FurtherRe Disposal of Gerrard

Old Mutual PLC
17 December 2003





Old Mutual plc


                           Completion of Gerrard Sale

Further to the announcement made on 27th October 2003, Old Mutual plc ('Old
Mutual') is pleased to announce the completion today of the sale of Gerrard
Management Services Limited to Barclays Bank PLC for a total consideration of
£210 million.

Lazard acted as financial adviser to Old Mutual in this transaction.

                                                              17th December 2003

Enquiries:

Old Mutual plc
James Poole, Director, Corporate Affairs     020 7002 7000

Old Mutual Financial Services (UK) plc
Hasan Askari, Chairman                       020 7002 6108

Lazard
Andrew Nason                                 020 7187 2199
Stefano Giudici                              020 7187 2689




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