Bright Capital Launch

Old Mutual PLC
06 May 2003


                                Old Mutual plc

                                Bright Capital


Old Mutual plc ('Old Mutual') is pleased to announce the re-launch of its GNI
Fund Management operation under the name Bright Capital, a fund of hedge funds
manager, which aims to capitalise on the opportunities it has identified in
broadening its alternative investment offer to an institutional audience.

During the past 18 months Bright Capital has developed and consolidated its
distinctive risk process, achieving risk control through a combination of
transparency, liquidity and corporate governance.

Hasan Askari, Deputy Chairman & CEO, Old Mutual Financial Services (UK) plc,
says:

'We believe that fund of hedge funds are a key growth area of asset management,
as institutional and sophisticated private investors look for new ways to
generate returns. In response to this, with Bright Capital we have developed a
distinctive offering, based on a rigorous risk control process that we believe
has the potential to redefine investors' expectations and widen access to the
hedge fund industry.'

A copy of Bright Capital's full press release and further information is
available at www.brightcapital.com

Bright Capital is a subsidiary of Old Mutual Financial Services (UK) plc.  Old
Mutual Financial Services (UK) plc is Old Mutual's operating division in the UK
and also comprises

Gerrard, the leading private client wealth manager; Selestia, the IFA investment
platform, and Old Mutual Asset Managers (UK), a fast growing investment
boutique.

                                                                      6 May 2003

Enquiries

Facade:
Nathalie Dassas. Tel: [phone]  [e-mail]
Claire Dawson. Tel: [phone]  [e-mail]

Bright Capital:
Ross Jones, Chief Executive Officer. Tel: [phone]
Matt Hollier, Development Director. Tel: [phone]

Old Mutual plc:
James Poole, Director, Corporate Affairs. Tel: [phone]
Julie Saxton, Corporate Communications Manager. Tel: [phone]


Sponsor

Merrill Lynch South Africa




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