Cautionary Announcement by Mutual & Federal

Old Mutual PLC
23 December 1999

                                
           CAUTIONARY ANNOUNCEMENT BY MUTUAL & FEDERAL

Mutual  & Federal Insurance Co. Limited, the South African  short
term  insurer,  in which Old Mutual plc has a 51 percent  holding
has today issued the following announcement:-

'Shareholders  are advised that Mutual & Federal is  involved  in
negotiations which may have an effect on the price  of  Mutual  &
Federal shares.

Shareholders  are  accordingly advised  to  exercise  caution  in
dealing  in  their  Mutual  &  Federal  shares  until  a  further
announcement is made in this regard.'