Nedcor Final Results

Old Mutual PLC
16 February 2000



                              OLD MUTUAL PLC
                                     
                                     
                  Nedcor Investment Bank Holdings Limited
                                     
                 Results for the year to 31 December 1999


Old  Mutual  plc  is an international financial services group,  based  in
London, with a substantial life assurance business in southern Africa  and
an  integrated portfolio of activities in asset management (including unit
trusts,  portfolio  management  and stockbroking  services),  banking  and
general insurance.

Nedcor  Investment Bank Holdings Ltd ('NIB'), the South African investment
bank,  in  which  Nedcor  Limited, the South  African  banking  group  has
majority control, has today issued financial results for the year ended 31
December 1999. Old Mutual plc ('Old Mutual') has a 53.3% holding in Nedcor
Ltd.  The  full text of the NIB announcement is attached, which  has  been
drawn  up  in  accordance with South African GAAP.  The  results  will  be
consolidated in Old Mutual's accounts in accordance with UK GAAP.

Commenting  on NIB's results, Mike Levett, Chairman and CEO of Old  Mutual
said:

'These are excellent results from NIB in a year of significant change  for
the group.'

                                                          16 February 2000


ENQUIRIES:

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

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

Old Mutual Cape Town                       Tel: + 27 21 509 2732
Bruce Allen, Manager, Group Media Communications

College Hill Johannesburg                  Tel: + 27 11 447 3030
Graham Fiford

                  NEDCOR INVESTMENT BANK HOLDINGS LIMITED
             Audited results for the year to 31 December 1999
                                     
                                     
Attributable earnings up 25%

Return on equity 24%

Expense to income ratio down to 39%


Financial highlights
                                 Audited      Proforma           
                                    1999        1998        % change
                                                          
Income statement                                          
Operating income (Rm)              1,109      1,016         9
Operating expenditure (Rm)           435        451        (4)
Attributable earnings (Rm)           500        400        25
Earnings per share (cents)            32         26        25
                                                          
Selected returns                                          
Return on average shareholders'     24.1       24.1        
funds (%)
Return on average total assets       2.4        2.3         
(%)
Non-interest revenue to total       70.1       75.9        
income (%)
Expense-to-income ratio (%)         39.2       44.4        
                                                          
Capital adequacy                                          
Shareholders' funds (Rm)           2,535      2,012       26
Total assets (Rm)                 21,438     20,593        4
Capital ratio (%) (Bank only)       12.7       12.8        
                                                          
Share statistics                                          
Share price (cents)                  385        n/a         
Weighted average number of shares  1,567      1,567       
(m)
Market capitalisation (Rbn)        6.047        n/a         
                                                          
                                     
                                     
                  NEDCOR INVESTMENT BANK HOLDINGS LIMITED
             Audited results for the year to 31 December 1999

Group income statement

                                  Audited      Proforma           
                                     1999        1998           
                                       Rm          Rm     % change
                                                          
Interest income                    2,652        2,240       18
Interest expense                   2,320        1,995       16
Net interest income                  332          245       36
Non-interest revenue                 777          771        1
Operating income                   1,109        1,016        9
Specific and general provisions       61           28      118
Net income                         1,048          988        6
Operating expenditure                435          451       (4)
Net operating income before          613          537       14
exceptional items
Add: Net capital profit on the                            
disposal and restructuring of         40
businesses
Less: Supplement to general risk                          
provision         (net of             40
taxation)
Net income before taxation           613        537         14
Taxation                             113        137        (18)
Attributable earnings                500        400         25
                                                          

During the preceding financial period, the year end changed from 30 September
to 31 December. For purposes of key ratios and 1998 comparatives, it should
be  noted that the actual results for the 12-month period 1 January 1998 to
31 December 1998 were used, but were adjusted to reflect the changed nature
of  our business activities as a result of, primarily, the disposal of  60%
of  our stockbroking activities, the closure of our linked product business
and  the  sale  of our property finance book of loans under R2  million  to
Nedcor Bank at net asset value.

The  proforma income statement, arising from these adjustments, reflecting
earnings  of  R400  million was published in detail in  NIB's  pre-listing
statement issued in July 1999.

