Nedcor Bank Ltd Note Issue

Old Mutual PLC
4 September 2001

                                OLD MUTUAL PLC



                             Nedcor Bank Limited



 Issue of subordinated unsecured callable notes ranking as secondary capital



Nedcor Bank Limited ('Nedcor Bank') has issued notes to a value of R2 billion,
which is the largest single issue of corporate bonds in South Africa to date
on the Bond Exchange of South Africa ('BESA'). The Notes are unsecured and
subordinate and accordingly rank as secondary capital under the Banks Act for
Nedcor Bank, the wholly-owned operating subsidiary of Nedcor Limited, which is
53.4% owned by Old Mutual plc (OML.L).



The Notes, which have a ten year legal maturity are callable after five years.
They were priced to 77 basis points above the interpolated yield of South
African government bonds and at 110 basis points above the R150 SA Government
issued Reference Bond, which has approximately three and a half years to run.
Nedcor Bank increased the size of the issue in order to meet investor demand
for the Notes, which were given a rating of AA- by Fitch. Notwithstanding the
increase the issue was significantly oversubscribed.



Nedcor Investment Bank acted as arranger and placement agent to the issue. UBS
Warburg and Edward Nathan & Friedland acted as independent adviser and as
corporate law advisers respectively to Nedcor Bank.



The Notes carry a fixed coupon of 11,3%, payable semi-annually in arrears,
during the first 5 years of the issue whereafter they switch to a stepped
floating rate of interest, which will be paid quarterly in arrears. The
settlement date is 20 September 2001, on which date a listing of the Notes
will commence on the BESA under the stock code NED01.





                                                 Johannesburg 3 September 2001






ENQUIRIES:

Old Mutual plc                                        Tel: [phone]
James Poole

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Tony Friend