Skandia Offer Extension

Old Mutual PLC
14 November 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 extends Skandia Offer period to 16 December 2005 and announces
                 support by its own shareholders for the Offer

Old Mutual plc ('Old Mutual') announces that it is extending the final closing
date for its offer (the 'Offer') for Forsakringsaktiebolaget Skandia (publ)
('Skandia') from 21 November 2005 to 16 December 2005.

It is also pleased to announce that strong support has been demonstrated from
its own shareholders for the Offer, as evidenced by the fact that over 90% of
the proxy votes received prior to today's Extraordinary General Meeting
(ignoring abstentions) were in favour of each of the four resolutions to be
considered at that Meeting. The Resolutions will be voted on by a poll at the
Meeting, and the actual results of shareholder voting will be announced by Old
Mutual later today.

Old Mutual will be issuing a supplementary prospectus shortly, incorporating the
trading statements for the third quarter of 2005 of both companies and
confirming the extension of the Offer period.

All other terms and conditions of the Offer as set out in Old Mutual's
Prospectus dated 7 October 2005 and in the Offer Document for Skandia
shareholders dated 12 October 2005 remain unchanged.

Old Mutual also announces today that all applications for regulatory approval of
its proposed acquisition of Skandia have now been submitted.

                                                                14 November 2005

ENQUIRIES:


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

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


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


Deutsche Bank AG London is acting for Old Mutual plc and no one else in
connection with the Transaction and will not regard any other person (whether or
not a recipient of this announcement) as its client in relation to the
Transaction and will not be responsible for providing the protections afforded
to its clients nor for giving advice in relation to the Transaction or any
transaction or arrangement referred to, or information contained in this
announcement.

Merrill Lynch International is acting for Old Mutual plc and no one else in
connection with the Transaction and will not regard any other person (whether or
not a recipient of this announcement) as its client in relation to the
Transaction and will not be responsible for providing the protections afforded
to its clients nor for giving advice in relation to the Transaction or any
transaction or arrangement referred to, or information contained in this
announcement.

Lazard & Co., Limited is acting for Old Mutual plc and no one else in connection
with the Transaction and will not regard any other person (whether or not a
recipient of this announcement) as its client in relation to the Transaction and
will not be responsible for providing the protections afforded to its clients
nor for giving advice in relation to the Transaction or any transaction or
arrangement referred to, or information contained in this announcement.

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.

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.

To the extent permissible under applicable law or regulation, and in accordance
with normal Swedish market practice, Old Mutual or its brokers (acting as
agents) may from time to time make certain purchases of, or arrangements to
purchase, directly or indirectly,  Skandia Shares or any securities that are
immediately convertible into, exchangeable for, or exercisable for,  Skandia
Shares, other than pursuant to the Offer, before, during or after the period in
which the Offer remains open for acceptance. These purchases may occur either in
the open market at prevailing prices or in private transactions at negotiated
prices. Any information about such purchases will be disclosed as required by
law or regulation in Sweden or other relevant jurisdictions.






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