Purchase of Nedcor Shares

Old Mutual PLC
12 August 2002

                          OLD MUTUAL PLC

                      Purchase of Nedcor Shares



     This announcement is made in terms of Rule 7 of the South African

       Securities Regulation Panel's Code on Take-overs and Mergers.



Old Mutual Life Assurance Company (South Africa) Limited, a wholly-owned
subsidiary of Old Mutual plc ('Old Mutual'), acquired 1 000 000 ordinary shares
in Nedcor Limited ('Nedcor') at a price of R110.00 per share.



After the abovementioned purchase, the Old Mutual group owns and/or controls
138.1 million Nedcor ordinary shares, representing 52.99% of the total number of
Nedcor ordinary shares in issue.



                                                                  12 August 2002




                      This information is provided by RNS
            The company news service from the London Stock Exchange