Mutual & Federal OMSA Offer

Old Mutual PLC
08 March 2004


                                 Old Mutual plc

              Mutual & Federal Insurance Company Limited (MAF SJ)

                          Fair and Reasonable Opinion


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 an announcement concerning the terms of the
proposed Old Mutual South Africa (OMSA) offer to minority shareholders in Mutual
& Federal.

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.



                                                                   08 March 2004


ENQUIRIES:

Old Mutual                                           Tel: [phone]
Nad Pillay



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