RNS Number:8920T
Lazard Asset Management
6 January 2004

                                                      FORM SAR 5


                                       Date of disclosure    6TH JANUARY 2004

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

                 
Date of sale     5TH JANUARY 2004

Sale of          OLD MUTUAL SOUTH AFRICA TRUST PLC ORD 10P  (name of company)


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

    ORDINARY SHARES          1,200,000         shares   
                                   N/A         rights           N/A


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

    8,321,836     (15.9038%)  N/A              (    %)  15.9038   (    %)


(3) Party making disclosure     LAZARD

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

          LAZARD ASSET MANAGEMENT LLC

          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     WILL DENNIS

(Also print name of signatory)     WILL DENNIS

Telephone and extension number     0207 187 2404

Note: The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

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: monitoring@disclosure.org.uk


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SADILFVLLAIRIIS