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OLD MUTUAL PLC - COMPLETION OF GERRARD SALE                                     
  OLD MUTUAL PLC                                                                  
  ISIN CODE:          GB0007389926                                                
  JSE SHARE CODE:     OML                                                         
  NSX SHARE CODE:     OLM                                                         
  ISSUER CODE:        OLOML                                                       
  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   
  GBP210 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                 
  Sponsor                                                                         
  Merrill Lynch South Africa (Pty) Ltd                                            
  Date: 18/12/2003 08:00:02 AM Produced by the JSE SENS Department                

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