Confirmation of Discussions

Old Mutual PLC
14 October 2002

                                 OLD MUTUAL PLC



                          Confirmation of Discussions

Old Mutual plc notes the speculation regarding the potential sale of its
subsidiary, GNI Holdings Limited.

Old Mutual confirms that it is currently in discussions regarding the sale of
GNI Holdings Limited.

A further announcement will be made in due course.

                                                                 14 October 2002



Enquiries:


Old Mutual plc                                             Tel: [phone]
James Poole, Director Investor Relations

Old Mutual Financial Services UK                           Tel: [phone]
Edmond Warner, Chief Executive

College Hill, London                                       Tel: [phone]
Tony Friend
Gareth David

College Hill, South Africa                                  Tel: [phone]
Nicholas Williams


Notes to editors:



Old Mutual plc is an international financial services company based in London,
with substantial operations in life assurance, asset management, banking and
general insurance. Old Mutual is listed on the London Stock Exchange with a
market capitalisation of approx. £3,000 million as at 11 October 2002. It is
also listed on the Johannesburg, Namibian, Malawi and Zimbabwe stock exchanges.
The company operates the largest life assurance business in Southern Africa,
through which it provides life, disability and health insurance, retirement
savings and investment products to individuals and groups. The company also has
worldwide interests in life assurance and asset management. The enlarged group
had £133 billion of assets under management as at 30 June 2002.  Old Mutual owns
53.2% of Nedcor, South Africa's highest rated bank, and 51% of the South African
general insurance company, Mutual & Federal.




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