GNI Sale Completed

Old Mutual PLC
06 November 2002

                                 OLD MUTUAL PLC





                               GNI sale completed





Further to the announcement made on 21 October 2002, Old Mutual plc ('Old Mutual
') is pleased to announce the completion of the sale of GNI Holdings Limited ('
GNI') to Man Group plc.  Total consideration is £100 million.



As of today's date, all conditions relating to the successful completion of the
sale of GNI have been fulfilled or waived. Man Group plc has agreed to secure
the release of the Old Mutual group from existing guarantees given by the Old
Mutual group in favour of certain obligations of the GNI group. The Old Mutual
group will consequently not be liable for any obligations relating to
transactions entered into by the GNI group after completion of the disposal of
GNI which includes any renewals of or extensions to pre-completion transactions
entered into after completion by the GNI group.





6 November 2002



ENQUIRIES:


Old Mutual, London                                      Tel: [phone]

James Poole


Old Mutual Financial Services UK                        Tel: [phone]

Edmond Warner, Chief Executive


College Hill, London                                    Tel: [phone]

Tony Friend






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