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OLD MUTUAL GLOBAL INVESTORS (UK) LIMITED +44 (0)20 7332 7500 OMGLOBALINVESTORS.COM Building better solutions

OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUND

For investment professionals only, Not for distribution to retail clients.

.

October 2013, Citywire Miami

OLD MUTUAL GLOBAL INVESTORS (UK) LIMITED +44 (0)20 7332 7500 OMGLOBALINVESTORS.COM Building better solutions

EQUITY MARKETS: VOLATILE AND CHANGEABLE

90

110

130

150

170

190

210

230

250

270

TEC

HN

OLO

GY

FIN

ANC

IALS

EMER

GIN

G M

ARK

ETS

DO

MES

TIC

REC

OVE

RY

1993 2012

MSCI WORLD EQUITY INDEX

Source: FactSet, Old mutual Global Investors

2

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VOLATILITY AND DIVERSIFICATION ARE TWO SIDES OF THE SAME PROBLEM

1995 - 1999

North America

Europe Ex UK UK Japan Asia

Pacific

Europe ex UK

UK

Japan

Asia Pacific

Emerging Markets

2008 - 2012

North America

Europe Ex UK UK Japan Asia

Pacific

Europe ex UK

UK

Japan

Asia Pacific

Emerging Markets

Source: Factset, Old Mutual Global Investors

+ - DIVERSIFIED UNDIVERSIFIED -1.0% +1.0%

3

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NAVIGATING TO A SMOOTHER EQUITY RIDE

Illustration only

4

VOLATILITY + —

RETURNS

+ –

VOLATILITY + —

RETURNS

+ –

VOLATILITY + —

RETURNS

+ –

DIVERSIFICATION

+ –

DIVERSIFICATION

+ –

DIVERSIFICATION

+ –

EQUITIES MSCI WORLD EQUITY INDEX

ALTERNATIVES HRFX HEDGE FUNDINDEX


PURE BETA ALPHA BETA HIGH ALPHA

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6%

Global, diversified

equity portfolio

Market neutral – pure alpha

Return volatility target of 6%

Low correlation to global stock

markets

The fund aims to deliver absolute returns that have a low correlation with equity and bond markets, through a market neutral portfolio of global equity stocks

OBJECTIVE

5

6

STRONG PERFORMANCE GENUINELY UNCORRELATED

% RETURN CORRELATION VS.

1 yr 2 yrs p.a. 3 yrs p.a. Since

inception p.a.* Old Mutual Global Equity Absolute Return Fund 11.1 7.7 10.4 7.1

HFRX Equity Hedge: Equity Market Neutral 0.3 (2.3) (1.8) (1.8)

MSCI World Index

JP Morgan Global Bond Index

0.05 (0.13)

0.25 (0.15)

Source: OMGI/Morningstar, bid to bid, net income reinvested. Old Mutual Global Equity Absolute Return Fund USD I share class. Periods to 09/30/2013 . Morningstar GIF sector average: GIF OS Alternative – Market Neutral – Equity. Correlation data since launch 07/01/2009 to 09/30/2013

7

UNCORRELATED RETURNS

Source: OMGI/MSCI

• Index down 21 out of 51 months between fund launch (30/06/2009) and 30/08/2013 • Fund up 13 out of these 21 months

2009 2010 2011 2012 2013 Oct Jan Apr May Jun Aug Nov Mar May Jun Jul Aug Sep Nov Dec Apr May Oct May June Aug

-1.8 -4.2 -0.2 -9.9 -3.6 -3.9 -2.3 -1.2 -2.4 -1.7 -1.9 -7.3 -8.8 -2.7 -0.2 -1.4 -9.0 -0.8 -0.3 -2.6 -2.3


MSCI WORLD INDEX

2009 2010 2011 2012 2013 Oct Jan Apr May Jun Aug Nov Mar May Jun Jul Aug Sep Nov Dec Apr May Oct May June Aug

