Unclaimed shares announcement

Old Mutual PLC
23 February 2004

                                 OLD MUTUAL PLC


    Proposed extension of arrangements for claiming demutualisation benefits



Old Mutual plc (the 'Company') announces its intention to implement certain
proposals in relation to entitlements that have not yet been claimed under the
terms of the demutualisation of the Old Mutual Group in 1999.

Under the terms of the demutualisation, unclaimed shares trusts were set up in
each of South Africa, Malawi, Namibia, Zimbabwe and Bermuda.  The purpose of the
trusts was to provide former members of the South African Mutual Life Assurance
Society (the 'Society') with the opportunity, in the five year period following
listing of the Company, to claim their entitlements to shares or proceeds of
sale of shares by confirming their details as contemplated by the
demutualisation.

As claims are still being received at an appreciable rate by the trustees of
these trusts,  they have asked the Company to give favourable consideration to
an extension of the claims period.

The directors of the Company believe that it is in the best interests of
preserving and enhancing the goodwill and reputation of the Group in southern
Africa to extend the period in which former members of the Society may come
forward to claim their demutualisation benefits.  They will therefore be
proposing to shareholders of the Company a scheme of arrangement under section
425 of the UK Companies Act 1985, the key features of which will include the
following:

•               demutualisation entitlements which have not been claimed by the
expiry of the claims period specified in the original scheme of demutualisation
will be held for the benefit of the relevant former members of the Society under
the terms of new unclaimed shares trusts (the 'New Unclaimed Shares Trusts') and
such former members of the Society will have a further two year period in which
to come forward and claim those benefits;

•               valid claimants during the further two year period will be
entitled to receive their shares or the proceeds of sale of shares, but nothing
in respect of accumulated dividends or interest up to date of claim;

•               all unclaimed accumulated dividends, all interest accrued on
such dividends and all interest accrued on unclaimed cash proceeds held by the
trustees of the original unclaimed shares trusts upon expiry of the claims
period specified in the demutualisation will be paid over to the Company, but
Old Mutual will arrange for an equivalent amount to be donated to the Group's
Foundations and/or to new public benefit organisations established by the Group.

Further details of the scheme of arrangement will be provided with the Annual
Report and Accounts or Summary Financial Statements, which will be despatched to
shareholders towards the end of March 2004.  The scheme of arrangement will
require the approval of shareholders and also the sanction of the High Court in
London.  The meeting convened at the direction of the court to approve the
scheme will take place in London immediately following the Annual General
Meeting of the Company on 14 May 2004.

                                                                23 February 2004

Further enquiries:


Old Mutual plc, London:
James Poole, Director, Corporate Affairs                    [phone]
                                                     [phone] (mobile)
Miranda Bellord, Media Relations                             [phone]
                                                     [phone] (mobile)
Old Mutual plc, South Africa:
Nad Pillay, Head of Communications                            [phone]
                                                     [phone] (mobile)



Notes to Editors

At the time of the demutualistion:

•               there were a total of approx 630 000 qualifying members of the
Society who had not claimed their benefits under the demutualisation.

•               the total number of shares allocated to the unclaimed shares
trusts was some 300 million (comprising some 11.3 per cent of the total number
of shares in Old Mutual then in issue).

As at 1 February 2004:

•               there remained a total of approx 297,000 shareholders who had
not yet claimed their entitlements.

•               the unclaimed shares trusts held was approximately 105 million
(comprising some 2.74 per cent of the total number of shares in Old Mutual then
in issue).

•               the unclaimed shares trusts held approximately £21 million in
unclaimed cash proceeds, comprising principally dividends on unclaimed shares
and interest thereon.

Since June 2003, claims have been received by the unclaimed shares trusts at an
average rate of some 4,100 claims per month.






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