Director/PDMR Shareholding

Old Mutual PLC
04 April 2007

                                 Old Mutual plc

Ref 19/07


4 April 2007


   Share interests of persons discharging managerial responsibilities (PDMRs)


1. Grant of share options to Executive Directors

The following options over shares in Old Mutual plc (the Company) were granted
on 30 March 2007 under the Company's Share Option and Deferred Delivery Plan
(the SOP) to the following directors of the Company:

Director               Number of shares               Exercise Price
J C Nicholls           876,384                        £1.626
J C Nicholls           307,504                        £1.626
J V F Roberts          307,504                        £1.626
J H Sutcliffe          904,060                        £1.626

Mr Nicholls was granted two options, one with a face value of £1,425,000 in
respect of the terms of his joining agreement and one with a face value of
£500,000 in respect of an annual award for 2007.

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 number of shares now held under option by the above directors under
the SOP (following the above grants) is as follows:

Executive      Total No. of shares     No. of unvested       No. of vested
Director       under option            option shares         option shares
J C Nicholls   1,183,888               1,183,888                   -
J V F          2,657,971               851,147               1,806,824
Roberts
J H            4,285,959               1,691,488             2,594,471
Sutcliffe


2.Grant of Restricted Share Awards to Executive Directors

The following deferred short-term incentive awards over shares in the Company
were granted on 30 March 2007 under the Company's Restricted Share Plan (the
RSP) to the following directors of the Company:

Director                             Number of shares
J V F Roberts                        90,812
J H Sutcliffe                        111,877

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.

The following restricted share award was granted to Mr Nicholls on 30 March 2007
in accordance with the terms set out in his joining agreement:

Director                            Number of shares
J C Nicholls                        876,384


The shares will be released in equal thirds on the third, fourth and fifth
anniversaries of the date of the award if Mr Nicholls remains in employment with
the Group until then.

Mr Roberts and Mr Sutcliffe have elected to use some or all of their annual cash
incentives for the year ended 31 December 2006 and Mr Nicholls has elected to
use 100% of his joining cash award 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 cash awards for which they made
such elections and the following related matching awards were made under the RSP
on 30 March 2007:

Director    Gross       Net         No. of     Price per      No.of shares under
            incentive   incentive   shares     share          the RSP matching
            to purchase used to     bought     (including     award 
            shares      purchase               costs)
                        shares                                     
                                              
J C         £300,000    £177,000    106,764     £1.6579        182,542
Nicholls
J V F       £236,257    £139,392     84,079     £1.6579        143,766
Roberts
J H         £363,824    £214,657    129,477     £1.6579        221,372
Sutcliffe

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 personal
shares bought are held in the director's name by the trust until the date of
vesting or lapse (whichever first occurs) of the matching award.

The conditions relating to each of the SOP awards (up to 100% of salary) and the
matching awards are subject to a Sterling-denominated IFRS Earnings per Share
(IFRS EPS) performance target linked to UK RPI, under which growth in IFRS EPS
must exceed the accumulated growth in UK RPI over the three-year vesting period
plus 9%. For SOP awards of between 100% and 200% of salary IFRS EPS must exceed
the accumulated growth in UK RPI over the three-year vesting period plus 12% and
for awards in excess of 200% of salary IFRS EPS must exceed the accumulated
growth in UK RPI over the three-year vesting period plus 15%.

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:

Executive   No. of Restricted Shares     No. of Restricted Shares in respect of
Director    under the bonus matching     deferred short-term incentives /
            arrangement                  welcome awards
J C         182,542                      876,384
Nicholls
J V F       436,280                      275,910
Roberts
J H         748,308                      378,615
Sutcliffe

The total numbers of shares in the Company in which the directors concerned
(together with their connected persons, for the purposes of section 346 of the
UK Companies Act 1985) are now beneficially interested (excluding the RSP awards
described above which have not yet vested and all unexercised share option
shares) are as follows:

Executive Director                    Old Mutual plc shares
J C Nicholls                          106,764
J V F Roberts                         667,631
J H Sutcliffe                         1,497,880


3.Grant of share options to other PDMRs

The following options over shares in the Company with an exercise price of
£1.6260 per share (R23.40 for Mr Hanratty) were granted on 30 March 2007 under
the SOP (and for Mr Hanratty under the OMSA Management Incentive Share Plan
(MISP)) to the following PDMRs:

PDMR              Role of PDMR                                Number of shares
K A Bell          Director, Corporate Affairs                 18,205
N A Bicket        Director of the CEO's Office                23,229
R Galdon          Chief Executive of Skandia ELAM             158,289
P B Hanratty      Managing Director, Old Mutual South         114,895
                  Africa
R M Head          Group Director, Southern Africa             92,823
M C Murray        Company Secretary                           29,530
N Poyntz-Wright   Head of UK & Offshore, Skandia              188,450

All of the above options are for a period of six years, but may not generally,
under the rules of the SOP and the MISP, 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 conditions relating to each of the SOP and MISP awards are subject to a
Sterling-denominated IFRS EPS performance target linked to UK RPI, under which
growth in IFRS EPS must exceed the accumulated growth in UK RPI over the
three-year vesting period plus 9% for awards equal in value to a maximum of 100%
of basic salary.  Higher targets apply to grants in excess of 100% of basic
salary, namely up to 12% above UK RPI for multiples of between 100% and 200% of
basic salary.

