Dividend Declaration

Old Mutual PLC
01 April 2005


          Final Dividend for the year ended 31 December 2004 (No. 11)
                              Currency Conversion

In the preliminary announcement by Old Mutual plc of its results for the year
ended 31 December 2004 published on 28 February 2005, the company announced a
recommended final dividend of 3.5p per share or its equivalent in other
currencies of payment using the exchange rates prevailing on 31 March 2005 (or
30 March 2005, in the case of Zimbabwe, as 31 March was a public holiday there).

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

South Africa      41.28 South African cents per share
Malawi            7.238 Malawi Kwachas per share
Namibia           41.28 Namibian cents per share
Zimbabwe          402.2 Zimbabwean dollars per share

Subject to being approved by shareholders at the Annual General Meeting on 11
May 2005, the final dividend will be paid on 31 May 2005.

The record date for this dividend payment is the close of business on Friday, 22
April 2005 for all the Exchanges where the Company's shares are listed. The last
day to trade cum-dividend on the JSE Securities Exchange South Africa ('JSE')
and on the Namibian and Malawi Exchanges will be Friday, 15 April 2005, on the
Zimbabwe Stock Exchange, Thursday, 14 April 2005, and on the London Stock
Exchange, Tuesday, 19 April 2005. The shares will trade ex-dividend from the
opening of business on Monday, 18 April 2005 on the JSE and on the Namibian and
Malawi Exchanges, from the opening of business on Friday, 15 April 2005 on the
Zimbabwe Stock Exchange, and from the opening of business on Wednesday, 20 April
2005 on the London Stock Exchange.

Share certificates may not be dematerialised or rematerialised on the South
African branch register between Monday, 18 April and Friday, 22 April 2005, both
dates inclusive, and transfers between the registers may not take place during
that period (or from Friday, 15 April to Friday, 22 April 2005, both dates
inclusive, in the case of Zimbabwe).

Holders of 3.625 per cent. Guaranteed Convertible Bonds due 2005 of Old Mutual
Finance (Cayman Islands) Limited who wish to exercise their conversion rights
into Old Mutual plc shares, must give notice in accordance with the terms of the
Bonds on or before Thursday, 21 April 2005, if they wish to convert into shares
that qualify to receive the final dividend of 3.5p per share payable on 31 May
2005.

                                                                    1 April 2005



ENQUIRIES:

Old Mutual plc UK
Miranda Bellord     [phone]

Old Mutual plc SA
Nad Pillay          [phone]

For further information about Old Mutual plc visit www.oldmutual.com



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