Director's Share Interests

Old Mutual PLC
27 February 2005


                                 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 4 March
2002 under the Company's executive share option scheme (the 'scheme'), lapsed
today, as the South African element of the performance condition (relating to
growth in the Company's earnings per share ('EPS') between 2001 and 2004 in
Rands) was not fulfilled. This represents 50% of the original grant made on 4
March 2002:

Director                 Number of shares lapsed                  Exercise price
J V F Roberts                            357,000                          95.25p
J H Sutcliffe                            524,950                          95.25p

The UK element of the performance condition was met in full and as a result of
this, the following options over shares in the Company will vest to the
participants on the third anniversary of the date of grant, namely 4 March 2005:

Director         Number of shares vested   Exercise price     Period exercisable
J V F Roberts                    357,000           95.25p    04.03.05 - 04.03.08
J H Sutcliffe                    524,950           95.25p    04.03.05 - 04.03.08

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
J V F Roberts                                                         1,806,824
J H Sutcliffe                                                         2,629,253

The following matching awards made on 5 March 2002 under the Company's
Restricted Share Plan, relating to investment by the director concerned of his
bonus for the year ended 31 December 2001 in shares in the Company, also lapsed
today because the South African element of the performance condition (relating
to growth in the Company's EPS between 2001 and 2004 in Rands) was not
fulfilled. This represents 50% of the original award made on 5 March 2002.

Director                           No. of lapsed shares under the matching award
J V F Roberts                                                             39,178
J H Sutcliffe                                                             68,631

The UK element of the performance condition was met in full and as a result of
this, the following matching awards made on 5 March 2002 under the Company's
Restricted Share Plan, relating to investment by the director concerned of his
bonus for the year ended 31 December 2001 in shares in the Company will be
released to the director concerned on 5 March 2005:

Director                   No. of shares to be released under the matching award
J V F Roberts                                                             39,179
J H Sutcliffe                                                             68,631

Following the above lapses and releases of restricted shares, the total number
of shares contingently held under the Restricted Share Plan by the directors
concerned will be as follows:

Director     No. of Restricted         No. of Restricted Shares            Total
                Shares awarded                  under the bonus
                    on joining             matching arrangement
J V F Roberts           50,200                      104,846              155,046
J H Sutcliffe              nil                      239,842              239,842


                                                                28 February 2005


ENQUIRIES:

Old Mutual plc UK
Miranda Bellord     [phone]

Old Mutual plc SA
Nad Pillay          [phone]


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




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