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Director/PDMR Shareholding

4th Apr 2007 14:45

Old Mutual PLC04 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 grantedon 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 PriceJ C Nicholls 876,384 £1.626J C Nicholls 307,504 £1.626J V F Roberts 307,504 £1.626J H Sutcliffe 904,060 £1.626 Mr Nicholls was granted two options, one with a face value of £1,425,000 inrespect 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 grantand then only subject to the fulfilment of performance targets set by theRemuneration Committee of the Company. No consideration was payable for thesegrants. The total number of shares now held under option by the above directors underthe SOP (following the above grants) is as follows: Executive Total No. of shares No. of unvested No. of vestedDirector under option option shares option sharesJ C Nicholls 1,183,888 1,183,888 -J V F 2,657,971 851,147 1,806,824RobertsJ H 4,285,959 1,691,488 2,594,471Sutcliffe 2.Grant of Restricted Share Awards to Executive Directors The following deferred short-term incentive awards over shares in the Companywere granted on 30 March 2007 under the Company's Restricted Share Plan (theRSP) to the following directors of the Company: Director Number of sharesJ V F Roberts 90,812J H Sutcliffe 111,877 The shares will generally only be released three years after the date of theaward if the director remains in employment with the Group until then. The following restricted share award was granted to Mr Nicholls on 30 March 2007in accordance with the terms set out in his joining agreement: Director Number of sharesJ C Nicholls 876,384 The shares will be released in equal thirds on the third, fourth and fifthanniversaries of the date of the award if Mr Nicholls remains in employment withthe Group until then. Mr Roberts and Mr Sutcliffe have elected to use some or all of their annual cashincentives for the year ended 31 December 2006 and Mr Nicholls has elected touse 100% of his joining cash award to purchase shares in the Company under amatching scheme pursuant to the RSP. The following shares in the Company werepurchased with that part of their net of tax cash awards for which they madesuch elections and the following related matching awards were made under the RSPon 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 182,542NichollsJ V F £236,257 £139,392 84,079 £1.6579 143,766RobertsJ H £363,824 £214,657 129,477 £1.6579 221,372Sutcliffe The matching awards will generally only be released three years after the dateof the award if the director remains in employment with the Group until then andthe performance conditions applicable thereto have been fulfilled. The personalshares bought are held in the director's name by the trust until the date ofvesting or lapse (whichever first occurs) of the matching award. The conditions relating to each of the SOP awards (up to 100% of salary) and thematching awards are subject to a Sterling-denominated IFRS Earnings per Share(IFRS EPS) performance target linked to UK RPI, under which growth in IFRS EPSmust exceed the accumulated growth in UK RPI over the three-year vesting periodplus 9%. For SOP awards of between 100% and 200% of salary IFRS EPS must exceedthe accumulated growth in UK RPI over the three-year vesting period plus 12% andfor awards in excess of 200% of salary IFRS EPS must exceed the accumulatedgrowth in UK RPI over the three-year vesting period plus 15%. The total numbers of shares in the Company contingently held under the RSP bythe directors concerned (including the above awards) are now as follows: Executive No. of Restricted Shares No. of Restricted Shares in respect ofDirector under the bonus matching deferred short-term incentives / arrangement welcome awardsJ C 182,542 876,384NichollsJ V F 436,280 275,910RobertsJ H 748,308 378,615Sutcliffe 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 theUK Companies Act 1985) are now beneficially interested (excluding the RSP awardsdescribed above which have not yet vested and all unexercised share optionshares) are as follows: Executive Director Old Mutual plc sharesJ C Nicholls 106,764J V F Roberts 667,631J 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 underthe SOP (and for Mr Hanratty under the OMSA Management Incentive Share Plan(MISP)) to the following PDMRs: PDMR Role of PDMR Number of sharesK A Bell Director, Corporate Affairs 18,205N A Bicket Director of the CEO's Office 23,229R Galdon Chief Executive of Skandia ELAM 158,289P B Hanratty Managing Director, Old Mutual South 114,895 AfricaR M Head Group Director, Southern Africa 92,823M C Murray Company Secretary 29,530N 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 thirdanniversary of grant and then only subject to the fulfilment of performancetargets set by the Remuneration Committee of the Company. No consideration waspayable