Sale of Old Mutual Securities

Old Mutual PLC
11 November 2002



                                 OLD MUTUAL PLC

                                                                11 November 2002



   Agreement to sell Old Mutual Securities to Secure Trust Banking Group plc

Old Mutual plc ('Old Mutual') is pleased to announce that it has entered into a
conditional sale agreement with Secure Trust Banking Group plc ('Secure Trust')
under which Secure Trust will acquire Old Mutual Securities Limited ('OMS'), for
a consideration initially equal to the net assets of the business at completion,
and a further payment after three years based on the future performance of OMS.
The deal is subject to regulatory approval and ratification by an EGM of
shareholders in Secure Trust.  The initial payment is expected to be
approximately £5 million to be satisfied by a mixture of cash and loan notes,
and total payments are subject to a maximum of £12 million.


Edmond Warner, CEO Old Mutual Financial Services, commented:

'I am pleased that Old Mutual Securities is being acquired by Secure Trust,
which intends to build on OMS's reputation for providing high-quality broking
and corporate advisory services to a growing list of mid-sized clients. Together
with our recent disposal of the derivatives broker GNI, the restructuring of Old
Mutual's UK portfolio begun a year ago is now largely complete.  This is in line
with the Group's stated strategy of focussing on asset gathering and asset
management in the UK, US and South Africa.'



Old Mutual was advised by Hawkpoint Partners.





ENQUIRIES:


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

Old Mutual Financial Services                            Tel: [phone]
Edmond Warner

College Hill, London                                     Tel:  [phone]
Tony Friend

College Hill, South Africa                               Tel: [phone]
Nicholas Williams








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