Notice of early redemption

Ref 180/10

15 December 2010

NOTICE OF EARLY REDEMPTION

to the holders of the

OLD MUTUAL PLC

GBP300,000,000 Fixed to Floating Rate Callable Step-Up Option A Dated Subordinated Notes due 2016 (the "Notes")

ISIN: XS0241547693

Common Code: 024154769

NOTICE IS HEREBY GIVEN to the holders of the outstanding Notes of Old Mutual plc (the "Issuer") that, pursuant to the Final Terms of the Notes and Condition 7(d) (Redemption at the option of the Issuer (Issuer Call)), the Issuer hereby will redeem all outstanding Notes on 21 January 2011 (the "First Call Date") at their principal amount together with accrued and unpaid interest to (but excluding) the First Call Date.

Notice of the proposed redemption has been given to the Financial Services Authority and no notice of objection has been given by the Financial Services Authority.

Terms used in this Notice and not defined herein shall have the same meaning given to them in the Terms and Conditions of the Notes.

Payment of the redemption monies will be made through Euroclear Bank SA/NV and Clearstream Banking, société anonyme, in accordance with their standard procedures.

For and on behalf of

Old Mutual plc

15 December 2010

Enquiries

Notes to Editors

Old Mutual

Old Mutual plc 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 in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2009, the Group reported adjusted operating profit before tax of £1.2 billion (on an IFRS basis) and had £285 billion of funds under management at the year end. The Group has approximately 54,000 employees.

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