Contents. Old Mutual: Delivering on the Promise. 1. Old Mutual Overview. 2. Plans for Growth. 3. Institutional Product Sampling. 4.

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1 Old Mutual: Delivering on the Promise Presented to: Investors/Analysts Presented by: Scott F. Powers CEO, Old Mutual Asset Management July 19, Contents 1. Old Mutual Overview 2. Plans for Growth 3. Institutional Product Sampling 4. Appendix 2

2 The Old Mutual Advantage Old Mutual Asset Management is a multi-boutique partnership built on investment independence. Multi-boutique model Investment independence Adding value from the center 3 Proven Ability to Produce Results Net Cash Flow ($ billions) Net Cash Flow across Member Firms Q YTD Keys to Success Retention of investment autonomy Realignment of economic interests Experienced management team led by Scott Powers Investment in additional talent at member firms Center-led initiatives for new products, channels and services 4

3 Superior Investment Capabilities across the Globe $268 bn AUM 1 Global Fortune 4 FTSE 1 Listed: OML Table Mtn/SA photo United Kingdom Old Mutual headquarters Listed 1999 Traditional and alternative investment management North America Acquired UAM in 22 firms today investment management 2 distribution $194 bn AUM (3/31/) Insurance via Old Mutual Financial Network South Africa Established 184 Strong base for internationalization strategy Leading market positions in investment management, insurance and banking 1 As of December 31, 4. Old Mutual plc reports semi-annually. Strength of Diversity, Power of Focus Conglomerate/ Generalist Boutique/ Specialist Wide product range Deep resources Economic efficiencies Distribution leverage Risk management + Client alignment Investment focus and autonomy High-quality investment talent Unique, entrepreneurial cultures Uncorrelated alpha sources Benefit: Old Mutual can be a patient parent. 6

4 Boutique Firms with Extensive Resources Access to best practices Minimize non-investment distractions Value-added at no additional cost Leverage from the Center Firm-Wide Distribution/ Marketing Technology Legal/ Compliance/ Risk Management Finance Financial stability Channel-specific customized investment solutions utilizing varied product range E.g.: TYW closedend fund Coordinated retail distribution Hiring support at institutional level Dedicated consultant relations manager Strategic and tactical marketing E.g.: Old Mutual Capital retail distribution Website development e-business platform Contact management system Back office (managed accounts) E.g.: Analytic website Continuing education Governance and risk appetite Business unit risk profile/assessment New product consultation Litigation management Employment advice E.g.: PBA management and LRC transition Streamlined reporting Shared best practices General ledger platform AIMS standard reporting package E.g.: Dwight on general ledger 7 Old Mutual Firms Deliver for Clients Competitive Performance across Strategies Significant Outperformance 1 For Periods Ending March 31, Strong Position in Peer Universes 2 For Periods Ending March 31, 1% 9% 9% 78% 8% 7% 7% 6% % 4% 3% % 1% % 1 Year 3 Years Years Total Products % % 7% % 24% 1% 9% 13% 19% 17% 9% 3% 1 Year 3 Years Years First Quartile Second Quartile Third Quartile Fourth Quartile 1 Represents asset weighted percentage of Old Mutual separately managed strategies outperforming respective benchmarks. 2 Represents OMAM affiliates assets under management ranked by institutional product (including both separate account and mutual fund assets, where applicable) in comparative peer group investment manager universes, according to a major consultant database. The rankings are weighted by assets. 8

5 Diverse Group of High-Quality Managers Investment Boutiques 2 Distribution Organizations 1+ Distinct Strategies * *Strategic Alliance 9 Complete Asset Class and Style Coverage Old Mutual Asset Management * * Strategic Alliance 1

6 Plans for Growth Increase retail distribution Establish alternative investments platform Augment product offerings through strategic acquisitions/lift-outs Current Asset Mix 1 Current Client Mix 1 Growth Equity 4% Core Equity 3% Balanced Alternative 3% Investments/Other 13% Subadvisory 23% Value Equity 36% Fixed Income 31% Retail/High Net Worth 13% Institutional 64% International Equity 1% 1 As of March 31, 11 Boomers Account for a Large Part of National Wealth The baby boomers account for a large part of our national wealth* $4. $4. Baby boomers born between 1946 and 1964 $3. $3. Wealth in trillions ($) $3. $2. $2. $2.1 $2.9 $2.6 $1. $1. $. $- $.1 $ *Sourced from Merrill Lynch 12

