Dividend Declaration

Old Mutual PLC
23 February 2004



                             OLD MUTUAL PLC


               Final Dividend for the year ended 31 December 2003


The Directors of Old Mutual plc are recommending a final dividend for the year
ended 31 December 2003 of 3.1p per share (making a total of 4.8p for the year).

The record date for this dividend payment is the close of business on Friday, 23
April 2004 for all the exchanges where Old Mutual plc's shares are listed. The
Last Day to Trade cum-dividend on the JSE Securities Exchange South Africa (JSE)
and other African exchanges will be Friday, 16 April 2004. The shares will trade
ex-dividend from the opening of business on Monday, 19 April 2004 on the JSE and
the other African Exchanges and from the opening of business on Wednesday, 21
April 2004 on the London Stock Exchange.

The local currency equivalents of the proposed dividend for shareholders on the
South African, Malawi and Zimbabwe branch registers and the Namibian section of
the principal register will be determined using the exchange rates prevailing on
Thursday, 1 April 2004 and will be announced by the Company on Friday, 2 April
2004.

Share certificates may not be dematerialised or rematerialised on the South
African branch register between Monday, 19 April 2004 and Friday, 23 April 2004,
both dates inclusive, and transfers between the registers may also not take
place during that period.

The final dividend is subject to approval at the Annual General Meeting of Old
Mutual plc, which is to be held in London on Friday, 14 May 2004. Subject to
being so approved, the final dividend will be paid on Friday, 28 May 2004.



                                                                23 February 2004



Enquiries:


Old Mutual plc, London                                Tel: + 44 20 7002 7000
Miranda Bellord

Old Mutual, South Africa                              Tel: [phone]
Nad Pillay







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