Director/PDMR Shareholding

Old Mutual PLC
09 April 2008


Ref 85/08

9 April 2008




Share interests of persons discharging managerial responsibilities (PDMRs)


1. Grant of share options to Executive Directors

The following options over shares in Old Mutual plc (the Company) were granted
on 3 April 2008 under the Company's Share Option and Deferred Delivery Plan (the
SOP) to the following directors of the Company:

Director               Number of shares        Exercise Price
-------------          ----------------        -----------
J C Nicholls           426,137                 £1.232
J V F Roberts          426,137                 £1.232
J H Sutcliffe          1,298,702               £1.232

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 total number of shares now held under option under the SOP by the above
directors (following the above grants) is as follows:

Executive        Total No. of shares    No. of unvested     No. of vested
Director         under option           option shares       option shares
-------------    -------------------    ---------------     -------------
J C Nicholls     1,610,025              1,610,025               -
J V F Roberts    2,584,108              1,277,284           1,306,824
J H Sutcliffe    5,059,711              2,990,190           2,069,521


2. Grant of Restricted Share Awards to Executive Directors

The following deferred short-term incentive awards over shares in the Company
were granted on 3 April 2008 under the Company's Restricted Share Plan (the RSP)
to the following directors of the Company:

Director               Number of shares
-------------          ----------------
J C Nicholls           91,978
J V F Roberts          93,104
J H Sutcliffe          134,738

The shares will generally only be released three years after the date of the
award if the director remains in employment with the Group until then.

Mr Nicholls, Mr Roberts and Mr Sutcliffe have elected to participate in the
bonus matching scheme pursuant to the RSP for the year ended 31 December 2007.
Mr Nicholls and Mr Sutcliffe have elected to use all of their net annual cash
incentives for the year ended 31 December 2007 to purchase Old Mutual plc
shares, whilst Mr Roberts has elected to pledge existing shares, equal in value
to 100% of his net annual cash incentive for the year ended 31 December 2007.
The following shares in the Company were purchased (or pledged) with that part
of their net of tax cash awards for which they made such elections and the
following related matching awards were granted under the RSP on 3 April 2008:

Director         Gross       Net         No. of      Price per    No. of shares
                 incentive   incentive   shares      share        under the RSP
                                         bought or   (including   matching award
                                         pledged     costs)
-------------    ---------   ---------   ---------   ----------   --------------
J C Nicholls     £226,631    £133,703    107,802     £1.240       184,404
J V F Roberts       -           -        110,131*    £1.229       186,661
J H Sutcliffe    £331,991    £195,861    157,920     £1.240       270,133


*based on a net incentive equivalent of £135,350

The matching awards will generally 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 personal
shares bought or pledged are held in the director's name until the date of
vesting or lapse (whichever first occurs) of the matching award.

The SOP awards (up to 100% of salary) and the matching awards are subject to a
Sterling-denominated IFRS Earnings per Share (IFRS EPS) performance target
linked to UK RPI, under which growth in IFRS EPS must exceed the accumulated
growth in UK RPI over the three-year vesting period by 9%. For SOP awards of
between 100% and 200% of salary IFRS EPS must exceed the accumulated growth in
UK RPI over the three-year vesting period by 12%.

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

Executive       No. of Restricted Shares    No. of Restricted Shares in respect
Director        under the bonus matching    of deferred short-term incentives /
                arrangement                 welcome awards
-------------   ------------------------    -----------------------------------
J C Nicholls    366,946                     968,362
J V F Roberts   622,941                     369,014
J H Sutcliffe   1,018,441                   513,353

The total numbers of shares in the Company in which the directors concerned
(together with their connected persons for the purposes of section 252 of the UK
Companies Act 2006) are beneficially interested (excluding the RSP awards which
have not yet vested and all unexercised share option shares) are as follows:

Executive Director         Old Mutual plc shares
------------------         ---------------------
J C Nicholls               214,566
J V F Roberts              806,546
J H Sutcliffe              1,850,689


