Offer Update

Old Mutual PLC
28 May 2002

                                 OLD MUTUAL PLC

                  Nedcor Limited (NED SJ)/BoE Limited (BOE SJ)
       Nedcor Investment Bank (NIB SJ) - Further cautionary announcement


Old Mutual draws attention to the joint announcement by its subsidiary Nedcor
Limited ('Nedcor'), the South African banking group, in which it has a 53%
holding and BoE Limited ('BoE'), detailing the financial effects of the offer
for the issued shares of BoE by way of a scheme of arrangement.



Shareholders are also advised that discussions with Nedcor Investment Bank
('NIB') on terms to buyout the minority shares in NIB are continuing and
therefore a further cautionary is included in the announcement.



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



                                                                    28 May 2002


ENQUIRIES:

Old Mutual, London                                   Tel: [phone]
James Poole

College Hill, London                                 Tel: [phone]
Nicholas Williams




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