BEE Ownership Proposals

Old Mutual PLC
04 August 2005


     Old Mutual plc's Black Economic Empowerment (BEE) ownership proposals
                                  implemented


Old Mutual plc (the 'Company') announces that it and its separately listed
subsidiary, Mutual & Federal Insurance Company Limited ('Mutual & Federal'),
have today completed their BEE ownership plans in accordance with proposals
described in a circular sent to the Company's shareholders at the end of May
2005.

Under the Company's transactions, the following new ordinary shares in the
Company have been issued today:

   • 28,920,000 shares to Brimstone Mtha UK SPV Limited;
   • 28,920,000 shares to WIPHOLD Financial Services No. 1 Limited;
   • 19,280,000 shares to Black Distributors SPV Limited;
   • 38,560,000 shares to Education SPV Limited;
   • 31,300,000 shares to the OMSA Broad-Based Employee Share Trust; and
   • 83,700,000 shares to the OMSA Management Incentive Trust.

The first four of the above issues were made in favour of The Law Debenture
Trust Corporation (Channel Islands) Limited as trustee.

The newly issued shares in the Company are expected to be admitted to listing by
the UK Listing Authority ('UKLA') and to trading by the London Stock Exchange
and the JSE Securities Exchange South Africa on 5 August 2005, and applications
will also be made for them also to be admitted to listing on the Namibian,
Zimbabwe and Malawi Stock Exchanges.

The total number of issued shares in the Company following the above issues is
now 4,087,470,181. As a consequence of the additional shares in issue, the
following changes have taken place in the percentages of issued share capital
represented by material shareholdings notified to the Company (based on the last
respective notifications received):

   • the shareholding by Public Investment Corporation of the Republic of
     South Africa of 299,338,194 shares in the Company now represents 7.32% of
     the enlarged share capital;

   • the shareholding by the Company's subsidiary, Old Mutual Life Assurance
     Company (South Africa) Limited, of 274,950,790 shares in the Company now
     represents 6.73% of the enlarged share capital;

   • the shareholding by Aviva plc (through its fund management subsidiary,
     Morley Fund Management Limited) of 144,701,779 shares in the Company now
     represents 3.54% of the enlarged share capital;

   • the shareholding by Sanlam Investment Management (Pty) Limited of
     141,767,994 shares in the Company now represents 3.47% of the enlarged 
     share capital; and

   • the shareholding by Franklin Resources, Inc. and its affiliates of
     124,902,980 shares in the Company now represents 3.01% of the enlarged 
     share capital.

Under Mutual & Federal's BEE ownership transactions, a total of 31,064,806 new
ordinary shares in Mutual & Federal have been issued, following which the
Company's overall shareholding in Mutual & Federal is now 77%.

The Company's separately listed banking subsidiary, Nedbank Group Limited
('Nedbank') expects to complete its BEE ownership transactions on 8 August 2005.
Under these transactions, a total of 41,268,130 new ordinary shares in Nedbank
will be issued, following which the Company's overall shareholding in Nedbank
will be 50.1%.

Jim Sutcliffe, Chief Executive, said, 'I am delighted that Old Mutual's BEE
ownership arrangements have been successfully implemented, and look forward to
working with our new partners to transform our South African businesses and
deliver true empowerment to a large number of formerly disadvantaged South
Africans.'

                                                                   4 August 2005


Note:

Copies of the circular sent to the Company's shareholders relating to the
Group's BEE ownership proposals were submitted to the UKLA and are available for
inspection at the UKLA's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: + 44 (0) 20 7066 1000.


ENQUIRIES:

Old Mutual plc UK
Miranda Bellord     [phone]

Old Mutual plc SA
Nad Pillay          [phone]


For further information about Old Mutual plc visit www.oldmutual.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange