Purchase of Nedcor Shares

Old Mutual PLC
5 June 2002



                                 OLD MUTUAL PLC





                            Purchase of Nedcor Shares





This announcement is made in terms of Rule 7 of the Securities Regulation Panel
Code on Take-overs and Mergers.



On Friday, 31 May 2002, Old Mutual Life Assurance Company (South Africa)
Limited, a wholly-owned subsidiary of Old Mutual plc ('Old Mutual'), acquired
841 017 ordinary shares in Nedcor Limited ('Nedcor') at an average price of
R130.45 per share.



After the above mentioned purchase, the Old Mutual group own and/or control
130.6 million Nedcor ordinary shares, representing 53.0% of the total Nedcor
ordinary shares in issue.  In terms of Listing Rules of the Financial Services
Authority of the United Kingdom, a two month closed period relating to shares in
Nedcor commenced on 1 June 2002 and consequently, subject to limited exemptions,
no further purchases of Nedcor shares may be made by the Old Mutual group during
that period.





                                                                     5 June 2002



ENQUIRIES:


Old Mutual plc, London:                                Tel: [phone]
Martin Murray

College Hill Associates                                Tel: [phone]
Nicholas Williams







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