+1.5 +0.5 +2.1 +1.4 +1.9 +1.7 +3.5 +3.3 +0.3 +1.2 +0.8 +1.8 +1.1

-0.2 -1.4 -1.7 -1.9 -0.7 0.3 -0.3 -1.5

Source: OMGI/MSCI

CONSISTENT RETURNS FOR A SMOOTHER RIDE

OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUND ANNUALIZED VOLATILITY 5.5% MSCI WORLD INDEX ANNUALIZED VOLATILITY 14.4%

Source: FactSet, USD returns, 3 years to September 30, 2013 Annualized volatility calculated as the standard deviation of monthly returns

8

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95

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115

120

125

130

135

140

2010 2011 2012 201

Old Mutual Global Equity Absolute Return (USD I shares) MSCI World Index USD

2013

9

PERFORMANCE OVER ROLLING 12 MONTHS

Source: Citi/OMGI, data as of 09/30/2013 for the Old Mutual Global Equity Absolute Return Fund USD I share class. Performance net of fees

• Over rolling 12 month periods, only 4 negative cases out of 40

• No negative cases after October 2010, and no down calendar years

• Best return +19.7% , and worst return -4.1%

• Average 12 month period return has been 7.3%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013

10

DISTRIBUTION OF MONTHLY RETURNS

Source: Citi/OMGI, data as of 09/30/2013 for the Old Mutual Global Equity Absolute Return Fund USD I share class. Performance net of fees

• Typical returns in the range of -1% to +2% per month (73% of months)

• 7 out of 51 months with returns < -1%, and 20 months > +1%

• Best month +4.2%, and worst month -3.1%

0 1 0

6

11

13 13

3 2 2

0

2

4

6

8

10

12

14

-5% to -4% -4% to -3% -3% to -2% -2% to -1% -1% to 0% 0% to 1% 1% to 2% 2% to 3% 3% to 4% 4 % to 5%

Num

ber

of m

onth

s

STOCK SELECTION CRITERIA

MARKET INFORMATION

MANAGE INDUSTRY BIAS

STOCK

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12

MARKET ENVIRONMENT SENTIMENT/RISK SPECTRUM A market proxy to assess the market

environment in real time

Identify current market environment on sentiment/risk spectrum

Analyse expectations of the five stock selection criteria, given the current market environment

Tilt weightings to criteria accordingly

HISTORIC MONTHLY MARKET ENVIRONMENTS SINCE JANUARY 1990

RISK

EN

VIRO

NM

ENT

MARKET SENTIMENT PESSIMISTIC NEUTRAL OPTIMISTIC

HIG

H RI

SK

MED

IUM

RIS

K LO

W R

ISK

PROPRIETARY ANALYSIS TO ASSESS THE MARKET ENVIRONMENT

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TILT WEIGHTINGS BASED ON MARKET ENVIRONMENT

— — — — — — — — — — — — — — — —

Dynamic valuation

— — — — — — — — — — — — — — — —

Market Dynamics

— — — — — — — — — — — — — — — —

Sustainable growth

— — — — — — — — — — — — — — — —

Analyst Sentiment

— — — — — — — — — — — — — — — —

Company Management

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14

STOCK EXAMPLE: SULZER

Source: OMGI

SULZER % STOCK PERFORMANCE

SULZER % STOCK CHARACTERISTICS

DYNAMIC VALUATION turned positive in 2010 as earnings expectations were not fully incorporated into its price

SUSTAINABLE GROWTH improved as the stock’s historic growth characteristics looked sustainable into the future

ANALYST SENTIMENT was broadly positive over the period as market under-reacted to analyst forecasts

COMPANY MANAGEMENT was positive but moving towards neutral due to recent acquisitions

MARKET DYNAMICS was positive as manufacturing benefited from the global economic recovery

Overall, there was wide support for opening a long position in April 2010, and after profiting from a strong rally, this position was closed as the company was then fairly priced

Sulzer is a Swiss firm manufacturing pumping solutions and industrial equipment

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15

FUND PERFORMANCE

LIVE RETURNS OF THE OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN US$ I SHARE CLASS (UCITS)

Source: Citi/OMGI, data as of 09/30/2013. Performance net of fees

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2009 0.9 0.2 -1.7 1.5 -0.8 1.0 1.1

