Mutual & Federal Update

Old Mutual PLC
3 May 2004


Old Mutual plc
Result of offer to Mutual & Federal shareholders


Mutual & Federal Investments (Proprietary) Limited ('M&F Investments'), a wholly
owned subsidiary of Old Mutual plc ('Old Mutual') has today announced the
results of its offer to acquire the minority interests in Mutual & Federal
Insurance Company Limited ('Mutual & Federal'). Acceptances have been received
in respect of 92,284,040 shares representing 37.6 per cent of Mutual & Federal's
issued share capital. 

Julian Roberts, Group Finance Director of Old Mutual, said:

'As part of the original offer we agreed that if our suggested scheme of
arrangement was not proposed by the board of Mutual & Federal, we would
nevertheless acquire the 37 per cent holding in Mutual & Federal of Royal & Sun
Alliance ('RSA') and also offer an opportunity for any minority shareholders to
accept our offer for their shares should they wish to do so.

'We are very happy with the outcome, which has fulfilled our aim to increase our
shareholding in Mutual & Federal substantially. Old Mutual's overall holding
(including its policyholder funds) in Mutual & Federal now stands at 88.1 per
cent.

The full text of the Mutual & Federal Investments'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 or
2nd Floor, Building 3, 93 Grayston Drive, Sandton - 2196, South Africa.

3 May 2004

Enquiries

Old Mutual plc SA

Nad Pillay [phone]
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