Recommended Offer by Nedcor

Old Mutual PLC
22 April 2002


                                 OLD MUTUAL PLC


                            Nedcor Limited (NED SJ)

Recommended offer by Nedcor to acquire BoE for R7.3 billion and joint cautionary
announcement

Nedcor Ltd ('Nedcor'), the South African banking group, in which Old Mutual plc
('Old Mutual') has a 53% holding, has today issued a recommended offer to
acquire BoE for R7.3 billion subject to conditions set out in their
announcement.

Old Mutual, representing the majority of the Nedcor ordinary shares, has agreed
to vote in favour of all shareholder resolutions of Nedcor required to implement
the Scheme. Upon completion of the Transaction, Nedcor will continue to be a
subsidiary of Old Mutual.

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.


                                                                   22 April 2002


ENQUIRIES:

Old Mutual, London              Tel: + 44 20 7569 0100
James Poole
Zoleka Mzimba

College Hill, London            Tel: + 44 20 7457 2020
Tony Friend


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