The total numbers of shares now held under option or as deferred delivery awards
by the above PDMRs under the SOP and the MISP (including the above grants) are
as follows:

PDMR            Total No. of Option / Deferred      No. of         No. of vested
                Delivery shares under award         unvested       shares
                                                    shares
K A Bell        263,781                             263,781        -
N A Bicket      178,616                             130,916        47,700
R Galdon        158,289                             158,289             -
P B Hanratty    929,615                             456,250        473,365
R M Head        1,007,893                           574,822        433,071
M C Murray      197,287                             101,814        95,473
N               188,450                             188,450        -
Poyntz-Wright


4. Grant of restricted shares to other PDMRs

The following restricted share awards over shares in the Company were granted on
30 March 2007 under the RSP (and for Mr Hanratty under the MISP) to the
following PDMRs:

PDMR              Role of PDMR                                Number of shares
K A Bell          Director, Corporate Affairs                 10,924
N A Bicket        Director of the CEO's Office                13,938
R Galdon          Chief Executive of Skandia ELAM             34,824
P B Hanratty      Managing Director, Old Mutual South         103,406
                  Africa
R M Head          Group Director, Southern Africa             55,694
M C Murray        Company Secretary                           17,719
M H Newman        Director, Group Corporate Development       25,033
S F Powers        Chief Executive, Old Mutual US              754,097
N Poyntz-Wright   Head of UK & Offshore, Skandia              37,690

Mr Poyntz-Wright and Mr Galdon have elected to use some of their cash incentives
for the year ended 31 December 2006 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 cash incentive for which they made
such elections and the following related matching awards were made under the RSP
on 30 March 2007:

PDMR            Gross      Net        No. of    Price per    No. of shares
                incentive  incentive  shares    share        under the RSP
                used to    used to    bought    (including   matching award                  
                purchase   purchase             costs)                
                shares     shares                                              
R Galdon        € 75,783   € 45,469   18,329     £1.659      30,845
N               £61,284    £36,157    21,793     £1.659      37,295
Poyntz-Wright

The matching awards will generally only be released three years after the date
of the award if the PDMR remains in employment with the Group until then and the
performance conditions applicable thereto have been fulfilled. The personal
shares bought are held in the PDMR's name by the trust until the date of vesting
or lapse (whichever first occurs) of the matching award.

The conditions relating to the matching awards are subject to a
Sterling-denominated IFRS EPS performance target linked to UK RPI, under which
growth in IFRS EPS must exceed the accumulated growth in UK RPI over the
three-year vesting period plus 9%.

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

PDMR                 Number of shares         Number of vested shares
K A Bell             14,625                   -
N A Bicket           102,429                  42,930
R Galdon             147,410                  -
P B Hanratty         417,442                  128,234
R M Head             201,776                  -
M C Murray           61,474                   -
M H Newman           82,357                   -
S F Powers           2,083,614                -
N Poyntz-Wright      174,533                  -

The total numbers of shares in the Company in which Mr Galdon and Mr
Poyntz-Wright (together with their connected persons, for the purposes of
section 346 of the UK Companies Act 1985) are now beneficially interested
(excluding the RSP awards described above which have not yet vested and all
unexercised share option shares) are as follows:

PDMR                               Old Mutual plc shares
R Galdon                           18,329
N Poyntz-Wright                    42,984


5. Grant of share options under the Old Mutual UK Sharesave Plan

Following the annual invitation to eligible employees under the Old Mutual UK
Sharesave Plan (the Sharesave Plan), options were granted today over a total of
4,372,709 shares in the Company to 1,173 employees, at an exercise price of
£1.31 per share. In accordance with the rules of the Sharesave Plan, this
exercise price represented a 20% discount to the average market price at which
the Company's shares traded on the London Stock Exchange on the reference dates
of 13, 14 and 15 March 2007.

As part of the grant, Mr Sutcliffe received an option over a total of 12,500
shares at the exercise price of £1.31 per share, exercisable between 1 June 2012
and 30 November 2012.  Mr Sutcliffe's previous option under the Sharesave Plan
(granted on 5 April 2002 over 19,939 shares at £0.83 per share) is exercisable
from 1 June 2007.


Notes to Editors

Old Mutual

Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.

By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders.

In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £239
billion of funds under management at 31 December 2006, and 53,000 employees.

For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com


Enquiries

Investor Relations
Malcolm Bell                   UK        [phone]
Deward Serfontein              SA        [phone]

Media
James Crampton                 UK        [phone]
Nad Pillay                     SA        + 27 (0)21 504 8026








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