Old Mutual Plc Completes Acquisition of United Asset Management Corporation, One of the World's Largest Investment Management Organisations for $25 Per Share.

Business Editors

BOSTON--(BUSINESS WIRE)--Sept. 26, 2000

Old Mutual Plc has today announced the closure of the tender offer for United Asset Management Corporation (NYSE: UAM).

At the expiration of the tender offer at 5:00 p.m. EDT September 25, 2000, Old Mutual accepted shares of UAM representing approximately 93% of the outstanding common stock of UAM at a purchase price of $25 net per share.

Old Mutual intends to complete a "short form" second-step merger at $25 net per share as soon as practicable, following which UAM will become a wholly owned subsidiary of Old Mutual.

The acquisition of United Asset Management will increase Old Mutual's assets under management to approximately $275 billion and is consistent with its goal of creating a world-class asset management business.

UAM is one of the largest independent asset management organisations in the world providing a broad range of investment management services. These services are offered through a diverse group of affiliated firms. It is Old Mutual's intention that the affiliates within the group will retain autonomy in investment philosophy, process and style, client relationships and brand and franchise positioning.

Kevin Carter, formerly Chief Executive of OMAM (UK) has been appointed to the US operations. Together with Jim Orr of UAM, he will head a small high level team of executives that will operate out of Boston. This will be a joint team comprising existing OMAM and UAM senior executives that will be responsible for developing US strategy.

Mike Levett, Chairman of Old Mutual commented:

"We are delighted to have closed our acquisition of UAM. This enhances Old Mutual's position as a leading financial institution by substantially broadening and diversifying our geographic reach and business capabilities."

Eric Anstee, head of Old Mutual's asset management businesses said:

"This important step is fundamental to building our international asset management capabilities. The acquisition advances our international growth strategy and our presence in major money centres, builds on our multi-style capability and leverages multi-channel distribution. We can now develop the strengths of UAM - its asset management talent, its strong client base and its existing well-known brands."

Jim Orr, President of UAM said:

"As a result of today's transaction with Old Mutual, UAM's affiliates and their clients will benefit from the strength and growing reach of this leading financial services firm. We are looking forward to making a significant contribution to the success of our combined organisations."

WEBSITES:

For background information on Old Mutual plc's acquisition of United Asset Management Corporation please visit the web site: www.uam.oldmutual.com

Old Mutual plc

www.oldmutual.com

United Asset Management Corporation

www.uam.com

Old Mutual plc Notes to Editors

Old Mutual plc is an international financial services group based in London with a substantial life assurance business in southern Africa and an integrated portfolio of activities in asset management, banking and general insurance.

Key Businesses

Life Assurance

Old Mutual provides life, disability, health, retirement savings and investment products to individuals and groups. In southern Africa Old Mutual has approximately 30% of the life assurance market. OMI, based in Guernsey, operates an international offshore service to expatriate and other investors.

Asset Management

Old Mutual Asset Managers provides a multi-country asset management capability with specific local and global investment and asset management expertise. Old Mutual Unit Trusts is the leading unit trust provider in South Africa. Capel Cure Sharp/Greig Middleton is a leading provider of portfolio management and stockbroking services to high net-worth individuals in the UK. From the merger of these two companies, Old Mutual is launching a new UK institutional stockbroking subsidiary, Old Mutual Securities.

Banking

Old Mutual's banking business is conducted principally by Nedcor in which the company has a 53.5% controlling interest. Nedcor is the highest rated bank listed on the Johannesburg Stock Exchange and its activities include retail, commercial, corporate and investment banking and asset management. GNI is the leading derivatives house in London and Europe. G&K is the largest wholesale bank operating in the inter-bank market in London.

General Insurance

Old Mutual holds a 51% controlling interest in Mutual & Federal, which writes motor, fire, accident, engineering and marine business. M&F is one of the largest general insurers in South Africa and listed on the Johannesburg Stock Exchange.

OM plc Financials

Preliminary Results for the year ended 31 December 1999 showed profits based on a longer term rate of return increased by 23% to (pound)656 million (1998: (pound)534 million).

History

1844 - Old Mutual was founded in South Africa and subsequently

became the leading life assurance provider in southern

Africa.

1999 - Old Mutual demutualised in May 1999.

1999 - Old Mutual listed on the London, Johannesburg, Namibia,

Malawi and Zimbabwe Stock Exchanges on 12 July 1999.

1999 - Johannesburg ALSI in August 1999.

1999 - Old Mutual plc joined the FTSE 100 Share Index on 20

September 1999.

2000 - Old Mutual bid for Gerrard in March 2000.

2000 - Old Mutual bid for UAM in June 2000.

United Asset Management Corporation Notes to Editors

- United Asset Management Corporation is one of the largest independent
investment management organisations in the world

- Headquartered in Boston, with locations in 34 cities throughout the world and
approximately 2,200 employees

- $195 billion in assets under management at 30 June 2000

- $119 billion in institutional accounts, primarily in corporate and government
accounts

- $53 billion in mutual funds

- $23 billion in private accounts

- 60 no-load mutual funds

- 46 no-load equity mutual funds

- 4 no-load balanced mutual funds

- 9 no-load fixed income and money market mutual funds

- 1 no-load stable value mutual fund

- Diversified asset base across asset classes and geography

- 64% Equity

- 12% International securities

- 12% U.S. bonds and cash

- 7% Stable value

- 5% Real estate

- Affiliates include (in alphabetical order):

Acadian Asset Management, Inc. Analytic Investors, Inc.

Barrow, Hanley, Mewhinney & Strauss, Inc. Cambiar Investors, Inc. Campbell Group, Inc.

Chicago Asset Management Company Clay Finlay Inc.

Cooke & Bieler, Inc. Dewey Square Investors Corporation Dwight Asset Management Company Expertise Asset Management Fiduciary Management Associates, Inc. First Pacific Advisors, Inc. GSB Investment Management, Inc. Heitman Financial

Hellman, Jordan Management Company, Inc. Integra Capital Management Corporation Investment Counselors of Maryland, Inc. Investment Research Company Tom Johnson Investment Management, Inc. L&B Realty Advisors, Inc. Lincluden Management Limited

C.S. McKee & Company, Inc. Murray Johnstone Limited

Northern Capital Management, Inc. NWQ Investment Management Company OSV Partners Pacific Financial Research, Inc. Palladyne Asset Management B.V. Pell Rudman Trust Co., N.A. Pilgrim Baxter & Associates, Ltd. Provident Investment Counsel

Rice, Hall, James & Associates Rogge Global Partners Plc

J. R. Senecal & Associates Sirach Capital Management, Inc. Spectrum Asset Management, Inc Sterling Capital Management Company Suffolk Capital Management, Inc. Thompson, Siegel & Walmsley, Inc. Thomson Horstmann & Bryant, Inc.