including the Old Mutual Investors’ Fund, And world-class governance and business practices.
the Old Mutual Investors’ Fund, which has been Guided by the United Nations-backed “Principles
which has been creating wealth for our customers We have a strong focus on governance issues and
creating wealth for our customers for almost 50 years. for Responsible Investing” (PRI), we believe that by
for almost 50 years. align our compliance procedures with international
incorporating environmental, social and governance
best practice.
Winning
Winning a wide
a wide range
range of awards
of awards along
along thethe way.
way. (ESG) factors into our investment and ownership
• • BestTwo
SARaging Bull Awards
Asset Allocators, in 2014
BNP Paribas Wedecisions
pride ourselves on being
we are able responsible
to deliver stewards
strong, long-term
• One Morningstar Award in 2012
• Best African Fund Manager Award, African of our customers’
returns assets.
for our customers.
• Investors
Two Africa Asset Management Performance Guided by the United Nations-backed “Principles
Awards in 2013 for Our diverse Investing”
Responsible range of experience.
(PRI), we believe that by
• SAHF Housing Project of the Year 2014, Karino
• 2012 African Renewables Deal of the Year by incorporating
Our customer environmental,
come from asocial
wide and governance
range of businesses,
Lifestyle Estate Housing Impact Fund South Africa
Project Finance International (ESG) factors
of all kinds into our investment
of sizes, and ownership
and include:
• Responsible Investment Manager of the Year &
decisions
• Unit wetrust
areinvestors
able to deliver strong, long-term
Bond Manager of the Year - Futuregrowth, Imbasa
Offering unequalled on-the-ground expertise in returns
• for our customers.
Financial advisers
Yegolide Awards 2013
emerging markets. • Linked investment service providers
• We Africa AM Performance AwardsChina,
- Futuregrowth Our diverse range of experience.
operate in South America, India and • Multi-managers
Our customers come from a wide range of businesses,
across the African continent. This means ourWinner
Infrastructure & Development Bond Fund, customer • Retirement funds
of all kinds of sizes, and include:
in SAfrom
benefit FixedourIncome
accessFund (Long-term Performance)
to on-the-ground intelligence • • Retirement
Trade unions
funds
category
when navigating the complexities of investing in • Corporates
• Multi-managers
• frontier
Raging Bull Awards - Old Mutual Global Equity,
markets. • • Corporates
Medical aids
Old Mutual International Growth Fund of Funds, • Medical aids
Community Gilt Fund, Old Mutual Income, • Mining rehabilitation funds
Assets Under Management • Assets
Development finance institutions
Under Management
Marriott Dividend Growth*
By Asset Class • BySovereign wealth funds
Stakeholders
* 2012 - 2015 • Retail investors
Cash

Bonds Third Party Unit Trusts

Assets
Property Under Management Assets
R141bn
Under Management
R85bn

By Capability
Equity
By Channel
Commodity
Alternative
Alternative Mutual Funds
US$2.2bn R5376bn US$0.9bn
US$2.8bn
Equity US$1.3bn Institutional
Interest-bearing Assets Corporate
US$8.0bn
Multi-Asset Class US$8.3bn Retail Affluent
Property Other US$12.7bn
Shar’iah Mass Retail Life
R350bn
US$26.3bn
US$49.3bn US$49.3bn

US$11.8bn
As at 31 March 2014
US$11.0bn

US$13.2bn
US$0.3bn
As at 31 December 2014
CARING
ABOUT THE FUTURE FOR ALL
Investing in sustainability
We invest significantly in real assets such as infrastructure development, education, affordable housing, low-
carbon energy and agriculture. Through these investments our customers contribute to the development and
growth of an economically vibrant country and empowering local communities, while receiving market-related
returns.

Investing in local communities

We embrace the communities in which we invest and aim to add value to them in various ways. Green Hands,
for instance, is a staff-driven initiative that supports education, health and housing through fund-raising and
volunteerism.

The Old Mutual Foundation creates opportunities for integrating marginalised South Africans in rural and peri-
urban communities into the mainstream economy. The focus is on skills capacity building, enterprise development,
education and staff volunteerism.

INVESTING IN TALENT
Our strong transformation agenda focuses on the socio-economic advancement of previously disadvantaged
individuals, with the aim of ensuring that we have a vibrant and demographically representative workforce.

