Mutual & Federal Minorities

Old Mutual PLC
29 March 2004


                                 Old Mutual plc

   Offer for minority interests in Mutual & Federal Insurance Company Limited


Mutual & Federal Investments (Proprietary) Limited ('M&F Investments'), a wholly
owned subsidiary of Old Mutual plc, has today made an offer to acquire the
minority interests not already owned by the Old Mutual plc group in the issued
share capital of Mutual & Federal Insurance Company Limited.

The full text of the Mutual & Federal Investments (Proprietary) Limited
announcement is available on the JSE Securities Exchange News Service (SENS) and
on the Old Mutual website, www.oldmutual.com. A paper copy of the full
announcement is available from Corporate Affairs, Old Mutual plc, 5th Floor, 2
Lambeth Hill, London EC4V 4GG.

                                                                   29 March 2004

ENQUIRIES:

Old Mutual plc SA                        Tel: [phone] (Johannesburg)
Nad Pillay                               Tel: [phone] (Cape Town)

Old Mutual plc UK                        Tel: [phone]
Miranda Bellord


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