Director's Interests

Old Mutual PLC
22 April 2004

                                 OLD MUTUAL PLC
                            ISIN CODE: GB0007389926
                                SHARE CODE: OML
                               ISSUER CODE: OLOML


Directors' interests in securities of Mutual & Federal Insurance Company Limited

Old Mutual plc (the 'Company') has been informed by notifications received today
of the following changes in interests of directors of the Company in shares in
its 88%-owned South African general insurance subsidiary, Mutual & Federal
Insurance Company Limited ('M&F'). In each case these have resulted from
acceptances by the director concerned (or his connected persons, for the
purposes of the UK Companies Act 1985 ('Connected Persons')) of the offer (the '
Offer') by Mutual & Federal Investments (Proprietary) Limited (a wholly-owned
subsidiary of the Company) of R17.02 per M&F share (ex div) for the shares in M&
F not already owned by the Old Mutual Group:

•    M J Levett, Chairman of the Company, has accepted the Offer in relation
     to his entire beneficial holding of 763,600 shares in M&F, and his wife has
     accepted the Offer in relation to her entire beneficial shareholding of 
     100,000 shares in M&F (each with effect from today's date).  As a result Mr 
     Levett's interest (including that of Connected Persons) in M&F is now 500 
     shares, which are held in his name non-beneficially, as qualification 
     shares; and

•    Mr C F Liebenberg, a non-executive Director of the Company and
     Chairman of Nedcor Limited, has given instructions to a trust in which his
     entire beneficial holding of 40,000 shares in M&F are held to accept the 
     Offer in relation to those shares.  As a result Mr Liebenberg's interest in 
     M&F (including that of Connected Persons) will, upon implementation of 
     those instructions, be 500 shares held in his name non-beneficially, as 
     qualification shares.


                                                                   22 April 2004
Enquiries
James Poole ([phone])
Director, Corporate Affairs
Old Mutual plc



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