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Old Mutual Global Investors Series PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2016DIRECTORY (continued)Legal AdvisersDillon Eustace33 Sir John Rogerson’s QuayDublin 2IrelandHong Kong RepresentativeOld Mutual Global Investors (Asia Pacific) Limited24th FloorHenley Building5 Queen’s RoadHong KongPaying Agent in LuxembourgBNP Paribas Securities ServicesLuxembourg Branch33, rue de GasperichL-5826 HesperangeGrand Duchy of LuxembourgPaying Agent in SwitzerlandBNP Paribas Securities Services, Parissuccursale de Zurich, Selnaustrasse 168001 ZurichSwitzerlandRepresentative in SwitzerlandFirst Independent Fund Services LimitedKlausstrasse 338008 ZurichSwitzerlandFacilities Agent in the United KingdomOld Mutual Global Investors (UK) Limited2 Lambeth HillLondon EC4P 4WRUnited KingdomFrench Centralising and Financial AgentBNP Paribas Securities Services3 Rue d’Antin75002, ParisFrancePaying Agent in AustriaErste Bank der Oesterreichischen Sparkassen AG, FranceGraben 211010 WienAustriaPaying Agents in ChileCruz del Sur, Corredora de Bolsa S.A.Augusto Leguía 70Piso 5Las CondesSantigao,ChileLarraín Vial S.A., Corredora de BolsaAvenida El Bosque Norte N0 0177, piso 3Las CondesSantiago,Chile8

Old Mutual Global Investors Series PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2016DIRECTORY (continued)Allfunds Bank, S.A.Via Santa Margherita720121 MilanItalyPaying Agent in ItalySGSS. S.p.A, MilanVia Benigno Crespi n19AMAC2,lItalyGerman Information AgentSkandia Portfolio Management GmbHKaiserin-Augusta-Allee 10810553 BerlinGermanyBelgian Financial AgentCaceis Belgium SAB – 1000 Brussels, Avenue du Port 86 C b320BelgiumCopies of the Memorandum and Articles of Association, the Prospectus, the Key Investor Information documents, the annual andsemi-annual reports of the Company are available free of charge at the office of the representative or agent of each jurisdiction.Additionally, a list of the purchases and sales of each fund made during the financial year of this report may be obtained free ofcharge from the Representative in Switzerland.The following funds are not authorised in Hong Kong and not available to Hong Kong residents:Old Mutual China Equity FundOld Mutual US Dividend FundOld Mutual European Best Ideas FundOld Mutual Investment Grade Corporate Bond FundOld Mutual Global Emerging Markets FundOld Mutual Local Currency Emerging Market Debt FundOld Mutual UK Smaller Companies Focus FundOld Mutual UK Dynamic Equity FundOld Mutual Global Equity Absolute Return FundOld Mutual Global Strategic Bond FundOld Mutual Pan African FundOld Mutual UK Specialist Equity FundOld Mutual Gold & Silver FundOld Mutual Compass Portfolio 2Old Mutual Compass Portfolio 3Old Mutual Compass Portfolio 4Old Mutual Compass Portfolio 5Old Mutual Style Premia Absolute Return FundThe following funds are not authorised in Sweden and not available to Swedish residents:Old Mutual Europe (ex UK) Smaller Companies FundOld Mutual Pan African FundOld Mutual Monthly Income High Yield Bond FundOld Mutual Compass Portfolio 2Old Mutual Compass Portfolio 3Old Mutual Compass Portfolio 4Old Mutual Compass Portfolio 59

Old Mutual Global Investors Series PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2016GENERAL INFORMATIONStructureOld Mutual Global Investors Series Plc (the “Company”) is an umbrella fund with segregated liability between funds established as aself-managed open-ended investment company with variable capital organised under the laws of Ireland as a public limited companypursuant to the Companies Act 2014, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings forCollective Investment in Transferable Securities) Regulations 2015 and the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations, 2011, as amended (the “Regulations”) and has been authorised by the CentralBank of Ireland as a UCITS within the meaning of the Regulations.The share capital of the Company shall at all times equal the Net Asset Value. The initial capital of the Company was EUR 38,082represented by 30,000 Subscriber Shares of no par value. For the period of five financial years from the date of incorporation, theDirectors are empowered to issue up to five hundred billion Shares of no par value in the Company at the Net Asset Value per Shareon such terms as they may think fit. The subscriber Shares do not entitle the holders to participate in the assets of any fund.Investment Objectives of the FundsOld Mutual China Equity FundThe objective of the Old Mutual China Equity Fund is to seek to achieve long-term capital appreciation by investing