M&F Special Dividend-Amendmnt

Old Mutual PLC
13 November 2001


Old Mutual plc replaces the Mutual & Federal Insurance Company Ltd. special
dividend announcement, released today at 11:58am under RNS number: 0375N.

The shareholding structure should have read that Old Mutual plc owns 100% of
Mutual & Federal Investments Ltd., which in turn owns 51% of Mutual & Federal
Insurance Company Ltd. and NOT 'It owns 51% of Mutual & Federal Investments
Ltd., which in turn owns 77% of Mutual & Federal Insurance Company Ltd.  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.'

All other details remain unchanged.  The full amended text appears below.


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 100% of Mutual
& Federal Investments Ltd., which in turn owns 51% of Mutual & Federal.


* 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