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Warburg(S.G.)Group (WSGC)

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Friday 29 October, 1999


Interim Results - 6 Months to 30 June 1999

29 October 1999

                  SG Warburg Group plc
               Interim Report 30 June 1999

Please find enclosed the text of the Interim Financial
Statement of SG Warburg Group plc for the six months
ended 30 June 1999, which has been approved by the board
on 28 October 1999.

                                          29 October 1999

                  SG Warburg Group plc
                    Interim Statement
          For the six months ended 30 June 1999

The Group, comprising the Company and its subsidiaries,
carries on investment banking related business including
the provision of finance to a number of companies within
the UBS AG Group.

The Board does not recommend the payment of an ordinary
dividend for the six months ended 30 June 1999.

Independent Review Report to SG Warburg Group plc


We have been instructed by the company to review the
financial information set out on page 3 and we have read
the other information contained in the interim report and
considered whether it contains any apparent misstatements
or material inconsistencies with the financial

Directors' responsibilities

The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors.  The Listing Rules of the
London Stock Exchange require that the accounting
policies and presentation applied to the interim figures
should be consistent with those applied in preparing the
preceding annual accounts except where any changes, and
the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance
contained in Bulletin 1999/4 issued by the Auditing
Practices Board.  A review consists principally of making
enquiries of group management and applying analytical
procedures to the financial information and underlying
financial data and based thereon, assessing whether the
accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A
review excludes audit procedures such as tests of
controls and verification of assets, liabilities and
transactions.  It is substantially less in a scope than
an audit performed in accordance with Auditing Standards
and therefore provides a lower level of assurance than an
audit.  Accordingly we do not express an audit opinion on
the financial information.

Review conclusion

On the basis of our review we are not aware of any
material modifications that should be made to the
financial information as presented for the six months
ended 30 June 1999.

Ernst & Young
28 October 1999

          SG Warburg Group plc and subsidiaries
          Consolidated Profit and Loss Account
          For the six months ended 30 June 1999

               Six months   Six months
                 ended        ended         Year ended
              30 June 1999 30 June 1998  31 December 1998
              (unaudited)  (unaudited)      (audited)
                   £m           £m             £m
              ------------ ------------  ----------------

Net interest       32.5      46.5             85.5
Other income        0.8       8.4             13.4
Depreciation and
 amortisation      (0.6)     (0.9)            (1.7)
Other operating    (1.7)     (5.0)           (10.4)
Profit on disposal
 of investments     -         0.2              6.5
              ------------ ------------  ----------------
Profit before      31.0      49.2             93.3

Taxation            -       (14.2)            (3.6)
              ------------ ------------  ----------------
Profit after       31.0      35.0             89.7

 - equity          (2.3)    (11.1)           (22.6)
              ------------ ------------  ----------------
Profit after
 taxation and
 interests         28.7      23.9             67.1

Dividends on
 Shares            (0.4)     (0.4)            (0.8)
              ------------ ------------  ----------------
Transfer to        28.3      23.5             66.3
              ------------ ------------  ----------------
Earnings per
 Ordinary Share
 Share             12.32p    10.23p           28.86p
              ============ ============  ================
The above consolidated profit and loss account is non-
statutory.  The full accounts for the year to 31 December
1998 have been delivered to the Registrar of Companies.
The auditors' report thereon was unqualified and contains
no statement under Section 237(2) or (3) of the Companies
Act 1985.

Approved by the Board on 28 October 1999

N Anderson, Director


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