SAR 5 - Investec PLC

Old Mutual PLC
07 February 2003

                                                                      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...7 February 2003.

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


Date of sale ............4 February 2003.......................................

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
................                     ....1,450,080.......... shares     
                                                                            
                                     Nil.....................rights         .........N/A...................
                                     

(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)

        10,829,303...... (14.51  %)  .......Nil..................... (  %)  ...... (14.51 %)

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

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

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

(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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