Circular re STRATE

Old Mutual PLC
18 October 2001



OLD MUTUAL PLC



                         Circular relating to STRATE



Old Mutual plc (the 'Company') is today sending a circular to shareholders on
its South African branch register who hold their shares in certificated form,
to explain to them the implications of the Company's prospective admission to
STRATE.  STRATE, or Share Transactions Totally Electronic, is the paperless
settlement system which is being introduced by the JSE Securities Exchange
South Africa ('JSE').



Transactions in the Company's shares on the JSE will be subject to electronic
settlement through STRATE as from 21 January 2002, and the STRATE rules
require that shares be in dematerialised (electronic) form.  All trades in the
Company's shares entered into on the JSE on or after 14 January 2002 will be
affected by the new rules.



For certificated shareholders on the South African branch register, the
Company is offering an Issuer-Sponsored Nominee Programme, in conjunction with
Computershare Custodial Services Limited, one of the Central Securities
Depository Participants under STRATE, to assist them with the
dematerialisation process.



Dealings in shares in the Company on the London Stock Exchange or the African
exchanges (other than the JSE) where the Company's shares are listed are
unaffected by these changes.



The circular is available online at the Company's website www.oldmutual.com
and may also be obtained from Investor Relations, Old Mutual plc, 3rd Floor,
Lansdowne House, 57 Berkeley Square, London W1J 6ER.





                                                               18 October 2001



ENQUIRIES:


Old Mutual plc, London

James Poole                                          Tel: + 44 20 7569 0100

Director Investor Relations


Old Mutual, South Africa

Martin Minnaar,                                      Tel: + 27 21 509 4403

Communications Manager, Shareholder Services


College Hill, London

Nicholas Williams                                    Tel: + 44 20 7457 2020


College Hill, Johannesburg

Robyn Hunt                                           Tel: + 27 11 447 3030