SAR - Old Mutual South Africa

RNS Number:5481S
Metage Capital Limited
26 November 2003

                                                                      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 26/11/03

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



Date of acquisition  26/11/03

Acquisition in

Old Mutual South Africa Trust (name of company)


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

                                     1,500,000 shares
Ordinary Shares
                                                                          N/A
                                     N/A 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)

      8,000,000 (15.29%)

                                     0 (0%)
                                                                           (15.29%)



(3)  Party making disclosure

Metage Capital Ltd

(4)  (a)  Name of person acquiring shares or rights over shares

Metage Funds Limited (50%) and Metage Special Emerging Markets Fund Limited
(50%)

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

      (b)  Names of any other persons acting by
            agreement or understanding (see SAR 5) .............................
..........................................

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

 (Also print name of signatory)

Jeremy Hurt


Telephone and extension number

+(44) 207 318 5270
                     ______________________________________

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: 020 7638 0129.
E-mail: [e-mail]


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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