Re NEDCOR Trading Update

Old Mutual PLC
17 November 2003

Embargoed 11.30 hours

                                 OLD MUTUAL PLC


Nedcor Limited - Trading update, cautionary announcement and update on strategic
                               recovery programme


Old Mutual plc ('Old Mutual') draws attention to today's trading update,
cautionary announcement and update on strategic recovery programme by Nedcor
Limited ('Nedcor'), the South African banking group in which it has a 53 per
cent. interest.



The full text of Nedcor's announcement is available on the JSE Securities
Exchange News Service (SENS) and can also be accessed on Old Mutual's website,
www.oldmutual.com.  A paper copy of the full Nedcor announcement is available
from Investor Relations, Old Mutual plc, Old Mutual Place, 2 Lambeth Hill,
London EC4V 4GG.



Old Mutual will be providing an update on current trading activities in respect
of the whole Old Mutual Group at 7.00 a.m. (UK time) tomorrow.





                                                             17 November 2003





ENQUIRIES:



Old Mutual plc, London   Tel:  [phone]
James Poole, Director of Investor Relations


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