Mutual & Federal Withdraw Cautionary Announcement

Old Mutual PLC
4 January 2000
                                  
                WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
                                  
                         BY MUTUAL & FEDERAL
                                  
Mutual & Federal Insurance Co. Limited, the South African short  term
insurer,  in which Old Mutual plc has a 51 percent holding has  today
issued the following announcement:-

'Shareholders  are referred to the cautionary announcement  dated  24
December 1999 and are advised that the negotiations mentioned therein
have been terminated.

Shareholders  are  accordingly advised that they no  longer  need  to
exercise caution in dealing in their Mutual & Federal shares.'

4 January 2000

Investor Relations
Old Mutual plc
London