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OLD MUTUAL GLOBAL INVESTORS (UK) LIMITED

+44 (0)20 7332 7500 OMGLOBALINVESTORS.COM Building better solutions

OLD MUTUAL UK SMALLER COMPANIES

For professional clients only in the UK. Not for distribution to retail clients.

April 2013

Citywire South West 2013

Team

Why UK Small Cap?

Why us?

1

AGENDA 03

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12 years at Old Mutual Global Investors

Old Mutual UK Specialist Equity Fund

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EXPERIENCE, STRENGTH IN DEPTH AND CONTINUITY

ASHTON BRADBURY HEAD OF EQUITIES/FUND MANAGER

11 years at Old Mutual Global Investors

Old Mutual UK Smaller Companies Fund &

Old Mutual UK Select Smaller Companies

Focus Fund

DANIEL NICKOLS HEAD OF DESK/FUND MANAGER

12 years at Old Mutual Global Investors

Old Mutual UK Dynamic Equity Fund

10 years at Old Mutual Global Investors

Old Mutual UK Mid Cap Fund

RICHARD WATTS FUND MANAGER

Supported by a team

of analysts

TIM SERVICE

RESEARCH ANALYST/

DEPUTY FUND MANAGER

Old Mutual UK Specialist Equity Fund

5 years Old Mutual Global Investors

NICK WILLIAMSON

RESEARCH ANALYST/

DEPUTY FUND MANAGER

4 years at Old Mutual

Global Investors

UK Mid & Small Cap team

The highly rated, long

established Old Mutual UK

small and mid cap team have

won over 13 awards over the

last 5 years

LUKE KERR FUND MANAGER

FE ALPHA MANAGER RATING 2013

Daniel Nickols and Richard Watts are Citywire A rated for their risk-adjusted performance for the periods 31/03/2010 to 31/03/2013. An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency exchange rates may affect the value of investments. A long-term grading denotes a fund that has achieved an S&P Capital IQ fund grading for five or more consecutive years and continues to hold a grading. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.

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OLD MUTUAL’S AWARD-WINNING UK EQUITY SUITE UK small and mid cap team

Strong performance across the investment cycle

RATING 1YR 3YR 5YR Since fund

launch

Strategy S&P OBSR RSM % Quartile % Quartile % Quartile % Quartile

Old Mutual UK Select Mid Cap Fund Manager: Richard Watts since 01/01/09 Fund launch: 25/02/02

UK mid cap 29.5 1 58.3 1 70.7 1 357.0 1

Benchmark: FTSE 250 ex ITs Index 26.1 52.6 67.9 254.9

Old Mutual UK Select Smaller Cos Fund Manager: Daniel Nickols since 01/01/04 Fund launch: 12/02/01

UK small cap

22.5 2 61.1 3 70.1 2 409.3 1

Benchmark: Numis Smaller Cos ex ITs Index 23.5 57.1 73.0 167.2

Old Mutual UK Select Smaller Cos Fund (Dublin) Manager: Daniel Nickols since 01/01/09 Fund launch: 21/01/02

UK small cap

24.1 2 65.4 2 78.2 1 512.3 1

Benchmark: Numis Smaller Cos ex ITs Index 23.5 57.1 73.0 219.6

Old Mutual UK Dynamic Equity Fund

Manager: Luke Kerr since 01/07/09 Fund launch: 01/07/09

UK equity

long/short 26.7 1 69.5 1 - - 115.7 1

Benchmark: FTSE 250 ex ITs Index 26.1 52.6 67.9 114.9

Source: Morningstar bid to bid, net income reinvested, all periods to 29/03/2013

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SMALL CAPS (NUMIS SMALLER COMPANIES EX ITS) HAVE OUTPERFORMED LARGE CAPS (FTSE 100)

Source: Morningstar (see important information). Bid to bid, net income reinvested, sterling terms. *Period from launch date 29/02/2001 **Period from fund launch to 29/03/2013

Period FTSE 100 Numis Smaller Companies

ex ITs index

YTD 9.9 12.3

2012 10.0 29.9

2011 -2.2 -9.1

2010 12.6 28.5

2009 27.3 60.7

2008 -28.3 -40.8

2007 7.4 -8.3

2006 14.4 28.0

2005 20.8 27.8

2004 11.3 20.7

2003 17.9 43.0

2002 -22.2 -23.3

2001* -14.4 -17.0

Cumulative* 59.5 167.2

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-150

-50

50

150

250

350

450

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

%Top 20 average return

Bottom 20 average return

Benchmark: Numis Smaller Companies Index

The small cap index is more dynamic than the large cap,

offering new opportunities at a more frequent rate

Small cap companies offer greater international

exposure than generally perceived

Small cap universe offers a tremendous range of stock

picking opportunities

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WHY SHOULD YOU CONSIDER A SMALL CAP FUND?

UK SMALL CAPS OFFER SIGNIFICANT OPPORTUNITY TO ADD VALUE THROUGH STOCK PICKING

Source: Numis. Top and bottom 20 stocks are drawn from those that were included in the benchmark at both the start and end of each discreet period.

