Share buyback programme

The Board of Old Mutual plc ("the Company") is pleased to announce that the Company proposes to implement a share buyback programme, as indicated at the time of the publication of Group's interim results on 10 August 2007.  This action is part of the Companys ongoing commitment to balance sheet and capital efficiency and the creation of shareholder value.
 
The Company now intends to repurchase shares to a total value of approximately 350 million.  The transactions will be a combination of on-market purchases on the London Stock Exchange and purchases on the JSE Limited pursuant to one of the contingent purchase contracts approved by shareholders at this year's Annual General Meeting. The repurchases will be financed using the Company's internal resources.

The Company plans to hold the shares repurchased under this programme in treasury.