Nedcor - Preliminary Results

Old Mutual PLC
20 February 2001

                                OLD MUTUAL PLC

                            Nedcor Limited (NED.J)

                 Results for the year ended 31 December 2000

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

Nedcor Ltd ('Nedcor'), the South African banking group, in which Old Mutual
plc ('Old Mutual') has a 53.4% holding, has today issued financial results for
the year ended 31 December 2000.

It should be noted that for Old Mutual's accounts, which will be released on 6
March 2001, certain items in the Nedcor results will be treated under UK
Generally Accepted Accounting Practice (GAAP) rather than South African GAAP
used by Nedcor. Exceptional charges relating to branch property write downs
and leasehold premises will be included in operating profits for UK GAAP
reporting purposes.

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

'Once again, Nedcor has turned in a good set of results and has positioned
itself well for future growth, particularly in the strategic alliances and
investments it made last year.'

                                                              20 February 2001

ENQUIRIES:

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

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

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Bruce Allen, Manager, Group Media Communications

College Hill, Johannesburg                            Tel: + 27 11 447 3030
Kim Milnes