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Fwd PE ex loss (x) Fwd EPS growth (%)

FTSE All-Share Index 11.7 7.7

FTSE 100 Index 11.5 7.4

FTSE Mid 250 Index 13.3 9.4

FTSE Small Cap Index 11.3 7.2

Numis Smaller Companies ex ITs index 12.4 6.4

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MARKET VALUATION AND EARNINGS GROWTH

MARKET WEIGHTED AGGREGATES

Mid and small cap valuations well supported

Source: Peel Hunt, as at 15/04/2013

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VALUATION MULTIPLES STILL BELOW LONG-TERM AVERAGE

Source: Thomson Reuters Datastream as at 10/04/2013

5

10

15

20

25

5

10

15

20

25

03 04 05 06 07 08 09 10 11 12 13

(x)

FTSE 100 12m fwd P/E FTSE All Share long-term average FTSE 250 12m fwd P/E Numis Smaller Companies Index (12m fwd P/E)

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WE HAVE OUTPERFORMED THE NUMIS SMALLER COMPANIES EX ITS INDEX SINCE LAUNCH

Source: Morningstar (see important information). Bid to bid, net income reinvested, sterling terms. *Period from launch date 29/02/2001 **Period from fund launch to 29/03/2013

Period FTSE 100 Numis Smaller Companies

ex ITs index OLD MUTUAL UK SMALLER

COMPANIES FUND Quartile**

YTD 9.9 12.3 11.6 2

2012 10.0 29.9 27.1 2

2011 -2.2 -9.1 -8.9 2

2010 12.6 28.5 34.1 2

2009 27.3 60.7 39.2 4

2008 -28.3 -40.8 -32.8 1

2007 7.4 -8.3 0.0 1

2006 14.4 28.0 38.1 1

2005 20.8 27.8 34.6 1

2004 11.3 20.7 27.4 1

2003 17.9 43.0 45.6 1

2002 -22.2 -23.3 -12.7 1

2001* -14.4 -17.0 3.0 1

Cumulative* 59.5 167.2 409.3 1

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A BALANCED APPROACH

BOTTOM UP

ANALYTICAL FACTORS

TOP DOWN

ANALYTICAL FACTORS

INTERPRETATION • Management • Business profile

• Financial position

• Economic growth

• Interest rate cycle • Extreme events • Industry trends

VALUATION

BUY/SELL/HOLD

WHERE WILL THE INVESTMENT RETURN COME FROM?

MAKE A DECISION

KEY CRITERIA – the potential for

• Sustained above average growth

• Profit upgrades

• A re-rating

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PORTFOLIO THEMES

STRUCTURAL GROWTH IN A

LOW GROWTH ENVIRONMENT

INTERESTING SPECIAL

SITUATIONS TOTAL RETURN STORIES

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Small caps are a dynamic and diverse asset class

Valuations attractive

Experienced team

Proven process

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CONCLUSION 01

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OLD MUTUAL SMALL CAP FUNDS

APPENDIX

Current size £586m

108 holdings (typical range 90–110)

Typical holding size 0.5–2.5%

Typically no holdings to exceed 5%

Investments will usually have market capitalisations no greater than the largest company in

the Numis Smaller Companies ex ITs index at the time of initial investment

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OLD MUTUAL UK SMALLER COMPANIES FUND

Source: OMGI as at 29/03/2013

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Period Fund % Sector average % Quartile rank

1 year 22.5 18.6 2

3 years 61.1 55.4 3

5 years 70.1 57.1 2

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PERFORMANCE OLD MUTUAL UK SMALLER COMPANIES FUND

5 YEAR PERFORMANCE VS SECTOR AVERAGE

CUMULATIVE PERFORMANCE

12 months to Fund % Sector average % Quartile rank

31/03/12 22.5 18.6 2

31/03/11 4.7 1.2 2

31/03/10 25.6 29.4 3

31/03/09 52.7 59.2 3

31/03/08 -30.9 -36.5 1

DISCRETE PERIOD PERFORMANCE

Source: Morningstar. Bid to bid, net income reinvested, sterling terms. Cumulative performance to 29/03/2013

40

60

80

100

120

140

160

180

2008 2009 2010 2011 2012 2013

Old Mutual UK Smaller Companies Fund

IMA UK Smaller Companies (sector average)

Numis Smaller Companies Index (benchmark)

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This communication provides information relating to funds known as Old Mutual UK Smaller Companies Fund (the “Fund”). This communication is

issued by Old Mutual Global Investors (UK) Limited (trading name Old Mutual Global Investors), a member of the Old Mutual Group. Old Mutual

Global Investors is registered in England and Wales under number 02949554 and its registered office is 2 Lambeth Hill London EC4P 4WR. Old Mutual

Global Investors is authorised and regulated by the Financial Conduct Authority (“FCA”) with FCA register number 171847 and is owned by Old

Mutual Plc, a public limited company limited by shares, incorporated in England and Wales under registered number 3591 559.

The Funds are also regulated by the FCA and therefore Old Mutual Global Investors may promote the Fund to the public. This communication has

been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may

require in order to make a decision as to whether to invest in the Fund. Nothing in this document constitutes a recommendation suitable or

appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. No investment decis ions should be made

without first reviewing the prospectus and the key investor information document of the Fund which can be obtained from

www.omglobalinvestors.com.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as

well as up and investors may not get back the amount originally invested. Exchange rates may cause the value of overseas investments to rise or fall.

OMGI 04/13/0069

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IMPORTANT INFORMATION 04

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