2010 0.5 0.4 0.6 -0.2 -1.4 -1.7 -0.4 -1.9 2.6 0.3 2.1 -0.5 0.3

2011 1.3 -0.2 1.4 0.8 1.9 1.7 3.5 3.3 -0.7 -1.0 -0.3 0.3 12.6

2012 -0.5 1.8 0.8 1.2 -0.3 -0.7 1.3 1.2 0.4 0.8 -1.6 -3.1 1.4

2013 4.2 1.4 3.0 4.2 1.8 1.1 0.3 -1.5 0.1 15.5

Old Mutual Global Equity Absolute Return US$ I share class

(UCITS)

Ann Return (net) 7.1%

Ann Risk 5.4%

Sharpe 1.3

Best up month 4.2%

Worst down month -3.1%

% profitable months 69%

Correlation with MSCI World 0.05

16

FUND PERFORMANCE

AUDITED RETURNS OF UCITS FUND

Source: Citi/OMGI, data as of 09/30/2013. Performance net of fees

95

100

105

110

115

120

125

130

135

140

Jun 09 Jun 10 Jun 11 Jun 12 Jun 13Old Mutual Global Equity Absolute Return Fund (UCITS)

17

OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUND INVESTMENT DETAILS Launch date July 2009

Minimum investment €, $, £:1,000 A (retail) share class; €, $, £100,000 I (institutional) share class

Annual management charge €, $, £: 1.5% for A (retail) share class; 0.75% for I (institutional) share class

Performance fee 20% of outperformance above a hurdle rate (central bank base rate – semi annually)

High water mark Yes

Dealing frequency Daily

Dealing cut off time/valuation point: 12 noon Irish time

Share classes US dollars/euro/sterling (euro/sterling share classes are hedged against the US dollar base currency)

Structure Ireland-domiciled UCITS fund

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Old Mutual North American Equity Fund

Old Mutual Japanese Equity Fund

Old Mutual Asian Select Fund

Old Mutual World Equity Fund

Old Mutual Global Equity Absolute Return Fund

OLD MUTUAL GLOBAL EQUITIES OFFERING

18

http://www.google.co.uk/url?sa=i&rct=j&q=world+globe+black+and+white&source=images&cd=&cad=rja&docid=BaRFryQghp3jtM&tbnid=BcTueauXIX9gVM:&ved=0CAUQjRw&url=http://www.123rf.com/photo_7612039_green-globe-icon-isolated-on-white.html&ei=AMokUb7qCqm-0QWxmYCQDw&psig=AFQjCNEe3hjsDgfnBdg05L0aMhg2yOwG2Q&ust=1361451839006773�


Period Fund % Sector average % Quartile rank YTD 15.5 3.7 1

1 year 11.1 5.7 1

3 years 10.4 5.3 1

5 years - - -

Fund % Sector average % Quartile rank 2012 1.4 8.9 4

2011 12.6 -1.3 1

2010 0.3 1.2 3

ANNUALIZED PERFORMANCE CALENDAR YEAR PERFORMANCE

19

80

90

100

110

120

130

140

Oct 2010 Apr 2011 Oct 2011 Apr 2012 Oct 2012 Apr 2013

Old Mutual Global Eq Abs Ret I USD Hgd BBA LIBOR 1M USD

Source: OMGI data as of 09/30/2013

OLD MUTUAL GLOBAL EQUITY FUND


1 year 32.9 18.9 1

3 years 17.5 8.8 1

5 years 12.8 10.0 1


2011 -3.9 -9.5 1

2010 20.1 16.5 1

2009 13.5 24.0 4

2008 -24.5 -24.4 3


20

80

90

100

110

120

130

140

150

160

170

180


Old Mutual Global Equity Fund Mstar (IMA) Global Growth (sector average) MSCI World Index (benchmark)


