Placing of Ordinary Shares

Old Mutual PLC
07 March 2003


NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US PERSONS.

This announcement is not an offer of the Old Mutual plc shares (the 'ordinary
shares') for sale into the United States.  The 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 ordinary shares into the United
States.




                                 OLD MUTUAL PLC

                      RESULT OF PLACING OF ORDINARY SHARES


Further to the announcement regarding the proposed placing ('the Placing') of
new ordinary shares to raise approximately £36 million (after the deduction of
commissions and expenses), Old Mutual plc is pleased to announce that 49,520,000
new ordinary shares ('the Placing Shares') have been successfully placed at a
price of 74p per ordinary share following completion of an accelerated
bookbuilding process.

The Placing Shares will rank pari passu with Old Mutual's existing ordinary
shares of 10p each, including the right to participate in all dividends and
other distributions declared, paid or made after the date of this announcement
on or in respect of such shares.


                                                                 7 March 2003

Enquiries:

Old Mutual London
Don Hope                                             Tel:  [phone]
James Poole                                          Tel:  [phone]

Merrill Lynch                                        Tel:  [phone]
Rupert Hume-Kendall
Michael Findlay

College Hill London                                  Tel:  [phone]
Tony Friend



This announcement does not constitute an offer to sell or issue, or constitute
the solicitation of an offer, in any jurisdiction in which such offer is
unlawful.

This announcement does not constitute an invitation to underwrite, subscribe for
or otherwise acquire or dispose of any ordinary shares.  Past performance is no
guide to future performance and persons needing advice should consult an
independent financial adviser.

Merrill Lynch is acting for Old Mutual in connection with the Placing and no one
else, and will not be responsible to anyone other than Old Mutual for providing
the protections afforded to clients of Merrill Lynch or for giving advice in
relation to the Placing.



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