Approval of Consolidation

Old Mutual PLC
05 December 2002


                                Old Mutual plc

                    Minister approves Nedcor consolidation


Old Mutual plc ('Old Mutual') draws attention to the announcement issued today
by Nedcor Limited ('Nedcor'), the South African banking group in which it has a
53.2% holding, confirming the approval granted by the Minister of Finance in
terms of section 54 of the Banks Act for the transfers to; Peoples Bank, of a
portion of the banking business of BoE Bank; and Nedbank, of the balance of the
banking business of BoE Bank and the banking businesses of each of Nedcor
Investment Bank and Cape of Good Hope Bank.

The full text of the Nedcor 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.

                                                                 5 December 2002


ENQUIRIES:

Old Mutual plc
James Poole     (UK)      Tel: [phone]

Nad Pillay      (SA)      Tel: [phone]
                          Tel: [phone]



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