OLD MUTUAL JAPANESE EQUITY FUND


1 year 34.8 32.9 2

3 years 13.2 10.0 1

5 years 11.2 9.5 1


2011 -3.3 -11.4 1

2010 24.0 19.7 1

2009 6.6 -2.1 4

2008 0.3 -0.4 2


21

80

90

100

110

120

130

140

150

160


Old Mutual Japanese Equity Fund Mstar (IMA) Japan (sector average) MSCI Japan (benchmark)


OLD MUTUAL NORTH AMERICAN EQUITY FUND


1 year 28.4 20.1 1

3 years 18.7 13.5 1

5 years 13.4 11.8 1


2011 5.4 -1.3 1

2010 21.5 18.2 1

2009 12.7 19.1 4

2008 -22.4 -18.1 4



22

80

100

120

140

160

180

200


Old Mutual North American Equity Fund Mstar (IMA) North America (sector average) MSCI North America Index (benchmark)


APPENDIX

24

OLD MUTUAL’S GLOBAL EQUITY TEAM WORKING TOGETHER FOR OVER 8 YEARS

Ian joined the team in May 2004 and has over 16 years of investment experience including Old Mutual and BGI. Ian holds a BA in Chemistry (Oxford) and a PhD in Medicinal Chemistry (Edinburgh)

DR IAN HESLOP HEAD OF TEAM/FUND MANAGER

Amadeo joined the team in January 2005. He has extensive investment experience including the Bank of England. Amadeo holds a BEng in Robotics (Plymouth), a MSc in Computer Science and PhD in Computational Finance (Essex).

DR AMADEO ALENTORN, CFA FUND MANAGER

*Source: OMGI as of 09/30/2013 Ian Heslop, Amadeo Alentorn and Mike Servent are Citywire AAA rated for their risk-adjusted performance for the periods 31/08/2010 to 31/08/2013

Mike joined the team in November 2004 and has over 13 years of investment systems experience, including Barra International and COR Risk Systems. He holds a BA in Physics from Oxford.

MIKE SERVENT FUND MANAGER

LAWRENCE CLARK ANALYST 6 years at Old Mutual Global Investors

SUPPORTED BY A TEAM OF SPECIALISTS

DR YUANGAO LIU SENIOR ANALYST 5 years at Old Mutual Global Investors

• Managing over USD1.5 billion of hedge and long only global equity funds*

EXTERNAL RESEARCH ACADEMIC ADVISORY BOARD External team of academic experts in fields including accounting, macroeconomics and statistics.

VIRTUAL LABORATORY External team of postgraduate researchers sponsored to work on short term projects of mutual interest.

25

OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUND INVESTMENT PROCESS & PORTFOLIO CONSTRUCTION

PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT

FRAMEWORK

STOCK LEVEL MARKET LEVEL PORTFOLIO RISK MANAGEMENT

Large opportunity set ~ 3,500 global stocks

Rigorous implementation of clear, intuitive investment insights

Analysis using five tried and tested stock selection criteria spanning multiple economic cycles

Downside risk mitigated by controlling unwanted exposures

Complementary stock selection criteria provides diversified alpha sources

Dynamic weighting of those criteria based on expected payoffs in prevailing market environment

Efficient, constrained, risk controlled portfolio construction

In-built volatility control and downside risk mitigation

Correlation management to further control risk

MARKET ENVIRONMENT IDENTIFICATION

STOCK SELECTION CHARACTERISTICS

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INVESTMENT PROCESS – STOCK SELECTION CRITERIA DYNAMIC VALUATION

DYNAMIC VALUATION

Attractive valuations considering both historic and forecast information

Trade off between paying dividends or future growth Incorporating quality to reduce the downside risk of value

investing Difference between mispricing and risk Impact of market risk appetite on expectations on returns

to value

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DYNAMIC VALUATION CYCLICALITY OF VALUE RETURNS

Source: OMGI. Performance of long short quintile portfolios in North America from August 1981 to February 2013

PROTECTION FROM VALUE DRAW-DOWNS DURING PERIODS OF HIGH RISK AVERSION

Return p.a.

