Nedcor - BoE Update

Old Mutual PLC
24 June 2002


                                 OLD MUTUAL PLC


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

             Results of BoE Limited scheme of arrangement meetings


Old Mutual draws attention to the joint announcements by its subsidiary Nedcor
Limited ('Nedcor'), the South African banking group, in which it has a 53%
holding and BoE Limited ('BoE'), made today, detailing the approval of the
schemes of arrangement proposed by Nedcor between BoE and its shareholders and
between BoE and the holders of its convertible debentures.

The full texts of the Nedcor/BoE announcements are available on SENS, the JSE
Securities Exchange News Service and on Old Mutual's website, www.oldmutual.com.


                                                                    24 June 2002


ENQUIRIES:

Old Mutual, London                                   Tel: [phone]
James Poole

College Hill, London                                 Tel: [phone]
Tony Friend



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