1. International Operations & Strategy Derek Muller Executive Director

2. International Banking Strategy Sustainable businesses in which we have core competencies Customer Driven e.g. trade and project finance Working with Old Mutual Low Risk approach in Africa Commercialisation of Technology and Operations No major changes with integration of BoE. No intention to do retail banking in developed markets. Limited retail in neighboring countries. No international investment banking aspirations.

3. Nedcor Offshore Structure Singapore Branch Correspondent Banking Trade Finance Origination (Forfaiting) Private Banking Hong Kong branch Treasury Corporate Banking Private Banking Origination (Forfaiting) Trade Finance Structured Trade Finance Taipei Rep Office Correspondent Banking Private Banking Jersey, Geurnsey Isle of Man Gerrard Private Bank Fairbairn Trust BoE / Stenham London Branch Treasury Corporate Banking Private Banking Forfaiting (Risk) Trade Finance Structured Trade Finance Nedbank Trade Services (Mauritius) Trade Finance Structured Trade Finance Beijing Rep Office Correspondent Banking Trade Finance

4. Nedcor Africa Structure MBCA SBM Banque SBM Lesotho Swaziland FINCOM Commercial Bank of Namibia

5. Old Mutual have an option to increase their shareholding to 51%. Brand licence agreement with Gerrard Ltd U.K. Old Mutual plc Gerrard Limited Gerrard Private Bank (Jersey) Ltd Nedcor Limited Old Mutual International Holdings Ltd. (Bermuda) 52.4%100% 75%25% 100% Gerrard Trust (Jersey) Ltd Fairbairn Trust Co. Ltd Gerrard Private Bank (IoM) Ltd Gerrard Private Bank

6. Strategic Rationale for Joint Ownership It provides an opportunity, outside South Africa, for Old Mutual and Nedcor to develop their relationship. Draws on the complementary strengths of both shareholders in the asset and risk management areas. It provides further hard currency earnings for Nedcor. Obviates overlap in the HNW market. Maximises the skill transfer synergies between the group. Gerrard Private Bank

7. Strategy: Work the Gerrard client base. Expand South African client base Recently rated internationally A2P1 by Moodys Award winning products and services Launched in South Africa via Representative Office September 02 Subject to regulatory approval will open a Representative Office in Hong Kong 4th quarter 02 Plans to remain a full international Private Bank not an Anglo/South African offering Gerrard Private Bank

8. BoE in the Isle of Man (RSA focussed) Stenham Gestinor (SG) has a presence in Guernsey (RSA focussed), Luxembourg (Company Admin) and Switzerland (European focussed), with smaller offices in Panama, BVI, Netherlands. SG Trade Finance. Chiswell Assoc. - Asset Management (focus on charity funds) BoE

9. NIB offshore Multimanager (NIBi) –IoM and London –Targets: Individuals and institutions both domestic and international Treasury structured products –London –Targets: SA corporates offshore, asset managers and own account

10. Nedcor Africa Structure NEDCOR AFRICA Trade & Commodity Finance Term & Project Finance Nedbank Lesotho Nedbank Swaziland Fincom Malawi MBCA Zimbabwe SBM Mauritius Banque SBM Madagascar SBM Nedbank International Commercial Bank of Namibia Equator

11. Africa Strategy Not “one size fits all” Limited investment of capital Physical Presence –Low-risk (limited retail branch network) –Low capital initiatives –SADC and Countries contiguous to RSA Work with South Africa Corporate and Commercial clients Structuring capability centred in Johannesburg and London: –Trade & Commodity –Project Finance

12. Africa Strategy Aplitec Strategy in Africa (Aplitec held 29% by Nedcor) Supportive of NEPAD Alliances –BNP Paribas –HSBC –State Bank of Mauritius

13. African Project Finance Risk mitigation via ECIC Ability to assess and take commercial risk Ability to manage risks Professional experienced team Debt and equity provider for limited recourse finance projects in SADC Sourcing and implementation of structured, corporate and limited recourse finance transactions in Namibia

14. Commercialisation of Technology & Operations Assessed as being globally competitive in the application of process and information technology to improve productivity Precedents exist for successfully commercialised transaction service providers Viable opportunity for a commercial entity supplying services both locally and internationally Volume solution to increasing technology spend required to remain in a pre-eminent position Differentiated model to unlock shareholder value in medium term Need 4 – 5 Swisscard type contracts to be material

15. Asia Have been in Hong Kong since 1984. Successful track record, other than 1997 meltdown. Continue to look for expansion opportunities in trade finance. Singapore trade finance. Representative offices have been disappointing. Private banking with Old Mutual.

16. Sources of core earnings The ROE was 12,8% for the six month period ended 30 June 2002.

17. The shape of Nedcor offshore Total assets R50,6bn (26%) Total advances R32,8bn (22%) Shareholders’ funds R5,1bn (32%) Contribution of 17% of core earnings ROE 11% (25% including translation gains) 31 December 2001

18. Questions?