Consideration for Nedcor Acquisition

Old Mutual PLC
30 November 1999

                   ANNOUNCEMENT RELATING TO
                      RESULTS OF NEDCOR'S
                GENERAL MEETING OF NIB MEMBERS
                               
                               
Nedcor Limited ('Nedcor'), the South African banking group, in
which Old Mutual plc ('Old Mutual') has a 53.3 percent holding
has today issued the following announcement:-

As  was announced in the press on Friday, 29 October 1999, NIB
has  acquired the corporate and commercial business of  Edward
Nathan  &  Friedland Inc for a consideration of R400 000  000.
For  accounting purposes, the directors of NIB have attributed
the entire consideration paid to goodwill.

The  directors hereby propose and recommend that such goodwill
be  written off against NIB's share premium in accordance with
the  provisions of section 90 of the Companies Act, 61 of 1973
(as amended).

In order to effect the reduction of share premium, NIB members
are  required,  in terms of NIB's articles of association,  to
approve  a  special  resolution at a general  meeting  of  NIB
members.  Notice of such general meeting, which is convened to
be  held  at  10:00  on  Thursday, 23 December  1999,  in  the
Founders   Room,  3rd  Floor,  1  Newtown  Avenue,  Killarney,
Johannesburg,  is  incorporated in a  circular  that  will  be
posted to NIB members today.

                                             30 November 1999 

Issued by:
Investor Relations
Old Mutual plc
London