The  1998  results  as detailed in our pre-listing statement  are  further
adjusted  by  a  reallocation between Taxation and  Specific  and  General
Provisions,  to  remove  the  effect of the  settlement  by  a  subsidiary
company, of a tax dispute which arose in 1992

                  NEDCOR INVESTMENT BANK HOLDINGS LIMITED
             Audited results for the year to 31 December 1999

Group balance sheet

                                       1999        1998
                                        Rm          Rm
Shareholders' funds                    2,535      2,012
Long-term debt                            35         59
Deposit, current and other accounts   18,859     18,507
Liabilities under acceptances              9         15
Capital, reserves and liabilities     21,438     20,593
                                                  
Cash and short-term funds                805        979
Other short-term securities              755      3,171
Government and public sector           3,377        997
securities
Advances and other accounts           15,796     14,369
Customers' indebtedness for                9         15
acceptances
Subsidiary, fellow subsidiary and         19          2
associated companies
Other investments                        567        833
Property and equipment                   110        227
Total assets                          21,438     20,593

Company secretary and registered office
J S Eisenhammer
1 Newton Avenue, Killarney, Johannesburg,2193

Transfer secretaries
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg 2001

                  NEDCOR INVESTMENT BANK HOLDINGS LIMITED
             Audited results for the year to 31 December 1999

COMMENT

A time of change.
This  past  year  will  stand out as one in which Nedcor  Investment  Bank
('NIB')  built for the future.  We completed the integration of the  three
original entities that were merged into NIB, and we now have a clean slate
from which to grow the business.  As part of this process, we developed  a
partnership strategy that has opened up significant new opportunities  for
us.   A  highlight  of  the year was clearly the  listing  of  NIB,  which
benefited  the  group materially, raised the profile of  the  company  and
positively impacted on staff morale. Another highlight of the year was our
acquisition  of the corporate and commercial business of Edward  Nathan  &
Friedland  Inc ('ENF'), which has given us an excellent base on  which  to
build a powerful first tier corporate finance operation.

Consistent  with  our  strategy  of  refocusing  the  group  on  our  core
competencies, various objectives were achieved during the year.   We  sold
60%  of our stockbroking business to strategic partners, including the Old
Mutual  Group.  We  closed  our linked product  business  by  transferring
qualifying assets to Galaxy, a member of the Old Mutual Group,  in  return
for a 20% stake in that entity.  We sold our private banking activities to
Nedbank  and refocused our fiduciary business in partnership with  Nedbank
through  a subsidiary company, Syfrets Trust Limited, which is the  oldest
registered trust business in the country dating back to 1834. In  addition
our  offshore operations were reconfigured and recapitalised, placing them
in  a  position  to contribute to our bottom line on a sustainable  basis.
The  achievement  of those objectives completes the short  term  reshaping
process of NIB.

.solid results nevertheless
Notwithstanding   the  significant  costs  involved  in  achieving   these
restructuring  objectives  and  despite  an  industry-wide  slow  down  in
corporate activity, we achieved our forecast of producing net income after
tax of R500 million, which represents an increase of 25% over the previous
year.  We will continue to strive for consistent, sustainable returns that
build shareholder value while appropriately managing risk.  Our return  of
24%  on average shareholders funds, and our expense to income ratio of 39%
is a satisfactory result for the year.

The  net profit from the sale of 60% of our stockbroking business, 50%  of
our fiduciary business and after charging other exceptional costs of a pre
merger nature and losses on the sale of other operations, is reflected  as
a  net  capital  profit of approximately R40 million. The opportunity  has
been taken to transfer the pre-tax equivalent of approximately R57 million
to our General Risk Provision as an exceptional supplement.

                  NEDCOR INVESTMENT BANK HOLDINGS LIMITED
             Audited results for the year to 31 December 1999

Our  corporate  and  treasury divisions both had  an  excellent  year  and
continue to be outstanding contributors to revenue. NIB's private equities
business  was  however adversely affected by a weak market for  small  cap
equities leading to an erosion of unrealised surpluses. The structured and
project finance area experienced exceptional dealflow.  Volatile financial
markets contributed to a successful year for our treasury operation,  with
new  business being generated through the development of new products  and
the expansion into equity derivatives.

