Terms of offer by Nedcor

Old Mutual PLC
13 August 2002

                                 OLD MUTUAL PLC



   Nedcor Limited (NED SJ)/ Nedcor Investment Bank Holdings Limited (NIB SJ)

     Terms of the Offer by Nedcor to acquire Nedcor Investment Bank ('NIB')


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 and financial effects of the offer for the issued
shares of NIB, other than the shares already held by Nedcor, by way of a scheme
of arrangement.  Nedcor currently has an 84% stake in NIB.


In terms of the offer NIB shareholders will receive 3.03030 new Nedcor shares
for every 100 NIB shares held. Approximately 8 300 000 new Nedcor shares will be
issued to NIB shareholders following the successful implementation of the
scheme.  Old Mutual holds a 5.4% stake in NIB and consequently will receive 2
767 662 new Nedcor shares upon implementation of the scheme.

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.



13 August 2002



ENQUIRIES:


Old Mutual, London                             Tel: [phone]
James Poole


College Hill, London                                 Tel: [phone]
Tony Friend



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