Terms of Offer by Nedcor

Old Mutual PLC
29 April 2002



                                 OLD MUTUAL PLC


                            Nedcor Limited (NED SJ)


Terms of the recommended offer by Nedcor to acquire BoE


Nedcor Ltd ('Nedcor'), the South African banking group, in which Old Mutual plc
('Old Mutual') has a 53% holding, has today announced that it has fulfilled the
first of the conditions precedent which are part of the terms of the recommended
offer to acquire BoE Limited for R7.3 billion.



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.








                                                                   29 April 2002



ENQUIRIES:


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


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











                      This information is provided by RNS
            The company news service from the London Stock Exchange