Directors' Share Interests

Old Mutual PLC
5 March 2002


                                 OLD MUTUAL PLC

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


The following options over shares in the Company were granted on 4 March 2002
under the Company's executive share option scheme (the 'Scheme') to the
following directors of the Company.


Director                           Number of Shares               Exercise price
RCM Laubscher                         210,000                        95.25 pence
JVF Roberts                           714,000                        95.25 pence
JH Sutcliffe                       1,049,900                         95.25 pence



All of the above options are for a period of six years, but may not generally,
under the rules of the Scheme, 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 by the directors under the
Scheme (including the above grants) are as follows:


Director                   Total Shares under option under the Scheme
RCM Laubscher                           302,500
JVF Roberts                           1,585,300
JH Sutcliffe                          2,306,800



Mr Roberts and Sutcliffe have also elected to defer receipt of their annual
bonus for the year ended 31 December 2001 under a matching scheme pursuant to
the Company's Restricted Share Plan.  The following shares in the Company were
purchased with their net of tax bonus and related awards made on 5 March 2002:


Director        No. of shares purchased    Price per share   No. of shares under
                                                             matching award
JVF Roberts     47,014                     102 pence         78,357
JH Sutcliffe    82,357                     102 pence         137,262



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.


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 2004 exceed the Sterling EPS for the year ended 31 December 2001 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
2004 exceed the Rand EPS for the year ended 31 December 2001 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 Restricted Share Plan 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                           130,045              280,645
JH Sutcliffe      460,700                           254,131              714,831



5 March 2002


ENQUIRIES:


Old Mutual plc                           Tel: + 44 20 7569 0100
Martin Murray, Company Secretary

College Hill                             Tel: + 44 20 7457 2020
Nicholas Williams


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