RNS Number:0223U
Old Mutual South Africa Trust PLC
08 January 2004

 OLD MUTUAL SOUTH AFRICA TRUST PLC (the "Company")



As at close of business on 31 December 2003, the unaudited Net Asset Value per
share

was as follows:



Net asset value per ordinary 10p share: 92.95 pence



Ten largest holdings as at 31 December 2003
                                                    Market value of
                                                           holdings
                                                                  #
1                 Anglo American plc                      7,176,508
2                 BHP Billiton plc                        5,257,925
3                 Standard Bank Group                     2,819,240
4                 Sasol                                   2,554,080
5                 Gold Fields                             2,484,306
6                 Impala Platinum Mines                   2,253,841
7                 Remgro                                  2,036,442
8                 Firstrand                               1,987,742

9                 Old Mutual plc                          1,963,857
10                MTN Group                               1,932,895
                                                    ---------------

                                                         30,466,836

                                                   ----------------



8 JANUARY 2004







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                      This information is provided by RNS
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