Scheme of Arrangement

Old Mutual PLC
03 June 2005


Circular to Shareholders announcing a Scheme of Arrangement to effect proposals
        to increase direct black ownership in Old Mutual Group Companies


Old Mutual plc (the 'Company') has today posted a circular to shareholders
containing details of the Group's proposals on Black Economic Empowerment, which
were announced on 19 April 2005.

The circular contains notices convening an Extraordinary General Meeting and a
Company Meeting convened at the direction of the UK High Court to consider a
scheme of arrangement under section 425 of the UK Companies Act 1985. These
meetings will be held in the Presentation Suite, 2nd Floor, Old Mutual Place, 2
Lambeth Hill, London EC4V 4GG on 6 July 2005 at 11.00 a.m. and 11.15 a.m. (or
immediately after the EGM, if later) respectively.

The text of the circular may be viewed on the Company's website at
www.oldmutual.com and copies may be obtained from Computershare Investor
Services Plc, The Pavilions, PO Box 82, Bridgwater Road, Bristol, BS99 7NH.
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg 2001, South Africa.

                                                                     3 June 2005


ENQUIRIES:

Old Mutual plc Investor Relations:
UK - Andrew Parkins     [phone]
SA - Derward Serfontein [phone]

Old Mutual plc Media:
UK - Miranda Bellord    [phone]
SA - Nad Pillay         [phone]


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



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