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January 30, 2002
Ohio National Completes Acquisition of Suffolk Capital Management

Cincinnati -- Ohio National Financial Services, Inc., of Cincinnati has completed its acquisition of Suffolk Capital Management, a New York-based institutional asset manager, from Old Mutual (US) Holdings, Inc., a subsidiary of London-based Old Mutual plc. The transaction closed on January 30, 2002. Terms of the transaction were not disclosed.

The addition of Suffolk, with $3.1 billion of assets under management, increases Ohio National's assets under management to nearly $14.3 billion, and is consistent with its objective of growing its asset accumulation businesses.

Commenting on the transaction, David B. O'Maley, Chairman, President and Chief Executive Officer of Ohio National said: "We believe this acquisition offers considerable benefits for Ohio National. It helps us significantly deepen our investment management capability, provides continuity for our customers, strengthens our overall equity asset management function, and allows us to develop additional investment fund options for our customers."

O'Maley said that approval from current customers would soon be sought to enable Suffolk to manage the existing $100 million in equity portfolios of the Ohio National Fund, Inc., in addition to Suffolk's ongoing asset management for institutional investors. It is also anticipated that at least two funds currently managed by Suffolk will be added to Ohio National's variable product portfolio offering.

Principals Donald M. Gilbert, Erich Weissenberger Jr., and Richard Phillips will continue to head the Suffolk offices in New York.

Suffolk has grown rapidly since its founding in 1991, experiencing a 32.4% compound annual growth rate through 2001. Its large cap fund, representing almost 80% of its assets under management, has outperformed the S&P 500 for the last 10 years, and it was ranked No. 1 in the style category "U.S. Large Cap Growth and Value Equity" for the 10 years ending December 31, 2000 by Nelson's Worlds Best Money Manager. Its small cap fund has outperformed the Russell 2000 Growth in four of the past five years since its inception.

"We believe Suffolk's disciplined investment methodology, as well as its reputation for excellent customer service of its existing clients, can benefit both the existing owners of our variable annuity and variable life insurance products and future customers," O'Maley said.

Products offered by Cincinnati-based Ohio National include variable life insurance, variable annuities and pension products, as well as traditional life insurance, disability income insurance, and other protection and retirement planning products. Currently, the company's variable products offer more than 40 different investment choices, including six funds advised by Ohio National. Ohio National products are sold through its traditional agency force, as well as through securities brokerage firms and banks.

Merrill Lynch acted as financial advisor to Ohio National, and J.P. Morgan acted as financial advisor to Old Mutual.

Insurance and annuity products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Registered products distributed by Ohio National Equities, Inc., Member FINRA. Product, product features and rider availability vary by state. Issuers not licensed to conduct business and products not available in Alaska, Hawaii and New York.

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©2014 Ohio National Financial Services, Inc.
Product Issuers: The Ohio National Life Insurance Company
and Ohio National Life Assurance Corporation
Registered Products Distributed by: Ohio National Equities, Inc.
Member FINRA
One Financial Way | Cincinnati, Ohio 45242
513.794.6100