Share Issue

Old Mutual PLC
28 September 2001


OLD MUTUAL PLC

Old Mutual plc ('the Company') expects that 190,356,631 new Ordinary Shares in
the Company issued to St Paul Fire and Marine Insurance Company yesterday on
escrow closing of the acquisition of Fidelity and Guaranty Life Insurance
Company, will be admitted to listing on the UK Listing Authority's official
list and trading on the London Stock Exchange later today, Friday.
Applications were made on 26 June 2001 to the UK Listing Authority for the
listing, and to the London Stock Exchange for admission to trading, of these
shares.

As reported in the original announcement of the Fidelity and Guaranty Life
transaction, the shares issued as part of the purchase consideration are
subject to a one year 'lock-up' agreement.

Applications are also being made for listing of these shares on the four
African stock exchanges where the Company's shares are listed and these are
expected to become effective shortly.

28 September 2001

ENQUIRIES:

Old Mutual plc, London                      Tel: + 44 20 7569 0100
James Poole, Director Investor Relations

College Hill, London                        Tel: + 44 20 7457 2020
Gareth David

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