Amended terms of the Offer

Old Mutual PLC
27 September 2002

                                 OLD MUTUAL PLC

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

             Amended terms of the Offer by Nedcor for NIB minorities



Old Mutual plc ('Old Mutual') draws attention to today's announcement by its
subsidiary Nedcor Limited ('Nedcor'), the South African banking group, in which
it has a 53% stake, detailing an amendment to the terms of Nedcor's offer to
acquire by means of a scheme of arrangement the issued shares of Nedcor
Investment Bank Holdings Limited ('NIB') not already owned by it.  Nedcor
currently has an 84% stake in NIB.

The revised terms of the offer consideration to NIB shareholders now comprise
3.33333 Nedcor shares per 100 NIB shares.  Nedcor previously offered 3.03030
Nedcor shares per 100 NIB shares.

Approximately 9.3 million new Nedcor shares will be issued to NIB shareholders
following the successful implementation of the scheme.  The Old Mutual group
(excluding Nedcor) holds a 5.4% stake in NIB and consequently will receive
approximately 3.0 million new Nedcor shares upon implementation of the scheme.

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.



                                                               27 September 2002

ENQUIRIES:

Old Mutual, London                                   Tel: [phone]
James Poole

College Hill, London                                 Tel: [phone]
Tony Friend




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