Risk p.a. Sharpe Sortino

Dynamic valuation 9.8% 7.4% 1.3 3.0

Book to price 3.4% 15.3% 0.2 0.4

Dynamic valuation criteria Book to price

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INVESTMENT PROCESS – STOCK SELECTION CRITERIA SUSTAINABLE GROWTH

SUSTAINABLE GROWTH

Strong but stable growth characteristics Considering both historic and expected growth rates Expectations likely to be fulfilled Avoidance of ‘one hit wonders’ Protection from downturns in economic growth cycles

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INVESTMENT PROCESS – STOCK SELECTION CRITERIA ANALYST SENTIMENT

ANALYST SENTIMENT

Changes in analyst forecasts contain price sensitive information

Capture market under/over reaction to analyst revisions Incorporate asymmetric behaviour of analysts and markets Market reaction will vary according to company

characteristics

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INVESTMENT PROCESS – STOCK SELECTION CRITERIA COMPANY MANAGEMENT

COMPANY MANAGEMENT

Evidence of strong management teams making good investment decisions

Efficient use of capital Signalling effect of dividends and share buybacks Impact of balance sheet bloat/empire building Implications of acquired vs organic growth

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INVESTMENT PROCESS – STOCK SELECTION CRITERIA MARKET DYNAMICS

MARKET DYNAMICS

Price driven information to identify trends Independent stock and industry information Looking for stable trends likely to persist Avoiding bubbles by looking for trends with fundamental

support Accounting unintended biases in trends

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WEIGHTINGS TO STOCK SELECTION CRITERIA OVER TIME Stock selection criteria are employed

to differing degrees, depending on the environment

This is based on performance attribution of the alpha sources

Dynamic valuation, analyst sentiment and market dynamics tend to have the highest allocations to stock selection decisions

PORTFOLIO WEIGHTINGS BY CRITERIA (%)

Source: OMGI. Data from January 1994 to March 2013 Positions correct at the end of September 2013

DYNAMIC VALUATION

SUSTAINABLE GROWTH

ANALYST SENTIMENT

COMPANY MANAGEMENT

MARKET DYNAMICS

33% North America (30-35% constrained)

33% Pan Europe (30-35% constrained) 17% Asia ex Japan (15-20%

constrained) 17% Japan (15-20% constrained)

Net countries constrained at +/- 3% Net regions constrained at +/- 0.3% Net sectors constrained at +/- 10% Net industries constrained at +/- 10% Stocks constrained at ~ +/- 1%

33

RISK CONTROLLED PORTFOLIO CONSTRUCTION

REGIONAL ALLOCATIONS CONSTRAINTS

Gross leverage reset to 200% approx. each time we trade

Net leverage reset to 0% at each trading day

Investment parameters – target volatility 5%-6%

LEVERAGE

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34

BIOGRAPHIES

Ian Heslop joined the team in 2004 from OMGI’s Global Equities team, where he was a fund manager specialising in the global technology and biotechnology sectors. He joined the Old Mutual group from Barclays Global Investors, where he was a UK quantitative fund manager. Ian has a BA in Chemistry from Oxford University and completed a PhD in Medicinal Chemistry at Edinburgh University.

DR. IAN HESLOP HEAD OF DESK/FUND MANAGER

Amadeo Alentorn is responsible for directing the investment research programme. He joined OMGI in January 2005, while completing a PhD in Computational Finance at the University of Essex (2006). During his doctoral research he developed a new option pricing model using extreme value theory, collaborated with the Bank of England (2004-2005) developing simulation models for systemic and liquidity risk. Prior to this he worked as a software developer for CAD systems and for robotic applications. Amadeo holds a BEng in Robotics from the University of Plymouth (2000), an MSc in Computer Science from the University of Essex (2001) and is a CFA charter holder.

DR. AMADEO ALENTORN, CFA FUND MANAGER

Yuangao Liu joined OMGI in November 2007 from Jacobs UK, where he was a structural engineer specialising in building computer models to solve a variety of engineering problems. Previously he was a project research assistant at Tsinghua University, Beijing. Yuangao has a PhD in Structural Engineering from Imperial College, London and a BEng in Civil Engineering from Tsinghua University, Beijing. He is a FRM charterholder.

