Terms of Claw-back Offer

Old Mutual PLC
26 June 2002


                                 OLD MUTUAL PLC

                            Nedcor Limited (NED SJ)

                          Terms of the Claw-back Offer


Old Mutual draws attention to today's announcement by its subsidiary Nedcor
Limited ('Nedcor'), the South African banking group, in which it has a 53%
stake, detailing the terms of the Claw-back Offer to Nedcor shareholders.  Old
Mutual (South Africa) Limited or any wholly owned subsidiary will subscribe for
shares in Nedcor and Nedcor shareholders will then have the right to acquire
their pro rata portion of the new shares.

The full text of the Nedcor announcement is available on SENS, the JSE
Securities Exchange News Service and on Old Mutual's website, www.oldmutual.com.
A paper copy of the full Nedcor announcement is available from Investor
Relations, Old Mutual Plc, 3rd Floor, 57 Berkeley Square, London W1J 6ER.



26 June 2002





ENQUIRIES:


Old Mutual, London                                   Tel: [phone]
James Poole

College Hill, London                                 Tel: [phone]
Tony Friend



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