Nedcor Results

Old Mutual PLC
30 July 2002



                                 Old Mutual Plc

                    Nedcor Limited (NED SJ) Interim Results
                      for the six months ended 30 June 2002


Nedcor Ltd. ('Nedcor'), the South African banking group, in which Old Mutual plc
('Old Mutual') has a 53% holding, has today issued financial results for the six
months ended 30 June 2002.


Pre-tax earnings from operations, excluding currency translation gains/losses,
movements in the exceptional general risk provision, and all exceptional items,
were £98 million (R1 560 million), representing growth of 18% in local currency
terms.  Headline earnings at £96 million (R1 524 million) grew by 3% in Rand
terms compared to the previous year.  Headline earnings per share of 630c 
(39.7p) rose 2% in local currency.


Total income rose 4% in local currency to £322 million (R5 111 million) after
charging £27 million  (R436 million) of exceptional currency translation losses
in respect of international operating assets as the Rand recovered against major
currencies during the period. Net income of  £312 million (R4 951 million) was
struck after release of £25 million (R400 million) in exceptional credit
provisions established in the second half of 2001. Net after tax income at £50
million (R799 million) reflects an exceptional charge for the write down and
amortisation of goodwill and investments - including £52 million (R830 million)
in respect of the Group's shareholding in Dimension Data plc, and an associated
tax credit of £9 million (R140 million).


Operating profit attributable to Old Mutual shareholders after tax and minority
interests was £24 million (R378 million).  The result for Old Mutual has been
impacted by a significant devaluation of the Rand between the first half of 2001
and the first half of 2002.


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.
It should be noted that in the interim accounts for Old Mutual, certain items
in the Nedcor results will be treated under UK Generally Accepted Accounting
Practice (GAAP) rather than South African GAAP used by Nedcor.  There is no
significant restatement impact on headline earnings.


Old Mutual will release its preliminary results on 12 August 2002.


Commenting on Nedcor's results, Julian Roberts, Finance Director of Old Mutual
said:

'Nedcor has once again shown its resilience in producing good core operating
earnings in difficult market conditions. In the second half Nedcor will begin
the process of integrating the business of the recently acquired BOE which will
provide an enhanced platform for taking the two businesses forward.'


                                                                    30 July 2002

*Exchange rate: R15.87996 : £1


ENQUIRIES:


Old Mutual, London                                   Tel: [phone]
James Poole


College Hill, London                                 Tel: [phone]
Nicholas Williams


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