SAR - Old Mutual S. Africa

Old Mutual PLC
23 April 2002


                                                                      FORM SAR 3

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

                           Date of disclosure......23rd April 2002..............


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



Date of acquisition ...18 December 2001............


Acquisition in ........Old Mutual South Africa Trust plc ......(name of company)


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

     ......Ordinary.........               ...720000........... shares       ..............................

                                           .................... rights


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


      ......8,595,250... (16.42  %)     .......NIL.................. (  %)     .......16.42%.......(   %)


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


(4)  (a) Name of person acquiring shares or rights over shares ...Old Mutual plc

         and, if different, beneficial owner ...........................


     (b)   Names of any other persons acting by agreement or understanding 
         (see SAR 5) ..............None


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


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

Telephone and extension number ........................+44 20 7569 0119


                     ______________________________________


Note.  Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

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: [phone].
E-mail: [e-mail]



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