3. Grant of share options to other PDMRs

The following options over shares in the Company with an exercise price of
£1.232 per share (R19.10 for Mr Hanratty) were granted on 3 April 2008 under the
SOP (and for Mr Hanratty under the OMSA Management Incentive Share Plan (MISP))
to the following PDMRs:

PDMR              Role of PDMR                                  Number of shares
--------------    ------------------------------------------    ----------------
R Harris          Group Risk Director                           44,588
P Hanratty        Managing Director, Old Mutual South Africa    359,599
R Head            Group Director, Southern Africa               140,443
B Hult            Head of Nordic, Skandia                       36,559
R Galdon          Head of Europe &  Latin America, Skandia      200,678
N Poyntz-Wright   Head of UK & Offshore, Skandia                234,958

The above options are for a period of six years, but may not generally, under
the rules of the SOP and the MISP, 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 SOP and MISP awards are subject to a Sterling-denominated IFRS EPS
performance target linked to UK RPI, under which growth in IFRS EPS must exceed
the accumulated growth in UK RPI over the three-year vesting period by 9% for
awards equal in value to a maximum of 100% of basic salary. For awards of
between 100% and 200% of salary, IFRS EPS must exceed the accumulated growth in
UK RPI over the three-year vesting period by 12%.

The total numbers of shares now held under option or as deferred delivery awards
under the SOP and the MISP by the above PDMRs (including the above grants) are
as follows:

PDMR               Total No. of Option / Deferred     No. of      No. of vested
                   Delivery shares under award        unvested    shares
                                                      shares
--------------     ------------------------------     --------    -------------
R Harris           44,588                             44,588         -
P Hanratty         1,028,445                          815,849     212,596
R Head             1,148,336                          437,487     710,849
B Hult             36,559                             36,559         -
R Galdon           358,967                            358,967        -
N Poyntz-Wright    423,408                            423,408        -



4. Grant of restricted shares to other PDMRs

The following restricted share awards over shares in the Company were granted
under the RSP (and for Mr Hanratty under the MISP) to the following PDMRs:

PDMR                     Date of award             Number of shares
---------------          -------------             ----------------
R Harris                 3 April 2008              26,753
P Hanratty               3 April 2008              323,639
R Head                   3 April 2008              84,266
B Hult                   3 April 2008              7,312
R Galdon                 3 April 2008              40,136
N Poyntz-Wright          3 April 2008              46,992
T Turpin                 3 April 2008              469,657
T Turpin                 7 April 2008              250,000


Mr Head, Mr Hult, Mr Galdon and Mr Poyntz-Wright have elected to participate in
the bonus matching scheme pursuant to the RSP for the year ended 31 December
2007. Mr Hult, Mr Galdon and Mr Poyntz-Wright have elected to use 25% of their
net annual cash incentives for the year ended 31 December 2007 to purchase Old
Mutual plc shares, whilst Mr Head has elected to pledge existing shares, equal
in value to 50% of his net annual cash incentive for the year ended 31 December
2007. The following shares in the Company were purchased (or pledged) with that
part of their net of tax cash awards for which they made such elections and the
following related matching awards were granted under the RSP on 3 April 2008:

PDMR             Gross        Net          No. of    Price per    No. of shares
                 incentive    incentive    shares    share        under the RSP
                 used         used         bought/   (including   matching award
                                           pledged   costs)
--------------   -----------  ----------   -------   ----------   --------------
R M Head            -            -         67,577*   £1.229       67,577
B Hult           SEK 106,167  SEK 44,524   2,925     £1.292       7,330
R Galdon         £49,447      £29,171      23,474    £1.243       40,233
N Poyntz-Wright  £57,894      £34,154      27,483    £1.243       47,106

*based on a net incentive equivalent of £83,052

The matching awards will generally only be released three years after the date
of the award if the PDMR remains in employment with the Group until then and the
performance condition applicable thereto has been fulfilled. The personal shares
bought or pledged are held in the PDMR's name until the date of vesting or lapse
(whichever first occurs) of the matching award.

