Unclaimed Shares Trusts

Old Mutual PLC
23 August 2004

                                 Old Mutual plc



        Extension of arrangements for claiming demutualisation benefits



Further to its related announcement on 23 February 2004 and approval by
shareholders of a scheme of arrangement at a meeting held on 14 May 2004, Old
Mutual plc (the 'Company') announces that it has today implemented proposals to
extend the period within which claims can be made to certain 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 'Original
Unclaimed Shares Trusts').  The purpose of those trusts was to provide
qualifying 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 the sale of shares
by confirming certain details.  That claims period expired, following the
placing of final advertisements by the trustees of the Original Unclaimed Shares
Trusts, on 18 August 2004.

In accordance with the scheme of arrangement approved by the Company's
shareholders on 14 May 2004, the Directors of the Company have today approved an
extension of the claims period on the following terms:

•               demutualisation entitlements not claimed by 18 August 2004 will
be held for the benefit of the relevant qualifying members of the Society under
the terms of new unclaimed shares trusts and such members will have a further
two-year period expiring on 31 August 2006 in which to come forward and claim
those benefits;

•               as indicated in the Company's announcement of 23 February 2004
and approved in the scheme of arrangement, claimants during the further two-year
period will be entitled to receive their shares or the proceeds of the sale of
shares, but nothing in respect of accumulated dividends or interest up to the
date of their claim.

The Company has indicated that it intends to arrange for amounts equal to the
net unclaimed accumulated dividends, interest accrued on such dividends and
interest accrued on unclaimed cash proceeds held by the Original Unclaimed
Shares Trusts to be paid to the Old Mutual Foundations and/or to new public
benefit organisations established by the Group in each of the territories
concerned.

                                                                  23 August 2004


Enquiries:

Old Mutual plc UK
Corporate Affairs             [phone]

Old Mutual plc SA
Nad Pillay                    [phone]



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