Offer for Skandia

Old Mutual PLC
23 September 2005


                                 Old Mutual plc

 This announcement and the information contained herein are restricted and are
 not for release, publication or distribution, in whole or in part, in or into
                 the United States, Canada, Australia or Japan


                  Old Mutual to proceed with offer for Skandia

Old Mutual notes this morning's announcement by the Board of Skandia.

Old Mutual remains of the view that in a consolidating financial services market
the industrial logic of combining these two groups is compelling, providing
prospects of enhanced growth with reduced risk for all shareholders.

Old Mutual welcomes the publication of the independent fairness opinion by ABN
Amro, commissioned by Skandia's Board in relation to the Offer, which concludes
that Old Mutual's Offer is fair from a financial point of view.

Old Mutual is pleased that the Board of Skandia has undertaken to co-operate in
the preparation of the regulatory filings and the prospectus which will contain
full details of the Offer and is expected to be published in mid October.
Jim Sutcliffe, CEO of Old Mutual says: 'We have met with holders of more than 60
per cent of Skandia's shares in recent weeks and received positive indications
on the merits of our proposal from a vast majority of them.'

                                                               23 September 2005


ENQUIRIES:

Old Mutual plc
Katie Bell - Corporate Affairs         [phone]
Andrew Parkins - Investor Relations    [phone]
Miranda Bellord - Media Relations      [phone]

College Hill
Alex Sandberg     [phone]
Tony Friend       [phone]


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


The Offer, all acceptances and withdrawals thereof or pursuant thereto and all
contracts made pursuant thereto and action taken or made or deemed to be taken
or made under any of the foregoing shall be governed by and construed in
accordance with Swedish law.

In accordance with the requirements of the UK Prospectus Rules it is confirmed
that this announcement does not constitute an offer to purchase (or otherwise
acquire) nor the solicitation of an offer to sell (or otherwise dispose of) any
securities of Old Mutual or Skandia. Any offer, invitation or inducement to
acquire or sell shares in Skandia will be made solely by means of the prospectus
(as updated by any supplementary prospectus) and associated documents expected
to be published during October 2005, and any decision to keep, buy or sell
shares in Skandia should be made solely on the basis of the information
contained in such documents. In addition, Old Mutual Shareholders are urged to
read the prospectus and associated class 1 shareholder circular before making
any decision regarding the Transaction. The prospectus, and related documents,
once published, may be obtained from Old Mutual's website at www.oldmutual.com
or on request from Old Mutual.

The Offer is, subject to certain exceptions, not being made, directly or
indirectly, in or into the United States, Canada, Australia, Japan or any other
jurisdiction where to do so would constitute a violation of the laws of such
jurisdiction, or by use of the mails or by any means or instrumentality
(including without limitation, facsimile transmission, telephone and the
internet) of interstate or foreign commerce, or any facility of a national
securities exchange, of the United States, Canada, Australia or Japan.
Accordingly, copies of this announcement or any accompanying documents are not
being, directly or indirectly, mailed or otherwise distributed, forwarded or
transmitted in, into or from the United States. Any persons receiving such
documents (including, without limitation, custodians, nominees and trustees)
should observe these restrictions and should not, subject to certain exceptions,
mail or otherwise distribute, forward or transmit them in, into or from the
United States or any other jurisdiction where to do so would constitute a
violation of the laws of such jurisdiction, or use such means, instrumentality
or facility in connection with the Offer, and so doing may render invalid any
related purported acceptance of the Offer. Any persons (including, without
limitation, custodians, nominees and trustees) who would or otherwise intend to,
or may have a contractual or other legal obligation to, forward this
announcement or any accompanying documents to the United States should seek
appropriate advice before taking any action.

These materials are not for distribution, directly or indirectly, in or into the
United States. They are not an offer of securities for sale into the United
States. There will be no public offer of the Old Mutual Shares in the United
States.

The New Old Mutual Shares have not been, and will not be, registered under the
US Securities Act of 1933 (the 'Securities Act') or with any securities
regulatory authority of any state or other jurisdiction of the United States or
under the applicable securities laws of Canada, Australia and Japan.
Accordingly, subject to certain exceptions, the New Old Mutual Shares may not be
offered or sold within the United States or Canada, Australia and Japan or any
other jurisdiction where to do so would constitute a violation of the laws of
such jurisdiction, or to or for the account or benefit of any person in the
United States, Canada, Australia or Japan.




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