for these grants. The conditions relating to each of the SOP and MISP awards are subject to aSterling-denominated IFRS EPS performance target linked to UK RPI, under whichgrowth in IFRS EPS must exceed the accumulated growth in UK RPI over thethree-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 basicsalary, namely up to 12% above UK RPI for multiples of between 100% and 200% ofbasic salary. The total numbers of shares now held under option or as deferred delivery awardsby the above PDMRs under the SOP and the MISP (including the above grants) areas follows: PDMR Total No. of Option / Deferred No. of No. of vested Delivery shares under award unvested shares sharesK A Bell 263,781 263,781 -N A Bicket 178,616 130,916 47,700R Galdon 158,289 158,289 -P B Hanratty 929,615 456,250 473,365R M Head 1,007,893 574,822 433,071M C Murray 197,287 101,814 95,473N 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 on30 March 2007 under the RSP (and for Mr Hanratty under the MISP) to thefollowing PDMRs: PDMR Role of PDMR Number of sharesK A Bell Director, Corporate Affairs 10,924N A Bicket Director of the CEO's Office 13,938R Galdon Chief Executive of Skandia ELAM 34,824P B Hanratty Managing Director, Old Mutual South 103,406 AfricaR M Head Group Director, Southern Africa 55,694M C Murray Company Secretary 17,719M H Newman Director, Group Corporate Development 25,033S F Powers Chief Executive, Old Mutual US 754,097N Poyntz-Wright Head of UK & Offshore, Skandia 37,690 Mr Poyntz-Wright and Mr Galdon have elected to use some of their cash incentivesfor the year ended 31 December 2006 to purchase shares in the Company under amatching scheme pursuant to the RSP. The following shares in the Company werepurchased with that part of their net of tax cash incentive for which they madesuch elections and the following related matching awards were made under the RSPon 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 30,845N £61,284 £36,157 21,793 £1.659 37,295Poyntz-Wright The matching awards will generally only be released three years after the dateof the award if the PDMR remains in employment with the Group until then and theperformance conditions applicable thereto have been fulfilled. The personalshares bought are held in the PDMR's name by the trust until the date of vestingor lapse (whichever first occurs) of the matching award. The conditions relating to the matching awards are subject to aSterling-denominated IFRS EPS performance target linked to UK RPI, under whichgrowth in IFRS EPS must exceed the accumulated growth in UK RPI over thethree-year vesting period plus 9%. The total numbers of restricted shares in the Company contingently held underthe RSP or the MISP by the PDMRs concerned (including the above awards) are nowas follows: PDMR Number of shares Number of vested sharesK A Bell 14,625 -N A Bicket 102,429 42,930R Galdon 147,410 -P B Hanratty 417,442 128,234R 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 MrPoyntz-Wright (together with their connected persons, for the purposes ofsection 346 of the UK Companies Act 1985) are now beneficially interested(excluding the RSP awards described above which have not yet vested and allunexercised share option shares) are as follows: PDMR Old Mutual plc sharesR Galdon 18,329N 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 UKSharesave Plan (the Sharesave Plan), options were granted today over a total of4,372,709 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, thisexercise price represented a 20% discount to the average market price at whichthe Company's shares traded on the London Stock Exchange on the reference datesof 13, 14 and 15 March 2007. As part of the grant, Mr Sutcliffe received an option over a total of 12,500shares at the exercise price of £1.31 per share, exercisable between 1 June 2012and 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 exercisablefrom 1 June 2007. Notes to Editors Old Mutual Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London, Johannesburg andStockholm stock exchanges, among others. By conducting its business worldwide under its core values of integrity, respectand accountability, Old Mutual aspires to push beyond boundaries to drive valuefor all its stakeholders. In the year ended 31 December 2006, the group reported an increase in adjustedoperating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £239billion of funds under management at 31 December 2006, and 53,000 employees. For further information on Old Mutual plc, please visit the corporate website atwww.oldmutual.com Enquiries Investor RelationsMalcolm Bell UK +44 (0)20 7002 7166Deward Serfontein SA +27 (0)21 509 8709 MediaJames Crampton UK +44 (0)20 7002 7133Nad Pillay SA + 27 (0)21 504 8026 This information is provided by RNS The company news service from the London Stock Exchange

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