Directors' share interests

Old Mutual PLC
12 June 2003

                                 Old Mutual plc

                           Directors' share interests

The Company has been informed, by a notification received today, that Mr R C M
Laubscher, an executive Director of the Company and Chief Executive Officer of
its 53% owned South African banking subsidiary, Nedcor Limited ('Nedcor'), was
awarded the following options over shares in Nedcor under the Nedcor Group
(1994) Employee Incentive Scheme on 11 June 2003:

No of Nedcor shares in the     Option price per share              Vesting date               Expiry date
                     grant
                    11,250                   ZAR94.00              11 June 2006              11 June 2009
                    11,250                   ZAR94.00              11 June 2007              11 June 2009

No payment was made by Mr Laubscher for the grant of these options, which were
granted by reference to the price of Nedcor's shares that prevailed on 10 June
2003. Vesting of the options is subject to the fulfilment of performance
conditions laid down by the Remuneration Committee of Nedcor as part of the
grant.

Following the above grant, Mr Laubscher now has options over a total of 475,500
shares in Nedcor under the Nedcor Group (1994) Employee Incentive Scheme.

                                                                    12 June 2003

ENQUIRIES:

Old Mutual plc                                       Tel: [phone]
Investor Relations Department


                      This information is provided by RNS
            The company news service from the London Stock Exchange