Directors' Interests

Old Mutual PLC
04 March 2004

                                    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 3 March 2004
under the Company's executive share option scheme (the 'SOP') to the following
directors of the Company:


Director                   Number of shares                     Exercise price
J V F Roberts                       661,418                        95.25 pence
J H Sutcliffe                       944,882                        95.25 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 total numbers of shares now held under option by the above directors under
the SOP (following the above grants) are as follows:


Director                             Total shares under option under the SOP
J V F Roberts                                                      2,163,824
J H Sutcliffe                                                      3,154,203





Mr Roberts and Mr Sutcliffe have elected to defer receipt of some or all of
their annual bonus for the year ended 31 December 2003 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 3 March 2004:


Director         Gross amount    No. of shares     Price per share    No. of shares 
                    deferred            bought                        under the RSP 
                                                                     matching award
J V F Roberts        £34,000            20,955         95.25 pence           35,695
J H Sutcliffe        £80,000            49,307         95.25 pence           83,989





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 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 adjusted
earnings per share in Sterling (Sterling EPS) in the year ending 31 December
2006 exceed the Sterling EPS for the year ended 31 December 2003 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
adjusted  earnings per share in Rand (Rand EPS) in the year ending 31 December
2003 exceed the Rand EPS for the year ended 31 December 2003 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     Total
                        awarded on joining    under the bonus matching
                                                           arrangement

J V F Roberts                      100,400                     183,203   283,603
J H Sutcliffe                            -                     377,104   377,104





                                                                    4 March 2004



ENQUIRIES

Old Mutual plc

James Poole,                            Tel: [phone]
Director, Corporate Affairs


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