Share Interests of PDMRs

Old Mutual PLC
04 April 2006

                                 Old Mutual plc

        Share interests of persons discharging managerial responsibilities

1.      Grant of share options to Executive Directors

The following options over shares in Old Mutual plc (the 'Company') were granted
on 29 March 2006 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 V F Roberts                239,295                   198.5 pence
J H Sutcliffe                352,645                   198.5 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 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 option
Director      under option            option shares         shares
J V F              2,350,467             1,205,061            1,145,406
Roberts
J H                3,381,899             1,732,310            1,649,589
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 29 March 2006 under the Company's Restricted Share Plan (the
'RSP') to the following directors of the Company:

Director                             Number of shares
J V F Roberts                              75,578
J H Sutcliffe                             107,230

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.

Mr Roberts and Mr Sutcliffe have elected to use some or all of their annual cash
incentives for the year ended 31 December 2005 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 matching awards were made under the RSP on
29 March 2006:



Director    Gross      Net        No. of    Price per share  No. of shares under
            incentive  incentive  shares    (excluding       the RSP matching
            used       used                 costs)           award
            to         to         bought
            purchase   purchase
            shares     shares
J V F       £240,034   £141,620    69,568     2.0175          118,976
Roberts
J H         £425,700   £251,163   123,379     £2.0175         211,003
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 shares
bought are held in trust for the director until the date of vesting or lapse
(whichever first occurs) of the matching award.

The vesting of the SOP awards and the matching awards is subject to the
achievement of a Sterling-denominated European Embedded Value Earnings per Share
('EEV EPS') performance target linked to UK RPI, under which growth in EEV EPS
must exceed the accumulated growth in UK RPI over the three-year vesting period
plus 9%.

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 under   No. of Restricted Shares in respect
Director    the bonus matching arrangement   of deferred short-term incentives
J V F                 328,209                             185,098
Roberts
J H                   610,925                             266,738
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 V F Roberts                               562,543
J H Sutcliffe                             1,318,971

3.      Grant of share options to other Persons Discharging Managerial
Responsibilities ('PDMRs')

The following options over shares in the Company with an exercise price of
£1.9850 per share (R21.65 for Mr Bicket and Mr Hanratty) were granted on 29
March 2006 under the SOP to the following PDMRs:

PDMR           Role of PDMR                                  Number of shares
K A Bell       Director, Corporate Affairs                       6,165
N A Bicket     Director of the CEO's Office                     55,962
J V Deane      Director, Corporate Development                  74,512
P B Hanratty   Managing Director, Old Mutual South Africa      181,871
R M Head       Group Director, Southern Africa                  85,643
R Hoskins      Acting Group Finance Director                    37,926
M C Murray     Company Secretary                                30,091

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 vesting of the SOP awards is subject to the achievement of a
Sterling-denominated EEV EPS performance target linked to UK RPI; in which
growth in EEV 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 the portion of 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 and up to 15% above UK RPI for multiples of over 200% of
basic salary.


4.      Exercise of option by PDMR and total SOP awards now held by PDMRs

Mr Murray exercised the following option under the SOP on 24 March 2006:

PDMR     Unapproved option      Exercise   No. of       Sale      No. of shares
         shares exercised       price      shares       price     retained
                                           sold
M C           138,407           £0.8625    103,179      £2.0350   35,228
Murray

The total number of shares now held under option or as deferred delivery awards
by the above PDMRs under the SOP (following the above grants and exercise) is as
follows:

PDMR       Total No. of Option / Deferred         No. of unvested No. of vested
           Delivery shares under award            shares          shares
K A Bell                245,576                      245,576             0
N A                     370,494                      155,387       215,107
Bicket
J V                   1,036,656                    1,036,656             0
Deane
P B                   1,145,755                      989,720       156,035
Hanratty
R M Head                915,070                      915,070             0
R                       531,998                      531,998             0
Hoskins
M C                     167,757                      117,757        50,000
Murray

5. Grant of restricted shares to PDMRs

The following restricted share awards over shares in the Company were granted on
29 March 2006 under the RSP to the following PDMRs:

Director      Role of PDMR                                     Number of
                                                               shares
H Askari      CEO, Old Mutual Financial Services                62,579
G Barker      Chief Executive, Old Mutual Financial Network     42,337
              (US)
K A Bell      Director, Corporate Affairs                        3,701
N A Bicket    Director of the CEO's Office                      23,073
J V Deane     Director, Corporate Development                   44,707
P B           Managing Director, Old Mutual South Africa        94,279
Hanratty
R M Head      Group Director, Southern Africa                   62,634
R Hoskins     Acting Group Finance Director                     22,765
M C Murray    Company Secretary                                 18,055
M H Newman    Director, Group Corporate Development             22,157
S F Powers    Chief Executive, Old Mutual Asset Managers (US)  863,752

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

PDMR              Number of shares          Number of vested shares
H Askari             144,164                                    0
G Barker             164,865                                    0
K A Bell               3,701                                    0
N A Bicket           116,993                               28,502
J V Deane            103,182                                    0
P B Hanratty         314,036                               43,842
R M Head             146,082                                    0
R Hoskins             22,765                                    0
M C Murray            80,132                                    0
M H Newman            99,843                                    0
S F Powers          1,575,441                                   0

The total numbers of shares in the Company in which the PDMRs 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:

PDMR                                Number of shares
H Askari                                 3,458
N A Bicket                                 800
P B Hanratty                             1,000
R M Head                               311,307
M C Murray                             132,500
M H Newman                               1,900
S F Powers                             290,499

6. Exercise of Option by a PDMR under the Nedbank Group (2005) Share Option,
Matched Share and Restricted Share Scheme

The following option over shares in Nedbank Group Limited was exercised by Mr
Boardman, Chief Executive of Nedbank Group Limited, on 27 March 2006:

PDMR       Option shares    Exercise    No. of shares Sale      No. of shares
           exercised        price       sold          price     retained
T A           26,292        R60.00      16,292        R136.27     10,000
Boardman

The total number of Nedbank Group Limited shares held by Mr Boardman under
option under the Nedcor Group (1994) Employee Incentive Scheme and the Nedbank
Group (2005) Share Option, Matched Share and Restricted Share Scheme is 650,826
of which 63,100 have vested.

The 10,000 shares retained by Mr Boardman have been allocated to the Matched
Share Scheme. Where these shares are still held on 29 March 2009, they will be
matched on a one for every two shares held basis, provided Mr Boardman remains
an employee of Nedbank Group Limited and will also be matched on a further one
for every two shares held basis if certain Nedbank Group Limited based financial
performance targets for the 2008 financial year are met.

                                                                    4 April 2006


ENQUIRIES:

Old Mutual plc
Malcolm Bell - Investor Relations (UK)         + 44 (0) 20 7002 7166
Miranda Bellord - Media Relations (UK)         + 44 (0) 20 7002 7133
Deward Serfontein - Investor Relations (SA)    + 27 21 509 8709
Nad Pillay - Media Relations (SA)              + 27 11 523 9612

College Hill
Alex Sandberg                                  + 44 (0) 20 7457 2020



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