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Old Mutual PLC (OMU)


Thursday 28 April, 2005

Old Mutual PLC

Guaranteed Convertible Bonds

Old Mutual PLC
28 April 2005

                  Old Mutual Finance (Cayman Islands) Limited
                      3.625% Guaranteed Convertible Bonds

On 25 April 2005, the deadline passed for holders of 3.625% Guaranteed
Convertible Bonds issued by Old Mutual Finance (Cayman Islands) Limited, a
wholly-owned subsidiary of Old Mutual plc, to elect to convert their bonds into
preference shares immediately exchangeable for Old Mutual plc ordinary shares.

No bondholders have elected to convert and therefore the $636,286,000 of
outstanding bonds will be redeemed at their principal amount on 3 May 2005.

                                                                   28 April 2005


Old Mutual plc UK
Miranda Bellord +44 (0) 20 7002 7133

Old Mutual plc SA
Nad Pillay      +27 (0) 21 504 8026

For further information about Old Mutual plc visit

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            The company news service from the London Stock Exchange

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