Directors' Share Interests

Old Mutual PLC
8 April 2002

                                 Old Mutual plc



   Directors' share interests and result of third annual Sharesave invitation



Following the third annual invitation to eligible employees under the
Savings-Related Share Option Scheme (the 'Sharesave scheme') of Old Mutual plc
(the 'Company'), options were granted on 5 April 2002 over a total of 9,335,712
shares in the Company to 1,261 employees at an exercise price of £0.83 per
share.



As part of the grant, Mr J V F Roberts, Group Finance Director of the Company,
received an option over 11,445 shares at an exercise price of £0.83 per share,
exercisable between 1 June and 30 November 2005, and Mr J H Sutcliffe, Chief
Executive of the Company, received an option over 19,939 shares at an exercise
price of £0.83 per share, exercisable between 1 June and 30 November 2007.  No
payments were made by either of these directors or by any of the other
participants for the grant of these options, which are exercisable out of the
proceeds of a three or five year contractual savings arrangement entered into by
each optionholder.  In connection with the new grants, Mr Roberts surrendered
his option granted in April 2001 pursuant to the second annual Sharesave scheme
invitation, over 7,876 shares at an exercise price of £1.23 per share and Mr
Sutcliffe surrendered his option granted in April 2000 pursuant to the first
annual sharesave scheme invitation, over 15,538 shares at an exercise price of
£1.086 pence per share.



The Company has also been informed, by a notification received today, that Mr M
J Levett, non-executive Chairman of the Company, has today paid for and taken
delivery of the following shares in the Company pursuant to rights granted under
the Old Mutual Group Achievements ('OMGA') share incentive scheme prior to
demutualisation of the Group:


Date of original OMGA    No of Company shares in the    Option price per share No. of Company shares out of the grant
grant                    grant                                                 acquired today


01.01.97                 507,816                        ZAR9.17 ZAR9.17        10,800

15.05.97                 706,428                                               706,428



Following the above acquisition of a total of 717,228 shares, Mr Levett
(together with his connected persons, for the purposes of section 346 of the UK
Companies Act 1985) now owns 1,051,870 shares in the Company, and also has a
contingent interest in a further 169,602 shares in the Company under the terms
of the Company's restricted share plan.  He also has various other outstanding
rights under the OMGA share incentive scheme and the Group's Share Option and
Deferred Delivery Plan, as described in detail in the Remuneration Report in the
Company's report and accounts for the year ended 31 December 2001.



                                                                   08 April 2002

Enquiries



M C Murray ([phone])

Group Company Secretary

Old Mutual plc



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