Looking good

22 November 2004 Angelo Coppola

“Positive performances across each of our businesses have contributed to Old Mutual’s improved results so far in 2004. The momentum seen in the first half has been sustained as we have made progress with our declared strategy.

Commenting on trading, Jim Sutcliffe, Chief Executive.

“Nedcor’s recovery is expected to be steady and our US businesses are well positioned to continue to grow. We expect to maintain this positive momentum into 2005.”

Funds under management £133.6 billion, R1,562 billion at 30 September 2004 (£125.3 billion, R1,495 billion at 31 December 2003)

* Total Annual Premium Equivalent (APE) life sales for the nine months to 30 September 2004 of £397 million, R4,733 million (30 September 2003: £376 million, R4,743 million)

* Positive trends in South African unit trust sales (up 27% compared to 2003) and Individual Life sales (up 17% in the third quarter compared to the average of the first half of 2004)

* Nedcor expectations for headline earnings and recovery programme both on track

* Continued impressive underwriting performance at Mutual & Federal

* Life sales in the USA strong, with APE up 31% to $366 million for the nine months to 30 September 2004

* US asset management net cash flow increased 70% to $8.5 billion for the nine months to 30 September 2004 and retail initiative launched

* New highs for Selestia, with gross sales of £309 million for the nine months to 30 September 2004, compared to £144 million for the nine months to 30 September 2003

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