Nedcor/Didata

Old Mutual PLC
20 September 2000

                     Old Mutual plc

         Old Mutual's banking subsidiary Nedcor
 reaches exchange agreement with Dimension Data Holdings

Nedcor  Ltd ('Nedcor'), which is 53%-owned by Old  Mutual
plc ('Old Mutual'), has concluded binding agreements with
Dimension  Data Holdings Plc ('Dimension Data') regarding
the  exchange  by  Nedcor of its  25.1%  shareholding  in
Dimension  Data International Ltd ('DDIL') for  a  direct
shareholding in Dimension Data valued at £715 million and
cash equivalent to about £180 million.

The transaction valued at R9 billion will yield a gain of
R5.9 billion.  In exchange for its entire shareholding in
DDIL, together with all shareholders claims, Nedcor  will
receive:

*   the  allotment  and  issue  to  Nedcor of 103,134,329 
    ordinary  shares   in   Dimension    Data, registered 
    on the company's principal share  register in London;
*   a  cash  payment by Dimension Data of  R900  million,
    payable in South Africa; and
*   a  cash  payment  by Dimension Data of  approximately
    US$124 million, payable in the European Union.

The  parties will synchronise the due dates for the local
payment and the settlement of the capital portion of  the
option  price of R854 million, payable by Nedcor pursuant
to  the exercise of the option granted to it by Dimension
Data   to restore its shareholding in DDIL from 20.1%  to
25.1%.

Nedcor has also agreed to settle certain Rand denominated
obligations  totalling  R16 million,  which  arose  as  a
consequence  of Nedcor's participation in the acquisition
by  Dimension Data of the European networking  assets  of
Comparex  Holdings  Limited, together  with  R80  million
funding  costs  of the option.  In addition  Nedcor  will
settle US Dollar denominated obligations totalling  US$59
million, which were incurred, inter alia, to fund  recent
acquisitions by DDIL in the United States of America.

The exchange is subject to the following conditions:

*   all requisite approvals being obtained from the South 
    African Reserve Bank;
*   the  approval  of the transaction by the  competition
    authorities in the United Kingdom;
*   the  approval  of the transaction by an extraordinary
    general  meeting  of shareholders of Dimension  Data,
    in  accordance  with  the related  party  transaction
    requirements  of  the  UK  Listing  Authority   ('the
    UKLA')  and  the  Johannesburg Stock  Exchange  ('the
    JSE');
*   the  UKLA,  the London  Stock Exchange  plc,  and the  
    JSE  agreeing to list the consideration  shares;  and
*   the    receipt   by   Dimension   Data   of   written
    confirmations   from  its  independent   professional
    advisors,  Merrill Lynch International  and  Deutsche
    Bank,  that  the exchange is fair and  reasonable  to
    the shareholders of Dimension Data.

After  the  transaction  is  completed  Nedcor  will  own
approximately  8.2%  of  the enlarged  share  capital  of
Dimension   Data.    Old  Mutual  and  its   consolidated
subsidiaries own 100 306 180 million shares in  Dimension
Data   as  at  close  of  business  18  September   2000,
representing  approximately 8.66 % of the current   share
capital  of  Dimension Data.  Dimension Data  listed  its
shares on the London Stock Exchange in July 2000.


Continuing strategic relationship

Nedcor intends to maintain a strategic relationship  with
Dimension  Data  and  after  the  implementation  of  the
exchange,  will  be one of the single largest  beneficial
shareholders in Dimension Data. Old Mutual, together with
Nedcor,  has also taken investment stakes in The Internet
Solution  (Proprietary) Limited, Miraculum  (Proprietary)
Limited  and  Omnilink (Proprietary) Limited the  vehicle
which  owns  and  operates  the leading  virtual  private
network supplier in South Africa. These investments  also
underpin  Nedcor's  future  relationship  with  Dimension
Data.   In  terms  of the agreements,  Nedcor  has  bound
itself  to hold at least 80% of the consideration  shares
until 31 March 2001.

Application of net cash proceeds

Pursuant  to the exchange, Nedcor will receive  net  cash
proceeds  of  US$65 million offshore.  These funds  will,
together with Nedcor's other offshore cash resources,  be
used  by  Nedcor  to  fund strategic offshore  investment
initiatives.

Financial effects of the transactions

In  Nedcor's  audited  accounts for  the  year  ended  31
December  1999,  the  net assets and  profit  before  tax
attributable to the interests being exchanged  were  R939
million and R41.7 million respectively.

The   estimated  pro-forma  financial  effects   of   the
transactions  on  the  earnings  and  net   asset   value
attributable to Nedcor shareholders are set  out  in  the
table below and are based on the following assumptions:

*     the financial effects are calculated for one Nedcor
      ordinary share;
*     the Comparex acquisition was effective for the full
      6  months ended 30 June 2000 and was funded through 
      the dilution of Nedcor's shareholding  in  DDIL  to 
      25,1% and by a cash payment of R940  million  on  1 
      January 2000;
*     the  option was exercised, and the option price  of
      R854 million plus funding costs of  R80 million was 
      paid,on 1 January 2000;
*     the exchange was effective on 1 January 2000;
*     a  Rand/US$ exchange rate of 7.261 applied  to  the
      offshore payment;
*     Rand denominated cash balances attract interest  at
      an after tax rate of 6.65% NACM; and
*     US$ denominated cash balances attract interest at an
      after tax rate of 5.0% NACM.

                        Actual 6       Pro-forma 6      
                          months            months      %
                 to 30 June 2000   to 30 June 2000  change
                    
                                                    
Headline earnings      
per
ordinary share        517 cents          519 cents  + 0.4                     
      
                                                    
                                                    
Net asset value       
per ordinary                                        
share
(at book value)      4666 cents         4668 cents  + 0.04                    
         
                                                    
                                                    
Net asset value     
per ordinary                                        
share
(at market                                               
value)**             6484 cents**       7205 cents* + 11.1
    
**  Adjusted   for  directors'  valuation  of  technology
    investments at 30 June 2000
*   Based  on  the R69.60 closing price of Dimension  Data
    shares on the JSE on 18 September 2000.
    
Further cautionary announcement

It  is anticipated that a further announcement concerning
the  conditions precedent will be made subsequent to  the
extraordinary   general   meeting   of   Dimension   Data
shareholders  which is due to be held in latter  part  of
October  2000.  Shareholders  are  therefore  advised  to
exercise  caution  in  dealing in Old  Mutual  or  Nedcor
shares until such further announcements are made.

                                        20 September 2000


ENQUIRIES:

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James Poole, Director Investor Relations

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Nicholas Williams

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Bruce Allen, Manager, Group Media Communications

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