NIB scheme of arrangement

Old Mutual PLC
30 September 2002

                                 OLD MUTUAL PLC


   Nedcor Limited (NED SJ)/ Nedcor Investment Bank Holdings Limited (NIB SJ)

             Results of Nedcor Investment Bank scheme of arrangement


Old Mutual draws attention to today's announcement by its subsidiary Nedcor
Limited ('Nedcor'), the South African banking group, in which it has a 53.2%
stake, detailing the approval of the scheme of arrangement proposed by Nedcor
between Nedcor Investment Bank Holdings Limited ('NIB') and its minority
shareholders other than Nedcor.  Nedcor currently has an 84% stake in NIB.


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



30 September 2002





ENQUIRIES:


Old Mutual, London                                   Tel: [phone]
James Poole


College Hill, London                                 Tel: [phone]
Tony Friend





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