Issue of Debt

Old Mutual PLC
26 April 2001

Immediate Release

26 April 2001


                                  Old Mutual PLC

                              Convertible Bond Issue

    Old Mutual PLC ('Old Mutual') announced today that its wholly owned
    subsidiary Old Mutual Finance (Cayman Islands) Limited has launched an
    offering of US$ 425 million in aggregate principal amount of Guaranteed
    Convertible Bonds due 2004 (the 'Bonds'). The Bonds are guaranteed by Old
    Mutual and convertible into preference shares of the Issuer which will
    immediately be exchanged for ordinary shares of Old Mutual. There is an
    overallotment option of US$ 75 million.


    The coupon of the Bonds will be between 3.5 % and 4 % per annum and the
    conversion price will be set at a premium of between 25 % and 30 % to the
    price of Old Mutual shares at the time of pricing. The offering is
    expected to be > priced on 27 April 2001 and closing is expected on or
    about 2 May > 2001


    The senior unsecured debt obligations of the Guarantor are rated A2 by
    Moody's Investors Service, Inc.


    Application has been made for the Bonds to be admitted to trading on the
    London Stock Exchange's market for listed securities. Stabilisation/SIB.

The information contained herein is not for distribution in the United States,
Canada or Japan. The information contained herein does not constitute an offer
of Bonds for sale in the United States, Canada or Japan. Bonds may not be
offered or sold in the United States unless they are registered under
applicable law or exempt from registration. The Bonds referred to herein have
not, and will not, be registered under the U.S. Securities Act of 1933 and may
not be offered or sold, subject to limited exceptions, directly or indirectly
into the United States. No money or other consideration is being solicited,
and, if sent in response to the information contained herein, will not be
accepted.