Dividend Currency Conversion

Old Mutual PLC
04 April 2003

                                  OLD MUTUAL PLC

               Final Dividend for the year ended 31 December 2002

                              Currency Conversion

In the preliminary announcement by Old Mutual plc of its results for the year
ended 31 December 2002 published on 24 February 2003, the company announced a
recommended final dividend of 3.1p per share or its equivalent in other
currencies of payment using the exchange rates prevailing on 3 April 2003. On 13
March 2003, Old Mutual announced it would apply a Zimbabwe dollar/sterling
exchange rate determined by Zimbabwe Statutory Instrument 83A of 2003 in
calculating the dividend to be paid to shareholders on the Zimbabwe branch
register.


The local currency equivalents of the proposed dividend have now been
established and are as follows:


South Africa             38.33  South African cents per share

Malawi                  4.4157  Malawi Kwacha per share

Namibia                  38.33  Namibian cents per share

Zimbabwe               40.1603  Zimbabwean dollars per share


Subject to being approved by shareholders at the Annual General Meeting on 16
May 2003, the final dividend will be paid on 30 May 2003.

The record date for this dividend payment is Tuesday, 22 April 2003 for all the
exchanges where Old Mutual shares are listed. The ex-dividend date on the London
Stock Exchange is the opening of business on Wednesday, 16 April 2003.

In accordance with the settlement procedures of STRATE, Old Mutual has
determined the last day for trading to participate in the final dividend to be
Friday, 11 April 2003 for shares traded through the JSE Securities Exchange
South Africa.  The ex-dividend date on the JSE Securities Exchange South Africa
and also on the Malawi, Namibian and Zimbabwe Stock Exchanges will be the
opening of business on Monday, 14 April 2003.

                                                                    4 April 2003

ENQUIRIES:

Old Mutual plc, London
James Poole                                               Tel: + 44 20 7569 0100

Transfer Secretaries / Registrars
Computershare Investor Services

Bristol call centre:                                       Tel: [phone]

Johannesburg call centre:                                   Tel: [phone]


Nico Corporate Finance

Malawi call centre:                                           Tel: + 265 623 856


Transfer Secretaries (Pty) Limited

Namibian call centre:                                       Tel: + 264 61 227647


Corpserve (Private) Limited

Zimbabwe call centre:                                      Tel: [phone]


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