Dividend Declaration

Old Mutual PLC
02 April 2004

                                 OLD MUTUAL PLC

               Final Dividend for the year ended 31 December 2003

                              Currency Conversion



In the preliminary announcement by Old Mutual plc of its results for the year
ended 31 December 2003 published on 23 February 2004, 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 1 April 2004.



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


South Africa             36.45  South African cents per share
Malawi                   6.1603 Malawi Kwacha per share
Namibia                  36.45  Namibian cents per share
Zimbabwe                 242.3832 Zimbabwean dollars per share



Subject to being approved by shareholders at the Annual General Meeting on 14
May 2004, the final dividend will be paid on 28 May 2004.



The record date for this dividend payment is close of business on Friday, 23
April 2004 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, 21 April 2004.



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, 16 April 2004 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, 19 April 2004.



No dematerialisation or rematerialisation within STRATE and no transfers between
registers may take place in the period 19 to 23 April 2004, both dates
inclusive.





                                                                    2 April 2004





Enquiries

Old Mutual plc UK
Miranda Bellord               [phone]


Old Mutual plc SA
Nad Pillay                    [phone]

                              [phone]


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