Nedcor/NIB merger sanctioned

Old Mutual PLC
08 October 2002


                                 OLD MUTUAL PLC

   Nedcor Limited (NED SJ)/ Nedcor Investment Bank Holdings Limited (NIB SJ)

 SA High Court sanctions merger scheme between Nedcor and Nedcor Investment Bank
                                    ('NIB')


Old Mutual draws attention to today's announcements by its subsidiaries Nedcor
Limited ('Nedcor'), the South African banking group, in which it has a 53.2%
stake, and NIB, detailing the sanctioning by the High Court of South Africa
(Transvaal Provincial Division) of the scheme of arrangement proposed by Nedcor,
between NIB and its shareholders, other than Nedcor. Nedcor will upon the
fulfilment of all conditions precedent in relation to the scheme acquire the
entire issued share capital of NIB. Nedcor currently has an 84% stake in NIB,
and Old Mutual a further 5.4% stake.

The full text of Nedcor's announcement is available on the JSE Securities
Exchange News Service (SENS) and also on Old Mutual's website,
www.oldmutual.com. A paper copy of the full Nedcor announcement is available
from Investor Relations, Old Mutual plc, 3rd Floor, Lansdowne House, 57 Berkeley
Square, London W1J 6ER.


                                                                  8 October 2002


ENQUIRIES:

Old Mutual, London                       Tel: [phone]
James Poole

College Hill, London                     Tel: [phone]
Tony Friend



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