7 Expectations for Product Growth Looking forward, hedge funds and other alternative products are poised to make gains in the retail marketplace, though there remains good growth expectations among long-only mutual funds and managed accounts * Sourced from FRC 13 Significant Investment in Retail Operations Expanded operations New office in Denver, CO 19 external wholesalers internal wholesalers 3 selling agreements Established support structure Marketing National accounts Dedicated Wealth Management Group Current Near-Term Near-Term 14

8 Flexible Products from Leading Managers Allocation Strategy Funds For the Long-Term Investor 4 Old Mutual Asset Allocation Funds: Growth Allocation Moderate Allocation Balanced Allocation Conservative Allocation Multi-Manager Funds For the Tactical Investor 4- New Funds: US Equity (All Cap) US Total (Equity & Fixed) Global Equity Emerging Markets Balanced Global High Yield Single Strategy Funds For the Dynamic Investor 4-6 New Funds: US Equity International Equity Fixed Income Alternatives 1 Exceptional Growth Opportunity Overall hedge fund assets are expected to double over the next five years 16

9 Industry-Leading Alternatives Platform Current Near-Term Long-Term Fund of Hedge Funds Multi-Strategy Propriety Hedge Funds Hedge Fund Seeding and Incubation Single- Strategy Hedge Funds Private Equity Competitive Advantages Extensive institutional experience in alternative investments State-of-the-art risk management, trading and operations Multi-dimensional product range for customized solutions 17 Opportunistic Acquisitions On-going review of Old Mutual portfolio Selective acquisitions/lift-outs to close product gaps Thoughtful response to industry dynamics (e.g., demographic shifts) 18

10 Copper Rock Capital Partners*: Small Cap Growth Investment Objectives Outperform Russell Growth Index on an annual basis Rank in top half of peer group each year Investment Philosophy We believe that small cap markets are inefficient and a fundamental growth approach with a strong sell discipline provides the best opportunity to outperform in all market conditions. Investment Approach Bottom-up stock selection No Excuses sell discipline New Name, Established Team Fully Staffed Highly Experienced Equity Owners U.S. - Traded Small Cap Stocks Company Vendors Competitors Conferences meetings Suppliers IPOs Trade shows Copper Rock Investable Universe 3+ stocks Copper Rock Small Cap Portfolio 7-9 stocks Tucker Walsh Chief Executive Officer & Lead Portfolio Manager Michael Malouf, CFA President & Portfolio Manager Mike Sakala Chief Financial Officer Peter Hadelman Head of Relationship Management Michael Callahan Head Trader Greg Poulos, CFA Analyst *Strategic Alliance 19 Powerful Partnerships Investment Management Institutional Retail Subadvisory Product Development SMAs Closed-end funds Asset allocation strategies MDAs Hedge funds of funds Multi-strategy funds Distribution Full service retail platform Dedicated Wealth Management Group Third-party partnerships

11 Old Mutual Asset Management: Firm Distinctions Multi-boutique model Investment independence Value-added from the center 21 EBITDA Trend Publicly Reported Earnings for % CAGR 163 $ millions Year 22

12 US Asset Management Additional disclosure Income statement ($m) Average AUM Management fees Performance and transaction fees Other revenues Total revenues Operating expenses Variable compensation expenses Total expenses Operating income Operating margin 24% 24% 2% Average BPS (management fees) 3 bps 36 bps 36 bps Average BPS (total revenue) 41 bps 41 bps 4 bps *Excluding affiliates disposed Sourced from OMplc Preliminary Results 4 presentation 23 Institutional Product Sampling 24

