Completion of redemption of preferred securities

Ref 89/12

25 September 2012

Completion of redemption of U.S.$750,000,000 8 per cent. Guaranteed Cumulative Perpetual Preferred Securities (the "Preferred Securities")

Old Mutual plc (the "Company") hereby announces that all of the Preferred Securities, issued by Old Mutual Capital Funding L.P. (the "Limited Partnership") on 19 May 2003, and guaranteed on a subordinated basis by the Company, have been redeemed.

The redemption of the Preferred Securities will complete the Company's target of £1.5 billion of debt reduction that it set in 2010 to be achieved by the end of 2012.

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Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com