We  are  pleased  with the turnaround that has occurred  in  the  property
finance  division  within  the  context of  ongoing  industry  challenges.
Whilst  there  has  been pleasing progress in investment performance,  NIB
Asset  Management still requires further strategic attention.  NIB  Multi-
Manager, launched during the year, enjoyed a strong growth in assets under
management.  NIB's  international operations also enjoyed  strong  growth,
bolstered by an increase in its capital base.

.and we are successfully creating a performance driven culture.
We  are  pleased with the level of operational efficiencies that  we  have
achieved  in  our process areas, and are now approaching  our  goal  of  a
single,  fully  integrated  back-office where  processing  and  settlement
(delivery versus payment) is seamless across the business based on a solid
electronic  administrative  platform. Information  technology  initiatives
going  forward  include the facilitation of a comprehensive e-distribution
strategy.   In  line with our business-to-business strategy  based  on  e-
distribution,  the Woolworths Unit Trust was launched,  made  possible  by
the  integration  of  relevant business systems of  both  companies.   Our
ProBanker  cash management system for third parties is another example  of
this  distribution  strategy, and we will be  developing  this  initiative
further in 2000.

NIB  experienced no significant event as a result of the Y2000 change over
and  we are confident that this will remain so. During the year the credit
risk  management  processes were reviewed, resulting in a new  centralised
credit function and process. This change has been successfully implemented
and  is already producing tangible benefits. Further improvements in  risk
management are in progress and will be completed this year.
                                     
The  listing has served to stabilise staff and the organisational  climate
is  a  positive one of commitment and outward focus.  We are  successfully
creating  a performance driven culture and are driving the development  of
our  intellectual  capital base both in terms of the ongoing  professional
development of existing staff, and intensive recruitment.

We  formally welcome Michael Katz as our new Chairman.  Richard Laubscher,
who  has  led the group through the transition phase to it's status  as  a
listed  company, stood down as Chairman with effect from 1  January  2000,
but continues to be a member of the Board. Finally, our sincere thanks  go
to all NIB staff members for their hard work and commitment.

                  NEDCOR INVESTMENT BANK HOLDINGS LIMITED
             Audited results for the year to 31 December 1999

Capitalisation Share Award and Cash Dividend

The  directors  have resolved to issue fully paid ordinary shares  in  the
company   as   a  capitalisation  share  award  to  ordinary  shareholders
registered in the books of the company at the close of business on Friday,
10  March 2000.  Such shareholders will be entitled, in respect of all  or
part of their shareholding, to elect to receive instead a cash dividend of
5,3  cents  per ordinary share ('the election').  New fully paid  ordinary
shares  in  the company will be issued only to those ordinary shareholders
who  do  not elect in respect of all or part of their shareholding  on  or
before Friday, 7 April 2000, to receive the aforementioned dividend.

The  number  of capitalisation shares to which shareholders  are  entitled
will  be  determined  in  the  ratio that 5,3  cents  per  ordinary  share
multiplied  by 1,05 bears to the weighted average price of NIB's  ordinary
shares  on  the  Johannesburg Stock Exchange  ('the  JSE')  for  the  four
business  days ending Thursday, 6 April 2000.  Where entitlements  to  new
NIB  ordinary  shares result in fractions of shares, these fractions  will
rank for a residual cash dividend.

Documentation  dealing with the capitalisation share  award  and  election
will be posted to shareholders on or about 17 March 2000.  In order to  be
valid, completed election forms will need to be received by NIB's transfer
secretaries  by  no  later than 12:00 on Friday, 7 April  2000.   Election
forms in envelopes postmarked on or prior to Friday, 7 April 2000, will be
accepted  only if received by no later than 12:00 on Wednesday,  12  April
2000.

Subject to the approval of the JSE, a listing for the new ordinary  shares
to  be issued pursuant to the capitalisation share award will commence  on
Tuesday,  18  April 2000. It is expected that dividend cheques  and  share
certificates will be posted to shareholders on or about Tuesday, 18  April
2000.  A  further announcement will be made on or about Tuesday, 18  April
2000, reporting on the result of the election.

RCM LAUBSCHER                 IJ BOTHA

Johannesburg
16 February 2000