Old Mutual Asset Management (OMAM), the U.S. asset management subsidiary of London- and Johannesburg-listed Old Mutual plc (OML), has announced that Scott M. Gilman has been named the senior executive responsible for Old Mutual's businesses in Japan.

Gilman has been appointed as the President and Representative Director of United Investments Co., Ltd., and is anticipated to become the President, CEO, and Representative in Japan of UAM (Japan) Inc., subject to the granting of statutory approval from Japanese regulators.

He will have overall responsibility for Old Mutual's businesses in Japan and will report directly to Scott Powers, CEO of OMAM.

Gilman will replace Masaharu Izumi, who is retiring. For the past ten years, Mr. Izumi has been the President, Director, and Representative in Japan of UAM (Japan) and the President and Representative Director of United Investments.

"This appointment reaffirms our strong commitment to our businesses in Japan and the investments that we are making for our clients, shareholders, employees, and member firms in this very important market," said Powers.

"Scott brings with him a strong record of success in the investment management business in both Japan and the United States, and we look forward to expanding our presence in Japan under his leadership."

Gilman has over 18 years experience in the international investment management industry. He was most recently Chief Operating Officer and Member of the Executive Committee of State Street, Japan, responsible for all of State Street's businesses in Japan.

Prior to State Street, Gilman was the Chief Administrative Officer (Asia) and member of the Executive Committee for Goldman Sachs Asset Management Japan, Limited and Goldman Sachs Investment Trust Management Co., Ltd. in Japan, where he played a key role in building Goldman's business.

Earlier in his career, he held finance, treasury and operations roles for Goldman in New York and was a senior audit manager with Arthur Andersen.

Mr. Gilman is currently the Chairman of the Investment Management Subcommittee of the American Chamber of Commerce in Japan. He holds a B.A.

from the University of Massachusetts and is qualified as a Certified Public Accountant.

"I consider this a wonderful opportunity to work with the outstanding investment managers in the Old Mutual Asset Management group," commented Gilman.

"The quality and depth of the investment teams at our member firms are key to serving our clients in Japan. I look forward to joining with our employees to provide the highest level of service to our clients in both the institutional and investment trust markets."

I-Net Bridge

12 February 2004