Old Mutual appoints first Chief Executive Officer of Old Mutual (USA)

18 May 2006 Press Release

The Board of Old Mutual plc (Old Mutual or the Group) is pleased to announce the appointment of Scott Powers, currently Chief Executive Officer of Old Mutual Asset Management (US), as Chief Executive Officer of Old Mutual (USA).

This appointment, effective from 1 July, will extend Mr Powers responsibilities to overseeing both the Groups US asset management and its US Life business. Guy Barker, currently head of Old Mutuals US Life business, will be Deputy CEO of Old Mutual (USA), and will remain Chief Executive of the US Life business until he reaches his planned retirement date at the end of 2007.

Jim Sutcliffe, Old Mutual Chief Executive, comments:

I am delighted that Scott has accepted this appointment as the first CEO of Old Mutual (USA). He has successfully managed the development of our US asset management business for the past four and a half years, with its multi-boutique model delivering superior investment returns to clients and growing funds under management from $160 billion to $249 billion. I am sure he will continue this track record of achievement in his new role."

Scott Powers adds:

I am very pleased to be appointed CEO of Old Mutual (USA). It is an exciting time in the history of the Group. Since Old Mutuals acquisition of the US businesses in 2000 and 2001, weve gone from strength to strength, and we will continue to seek and develop the best ways to respond to the ever-evolving needs of investors and to creating value for our shareholders.

From an organizational perspective, we recognise and are determined to protect the unique competitive advantages of our two businesses, while reflecting on the demographics of an ageing Baby Boomer generation that will increasingly look to financial advisers for strategies that provide them with asset protection, wealth accumulation and preservation, and, ultimately, income to support them in their retirement years.

With the alliance of our two businesses, we are strongly positioned to offer a wide array of attractive strategies to satisfy investors needs.