Sale of K&S

Old Mutual PLC
05 December 2002


                                 OLD MUTUAL PLC

             Agreement to sell King & Shaxson Bond Brokers Limited
                       to Phillip Securities (UK) Limited


Old Mutual plc ('Old Mutual') is pleased to announce that it has entered into a
conditional agreement to sell King & Shaxson Bond Brokers Limited ('KSBB') to
Phillip Securities (UK) Limited ('Phillip Securities'), a wholly-owned
subsidiary of Phillip Brokerage Pte. Limited, a Singapore registered financial
services group.  The transaction is subject to regulatory approval in London.

Edmond Warner, CEO Old Mutual Financial Services, commented:

'With the agreement to sell the King & Shaxson Bond Brokerage business to
Phillip Securities, the planned restructuring of the portfolio of businesses
acquired with the purchase of Gerrard Group plc by Old Mutual plc in June 2000
has now been completed. I am pleased that the future of the business and its
important client relationships have been secured.'


Old Mutual was advised by Old Mutual Securities Limited.

                                                                 5 December 2002



ENQUIRIES:

Old Mutual plc, London                      Tel:  [phone]
James Poole

Old Mutual Financial Services               Tel: [phone]
Edmond Warner

Old Mutual South Africa                     Tel:  [phone]
Nad Pillay


Notes to Editors:


Phillip Securities is part of the worldwide Phillip Group of Companies, an
integrated financial services group with offices in 10 countries: Australia,
France, Hong Kong, Indonesia, Japan, Malaysia, Singapore, Sri Lanka, Thailand
and the United Kingdom. Established in 1975, the group employs more than 1,700
people worldwide and thrives on its core competency in the distribution of
financial products by leveraging on technology.

KSBB is one of the City's leading bond brokers, specialising in UK gilts and
other bonds including overseas government bonds and eurobonds. KSBB's business
includes the gilt inter-dealer broker, Dowgate. KSBB has traded profitably every
year since it began in 1996 and its association with Phillip Securities should
bring immediate benefits to the business, including access to a new client base
and new products.


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