in a welldiversified portfolio of equity securities issued by companies with either the predominant part of their assets in, or the predominantpart of their revenues derived from, the People’s Republic of China, Hong Kong and/or Taiwan that are listed, traded or dealt in onRegulated Markets in the People’s Republic of China, Hong Kong, Taiwan, the United States of America (“US”), Singapore, Korea,Thailand and Malaysia or in a member state of the Organisation for Economic Co-Operation and Development (“OECD”).Old Mutual Global Bond FundThe objective of the Old Mutual Global Bond Fund is to seek to achieve asset growth through worldwide investment in a welldiversified portfolio of fixed and variable rate debt securities.Old Mutual World Equity FundThe objective of the Old Mutual World Equity Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of securities of issuers worldwide. It is not proposed to concentrate investments in any one geographical region, industry orsector.Old Mutual Pacific Equity FundThe objective of the Old Mutual Pacific Equity Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of securities of Pacific region issuers or of issuers established outside the Pacific region which have a predominantproportion of their assets or business operations in the Pacific region. It is not proposed to concentrate investment in any one industryor sector.Old Mutual European Equity FundThe objective of the Old Mutual European Equity Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of securities of European issuers or of issuers established outside Europe which have a predominant proportion of theirassets or business operations in Europe, or of securities listed or having a listing on a European exchange. It is not proposed toconcentrate investments in any one industry or sector.Old Mutual Japanese Equity FundThe objective of the Old Mutual Japanese Equity Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of securities of Japanese issuers or of issuers established outside Japan which have a predominant proportion of their assetsor business operations in Japan. It is not proposed to concentrate investments in any one industry or sector.Old Mutual US Dividend FundThe objective of the Old Mutual US Dividend Fund is to seek to achieve asset growth through investment in a diversified portfolio ofequity and equity-related securities of issuers in the US emphasising larger companies which have dividend characteristics and whichappear to be undervalued relative to their market value.Old Mutual North American Equity FundThe objective of the Old Mutual North American Equity Fund is to seek to achieve long term capital growth through the activemanagement of a diversified portfolio invested primarily in North American stock markets. It is not proposed to concentrateinvestments in any one industry or sector.10

Old Mutual Global Investors Series PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2016GENERAL INFORMATION (continued)Investment Objectives of the Funds (continued)Old Mutual Total Return USD Bond FundThe objective of the Old Mutual Total Return USD Bond Fund is to seek to maximise total return consistent with preservation ofcapital and prudent investment management.Old Mutual Emerging Market Debt FundThe objective of the Old Mutual Emerging Market Debt Fund is to seek to achieve asset growth through investment in a welldiversified portfolio of fixed and variable rate debt securities issued in Emerging Markets.Old Mutual European Best Ideas FundThe objective of the Old Mutual European Best Ideas Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of equities or equity-related securities of European issuers or of issuers established outside Europe which have apredominant proportion of their assets and/or business operations in Europe.Old Mutual Investment Grade Corporate Bond FundThe objective of the Old Mutual Investment Grade Corporate Bond Fund is to seek to achieve income and capital growthpredominantly through investment in a well-diversified portfolio of credit securities rated Investment Grade.Old Mutual Global Emerging Markets FundThe objective of the Old Mutual Global Emerging Markets Fund is to seek to achieve asset growth through investment in a welldiversified portfolio of equity securities of issuers in the Emerging Markets or of issuers established outside of the Emerging Markets,which have a predominant proportion of their assets or business operations in the Emerging Markets and which are listed, traded ordealt in on a Regulated Market worldwide. It is not proposed to concentrate investments in any one industry or sector.Old Mutual