Guaranteed Convertible Bonds

Old Mutual PLC
28 April 2005


                  Old Mutual Finance (Cayman Islands) Limited
                      3.625% Guaranteed Convertible Bonds

On 25 April 2005, the deadline passed for holders of 3.625% Guaranteed
Convertible Bonds issued by Old Mutual Finance (Cayman Islands) Limited, a
wholly-owned subsidiary of Old Mutual plc, to elect to convert their bonds into
preference shares immediately exchangeable for Old Mutual plc ordinary shares.

No bondholders have elected to convert and therefore the $636,286,000 of
outstanding bonds will be redeemed at their principal amount on 3 May 2005.

                                                                   28 April 2005

ENQUIRIES:

Old Mutual plc UK
Miranda Bellord [phone]

Old Mutual plc SA
Nad Pillay      [phone]

For further information about Old Mutual plc visit www.oldmutual.com




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