Shareholding in Nedcor Ltd

Old Mutual PLC
19 May 2004

                                 Old Mutual plc

                    Shareholding in Nedcor Limited ('Nedcor')


Following the recent completion of Nedcor's rights issue, the Old Mutual Group
has purchased an additional 4,000,000 shares in Nedcor in the market.  The
purchases were made at an average price of R59.80 each and were completed on 17
May 2004.

At the close of business on 17 May 2004 the total holding of the Old Mutual
Group in Nedcor was 207,376,527 shares representing 53.0% of Nedcor's total
issued ordinary share capital, with 50.9% being held directly in shareholders'
funds.
                                                                     19 May 2004



Enquiries

Old Mutual plc
James Poole [phone]
Director, Corporate Affairs


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