Over-Allotment Option

Old Mutual PLC
6 June 2002



NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US PERSONS


This announcement is not an offer of the Old Mutual ordinary shares for sale
into the United States.  The Old Mutual ordinary shares have not been and will
not be registered under the US Securities Act of 1933 and may not be offered or
sold in the United States unless they are registered or exempt from
registration.  There will be no public offer of Old Mutual shares into the
United States.



                                 OLD MUTUAL PLC

                       Exercise of Over-Allotment Option

Further to the announcement dated 30 May 2002 of the release of the lock-up
arrangements between Old Mutual plc ('Old Mutual') and St. Paul Fire and Marine
Insurance Company ('St. Paul') and the associated placing of 190,356,631
ordinary shares held by St. Paul and of a further 38,071,326 existing or new
ordinary shares in Old Mutual (the 'Placing'), Old Mutual is pleased to announce
that Merrill Lynch International has exercised, on behalf of the managers to the
Placing, the over-allotment option (the 'Over-allotment Option'), leading to the
issue on 5 June 2002 of 38,071,326 new ordinary shares in Old Mutual. Net
proceeds from the exercise of the Over-allotment Option are approximately £39.3
million and will be used for general commercial purposes.


Following the issue of the new ordinary shares, the issued share capital of Old
Mutual now comprises 3,782,339,383 ordinary shares.


                                                                     6 June 2002


ENQUIRIES:

Old Mutual                                            Martin Murray
                                                      [phone]


Merrill Lynch                                         Derek Ross
                                                      Rupert Hume-Kendall
                                                      [phone]

UBS Warburg                                           Alex Wilmot-Sitwell
                                                      Philip Ellick
                                                      [phone]

College Hill                                          Tony Friend
                                                      [phone]



Stabilisation / FSA


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