Form SAR 5

Old Mutual PLC
18 November 2002

                                                                      FORM SAR 5

Lodge with a RIS or Newstrack and the Takeover Panel. A copy must also be sent
to the company the shares of which are sold.

                                          Date of disclosure...18 November 2002.

DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING   SUBSTANTIAL
ACQUISITIONS  OF  SHARES  ('SARs')



Date of sale ............12 November 2002...............................

Sale of .....................Investec Plc..............(name of company)


(1)   Class of voting shares         Number of shares/rights over shares  If rights over shares sold, as
                                     sold                                 opposed to the shares
        (eg ordinary shares)                                              themselves, specify nature of
                                                                          rights



                                    
Ordinary shares                      53436
.................................   ..........................   shares   .........N/A...................
                                                                          
                                     Nil......................   rights








(2)   Resultant total holding of     Resultant total holding of rights    Total percentage
voting shares (and % of total voting over shares (and % of total voting
shares in issue)                     shares in issue)



12655038...... (16.96  %)             .......Nil..................... (%) ...... (16.96 %)





(3)   Party making disclosure ......Old Mutual Plc..............................



(4)   (a)   Name of person selling shares or rights over shares ...Old Mutual
                               Asset Managers (South Africa)Limited.............

                and, if different, beneficial owner ......Old Mutual Life
                               Assurance Company (South Africa) Limited

(b)   Names of any other persons acting by
                agreement or understanding ....................Not applicable...




Signed, for and on behalf of the party named in (3) above .....................



(Also print name of signatory) ..................Peter Keynes..................



Telephone and extension number ...............020 7569 0119.....................

                     ______________________________________



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.
E-mail: [e-mail]








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