Nedcor Notes Issue

Old Mutual PLC
4 July 2002


                                 OLD MUTUAL PLC

                               Nedcor Bank Limited

                  Issue of subordinated unsecured callable Notes


Old Mutual draws attention to the announcement made today by Nedcor Bank Limited
('Nedcor Bank'), a subsidiary of Nedcor Limited ('Nedcor'), the South African
banking group, in which Old Mutual has a 53% holding, detailing the terms of the
R4 billion subordinated and unsecured Notes placed as part of the fund raising
for the acquisition of BoE Limited by Nedcor.

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


                                                                 4 July 2002




ENQUIRIES:

Old Mutual, London                                   Tel: [phone]
James Poole

College Hill, London                                 Tel: [phone]
Matthew Gregorowski




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