Issue of Preferred Securities

Old Mutual PLC 12 May 2003 NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US PERSONS Old Mutual plc Old Mutual Capital Funding LP: Issue of Preferred Securities Today Old Mutual plc announces the successful launch of an issue of $750m of Guaranteed, Cumulative Perpetual Preferred securities, yielding 8% at issue, as part of its on-going financing programme. The issue will strengthen the capital base of the Group, reducing dependence on short-term debt. Through this issue the Company continues to diversify its sources of funding and its success is a result of the increasing acceptance of the Old Mutual name and credit among investors in the credit financing markets. The proceeds will initially be used to repay existing short term debt. The securities will be issued by a wholly owned subsidiary of Old Mutual Plc, Old Mutual Capital Funding L.P. of Jersey. The issue has been Joint lead managed by BNP Paribas; HSBC; and Merrill Lynch International. The size of the issue of Cumulative Preferred Securities was increased substantially during the course of the offer because of the strength of support from both retail and institutional investors primarily in Europe, South Africa and Asia. The notes are not for issue in the USA and certain other territories. Julian Roberts, Group Finance Director said 'Having recently met many new investors in leading global capital market centres, we have been impressed by the enthusiasm and appetite for Old Mutual. This successful new issue will significantly strengthen the capital base of Old Mutual and enhance our financial flexibility going forward. Enquiries: Old Mutual James Poole, Corporate Affairs Director +44 20 7569 0100 Don Hope, Group Treasurer Notes of Editors: On May 2nd 2003 the option closed under which investors could put back bonds issued under the $650 million 3.625% Guaranteed Convertible bond, redeemable May 2005. Only US $13.7 million bonds were elected for early redemption and cancellation. This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings