Result of Equity Issue

Old Mutual PLC
30 May 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



                      Result of Placing of Ordinary Shares



Further to today's announcement of the release of the St. Paul lock-up
arrangements entered into by Old Mutual plc ('Old Mutual') with St. Paul Fire
and Marine Insurance Company ('St. Paul'), a subsidiary of The St. Paul
Companies Inc., and the associated placing ('the Placing'), of 190,356,631
ordinary shares held by St. Paul and a further 38,071,326 existing or new
ordinary shares in Old Mutual, the Company is pleased to announce that the
Placing has been successfully concluded at a price of 105p per ordinary share
following completion of an accelerated bookbuilding process.  Old Mutual has
granted to Merrill Lynch International an over-allotment option of up to
38,071,326 new ordinary shares.  This option may be exercised, in whole or in
part, up to the close of business on the 30th day after closing of the Placing.



Merrill Lynch is acting as global co-ordinator and Joint Bookrunner to the
Placing.  UBS AG, through UBS Warburg, is acting as Joint Bookrunner of the
Placing and Lehman Brothers International (Europe) is acting as Co-Manager to
the Placing.



The ordinary shares the subject of the Placing, and any new ordinary shares
issued under the over-allotment option 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 ordinary shares, save that Placees will
not be entitled to receive the final dividend of 3.1p per ordinary share to be
paid on 31 May 2002 (the record date for which has already passed).

                                                                     30 May 2002



ENQUIRIES:


Old Mutual                                            James Poole

                                                      [phone]


Merrill Lynch                                         James Agnew

                                                      Rupert Hume-Kendall

                                                      [phone]


UBS Warburg                                           Alex Wilmot-Sitwell

                                                      Philip Ellick

                                                      [phone]


College Hill                                          Tony Friend

                                                      [phone]





This announcement does not constitute an invitation to underwrite, subscribe for
or otherwise acquire or dispose of any Old Mutual 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 St. Paul and Old Mutual in connection with the
Placing and no one else, and will not be responsible to anyone other than St.
Paul and Old Mutual for providing the protections afforded to clients of Merrill
Lynch or for giving advice in relation to the Placing.



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



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.



In connection with the Placing, Merrill Lynch may effect transactions with a
view to supporting the market price of ordinary shares in Old Mutual at a level
higher than that which might otherwise prevail, for a period of 30 days after
the closing of the Placing.  However there is no obligation on Merrill Lynch to
do this.  Such stabilising, if commenced, may be discontinued at any time, and
must be brought to an end by no later than 30 days after the closing of the
Placing.



FSA / Stabilisation



                      This information is provided by RNS
            The company news service from the London Stock Exchange