Tender Offer Extended

Old Mutual PLC 12 September 2000 OLD MUTUAL PLC Old Mutual Extends Tender Offer for UAMC New Expiration Date is September 18, 2000 No downward Price Adjustment if Tender Offer is completed in September Boston (September 12, 2000) - Old Mutual plc announced today that it has extended the expiration date for its cash tender offer for all outstanding shares of common stock of United Asset Management Corporation (NYSE: UAM). The new expiration date is Monday, September 18, 2000 at 5.00pm EDT. Under the merger agreement, the tender offer price of $25 net per share is subject to downward adjustment in the event that UAM's revenues from assets under management, excluding the effects of market movements, decline below a specified level prior to completion of the offer. Based upon information received from UAM, Old Mutual has determined that there will be no downward price adjustment if the tender offer is completed during the month of September. The potential downward adjustment will be recomputed if the tender offer is completed subsequent to September. As of the previous expiration date of 5.00pm EDT on September 11, 2000, approximately 52,796,285 shares of UAM common stock had been tendered, representing approximately seventy-one percent (71%) of UAM common stock on a fully- diluted basis. 12 September, 2000 Enquiries: Old Mutual plc, London Tel: +44 20 7569 0100 James Poole, Director Investor Relations College Hill, London Tel: +44 20 7457 2020 Nicholas Williams Old Mutual, Cape Town Tel: +27 21 509 2732 Bruce Allen, Manager, Group Media Communications College Hill, Johannesburg Tel: +27 11 447 3030 Kim Milnes

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