Appointment

Old Mutual PLC
18 January 2001



                                OLD MUTUAL PLC

               Nedcor appoints Peter Joubert as deputy chairman

Nedcor Limited, the South African banking group, in which the Old Mutual plc
group ('Old Mutual') has a 53.3% holding, has today announced the appointment
of Peter Joubert, a non-executive director of Old Mutual plc, as non-executive
deputy chairman of Nedcor Limited, with effect from 17 January, 2001. The full
text of the Nedcor announcement is attached below.

                                                               18 January 2001

ENQUIRIES:

Old Mutual plc, London     Tel: + 44 20 7569 0100

James Poole, Director Investor Relations



College Hill, London      Tel: + 44 20 7457 2020

Nicholas Williams / Matthew Gregorowski



Old Mutual, Cape Town     Tel: + 27 21 509 1727

Philip Vosloo, Group Media Relations



College Hill, Johannesburg     Tel: + 27 11 447 3030

Kim Milnes



                                Nedcor Limited

                                MEDIA RELEASE

                               18 January 2001



Nedcor appoints new deputy chairman



Peter Gowar Joubert has been appointed deputy chairman of Nedcor Ltd and
Nedcor Bank Ltd, with effect from 17 January 2001. He replaces Dick Goss, who
retired from the Nedcor board during the 2000 financial year.

Joubert (67) is currently chairman of a number of South Africa's leading
companies and is also a director of many other companies, including Nedcor. He
has been associated with the Nedcor group, initially as a director of UAL
Merchant Bank Ltd, since the early 80s.

He has been a leading director of Nedcor Ltd since 1995 and is currently
chairman of the Group Audit committee.

'We are indeed honoured to have a businessman of the stature of Mr Joubert
assume this position. The board has looked up to his guidance and I, for one,
value his counsel,' says Nedcor chairman Chris Liebenberg.



Notes to Editors

About PG Joubert



Born in 1933, Peter Gowar Joubert spent the bulk of his career (30 years) at
African Oxygen (Afrox), starting as a trainee and with over 20 of the years as
Chief Executive and, latterly, Chairman. During this period, he had a spell of
a few years as Chief Executive (Gases) of the BOC Group in the United Kingdom.

Having retired from Afrox a few years ago, he now works independently as the
chairman of eight companies:


        BDFM Publishers (Pty) Ltd; Delta Electrical Industries Ltd; Delta
        Motor Corporation (Pty) Ltd; Eagle Freight Holdings (Pty) Ltd;
        Foodcorp Holdings (Pty) Ltd; Munich Reinsurance Company of Africa Ltd;
        NEI Africa and Sandvik (Pty) Ltd.



And also as a director of a further thirteen companies:


        Cycad Financial Holdings Ltd; Hudaco Industries Ltd; Impala Platinum
        Holdings Ltd; IMS Holdings (Pty) Ltd; Malbak Ltd; Manganese Metal
        Company Ltd; Murray and Roberts Holdings Ltd; Nedcor Ltd; Nedcor Bank
        Ltd; Nedcor Investment Bank Ltd; Old Mutual Life Assurances Company
        (SA) Ltd; Old Mutual Bank Holdings Ltd; and Old Mutual plc.

He was named as one of the top five businessmen of the year by the Sunday
Times in 1991. He is a Vice President of the Institute of Directors and is on
the Executive Committee of the British Chamber of Business.

Recently he completed a triennium as the Chancellor of the Order of St John
and served as the Chairman of Roedean School for a decade. He was a council
member of Medunsa for a number of years.

He is a trustee of the Foundations of the Colleges of Medicine of South
Africa, Rhodes University and UCT. He is a Hon. Fellow of the Colleges of
Medicine of South Africa. He is married and has three daughters and five
grandchildren and was educated at Rhodes, where he spent five years (BA DPWM)
and completed an AMP at Harvard in the early 1970s.



Photograph (JPEG format ) available on request.



Issued by:               Nedcor Media Relations & Publicity

Contact:                 Cecilia de Almeida

Tel:                    [phone]/083 325 9169

[e-mail]

For further comment:    Chris Liebenberg, Chairman, Nedcor Ltd

Tel:                    [phone]