Nedcor Outsourcing Deal

Old Mutual PLC
21 December 2001


                                OLD MUTUAL PLC


       Nedcor Ltd selected as processing partner of choice by Swisscard


Nedcor Ltd ('Nedcor'), the South African banking group, in which Old Mutual
plc ('Old Mutual') has a 53.4% holding, has announced today that Swisscard
Switzerland, jointly owned by American Express and Credit Suisse, has selected
Nedcor as their processing partner of choice.


The full text of the Nedcor announcement is as follows:


'Nedcor Ltd is pleased to announce it has been advised by Swisscard, a credit
card company based in Switzerland, that it has been selected above the leading
global processing companies as Swisscard's most appropriate processing
partner.



Nedcor will negotiate with Swisscard early next year to finalise the terms and
conditions of a contract between Swisscard and Nedcor's Technology and
Operations (T&O) division for the provision of card processing services.



Swisscard is one of the largest and most prestigious credit card companies in
Switzerland, and is jointly owned by international financial services groups'
American Express and Credit Suisse, both of whom rank among the world's top
global banks.



Outsourcing is a major part of Nedcor's international strategy to exploit its
technology and processing prowess to earn foreign currency annuity-type income
against rand costs at low risk using proven techniques on which the
development costs have already been absorbed.



This first outsourcing opportunity will not have a significant impact on
Nedcor's earnings in financial 2002, but will exceed Nedcor's return on equity
target.



Nedcor will announce further details once negotiations are complete.  Advisors
to Nedcor in the negotiations with Swisscard are Nedcor Investment Bank and
Edward Nathan Friedland.'

                                                              21 December 2001


ENQUIRIES:


Old Mutual, London                                  Tel: + 44 20 7569 0100
James Poole, Director Investor Relations

College Hill, London                                Tel: + 44 20 7457 2020
Nicholas Williams

Old Mutual, Cape Town                               Tel: + 27 82 453 8298
Bruce Allen, Manager, Group Media Communications