Number of Shares in Issue

Old Mutual PLC
17 January 2003


                                  OLD MUTUAL PLC

                           Number of Shares in Issue


Old Mutual plc ('the Company') announces that a total of 3,782,506,372 shares in
the Company were in issue at 31 December 2002. Changes since 30 June 2002 were
made as follows:

Number of shares in issue at 30 June 2002:                         3,782,350,468

Shares issued during the period on exercise of executive share            76,636
options:

Shares issued during the period on exercise                               79,268
of sharesave options:

Shares in issue at 31 December 2002:                               3,782,506,372


The above figures for shares issued on exercise of options relate to shares
issued under the Company's Share Option and Deferred Delivery Plan and
Savings-Related Share Option Scheme, together with shares in the Company issued
on exercise of rollover executive and sharesave options granted in connection
with the acquisition of Gerrard Group plc in 2000.


                                                                 17 January 2003

Enquiries:

Old Mutual plc

Martin Murray, Group Company Secretary                  Tel: [phone]


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