Issue of Preferred Securities

Old Mutual PLC
22 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 issue of $750m of 8% Guaranteed Cumulative
Perpetual Preferred Securities by Old Mutual Capital Funding LP, a subsidiary
undertaking of Old Mutual plc.  These Preferred Securities will be listed on the
Luxembourg Stock Exchange.

Old Mutual Capital Funding LP will invest the proceeds of the issue in $750m of
8% Subordinated Cumulative Perpetual Notes issued by Old Mutual plc under its
£1,500m Global Medium Term Note Programme.  These Subordinated Notes will be
listed on the London Stock Exchange and the proceeds of the issue will be
applied to the repayment of existing debt and for general corporate purposes.


                                                                     22 May 2003

Enquiries:
Old Mutual
James Poole, Corporate Affairs Director                         [phone]
Don Hope, Group Treasurer


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            The company news service from the London Stock Exchange