Directors' Share Interests

Old Mutual PLC
23 February 2004

                                 OLD MUTUAL PLC

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


The following options over shares in the Company, which were granted on 8 March
2001 under the Company's executive share option scheme, lapsed today, as the
performance condition (relating to growth in the Company's earnings per share 
('EPS') between 2000 and 2003) was not fulfilled:

Director                                             Number of shares                     Exercise price
M J Levett                                                  1,017,000                            162.25p
J V F Roberts                                                 582,500                            162.25p
J H Sutcliffe                                                 739,600                            162.25p

The total numbers of shares now held under option by the above directors under
the Scheme (following the lapse of the above grants) are as follows:


Director                                              Total shares under option under the Scheme
M J Levett                                                                                   nil
J V F Roberts                                                                          1,502,406
J H Sutcliffe                                                                          2,209,321

The following matching awards made on 15 March 2001 under the Company's
Restricted Share Plan, relating to investment by the director concerned of his
bonus for the year ended 31 December 2000 in shares in the Company, also lapsed
today because the performance condition relating to growth in the Company's EPS
between 2000 and 2003 was not fulfilled:

Director                                               No. of lapsed shares under the matching award

M J Levett                                                                                   169,602
J V F Roberts                                                                                 51,688
J H Sutcliffe                                                                                116,869

Following the above lapses the total number of shares contingently held under
the Restricted Share Plan by the directors concerned are now as follows:

Director                          No. of Restricted No. of Restricted Shares under the              Total
                                     Shares awarded         bonus matching arrangement
                                         on joining

M J Levett                                      nil                                nil                nil
J V F Roberts                               100,400                            147,508            247,908
J H Sutcliffe                                   nil                            293,115            293,115



                                                                                                       23 February 2004
ENQUIRIES:

Old Mutual plc                                       Tel: [phone]
James Poole, Director, Corporate Affairs
Miranda Bellord





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