Tier 1 Preferred Securities

Old Mutual PLC
15 March 2005


           Old Mutual launches Innovative Tier 1 preferred securities


Old Mutual plc ('Old Mutual') has today launched and priced a £350 million issue
of Perpetual Preferred Callable Securities with an initial coupon of 6.376 per
cent. payable annually in arrear until the first call date in March 2020. The
issue price is 100 per cent. The issue yield to the first call is 6.2775 per
cent. semi-annual, based on a spread of 150 basis points over the 8 per cent.
Gilt due 2021 at the time of pricing. If the issue is not called in 2020, the
coupon will reset semi-annually at a margin of 223 bps over 6 month LIBOR.

The transaction was launched after a 4-day investor roadshow in the UK.

The issue will be used to fund the general business and commercial activities of
the Group, including repayment of existing debts, and to augment its regulatory
capital base. It is expected to be rated Baa2/BBB+ by Moody's and Fitch
respectively and will be listed on the Stock Market of Euronext Amsterdam N.V.

Julian Roberts, Old Mutual's Group Finance Director, commented: 'We have taken
advantage of good investor appetite for high-quality Sterling paper to launch an
issue of securities for Old Mutual plc that will qualify as Tier 1 capital. We
are delighted with the response of investors to the Old Mutual name and credit
in this issue, which follows the recent improvements to our credit rating
outlook.'

                                                                   15 March 2005


ENQUIRIES:

Investor Relations:
James Poole         [phone]

Group Treasury:
Don Hope            [phone]


NOTES TO EDITORS:

The joint bookrunners are Barclays Capital and UBS Investment Bank


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




                      This information is provided by RNS
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