DR. YUANGAO LIU SENIOR ANALYST

Lawrence Clark joined OMGI in November 2006, having spent the previous year as a postgraduate physicist at Oxford University conducting research into carbon nanomaterials for quantum information processing. Lawrence has an MPhys from Oxford University, specialising in financial market complexity and computer programming.

LAWRENCE CLARK ANALYST

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Mike Servent joined OMGI in November 2004 from Barra International where he was a Senior Consultant specialising in the implementation of multi asset-class risk systems. Prior to this he spent five years with COR Risk Solutions, which developed the optimisation, backtesting and modelling software. At COR he worked as Commercial Development Manager as well as undertaking research projects with various clients. Mike has an MA in Physics from Oxford University.

MIKE SERVENT FUND MANAGER

35

BIOGRAPHIES (CONSULTANTS)

Peter Pope has researched and published extensively in the areas of capital markets, financial reporting and international equity valuation. Prior to his current role in OMGI’s Academic Advisory Board, he was Head of the V-Lab research program in the team from 2006 to 2010. Before joining Cass in 2011, Peter Pope previously held academic positions at Lancaster University Management School, Strathclyde Business School and Liverpool University. He has also been visiting professor at the Stern School, New York University, and the University of California at Berkeley. He is a qualified accountant and was a member of the U.K. Accounting Standards Board Academic Panel.

DR. PETER POPE PROFESSOR OF ACCOUNTING CASS BUSINESS SCHOOL, CITY UNIVERSITY

Mark Salmon’s current research interests lie in financial econometrics, behavioural finance and aspects of international macroeconomics. He is Professor of Finance at the University of Cambridge as well as External Professor at the European University Institute in Florence. He currently also acts as a consultant to the Bank of England and is a Research Fellow of the Centre for Economic Policy Research associated with the International Macro Programme. He has served as a consultant to a number of city institutions and was a member of a task force set up by the European Commission to consider exchange rate policy for the euro. Mark has a BA from Essex University and an MSc from the London School of Economics. He has published widely in academic journals, including Econometrica, The Annals of Statistics, Journal of Econometrics, the Economic Journal, the Journal of Economic Dynamics and Control, Journal of Empirical Finance and the International Economic Review.

DR. MARK SALMON PROFESSOR OF FINANCE UNIVERSITY OF CAMBRIDGE

Stephen Satchell focuses on both empirical and theoretical aspects of econometrics, finance, risk measurement and utility theory. His very strong econometric techniques knowledge has proved invaluable for OMGI’s team. Steve is a reader in financial econometrics at Cambridge, a Fellow of Trinity College, Cambridge, and a visiting fellow at Birkbeck College, University of London. He holds two PhDs (Cambridge and London), an MSc (Sydney) and an MA (Cambridge). He has refereed widely in academic journals and has affiliations with professional bodies in finance. He has published widely in varied areas of finance, including equity return and risk models, style rotation, asset allocation, trading rules, volatility, option prices, exchange rates, and property markets.

DR. STEPHEN SATCHELL READER IN FINANCIAL ECONOMETRICS/FELLOW OF TRINITY COLLEGE UNIVERSITY OF CAMBRIDGE

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36

BIOGRAPHIES (CONSULTANTS)

Mikhail Chernov’s research focuses on empirical asset pricing problems and applications of econometric methods to finance. His main areas of interest are options, volatility, fixed income and credit and he makes a strong contribution to our growing expertise in non-equity asset classes. Mike is an Associate Professor of Finance at the London Business School. Formerly he was an Associate Professor of Finance at Columbia Business School in New York. He holds BS and MS degrees from Moscow State University and a PhD in Finance from Pennsylvania State University. He has published in the Journal of Finance, the Journal of Econometrics and the Journal of Financial Economics.