Asian Equity Income FundThe objective of the Old Mutual Asian Equity Income Fund is to seek to achieve a total return through a combination of income andcapital growth. The Old Mutual Asian Equity Income Fund will seek to achieve its objective through investment in a diversifiedportfolio of securities of Asian issuers or of issuers established outside the Asian region which have a predominant proportion of theirassets or business operations in the Asian region.Old Mutual Local Currency Emerging Market Debt FundThe objective of the Old Mutual Local Currency Emerging Market Debt Fund is to seek to achieve total return through investment ina well-diversified portfolio of fixed and variable rate debt securities issued in the Emerging Markets worldwide and which areprimarily denominated in the local currency of the issuer.Old Mutual UK Alpha Fund (IRL)The objective of the Old Mutual UK Alpha Fund (IRL) is to seek to achieve capital appreciation through investment in a welldiversified portfolio of equities of predominantly United Kingdom (“UK”) issuers or of issuers established outside the UK which havea predominant proportion of their assets and/or business operations in the UK or securities listed on a UK exchange.Old Mutual UK Smaller Companies Focus FundThe Fund’s investment objective aims to provide capital growth from investing primarily in an equity portfolio of UK smallercompanies. Smaller companies are defined for this purpose as those companies which are quoted on a Regulated Market and whichhave a market capitalisation no greater than the largest company in the Numis Smaller Companies Index at the time of initialinvestment. The Numis Smaller Companies Index is designed to monitor the performance of the smaller companies sector.Old Mutual UK Dynamic Equity FundThe investment objective of the Old Mutual UK Dynamic Equity Fund is aiming to achieve capital appreciation by taking long andshort positions principally in UK equities outside of the FTSE 100 Index.Old Mutual Global Equity Absolute Return FundThe investment objective of the Old Mutual Global Equity Absolute Return Fund is capital appreciation while closely controlling risk.In addition, the Fund intends to deliver absolute returns that have a low correlation with equity and bond markets.Old Mutual Global Strategic Bond FundThe investment objective of the Old Mutual Global Strategic Bond Fund is to optimise total returns from income and capital growththrough investment in global bond markets through investment in debt securities and related instruments as described in theProspectus.11

Old Mutual Global Investors Series PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2016GENERAL INFORMATION (continued)Investment Objectives of the Funds (continued)Old Mutual Pan African FundThe investment objective of the Old Mutual Pan African Fund is to seek to achieve long term capital growth by investing incompanies that directly benefit from long term economic growth opportunities in the African continent.Old Mutual Monthly Income High Yield Bond FundThe objective of the Old Mutual Monthly Income High Yield Bond Fund is to seek to achieve a total return through a combination ofincome and capital growth from a well-diversified portfolio predominantly comprising of fixed and variable rate debt securitieslocated worldwide.Old Mutual Europe (ex UK) Smaller Companies FundThe investment objective of the Old Mutual Europe (ex UK) Smaller Companies Fund is to achieve long term capital growth throughinvesting primarily in an equity portfolio of smaller companies incorporated in Europe (excluding the United Kingdom) or ofcompanies incorporated outside of Europe (excluding the UK) which have a predominant proportion of their assets and/or businessoperations in Europe (excluding the UK).Old Mutual Global Equity Income Fund (IRL)The investment objective of the Old Mutual Global Equity Income Fund (IRL) is to seek to achieve a total return through acombination of income and capital growth.Old Mutual Gold & Silver Fund(a)The investment objective of the Old Mutual Gold & Silver Fund is to seek to achieve a total return by investing predominantly inlisted equities.Old Mutual Compass Portfolio 2(b)The investment objective of the Old Mutual Compass Portfolio 2 is to generate a long-term total return.Old Mutual Compass Portfolio 3(c)The investment objective of the Old Mutual Compass Portfolio 3 is to generate a long-term total return.Old Mutual Compass Portfolio 4(d)The investment objective of the Old Mutual Compass Portfolio 4 is to generate a long-term total return.Old Mutual Compass Portfolio 5(e)The investment objective of the Old Mutual Compass Portfolio 5 is to generate a long-term total return.Old Mutual UK Specialist Equity Fund(f)The investment objective of the Old Mutual UK Specialist Equity Fund is to seek to achieve capital appreciation by taking long andshort positions mainly in UK equities outside the FTSE 100 Index, whilst seeking to deliver absolute returns in all market conditions.Old Mutual Style Premia Absolute Return Fund(g)The investment objective of the Old Mutual Style Premia Absolute Return Fund is to seek to deliver positive total returns on a rollingtwelve month basis with stable levels of volatility uncorrelated to bond and equity market conditions.