Tender Offer Extended

Old Mutual PLC
12 September 2000



                       OLD MUTUAL PLC
                              
          Old Mutual Extends Tender Offer for UAMC
                              
          New Expiration Date is September 18, 2000
                              
No downward Price Adjustment if Tender Offer is completed in
                          September
                              
Boston (September 12, 2000) - Old Mutual plc announced today
that it has extended the expiration date for its cash tender
offer  for all outstanding shares of common stock of  United
Asset   Management  Corporation  (NYSE:   UAM).    The   new
expiration date is Monday, September 18, 2000 at 5.00pm EDT.

Under  the merger agreement, the tender offer price  of  $25
net per share is subject to downward adjustment in the event
that  UAM's revenues from assets under management, excluding
the  effects of market movements, decline below a  specified
level  prior  to  completion  of  the  offer.   Based   upon
information  received  from UAM, Old Mutual  has  determined
that  there  will  be no downward price  adjustment  if  the
tender  offer  is completed during the month  of  September.
The  potential downward adjustment will be recomputed if the
tender offer is completed subsequent to September.

As  of  the  previous  expiration  date  of  5.00pm  EDT  on
September 11, 2000, approximately 52,796,285 shares  of  UAM
common  stock  had been tendered, representing approximately
seventy-one  percent (71%) of UAM common stock on  a  fully-
diluted basis.

                                          12 September, 2000
                                                            
Enquiries:

Old Mutual plc, London                       
Tel: [phone]
James Poole, Director Investor Relations

College Hill, London                         
Tel: [phone]
Nicholas Williams

Old Mutual, Cape Town                        
Tel: [phone]
Bruce Allen, Manager, Group Media Communications

College Hill, Johannesburg                   
Tel: [phone]
Kim Milnes