Director Interest in shares

Old Mutual PLC
27 February 2003

                                 OLD MUTUAL PLC

                            ISIN CODE: GB0007389926

                              JSE SHARE CODE: OML

                              NSX SHARE CODE: OLM

                               ISSUER CODE: OLOML



        Directors' interests in shares in Old Mutual plc (the 'Company')



The following options over shares in the Company were granted on 26 February
2003 under the Company's executive share option scheme (the 'SOP') to the
following directors of the Company:


Director                                              Number of shares                      Exercise price
RCM Laubscher                                                  231,885                         86.25 pence
JVF Roberts                                                    788,406                         86.25 pence
JH Sutcliffe                                                 1,159,421                         86.25 pence



All of the above options are for a period of six years, but may not generally,
under the rules of the SOP, be exercised until the third anniversary of grant
and then only subject to the fulfilment of performance targets set by the
Remuneration Committee of the Company.  No consideration was payable for these
grants.



The following options under the SOP, in which directors of the Company were
interested, lapsed on 24 February 2003 upon non-fulfilment of the performance
condition applicable thereto:


Director                               Date of grant              No of shares             Exercise price
MJ Levett                                   14.03.00                 1,007,700               130.25 pence
JVF Roberts                                 08.09.00                   288,800               172.75 pence
JH Sutcliffe                                14.03.00                   517,300               130.25 pence



The total number of shares now held under option by the directors of the Company
under the SOP (following the above grants and lapses) are as follows:


Director                                                           Total shares under option under the SOP
RCM Laubscher                                                                                      534,385
MJ Levett                                                                                        1,017,000
JVF Roberts                                                                                      2,084,906
JH Sutcliffe                                                                                     2,948,921



Mr Roberts and Sutcliffe have elected to defer receipt of some or all of their
annual bonus for the year ended 31 December 2002 under a matching scheme
pursuant to the Company's Restricted Share Plan ('RSP').  The following shares
in the Company were purchased with that part of their net of tax bonus for which
they made such elections and the following related awards were made under the
RSP on 26 February 2003:


Director                No of shares bought            Price per share              No of shares under the

                                                                                        RSP matching award
JVF Roberts                          41,490                87.25 pence                              69,151
JH Sutcliffe                         93,511                87.25 pence                             155,853



The matching awards will only be released three years after the date of the
award if the director remains in employment with the Group until then and the
performance conditions applicable thereto have been fulfilled.  The shares
bought are held in trust for the director until the date of vesting or lapse
(whichever first occurs) of the matching award.



Those conditions are:



•        as to one half of the matching award, that the Company's smoothed
operating earnings per share in Sterling (Sterling EPS) in the year ending 31
December 2005 exceed the Sterling EPS for the year ended 31 December 2002 by a
factor of 9% or more above the increase in the UK RPI over that period; and

•        as to the other half of the matching award, that the Company's smoothed
operating earnings per share in Rand (Rand EPS) in the year ending 31 December
2005 exceed the Rand EPS for the year ended 31 December 2002 by a factor of 9%
or more above the increase in the South African Consumer Price Index over that
period.



The total number of shares contingently held under the RSP by the directors
concerned (including the above awards) are now as follows:


Director                      No of restricted shares    No of restricted shares under               Total
                                   awarded on joining   the bonus matching arrangement
JVF Roberts                                   150,600                          199,196             349,796
JH Sutcliffe                                        -                          409,984             409,984



27 February 2003



ENQUIRIES


Old Mutual plc                                                                   Tel: [phone]

James Poole
Investor Relations & Corporate Communications Director




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