Sharesave Scheme

Old Mutual PLC
31 May 2005


                 Sharesave scheme - Director's share interests

Following the annual invitation to eligible employees under the Savings-Related
Share Option Scheme ('Sharesave') of Old Mutual plc (the 'Company'), options
were granted on 27 May 2005 over a total of 673,196 shares in the Company to 139
employees at an exercise price of £1.03 per share. In accordance with the
Sharesave rules, 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 5, 6 and 9 May 2005.

As part of the grant, Mr J V F Roberts, Group Finance Director of the Company,
received an option over a total of 9,199 shares at the exercise price of £1.03
per share, exercisable between 1 July 2008 and 31 December 2008. Mr Roberts'
previous Sharesave option (granted on 5 April 2002 over 11,445 shares at £0.83
each) is exercisable from 1 June 2005 and he has given notice of his intention
to exercise it on that date.

                                                                     31 May 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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