Directors' Shares Interests

Old Mutual PLC
29 April 2005


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

The following options over shares in the Company were granted on 26 April 2005
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                         304,348                     126.5 pence
J H Sutcliffe                         434,783                     126.5 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                                                      2,111,172
J H Sutcliffe                                                      3,064,036

The following deferred short-term incentive awards over shares in the Company
were granted on 27 April 2005 under the Company's Restricted Share Plan (the
'RSP') to the following directors of the Company:

Director                     Number of shares                Price per share
J V F Roberts                         109,520                    124.6 pence
J H Sutcliffe                         159,508                    124.6 pence

The shares 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.

Mr Roberts and Mr Sutcliffe have elected to use some or all of their annual
bonus for the year ended 31 December 2004 to purchase shares in the Company
under a matching scheme pursuant to the 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 27 April
2005:

Director         Gross incentive     No. of shares    Price per    No. of shares
                         used to            bought        share    under the RSP
                        purchase                                        matching
                          shares                                           award

J V F Roberts           £218,334           101,448  125.8 pence          173,538

J H Sutcliffe           £397,487           184,690  125.8 pence          315,933

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.

The conditions relating to each of the SOP awards, the deferred short-term
incentive awards and the matching awards are:

   • as to one half of the awards, that the Company's adjusted earnings per
    share in Sterling ('Sterling EPS') in the year ending 31 December 2007
    exceed the Sterling EPS for the year ended 31 December 2004 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 awards, that the Company's adjusted earnings
    per share in Rand ('Rand EPS') in the year ending 31 December 2007 exceed
    the Rand EPS for the year ended 31 December 2004 by a factor of 9% or more
    above the increase in the South African Consumer Price Index over that
    period.

The total numbers of shares in the Company contingently held under the RSP by
the directors concerned (including the above awards) are now as follows:

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

J V F Roberts                50,200                   387,904           438,104
J H Sutcliffe                     -                   715,283           715,283

The total numbers of shares in the Company in which the directors concerned are
now beneficially interested are as follows:

Director                                         Number of shares in the Company

J V F Roberts                                                            828,834
J H Sutcliffe                                                          1,784,600

The various awards described in this announcement were delayed beyond the usual
42-day period following the Company's preliminary results release dated 28
February 2005 because of the closed period that prevailed under the Company's
Model Code until 19 April 2005, when the Company's Black Economic Empowerment
proposals were announced.


                                                                  29 April 2005


ENQUIRIES:

Old Mutual plc UK
Miranda Bellord [phone]

Old Mutual plc SA
Nad Pillay [phone]

For further information about Old Mutual plc visit www.oldmutual.com




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