Fulfilment of 2nd Condition

Old Mutual PLC
13 May 2002



                                 OLD MUTUAL PLC



                  Nedcor Limited (NED SJ)/BoE Limited (BOE SJ)



Old Mutual draws attention to the announcement by its subsidiary Nedcor Ltd
('Nedcor'), the South African banking group, in which it has a 53% holding,
confirming the completion of the due diligence process in terms of the offer to
BoE Limited ('BoE').



The terms of the offer consideration to BoE shareholders have been revised, and
now comprise R290 in cash and 0.4854369 Nedcor shares per 100 BoE 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.




                                                                     13 May 2002


ENQUIRIES:


Old Mutual, London                                      Tel: + 44 20 7569 0100

James Poole


College Hill, London                                    Tel: + 44 20 7457 2020

Tony Friend



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