DR. MIKHAIL CHERNOV ASSOCIATE PROFESSOR OF FINANCE LONDON BUSINESS SCHOOL

Christopher Malloy’s main interests lie in the behavioural aspects of empirical finance. His research concentrates on asset pricing, investments and portfolio choice and he helps to continue to advance our equity strategies. Chris is Assistant Professor of Business Administration in the Finance Unit of Harvard Business School. Prior to this he was Assistant Professor of Finance at the London Business School, having previously been a Research and Teaching Assistant at the University of Chicago's Graduate School of Business and a Research Assistant at the Washington DC Board of Governors of the Federal Reserve System. He has a BA in Economics from Yale University and a PhD in Finance and an MBA from the University of Chicago. He has published in the Journal of Finance.

DR. CHRISTOPHER MALLOY ASSISTANT PROFESSOR OF BUSINESS ADMINISTRATION HARVARD BUSINESS SCHOOL, FINANCE UNIT

Ian Marsh’s areas of expertise include exchange rate modelling and forecasting, credit risk modelling and applied financial econometrics. He spent four years as a banker and economist prior to completing his PhD and has spent time as a researcher at the International Monetary Fund and the Bank of England’s Financial Stability area, as well as acting as a consultant to a range of financial institutions. Ian has a BA from Sheffield University, an MSc from Birkbeck College, University of London and a PhD from Strathclyde University, all in economics. He has published in many journals including the Journal of Finance, Journal of Monetary Economics, Review of Economics & Statistics, Journal of International Money and Finance & Explorations in Economic History.

DR. IAN MARSH PROFESSOR OF FINANCE CASS BUSINESS SCHOOL, CITY UNIVERSITY

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There will be no public offering of Shares of Old Mutual Dublin Funds plc or Old Mutual Investment Funds Series II in the United States. The Shares will not generally be available to US Persons, unless they are, among other things, "accredited investors" (as defined in Rule 501(a) of Regulation D under the US Securities Act of 1933, as amended (the "1933 Act")), and "qualified purchasers" (as defined in Section 2(a)(51) of the US Investment Company Act of 1940, as amended (the "1940 Act")). The Shares have not been and will not be registered under the 1933 Act or the securities laws of any of the states of the United States, nor is such registration contemplated. The Shares may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable state laws. Any re-offer or resale of any of the Shares in the United States or to US Persons may constitute a violation of US law.

There is no public market for the Shares in the United States and no such market is expected to develop in the future. The Shares offered hereby are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Articles, the 1933 Act and applicable state securities law pursuant to registration or exemption therefrom. The Shares are being offered outside the United States pursuant to the exemption from registration under Regulation S under the 1933 Act and inside the United States in reliance on Regulation D promulgated under the 1933 Act and Section 4(2) thereof.

Old Mutual Dublin Funds plc or Old Mutual Investment Funds Series II is not registered as an investment company in the United States under the US Investment Company Act of 1940, as amended, and its shares are not registered under the US Securities Act of 1933, as amended (“Securities Act”). Shares of Old Mutual Dublin Funds plc may not be available for offered or sold, directly or indirectly in the United States or to any US Person. A US person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organised under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.

37

IMPORTANT INFORMATION

This communication provides information relating to a fund known as Old Mutual Global Equity Absolute Return Fund (the “Fund”), which is a sub-fund of Old Mutual Dublin Funds plc. Old Mutual Dublin Funds plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, Registered in Ireland under registration number 351238. Registered office: 1 North Wall Quay, Dublin 1, Ireland.

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.

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 decisions 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 any of the amount originally invested. Exchange rates may cause the value of overseas investments to rise or fall. The Fund may invest more than 35% of scheme property in transferable securities and money market instruments issued or guaranteed by an EEA State.

Shares in the Fund are sold by a prospectus only. The prospectus and the key information investor document (“KIID”) contains complete information on risk factors and fees that may apply and should be read carefully before investing. The prospectus and the KIID are available free of charge at: / Old Mutual Dublin Funds plc, c/o Citibank Europe plc, 1 North Wall Quay, Dublin 1, Ireland.

OMGI 10/13/0023

38

IMPORTANT INFORMATION

10 13 0023_gear_pres

Business

equity market neutral0

equity markets

absolute returns

global stock markets

msci world equity index250

hfrx equity hedge

diversified equity portfolio

market proxy