(a)This sub-fund commenced operations on 9 March 2016.This sub-fund commenced operations on 19 April 2016.(c)This sub-fund commenced operations on 19 April 2016.(d)This sub-fund commenced operations on 19 April 2016.(e)This sub-fund commenced operations on 19 April 2016.(f)This sub-fund commenced operations on 29 April 2016.(g)This sub-fund commenced operations on 1 December 2016.(b)The above footnotes are consistently applied throughout the document.12

Old Mutual Global Investors Series PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2016GENERAL INFORMATION (continued)Distribution PolicyDistributions to holders of Redeemable Participating Shares are recorded in the Statement of Comprehensive Income as finance costs.Distributions paid and proposed during the financial years ended 31 December 2016 and 31 December 2015 with respect to certainShare Classes are outlined in Note 13. All of the other funds’ income and capital gains were reinvested in accordance with theinvestment objective and policy of the funds.Dilution AdjustmentOn any Dealing Day the Directors may determine when there are net inflows into a Fund or net outflows from a Fund to apply adilution adjustment to the dealing Net Asset Value per Share so that the price of a Share in the Fund is above or below that whichwould have resulted from a latest available market valuation. This adjustment is intended to pass the estimated costs of underlyinginvestment activity of the Fund to the active Shareholders by adjusting the Net Asset Value of the relevant classes of Shares and thusto protect the Fund’s long-term Shareholders from costs associated with ongoing subscription and redemption activity. These costsmay include dealing charges, commissions and the effects of dealing at prices other than the middle market price. The price of eachClass of Share in a Fund will be calculated separately but any dilution adjustment will affect the price of Shares of each Class in aFund in an identical manner.Investment RisksAn investment in any fund involves investment risks, including possible loss of the amount invested. Moreover, there can be noassurance that a fund will achieve its investment objective.Subscriptions and RepurchasesCertain Share Classes have minimum initial investment, minimum subsequent investment and minimum holding requirements whichare disclosed in the Prospectus.An initial charge may be payable to the Company on subscriptions for Shares. A contingent deferred sales charge may be payable tothe Company on the subscription price for certain Shares, with the of the contingent deferred sales charge payable dependent on thelength of time between the date the Shares were purchased and their repurchase. The following table outlines these charges:Class of Shares:Initial Charge:Class A SharesClass B SharesClass C SharesClass C2 SharesClass F SharesClass I SharesClass N SharesClass R SharesClass S SharesClass U1 SharesClass U2 SharesClass U3 SharesClass X SharesUp to 6.25% of the Net Asset Value per ShareNilUp to 1.00% of the Net Asset Value per ShareUp to 0.50% of the Net Asset Value per ShareNilNilUp to 3.00% of the Net Asset Value per ShareNilNilNilNilNilNilContingent deferred sales charge as a percentage ofthe subscription price paidYears since purchase0–11–22–33–44 lNilNilNilNilNilNilNilNilNilNilNilTaxationAs an investment undertaking within the meaning of Section 739(B) of the Taxes Consolidation Act 1997, as amended, the Companyis generally exempt from Irish tax on its income and gains and the Company will not be required to account for any tax in respect ofShareholders who are not Irish residents or exempt Ir

Old Mutual Global Equity Absolute Return Fund 483 - 484 Old Mutual Global Strategic Bond Fund 485 - 486 Old Mutual Pan African Fund 487 - 488 Old Mutual Monthly Income High Yield Bond Fund 489 - 490 Old Mutual Europe (ex UK) Smaller Companies Fund 491 - 492 Old Mutual Global Equity Income Fund (IRL) 493 - 494 .