In 2008, we established the Imfundo Trust, a bursary programme run in partnership with local universities, which
aims to grow the pool of black investment talent in South Africa.
SIDE BY SIDE
INVESTED
IN YOUR SUCCESS
Our investment boutique heads and investment professionals own
equity in their business, and invest their own money right alongside
their customers. This means that each fund manager is as invested
as their customers – and thus committed to achieving financial
success over the long term.

Let our multi-skilled investment specialists help you to do great things.

FLEXIBLE
FLEXIBLE
WORKING
WORKINGWITH
WITHYOU
YOU
AROUND
AROUNDYOUR
YOURNEEDS
NEEDS
OurOur
portfolios
portfolios
are are
managed
managed
by abysuite
a suite
of specialist
of specialist
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investment
boutiques,
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eacheach
withwith
a unique
a unique
philosophy
philosophy
andand
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ThisThis
means
means
thatthat
whatever
whatever
youryour
listed
listed
or or
unlisted
unlisted
investment
investment
need,
need,
we we
have
have
a solution.
a solution.

Here
Here
is aisbrief
a brief
introduction
introduction
to our
to our
boutiques.
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YouYou
cancan
readread
more
more
about
about
theirtheir
specific
specific
investment
investment
philosophies
philosophies
andand
processes at www.oldmutualinvest.com.
processes at www.oldmutualinvest.com.
ALTERNATIVE INVESTMENTS
Old Mutual Alternative Investments is one of
the largest alternative investment managers in
Africa, with R51billion (US$5 billion) assets under
management. We manage investments in private
equity, infrastructure and a range of impact funds.
CUSTOMISED SOLUTIONS
We leverage off our market leading skills and
experience in portfolio construction, risk management
and index tracking to customise solutions that meet
clients’ specific needs across the investment spectrum.
FUTUREGROWTH ASSET
MANAGEMENT
We use our insights and experience in understanding
interest rate and credit cycles to create performance-
driven portfolios in the fixed income markets.
We also manage a range of developmental funds
that invest across renewable energy, transportation,
healthcare and agricultural assets.
GLOBAL EMERGING MARKETS
We are an African-based, globally recognised
emerging markets investment business. We offer
exposure to quality listed companies across a diverse
range of global emerging markets, including South
Africa. The companies have attractive long-term
prospects; sound corporate governance and are
trading at attractive levels relative to their fundamental
valuations.
LIABILITY-DRIVEN INVESTMENTS
We aim to manage assets relative to their liabilities
to ensure a stable, consistent surplus over time.
This is achieved through the use of two distinct
components, namely risk-protection and return-
producing investment strategies.
MACROSOLUTIONS
We build local and global multi-asset class portfolios,
using active asset allocation that offers optimal portfolio
solutions across the risk/return spectrum.
MARRIOTT INCOME SPECIALISTS
We invest retired investors’ capital conservatively
to ensure that a reliable, predictable income is
produced without eroding the capital base.
OLD MUTUAL SPECIALISED
FINANCE
We are a proprietary investment business and offer
products that are tailored to meet specific debt-funding
requirements. Our areas of expertise lie in credit, equity,
interest rate, liquidity and tax risk.

OLD MUTUAL EQUITIES

We invest in undervalued shares, while also carefully

considering the risk, quality, growth and sentiment of
each share. Our investment approach can be used
as an anchor equity component to a portfolio. It is
disciplined, consistent and robust, and we directly link
final portfolio decisions to our in-house research.

OLD MUTUAL PROPERTY

We build innovative real estate investment solutions

that deliver reliable, predictable and growing income
streams. These solutions provide investors with access
to the most prestigious commercial properties in
South Africa.
OPEN
SEEKING OPPORTUNITIES
THROUGHOUT AFRICA
We are the largest African private investment traditional asset classes include investments in private
manager with a full complement of both listed and equity, low-income housing, schools, infrastructure,
unlisted capabilities, and operations in South Africa, agriculture, development equity and property.
Ghana, Nigeria, Namibia, Swaziland, Zimbabwe,
Malawi, Kenya and Botswana. These assets have low correlations to other asset
classes – offering investors an attractive alternative
As we are a pan-African investor, our customers can source of equity and debt returns over the long term,
benefit from the outstanding investment potential of while providing attractive returns and measurable
Africa’s stock exchanges, via both actively managed socio-economic impacts that and support growth
and index-tracker funds. across
the continent.
Within Alternative Investments, we manage
South Africa’s largest private, economic and social
infrastructure funds. Our unmatched capabilities in non-

