Rights Offer by Nedcor

Old Mutual PLC
23 February 2004

Not for release, distribution or publication into or in the United States,
Australia, Canada or Japan



                                 OLD MUTUAL PLC

                                 ('Old Mutual')





                         RIGHTS OFFER BY NEDCOR LIMITED

                      PARTIALLY UNDERWRITTEN BY OLD MUTUAL



Nedcor Limited ('Nedcor'), Old Mutual's 52 per cent owned banking subsidiary has
today announced a rights issue to raise R5 billion of additional ordinary share
capital to ensure that Nedcor has sufficient capital for growth and to meet
Nedcor's anticipated minimum tier one capital requirements.

The full terms of the rights issue, including the number of shares to be issued
and the issue price are expected to be announced by 25 March 2004, prior to the
launch.

Old Mutual plc has undertaken to take up its rights under the rights issue,
amounting to R2.5 billion.  Furthermore, Old Mutual has underwritten a 76 per
cent part of the issue alongside Merrill Lynch International and Deutsche Bank
who have jointly underwritten the balance.

Old Mutual is prepared through this rights issue to increase its stake in
Nedcor, beyond 52%, whilst being of the intention to maintain sufficient
liquidity to attract additional high quality shareholders.



23 February 2004


                           Joint Global Co-ordinators


                      Deutsche                                           Merrill Lynch
                      Bank AG                                            International




                               Joint Underwriters


            Old Mutual                           Deutsche                         Merrill Lynch
          (South Africa)                         Bank AG                          International
              Limited






                          Sponsor to Old Mutual in SA



                    Merrill Lynch South Africa (Pty) Limited





Enquiries:


Old Mutual plc, London                                Tel: [phone]
James Poole, Director, Corporate Affairs
Miranda Bellord, Media Relations

Old Mutual plc, South Africa                          Tel: [phone]
Nad Pillay, Head of Communications

College Hill Associates, London                       Tel: [phone]
Tony Friend






For release outside the United States only.

This announcement is not an offer for sale of securities in the United States.
Securities may not be sold in the United States absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as amended.
The Company does not intend to register any portion of the rights issue in the
United States or to conduct a public offering of securities in the United
States.  Copies of this announcement are not being made and may not be
distributed or sent into the United States, Australia, Canada or Japan. It may
be unlawful to distribute this announcement in certain other jurisdictions. The
information in this announcement does not constitute an offer of securities for
sale in Canada, Japan or Australia.

This announcement has been issued by Old Mutual plc and is the sole
responsibility of Old Mutual plc. Merrill Lynch International and Deutsche Bank
are acting for Nedcor Limited and no-one else in connection with the rights
issue and will not be responsible to any other person for providing the
protections afforded to clients of Merrill Lynch International and Deutsche Bank
or for providing advice with respect to the rights issue.

This document does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for,
any rights or shares, nor shall it or any part of it nor the fact of its
distribution form the basis of, or be relied on in connection with, any contract
or investment decision in relation thereto.



Prices and values of, and income from, shares may go down as well as up and an
investor may not get back the amount invested. It should be noted that past
performance is no guide to future performance. Persons needing advice should
consult an independent adviser.






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