OMLACSA Board Appointment

Old Mutual Life Assurance Company (South Africa) Limited (“OMLACSA”) announces the appointment of Mr Paul Baloyi, CE of the Development Bank of Southern Africa, to its Board of Directors as an Independent non-executive Director with effect from 22 October 2010.

Chairman of OMLACSA, Mr Paul Hanratty commented:

"We are extremely pleased to welcome a director of Paul’s calibre to our Board and look forward to benefiting from his strategic vision and extensive knowledge of financial services and the South African business context."

MrBaloyi has more than 25 years experience in the banking sector in various roles. He is a former Managing Director of Nedbank Africa, a subsidiary of the Nedcor banking group. Within the same organisation, he was also a Divisional Director:Strategic Business and prior to that, an Executive Credit Manager. Baloyi also had a 14 year spell at Standard Bank, o­ne of the big four banking groups in South Africa.

His expertise is wide-ranging, covering areas as diverse as credit management, corporate finance, risk management, property development, African markets, human resource management and organisational transformation.

In 2006 he joined the Development Bank of South Africa as CE and Managing Director. During his leadership tenure with the bank, a sharpened vision and renewed mission have been introduced.The bank’s more aggressive corporate strategy is accompanied by enhanced human capital and a new governance framework to speed up decision-making processes.