Zimbabwe Currency Equivalent

RNS Number:6660I
Old Mutual PLC
13 March 2003

                                OLD MUTUAL PLC



            Zimbabwe Currency Equivalent of Final Dividend for the year 
                            ended 31 December 2002



On 24 February 2003, the Directors of Old Mutual plc announced that they were
recommending a final dividend for the year ended 31 December 2002 of 3.1p per
share (making a total of 4.8p for the year).



As stated in that announcement, 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, 3 April 2003 and will be
announced by the Company on Friday, 4 April 2003.



Certain shareholders on the Zimbabwe branch register have approached Old Mutual
plc for clarification on the likely rate of exchange to be applied in Zimbabwe,
following the gazetting of Zimbabwe Statutory Instrument 83A of 2003 on 27
February 2003 ("Statutory Instrument 83A").  The official exchange rate was used
to determine the Zimbabwe dollar equivalent of previous dividends paid by Old
Mutual plc.



Statutory Instrument 83A provides that a rate of Z$824 to the United States
dollar should be used for all transactions other than those where the State is
the buyer or seller of foreign currency.  Old Mutual plc therefore intends,
subject to the provisions of Statutory Instrument 83A remaining in force on 3
April 2003, to apply a Zimbabwe dollar/sterling exchange rate based on Z$824 per
United States dollar in calculating the dividend to be paid to shareholders on
the Zimbabwe branch register.



The final dividend is subject to approval at the Annual General Meeting of Old
Mutual plc, which is to be held in London on Wednesday, 16 May 2003. Subject to
being so approved, the final dividend will be paid on Friday, 30 May 2003.



                                                                   13 March 2003



Enquiries:


Old Mutual plc, London                                Tel: + 44 20 7569 0100
James Poole, Director of Investor Relations
Old Mutual Zimbabwe                                   Tel: [phone]
Graham Hollick
College Hill London                                   Tel: + 44 20 7457 2020
Tony Friend




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