Old Mutual Q1 Trading Statement

Trading update for the three months to 31 March 2006 Strong start to the year

The Group continues to deliver strong growth across a substantially expanded international footprint following the acquisition of Skandia, with particularly strong sales of unit trust/ mutual fund and asset management products, and good net cash inflows from clients. Positive equity markets across all of our geographies and the increase in sales have both contributed to the 8% growth in funds under management in the quarter to £248 billion. • Sales • Skandia: Continuing strong growth, with total mutual fund sales up 77% to SEK 13.3 billion and unit-linked sales on an Annual Premium Equivalent (APE) basis up 22% to SEK3.3 billion. • South Africa: Life sales up 5% to R940 million on an APE basis, with most segments showing good growth, offset by disappointing Healthcare sales. Exceptional growth in unit trust sales of 66% to R2.8 billion (31 March 2005: R1.7 billion). • USA: Life sales were $106 million on an APE basis, a decrease of 16%, reflecting the impact of the initiative to rationalise distribution and maintain sales at around the planned $4 billion level. Mutual fund sales through our retail initiative increased to $339 million from $48 million for the first quarter of 2005. • Total sales: Life sales for the combined Group on an APE basis increased by 11% to £395 million. Unit trust/ mutual fund sales increased by 99% to £1.9 billion. • Funds Under Management • Skandia: 8% increase in funds under management since 31 December to SEK691 billion. • South Africa: up 4% to R501 billion as our businesses continue to benefit from the powerful growth in the South African economy. • USA: funds under management up 9% to $248 billion, driven by excellent net fund inflows of $11.2 billion (31 March 2005: $9.4 billion). This includes $22 billion of funds and $7 billion of net cash flows for eSecLending, the sale of which has been announced. • UK & ROW: up 14% to £8 billion, as organic growth continues, with retail fund inflows and favourable market movements driving an increase of 9% in funds at OMAM (UK). Selestia sales were very strong, increasing by 84% to £254 million. • Nedbank: Strong trading results driven by revenue growth, with net interest income increasing by 29% to R2.4 billion (31 March 2005: R1.9 billion) and non-interest revenue increasing by 16% to R2.3 billion (31 March 2005: R2 billion). • Mutual & Federal: total gross premiums for the first quarter increased by 4% to R2.2 billion (31 March 2005: R2.1 billion) despite the ongoing softening of the insurance market. • Embedded value per share, excluding the impact of the Skandia acquisition was up 13% to 197.8p (2,117c) at 31 March 2006, (31 December 2005: 175.6p (1,912c)). Jim Sutcliffe, Chief Executive, commented: “We have achieved a strong start to the year with powerful growth in both sales and funds under management. Our ambition remains to be an international financial services group of world-class stature, delivering our shareholders more growth with less risk. The acquisition of Skandia was an important step in fulfilling that ambition. 10 May 2006 Enquiries: Old Mutual plc Media: Miranda Bellord (UK) Tel: +44 (0) 20 7002 7133 Nad Pillay (SA) Tel: +27 (0) 82 553 7980 Investors: Malcolm Bell (UK) Tel: +44 (0) 20 7002 7166 Deward Serfontein (SA) Tel: +27 (0) 21 509 8709 College Hill (UK) Tel: +44 (0) 20 7457 2020 Tony Friend Gareth David Jim Sutcliffe, Chief Executive, will host a conference call for analysts and investors at 08.30 UK time and 09.30 CET/ South African time this morning. The call will include a brief overview of the trading update and an opportunity for questions. Analysts and investors who wish to participate in the conference call should dial the following toll-free numbers: UK participants: 0800 953 1444 SA participants: 0800 994 090 Swedish participants: 0200 895 350 Std International dial-in (not toll-free): + 44 (0) 1452 542 300 The First Quarter 2006 Trading Statement Financial Disclosure Supplement, can be found on our website at www.oldmutual.com. Our acquisition of Skandia is now complete, with an effective date of 1 February 2006. All references, however, to Skandia are to trading results for the three-month period to 31 March 2006, with comparatives also quoted for the equivalent three months to 31 March 2005. To ensure transparency of data, the Skandia business has been shown both in this document and the first quarter 2006 Financial Disclosure Supplement, as a single geographical segment. Forward-looking statements This announcement contains certain forward-looking statements with respect to the financial condition and results of operations of Old Mutual plc and its group companies, which by their nature involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, global, national and regional economic conditions, levels of securities markets, interest rates, credit or other risks of lending and investment activities, and competitive and regulatory factors.