Notes to the Financial Statements

for the year ended 31 December 2004

34 Amounts Owed To Credit Institutions

Floating rate notes:
1 US$10.5 million repaid on 18 January 2005, and US$10 million repayable September 2009.
2 £24 million repayable November 2006.
3 £28 million note repayable on 31 December 2010, with the holders having the option to elect for early redemption every six months, €30 million fixed rate bond due 2010 swapped into floating rate US Dollars, US$50 million note repayable September 2011, US$150 million note repayable September 2014, €10 million fixed rate bond due in 2010 and €20 million fixed rate bond due in 2013 (issued during 2003 with the capital and interest immediately swapped into floating rate US Dollars).

Term loan:
4 US$45 million term loan repayable on 30 June 2006.

Fixed rate notes:
5 €400 million Euro notes due 2007, capital and interest swapped into fixed rate US Dollars.

Other:
6 Other amounts owed to credit institutions consist principally of preference shares issued by a Group subsidiary.

During the year, the Company entered into a new £1.1 billion 5-year multi-currency Revolving Credit Facility, which matures in May 2009, and cancelled its existing £900 million, US$600 million and US$60 million Revolving Credit Facilities. The new facility was undrawn at 31 December 2004.

34(a) Convertible loan stock

(i) Insurance and other assets
At 31 December 2004, the Group had in issue US$636 million (£332 million (R3,602 million) (2003: £357 million (R4,261 million)) 3.625 per cent. Convertible Bonds maturing on 2 May 2005, which are guaranteed by Old Mutual plc. Holders of the Bonds have the right to elect to convert the Bonds into ordinary shares in Old Mutual plc at a conversion price of 190p per share and an exchange rate of one US dollar to 69.52p Sterling.

(ii) Banking

These debt instruments are convertible into BoE Bank Ltd ordinary shares. The Group has the option to purchase these shares.