SAR - Old Mutual S. Africa

Old Mutual PLC
7 June 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...7th June 2002.................

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



Date of sale ...7TH June 2002...................................................


Sale of ............Old Mutual South Africa Trust 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                .............720,000........ shares
        
                                                                      
                                      ..................................
                                     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)



        .....7,875,250..... (15.05%)   .......Nil............ (   %)        ......15.05 %
                                                                     

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



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

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




        (b)   Names of any other persons acting by

                agreement or understanding ...................................
                 ......None........................



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


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



Telephone and extension number .....................0207 569 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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