The matching awards are subject to a Sterling-denominated IFRS EPS performance
target linked to UK RPI, under which growth in IFRS EPS must exceed the
accumulated growth in UK RPI over the three-year vesting period by 9%.

The total numbers of restricted shares in the Company contingently held under
the RSP or the MISP by the PDMRs concerned (including the above awards) are now
as follows:

PDMR                 Number of shares         Number of vested shares
--------------       ----------------         -----------------------
R Harris             226,625                    -
P Hanratty           758,452                  84,392
R Head               353,619                    -
B Hult               89,236                     -
R Galdon             227,884                    -
N Poyntz-Wright      268,631                    -
T Turpin             1,619,878                  -

The total numbers of shares in the Company in which Mr Head, Mr Hult, Mr Galdon
and Mr Poyntz-Wright (together with their connected persons for the purposes of
section 252 of the UK Companies Act 2006) are beneficially interested (excluding
the RSP awards which have not yet vested and all unexercised share option
shares) are as follows:

PDMR                    Old Mutual plc shares
---------------         ---------------------
R Head                  311,307
B Hult                  2,925
R Galdon                41,866
N Poyntz-Wright         70,467


5. Grant of share options under the Old Mutual UK Sharesave Plan

Following the annual invitation to eligible employees under the Old Mutual UK
Sharesave Plan (the Sharesave Plan), options were granted on 2 April 2008 over a
total of 7,350,440 shares in the Company to 1,168 employees, at an exercise
price of £0.90 per share. In accordance with the rules of the Sharesave Plan,
this exercise price represented a 20% discount to the average market price at
which the Company's shares traded on the London Stock Exchange on the reference
dates of 11, 12 and 13 March 2008.

As part of the grant, both Mr Poyntz-Wright and Mrs Rosie Harris received
options over a total of 10,666 shares at an exercise price of £0.90 per share,
exercisable between 1 June 2011 and 30 November 2011. Mr Poyntz-Wright's
previous option under the Sharesave Plan (granted on 4 April 2007 over 7,213
shares at £1.31 per share) has been cancelled by Mr Poyntz-Wright.


6. Dealings in Nedbank Group Ordinary Shares by a PDMR

The following Nedbank Group ordinary shares were purchased by Mr Boardman on 4
April 2008 and were committed to the Nedbank Group's 2008 Matched Share Scheme
on that date:

PDMR            Number of Nedbank Group     Price per     Total value
                shares acquired             share
------------    -----------------------     ---------     -------------
T A Boardman    8,740                       R117.83       R1,029,821.09


In addition, Mr Boardman committed 11,260 previously acquired Nedbank Group
ordinary shares to the 2008 Matched Share Scheme on 4 April 2008, as set out
below:

PDMR            Number of Nedbank Group     Price per     Total value
                shares acquired             share
------------    -----------------------     ---------     -------------
T A Boardman    11,260                      R117.83       R1,326,748.91

The shares acquired and committed are in terms of the rules as set out in the
Nedbank Group (2005) Share Option, Matched Share and Restricted Share Scheme.


7. Share Option exercise and restricted share lapse for a PDMR

Mr S F Powers, the outgoing Chief Executive Officer of Old Mutual US Operations,
exercised share options under the SOP on 8 April 2008 as follows:

Date of      Option shares    Exercise    Sale       No. of shares   Gain in
exercise     exercised        price       Price      sold            sterling
----------   -------------    --------    -------    -------------   --------
8 April 08   2,059,002        £0.8625     £1.2455    2,059,002       £788,598
8 April 08   532,518          £0.9525     £1.2455    532,518         £156,028


As a result of Mr Powers leaving the Old Mutual Group, the following restricted
share awards will lapse on 20 April 2008, his final date of employment:

Date of award                 Shares held under award
-------------                 -----------------------
27 April 2005                 343,075
29 March 2006                 863,752
30 March 2007                 747,924



Old Mutual
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com


Enquiries

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Aleida White                   UK        [phone]
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