STRONG GDP GROWTH FORECAST FOR AFRICAN COUNTRIES

28 African countries are ranked in the Top 50 Emerging and Developing Economies according to real GDP growth
projected to 2017

AFRICAN COUNTRY GDP GROWTH 2017 (F) AFRICAN COUNTRY GDP GROWTH 2017 (F)
Angola 5,5% Ghana 5,7%
Nigeria 6,6% Sierra Leone 4,3%
Egypt 6,5% Tunisia 6,7%
Mali 5,3% Botswana 4,3%
Zambia 7,7% Cameroon 5,0%
Morocco 5,9% Cote d’lvoire 6,7%
Kenya 6,5% Congo 5,7%
Burkina Faso 7,0% Namibia 4,4%
Mauritius 4,2%
 BOLD
AN ENORMOUS CONTINENT…
MASSIVE OPPORTUNITY

France

Netherlands Germany

Belgium Switzerland

Portugal

Spain
Italy

Eastern Europe

USA

India

India Part 2

China China Part 2

UK

Japan
PROGRESSIVE
WE ARE THE LARGEST AFRICAN
INVESTMENT MANAGER
OLD MUTUAL HAS OPERATIONS IN:

Accra, Ghana

Lagos, Nigeria

Nairobi, Kenya

Blantyre, Malawi

Windhoek, Namibia
Harare, Zimbabwe

Mbabane, Swaziland

Johannesburg, South Africa

Cape Town, South Africa
RESPONSIVE
TO THE UNIQUE DEMOGRAPHICS
OF OUR CONTINENT
From a demographic perspective there is no place like Africa. The combination of a burgeoning
middle class and, unlike aging populations of the developed world, the ratio of younger to elderly
people and the impact this has on the future size of the working population, augurs well for future
economic activity and growth prospects.

• 45% of the African population is currently under the age of 15 and the median age in
Sub-Saharan Africa is a mere 18.6 years, the lowest compared with medians in other regions.

• Africa’s population demographics should help to boost economic growth on the continent with:
- A projected increase in the relatively low median age, and
- A growing middle class, which is larger than India’s.

Cavan Osborne, Portfolio Manager of our African active

equity funds: “Old Mutual has a large African footprint and,
from a fund management perspective, our way is paved by
access to in-country expertise and contacts.”
WILLING
TO PROVE OURSELVES TO YOU
OLD MUTUAL

An international investment, savings, insurance and banking group.

Serving over 17.5 million customers.

Over 400 investment professionals.

Employing over 61 000 people.

US$26.5bn invested in community projects.

16% growth in Group Adjusted Operating Profit (constant currency).

US$498.7bn Group Funds under Management (core operations).

US$7.6bn Net client cash flows.

12% increase in gross sales.

As at 31 December 2014 unless otherwise stated

OLD MUTUAL investment group

10 multi-specialist investment boutiques.

Over 200 investment professionals.

48 years Old Mutual Investors’ Fund, SA’s longest running unit trust.

US$5bn invested in alternative assets across Africa.

As at 31 December 2014
access
to all that Old Mutual offers

AFRICA

ASIA

EUROPE

BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC

NORTH AND SOUTH AMERICA

This is not a complete list of our brands.

Our US and South Africa Asset Management businesses have a number of separately branded boutiques.
OUR INVESTMENT CAPABILITIES
These tables map our investment capabilities to the specialist teams that offer them. You can read about each
boutique in more detail, including their specific investment philosophies at www.oldmutualinvest.com.

LISTED ASSETS
Customised Solutions
ACTIVE EQUITY SOUTH AFRICA
Old Mutual Equities

AFRICA Old Mutual Equities

INTERNATIONAL MacroSolutions

SHARI’AH Customised Solutions

EMERGING MARKET Global Emerging Markets

SOUTH AFRICA
PASSIVE EQUITY
AFRICA Customised Solutions
INTERNATIONAL

SOUTH AFRICA
PROPERTY MacroSolutions
INTERNATIONAL

SOUTH AFRICAN MONEY MARKET

FIXED INCOME
SOUTH AFRICAN BONDS
Futuregrowth Asset Management
SOUTH AFRICAN CREDIT

SOUTH AFRICAN GOV’T BONDS

EMERGING MARKET DEBT

INTERNATIONAL BONDS
MacroSolutions
INTERNATIONAL CREDIT

INTERNATIONAL CURRENCIES

SOUTH AFRICA
MULTI-ASSET MacroSolutions
AFRICA
Customised Solutions
INTERNATIONAL

