Nedbank Subscription Offer

Old Mutual PLC
27 November 2002

                                 OLD MUTUAL PLC


                     Nedbank Limited Offer for subscription



Old Mutual plc draws attention to the abridged pre-listing statement issued
today by Nedbank Limited ('Nedbank'), a subsidiary of Nedcor Limited, the South
African banking group in which Old Mutual has a 53.2% holding, detailing an
offer for subscription of 100, 000, 000 non-redeemable non-cumulative preference
shares in order to increase its primary capital.



The full text of the Nedbank 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 Nedbank announcement is available
from Investor Relations, Old Mutual plc, 3rd Floor, Lansdowne House, 57 Berkeley
Square, London W1J 6ER.







27 November 2002





ENQUIRIES:


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


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






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