13 Large Cap Equity Product Name Large Cap Equity Broad Cap Value 3 Flexible Growth Asset Class Large Cap Equity Large/Mid Cap Equity Large/Mid Cap Equity Style Traditional Value Traditional Value Growth Avg. Number of Holdings Russell 1 Value Russell 1 Value Russell 1 Growth Avg. Annual Turnover (%) Product Assets ($millions) 1 38, Annualized returns (%) 2 As of 3/31/ Composite Year 3 Year 4 1/2 Year Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr 4½ -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A N/A Information ratio N/A N/A N/A..3 1 Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 3 This product does not yet have a five year track record therefore returns and other numeric data are based on a since inception 4 ½ year period of time. 2 Large Cap Equity Product Name Core Equity Core Equity Plus (1/) Large Cap Growth Focused Core Equity Asset Class Large Cap Core Equity Large Cap Core Equity Large Cap Growth All Cap Core Equity Style Quantitative Quantitative Growth Growth Avg. Number of Holdings S&P S&P Russell 1 Growth Russell 3 Index Avg. Annual Turnover (%) Product Assets ($millions) Annualized returns (%) 2 As of 3/31/ Composite Year 2 3/4 Year Ending 3/31/ 1-yr 3-yr -yr 1-yr 2¾-yr 1-yr 3-yr -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A 3.1 N/A N/A Information ratio N/A -.2. N/A.8 N/A.1. N/A.. 1 Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 3 This product does not yet have a three or five year track record therefore returns and other numeric data are based on a since inception 2¾ year period of time. 26

14 Mid Cap Equity Product Name Mid Cap Value Mid Cap Core Equity Mid Cap Growth Equity Asset Class Mid Cap Value Mid Cap Broad Mid Cap Growth Style Value Core Growth Avg. Number of Holdings Russell Mid Cap Value S&P 4 Russell Mid Cap Growth Avg. Annual Turnover (%) Product Assets ($millions) 1 2, ,433 Annualized returns (%) 2 As of 3/31/ Composite Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A N/A Information ratio N/A N/A.3.3 N/A Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 27 Small Cap Equity 3 Product Name Small Cap Growth Small Cap II Micro Cap Asset Class Small Cap Equity Small Cap Equity Micro/Small Cap Style Growth Core Core Avg. Number of Holdings 8 3 Russell Growth Russell Index Russell Index Avg. Annual Turnover (%) Product Assets ($millions) Annualized returns (%) 2 As of 3/31/ Composite Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A 3..8 N/A.9 6. Information ratio N/A.1. N/A N/A Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 3 Copper Rock Capital has used the registered mutual fund, State Street Emerging Growth (Gross of Fees) headed by Tucker Walsh as its representative account from October 1999 through January 28, and the return of Copper Rock Capital representative separate account for the single day of January 31,. Going forward, performance will be a composite of separately managed accounts in accordance with AIMR 28

15 International/Global Product Name International Equity Int l All Cap Equity Global Equity Int l Small Cap Equity Asset Class Developed Int l Equity Developed Mkts Int l Equity Global Equity Int l Small Cap Equity Style Quantitative Value Quantitative Value Quantitative Value Quantitative Value Avg. Number of Holdings MSCI EAFE MSCI EAFE MSCI World MSCI EAFE Small Cap Avg. Annual Turnover (%) Product Assets ($millions) ,78 1,638 1,99 Annualized returns (%) 2 As of 3/31/ Composite Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A N/A N/A Information ratio N/A N/A N/A N/A Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 29 International/Global Product Name Emerging Markets Equity Pacific Basin Global Aggregate Int l Fixed Unhedge Asset Class Emerging Markets Equity Regional Equity Global Fixed Income 3 Non-US Fixed Income Style GARP GARP Active Country Allocation Active Country Allocation Avg. Number of Holdings MSCI Emerging Markets Free MSCI Pacific Index Lehman Global Agg Citi Non-US Government Avg. Annual Turnover (%) Product Assets ($millions) ,7 Annualized returns (%) 2 As of 3/31/ Composite Year 3 1/4 Year Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3¼ -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A 3.3. N/A N/A 1.9 N/A Information ratio N/A.7.2 N/A N/A 1.1 N/A Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 3 This product does not yet have a five year track record therefore returns and other numeric data are based on a since inception 3¼ year period of time. 3

