Statement re Possible Offer

Old Mutual PLC
08 November 2007

                                   Old Mutual
                                        
Ref 76/07

8 November 2007

           POTENTIAL OFFER FOR OLD MUTUAL'S STAKE IN MUTUAL & FEDERAL

Old Mutual plc ('Old Mutual') confirms that it is currently in discussions with
community-based investment group, Royal Bafokeng Holdings (Proprietary) Limited
('RBH'), which may result in the sale by Old Mutual to RBH of a controlling
interest in Mutual & Federal Insurance Company Limited ('Mutual & Federal'), the
short-term insurer in which Old Mutual has a majority stake. If the potential
offer proceeds, RBH would make an offer for all of the issued share capital of
Mutual & Federal and Old Mutual would undertake to accept it in relation to a
minimum of 60% and a maximum of 70% out of its overall approximately 75% stake
in Mutual & Federal.

The indicative offer price for this transaction (which is subject to
satisfactory due diligence by RBH) is R27.50 per share, to be reduced to reflect
any dividends (and associated taxes) paid by Mutual & Federal prior to the
closing of the potential offer, and to be adjusted upwards for the time value of
money between today's date and settlement. The indicative offer price represents
an approximate 5% premium to the 30-day volume weighted average market price of
Mutual & Federal shares for the period up to 2 November 2007.

If the potential offer were made and was successful, RBH would become the
majority shareholder in Mutual & Federal, but Old Mutual has been informed by
RBH that it would not seek to acquire minorities' shares compulsorily and would
maintain Mutual & Federal's listings on the JSE Limited and the Namibian Stock
Exchange, subject to their respective listings requirements.

Full details of the potential offer by RBH for Mutual & Federal are expected to
be announced in mid-December 2007.

Enquiries

Investor Relations
Aleida van Herel               UK        [phone]
Deward Serfontein              SA        [phone]

Media
James Crampton                 UK        [phone]
Nad Pillay                     SA        [phone]

Notes to Editors

Mutual & Federal

Mutual & Federal provides insurance services to the personal, commercial and
corporate markets in South Africa, Namibia, Botswana and Zimbabwe.

Old Mutual owns 75% of Mutual & Federal Insurance Company Limited on a
fully-diluted basis, after taking account of Mutual & Federal's BEE ownership
transactions. Mutual & Federal's shares are listed on the JSE Limited and the
Namibian Stock Exchange.

Royal Bafokeng Holdings (RBH)

RBH is the primary investment vehicle of the Royal Bafokeng nation, a community
of approximately 300,000 Tswana-speaking people with substantial holdings of
mineral-rich land in the North West province of South Africa.

RBH has significant capital derived from the leasing of mining rights to the
largest platinum mining companies in South Africa. RBH has declared its
intention to diversify its income stream by investing in assets such as
property, industrial and financial services companies. The intended acquisition
of a majority stake in Mutual & Federal represents an opportunity to develop
this strategy.

For further information on RBH, please visit www.bafokengholdings.com

Old Mutual

Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London Stock Exchange and the
JSE Limited, among others.

In the year ended 31 December 2006, the group reported adjusted operating profit
of £1.4 billion (on an IFRS basis). Old Mutual had £263 billion of funds under
management and 53,000 employees at 30 June 2007.

For further information on Old Mutual plc, please visit the corporate website at

www.oldmutual.com



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