Further Cautionary Announcement Re Proposed Merger

OLD MUTUAL PLC
28 October 1999


NEDCOR LIMITED
FURTHER CAUTIONARY ANNOUNCEMENT REGARDING PROPOSED MERGER


Old Mutual plc ('Old Mutual') draws the attention of
shareholders to a letter sent today by Mr C.F.
Liebenberg, Chairman of Nedcor Limited ('Nedcor') and a
non-executive director of Old Mutual, to Dr. C.B.
Strauss, Chairman of Standard Bank Investment Corporation
Limited ('Stanbic'), in connection with a proposed merger
of the two banks. Nedcor is a 53% owned subsidiary of Old
Mutual.
Shareholders are advised to continue to exercise caution
in dealing in Old Mutual shares.

                                       London
                                       28 October  1999

Issued by:
Investor Relations
Old Mutual plc
London