Purchase of Nedcor shares

Old Mutual PLC
25 September 2002



OLD MUTUAL PLC

Purchase of Nedcor Shares

This announcement is made in terms of Rule 7 of the South African

Securities Regulation Panel's Code on Take-overs and Mergers.


On Monday, 23 September 2002 Old Mutual Life Assurance Company (South Africa)
Limited, a wholly-owned subsidiary of Old Mutual plc ('Old Mutual'), acquired
500,000 ordinary shares in Nedcor Limited ('Nedcor') at a price of R103.00 per
share.


After the abovementioned purchase, the Old Mutual group owns and/or controls
138.6 million Nedcor ordinary shares, representing 53.2% of the total number of
Nedcor ordinary shares in issue.

                                                               25 September 2002





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