Karen O'Connor Appointed Chief Financial Officer of eSecLending; Financial Executive Brings Experience with Early-growth Technology Firms.

Business Editors

BOSTON--(BUSINESS WIRE)--March 6, 2002

eSecLending, LLC, a global securities lending manager, today announced that Karen L. O'Connor, Ph.D. has been appointed Chief Financial Officer, overseeing the company's financial strategy and personnel.

"Karen will play a key role in helping to guide eSecLending through its next period of market growth," said Susan Peters, Chief Executive Officer. "She combines exceptional financial and managerial skills with a depth of experience across a range of large and small organizations. She is a strong addition to our senior management team."

"I'm delighted to join eSecLending at such an exciting time in its history," said Dr. O'Connor. "The innovative securities lending services we offer our clients can deliver higher risk-adjusted returns using state-of-the-art technology and advisory capabilities well beyond what is available elsewhere. I look forward to making eSecLending a market leader in the securities lending space."

Dr. O'Connor joins eSecLending from Fidelity Investments, where she most recently served as Vice President of Operations for the firm's telecommunications start-up venture. Prior to that, Dr. O'Connor was Chief Operating Officer for CyberTrust Solutions, an Internet security start-up, where she led the company through a period of rapid growth culminating in an acquisition by Baltimore Technologies

While at Baltimore Technologies, she was in charge of U.S. operations and M&A activity, continuing with her focus on creating value for dynamic emerging technology companies. Dr. O'Connor was formerly with Digital Equipment Corporation in several senior finance roles, including Director of Strategic Finance and OVMS Chief Financial Officer, during which she led the financial turn-around of this critical software business.

Dr. O'Connor received her Bachelor of Arts degree in economics from The College of the Holy Cross and her Ph.D. degree in finance from Kennedy Western University. A member of Financial Executives International (FEI), she has published numerous articles on a broad range of business topics such as business controls and performance management to changing financial strategies in dynamic environments. She is Finance Council Chairman at St. Edward the Confessor Church and is active in many social and civic organizations.

About eSecLending

With executive headquarters in Boston, Massachusetts, the firm provides customized multiple-manager securities lending programs for large public funds, mutual fund families, corporate funds, and other major institutional investors worldwide.

eSecLending's unique approach and specialized industry expertise allow it to maximize returns and facilitate performance measurement for its clients. In addition to its Boston headquarters, the firm maintains offices in Burlington, Vermont, London, Tokyo, and Hamilton, Bermuda. Additional information about eSecLending and about securities lending is available on the company's website, www.eseclending.com.

About Old Mutual plc

eSecLending is majority-owned by Old Mutual plc (LSE: OMG), an international financial services company based in London, with substantial operations in asset management, life assurance, banking, and general insurance. Old Mutual's website is www.oldmutual.com.