Discussions with Skandia

Old Mutual PLC
30 August 2005


        NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES

                            Discussions with Skandia

Old Mutual plc notes the recent press speculation concerning a possible offer
for Skandia. Old Mutual confirms that it has held discussions with Skandia and a
number of Skandia's major shareholders during the course of the past week
concerning a possible offer at a price of approximately SEK42 per share
comprising 40 per cent. in cash and 60 per cent. in Old Mutual shares and
believes after discussions with these large shareholders that a majority of them
would welcome such a proposal. Old Mutual is keen to secure a recommendation
from the Board of Skandia and is considering selected modifications to the
proposal to address issues raised by the Board of Skandia.

A further announcement will be made as soon as possible.

This press release does not constitute a public offer for shares or other
financial instruments under the Swedish takeover rules or otherwise.

These materials are not an offer to purchase or sell securities in the United
States

                                                                  29 August 2005



ENQUIRIES:

Old Mutual plc
Investor Relations - Andrew Parkins     [phone]
Media Relations - Miranda Bellord       [phone]

College Hill
Alex Sandberg     [phone] / [phone] (Mob)
Tony Friend       [phone] / [phone] (Mob)


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




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