16 U.S. Fixed Income Product Name Intermediate Fixed Income Core Fixed Income Core Plus Fixed Income Core Fixed Income Asset Class Fixed Income Fixed Income Fixed Income Fixed Income Style Active Intermediate Active Core Active Core Plus Active Core Avg. Number of Holdings LB Intermediate Aggregate LB Aggregate LB Aggregate LB Aggregate Avg. Annual Turnover (%) Product Assets ($millions) 1 1, ,28 Annualized returns (%) 2 As of 3/31/ Composite Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A.9.9 N/A N/A.3.3 Information ratio N/A N/A N/A N/A Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 31 Other Asset Classes Product Name Market Neutral Stable Value REIT Asset Class Market Neutral Stable Value REITs Style Quantitative Long/Short High Quality Bonds GARP Avg. Number of Holdings month T-bill CMT -Year Treasury WRESI Avg. Annual Turnover (%) 36 8 Product Assets ($millions) ,282 2,72 Annualized returns (%) 2 As of 3/31/ Composite Ending 3/31/ 1-yr 3-yr -yr 1-yr 3-yr -yr 1-yr 3-yr -yr Universe ranking (% ile) Tracking error (%) N/A N/A.1.1 N/A Information ratio N/A.6 1. N/A 4.1. N/A..4 1 Represents strategy assets under management including both separate account and mutual fund assets, where applicable. 2 See performance disclaimer for important information. 32

17 Appendix 33 Old Mutual Asset Management Executive Management Team Scott F. Powers, Chief Executive Officer Mr. Powers is the Chief Executive Officer of Old Mutual Asset Management, the US-based asset management arm of global financial services organization Old Mutual plc. Mr. Powers brings extensive experience in managing the growth of multiple asset management firms as well as strong leadership skills to his role. Prior to joining Old Mutual in 1, Mr. Powers was Executive Vice President of Sales and Marketing and Product Development at Mellon Institutional Asset Management. Earlier in his career, he served as Chief Operating Officer and Head of Marketing and Client Service for The Boston Company Asset Management. Mr. Powers began his career as a financial advisor with Dean Witter Reynolds. He holds a BA degree in Economics from Harvard College. David J. Bullock, President and Chief Executive Officer David Bullock is responsible for the overall management of Old Mutual Capital and Old Mutual Investment Partners, including the investment group, marketing and distribution, fund services, shareholder services and operations. He is also a member of the Board of Trustees of the Old Mutual Advisor Funds and serves on the Old Mutual US Executive Management Team. Prior to joining Old Mutual, Mr. Bullock was President and Chief Executive Officer of Transamerica Capital, Inc., a subsidiary of AEGON USA. While at Transamerica, he was responsible for developing and marketing the Transamerica Life Insurance Company variable annuity products and the IDEX Mutual Funds. Mr. Bullock has 26 years of industry experience and has held numerous sales and management positions at GE Financial Assurance, American Express Financial Advisors, JMB/Carlyle and InterFinancial Securities. He holds a BS in Financial and Estate Planning from Brigham Young University. Tim Cumming, Director of Global Business Development Mr. Cumming recently joined Old Mutual Asset Management (US) as Director of Global Business Development, responsible for the global investment expertise core competency. He focuses on both business and product development opportunities on a global scale. He has spent over years in the investment business, most recently in the role of CEO at Old Mutual Asset Managers (SA). Previously, he worked at HSBC Securities SA and Allan Gray Investment Counsel in Executive Director and General Manager/Institutional Asset Manager roles, respectively. In addition to these roles, Mr. Cumming has been an executive committee member of the Investment Analysts Society of SA and the Fund Managers Association of SA, has recently been appointed Chairman of the Mandela Rhodes Foundations Finance and Investment Committee. He holds a BSc (Hons) in Civil Engineering from the University of Cape Town and a First Class Honors degree (later converted into an MA) in Economics and Politics from Oxford University, where he studied as a Rhodes Scholar.