SHARI’AH Customised Solutions

HEDGE SOUTH AFRICA Customised Solutions

ALTERNATIVE AND UNLISTED ASSETS
SOUTH AFRICAN PRIVATE EQUITY
EQUITY
AFRICAN PRIVATE EQUITY Alternative Investments
INTERNATIONAL PRIVATE EQUITY

DEVELOPMENT EQUITY Futuregrowth Asset Management

SOUTH AFRICAN HOUSING

SOCIAL
AFRICAN HOUSING Alternative Investments
INFRASTRUCTURE
SOUTH AFRICAN SCHOOLS

RENEWABLE ENERGY
ECONOMIC
POWER & GAS
INFRASTRUCTURE
TRANSPORT

TELECOMS
Alternative Investments,
HEALTHCARE Futuregrowth Asset Management

DEVELOPMENT FINANCE

SMALL/MICRO/MEDIUM ENTERPRISES

SHOPPING CENTRES

SOUTH AFRICAN AGRICULTURE

AFRICAN AGRICULTURE Futuregrowth Asset Management

WATER & SANITATION

SOUTH AFRICA
PROPERTY Old Mutual Property
EMERGING MARKETS

fixed income SOUTH AFRICAN DEBT Futuregrowth Asset Management

NOTES
JANINA SLAWSKI
Head: Institutional Distribution
Email: JSlawski@oldmutualinvest.com
+27 (0) 11 217 1873
+27 (0) 71 606 3831

Old Mutual Investment Group (Pty) Limited 

Physical Address: Mutualpark, Jan Smuts Drive, Pinelands 7405
Telephone number: +27 21 509 5022

Regulatory information
Old Mutual Investment Group (Pty) Limited (Reg No 1993/003023/07) is a licensed financial services provider, FSP 604, approved by the Registrar of Financial Services Providers (www.fsb.co.za) to
provide intermediary services and advice in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS).
Market fluctuations and changes in rates of exchange or taxation may have an effect on the value, price or income of investments. Since the performance of financial markets fluctuates, an
investor may not get back the full amount invested. Past performance is not necessarily a guide to future investment performance. The investment portfolios may be market-linked or policy based.
Investors’ rights and obligations are set out in the relevant contracts. Unlisted investments have short-term to long-term liquidity risks and there are no guarantees on the investment capital nor
on performance. It should be noted that investments within the fund may not be readily marketable. It may therefore be difficult for an investor to withdraw from the fund or to obtain reliable
information about its value and the extent of the risks to which it is exposed. The value of the investment may fluctuate as the value of the underlying investments change. In respect of pooled, life
wrapped products, the underlying assets are owned by Old Mutual Life Assurance Company (South Africa) Limited, who may elect to exercise any votes on these underlying assets independently
of Old Mutual Investment Group. In respect of these products, no fees or charges will be deducted if the policy is terminated within the first 30 days. Returns on these products depend on the
performance of the underlying assets.
Disclosures: Personal trading by staff is restricted to ensure that there is no conflict of interest. All directors and those staff who are likely to have access to price sensitive and unpublished
information in relation to the Old Mutual Group are further restricted in their dealings in Old Mutual shares. All employees of the Old Mutual Investment Group are remunerated with salaries
and standard incentives. Unless disclosed to the client, no commission or incentives are paid by the Old Mutual Investment Group to any persons other than its representatives. All inter-group
transactions are done on an arm’s length basis. We outsource investment administration of our local funds to Curo Fund Services (Pty) Ltd, 50% of which is owned by the Old Mutual Investment
Group.
Disclaimer: The contents of this document and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in compiling
this document, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as
a result of your reliance thereon. The processes, policies and business practices described may change from time to time and Old Mutual Investment Group specifically excludes any obligation to
communicate such changes to the recipient of this document. This document is not an advertisement and it is not intended for general public distribution. The information herein does not constitute
an offer to sell or a solicitation of an offer to buy any securities.
Old Mutual Investment Group has comprehensive crime and professional indemnity insurance. For more detail, as well as for information on how to contact us and on how to access information,
please visit www.oldmutualinvest.com.
April 2015
www.oldmutualinvest.com

Old Mutual Investment Group (Pty) Ltd is a Licensed Financial Services Provider