M&F Trading Update

Old Mutual PLC
05 December 2003


                                 Old Mutual plc

              Mutual & Federal Insurance Company Limited (MAF SJ)


                 Trading Statement and cautionary announcement


Mutual & Federal Insurance Company Limited ('Mutual & Federal'), the South
African general insurance group, in which Old Mutual plc ('Old Mutual') has a
51% holding, has today issued a trading statement and cautionary announcement.


The full text of the Mutual & Federal 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 Mutual & Federal announcement is
available from Investor Relations, Old Mutual plc, 5th Floor, 2 Lambeth Hill,
London EC4V 4GG.

                                                                 5 December 2003

ENQUIRIES:


James Poole, Director Investor Relations

Tel: [phone]

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