18 Old Mutual Asset Management Executive Management Team Linda T. Gibson, General Counsel and Secretary Mrs. Gibson is Executive Vice President, General Counsel and Secretary of Old Mutual Asset Management and the head of the legal and compliance departments. Linda also serves as a director and officer of various affiliated companies. Mrs. Gibson has over 1 years of experience in US and non-us financial services markets, and has represented US and non-us registered investment advisers, investment companies, broker-dealers and trust companies. Mrs. Gibson was previously Senior Vice President, Senior Counsel and Secretary of Signature Financial Group, Inc. where she oversaw the legal operations of the Boston, London and Grand Cayman offices as well as provided consulting services with respect to global investment product design and strategy. Prior to joining Signature, she worked in the Banking Services Group of Massachusetts Financial Services Company. Mrs. Gibson received her J.D. from Boston University School of Law and holds a BA in Mathematics from Bates College. Mrs. Gibson is admitted to practice law in the State of New York and the Commonwealth of Massachusetts. Kevin M. Hunt, Chief Sales and Marketing Officer Mr. Hunt joined Old Mutual as Executive Vice President and Head of Sales, Marketing and Product Development in April 2. Prior to joining Old Mutual, Mr. Hunt was responsible for forming Morgan Stanley s separately managed accounts business, which under his leadership grew from $4 million in assets under management in 1988 to more than $4 billion in 1. In his role as director of the firm s Managed Portfolio Group, Mr. Hunt oversaw five business units managing more than $7 billion in assets. Prior to joining Morgan Stanly, Mr. Hunt joined E.F. Hutton in Providence, RI as an Account Executive in 1978, leading to the role of Vice President. Thomas Turpin, Chief Operating Officer Mr. Turpin is Chief Operating Officer of Old Mutual Asset Management and a member of the board of directors of various affiliated firms. He leads the finance, relationship management, technology and human resources areas within the company and works directly with the investment management affiliates to facilitate best practices in these areas for each firm. Previously at Putnam Investments, Mr. Turpin was Managing Director and Head of Defined Contribution Plans at Putnam Investments, as well as Chief Administrative Officer for Institutional Management, Defined Contribution, and Institutional and Retail Businesses. Prior to joining Putnam, he held a variety of leadership positions with The Boston Company, primarily in the Master Trust & Custody Division, from 1982 to Mr. Turpin holds an Accounting Degree from Assumption College. Product Development and Consultant Relations Matthew J. Appelstein, CFA, CPA, Director of Investment Services Mr. Appelstein joined Old Mutual from Fidelity Investments, where he served in a variety of roles since 199, most recently as Senior Vice President of Consulting Relationships for Fidelity Management Trust Company. Prior to Fidelity, he was employed by Coopers & Lybrand. As head of investment services and product development at Old Mutual, Mr. Appelstein works closely with the group's member firms on the development and execution of product strategy, with the objectives of expanding distribution opportunities and differentiating Old Mutual within the marketplace. Mr. Appelstein holds a BA in Accounting from the University of Massachusetts, earned his CPA designation in 1983, and his CFA designation in Brian M. Baskir, FIA, Director of Consultant Relations Mr. Baskir s employment career, commencing in 1983, has been in various capacities and functions within the greater Old Mutual Group. His broad experience covers senior roles in the asset management, employee benefit and actuarial consulting areas of expertise, much of which was gained in South Africa. Since December 1997, Mr. Baskir has served in the USA, first as President of Boston-based Old Mutual Investment Advisers, Inc. Following Old Mutual s acquisition of UAM in, he served as Managing Director responsible for the ongoing relationships and partnering with the Old Mutual Group of investment firms. Since 3, he has taken on the responsibility for developing high-level relationships for Old Mutual with the investment consultant community. Mr. Baskir holds a Bachelor of Business Science Degree from the University of Cape Town and is a qualified actuary of the Institute of Actuaries in London.

19 Performance Disclaimer Each firm described in this presentation is a subsidiary of Old Mutual (US) Holdings, Inc., a subsidiary of Old Mutual plc, a financial services firm located in the United Kingdom. Old Mutual (US) Holdings Inc. is also known by the marketing name Old Mutual Asset Management (OMAM). Past performance is no guarantee for future results. All economic and performance information is historical. The market indices are unmanaged and do not reflect the deduction of fees and expenses typically associated with managing a client portfolio. A market index is not available for direct investment. Investment product returns are shown gross of investment advisory fees and other expenses necessary to manage portfolios. If fees and expenses were deducted, actual performance would be less than that shown in this presentation. Each investment advisory firm has filed a registration statement on Form ADV with the Securities and Exchange Commission. You may obtain a copy of a firm s Form ADV from the SEC s website ( or by asking your Old Mutual contact. This presentation is for professional use only and not for distribution to the general public. The information contained in this presentation should not be construed as investment advice. The views expressed in this material are subject to change with market conditions. Neither this material nor any accompanying oral remarks are intended to be an offer to sell any products or services, or a determination that a particular product or service is suitable for any individual or institutional investor