M&F Special Dividend

Old Mutual PLC
13 November 2001


                               OLD MUTUAL PLC

    Special Dividend Announced by Mutual & Federal Insurance Company Ltd



Old Mutual plc announces that the Board of Mutual & Federal Insurance Company
Ltd ('Mutual & Federal'), its 51% general insurance subsidiary listed on the
JSE Securities Exchange South Africa, has made a declaration to shareholders
of a further special dividend payment.



The special dividend of 350 cents per share will have the effect of returning
a further R847 million (approximately £60 million based on yesterday's closing
mid rate of exchange*) to shareholders. The dividend will be paid on 10
December 2001.



Mutual & Federal has now declared three special dividends in three consecutive
years returning R1,444 million, R723 million and now R847 million in capital
to shareholders. This reduction forms part of a critical ongoing review of the
efficient use of capital. The solvency margin of Mutual and Federal is
currently about 80% and will reduce to 60% after the payment of this dividend.
The legislated minimum requirement is 25%.



Old Mutual plc has voting control of Mutual & Federal. It owns 51% of Mutual &
Federal Investments Ltd., which in turn owns 77% of Mutual & Federal.  In
addition, Old Mutual owns 12% of Mutual & Federal directly, giving it an
aggregate economic interest of 51%.  Royal & Sun Alliance Insurance Group owns
the remaining 49% of Mutual & Federal Investments Ltd.



* Closing mid rate yesterday R14.12/£1                          13 November 2001



ENQUIRIES:

Old Mutual plc, London
Zoleka Mzimba                             Tel: + 44 20 7569 0100
Corporate Communications


Old Mutual, South Africa
Bruce Allen                               Tel: + 27 21 509 2732
Group Media Communications


College Hill, London
Nicholas Williams                         Tel: + 44 20 7457 2020


College Hill, Johannesburg
Robyn Hunt                                Tel: + 27 11 447 3030