Skandia Compulsory Purchase

Old Mutual PLC
03 July 2006


                                 Old Mutual plc

                Compulsory purchase of remaining Skandia shares

At the close of its offer for Forsakringsaktiebolaget Skandia (publ) ('Skandia')
on 14 March 2006, Old Mutual plc ('Old Mutual') confirmed its intention to
initiate a compulsory purchase process under the Swedish Business Insurance Act
('the Act') in respect of those Skandia shares still not owned by Old Mutual as
soon as the necessary revision to the Act allowed it to do so.

The revision of the Act came into effect on 1 July 2006, and Old Mutual has now
requested that the process is referred to arbitration in accordance with the
applicable statutory provisions.


                                                                     3 July 2006



Notes to Editors

At the close of the Offer on 14 March 2006, Old Mutual had received acceptances
of its Offer representing 98.73 per cent of the total number of shares and votes
in Skandia on an undiluted basis and 98.23 per cent of shares and votes in
Skandia on a fully diluted basis.



ENQUIRIES:

Old Mutual plc
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Miranda Bellord - Media Relations (UK)         + 44 (0) 20 7002 7133
Deward Serfontein - Investor Relations (SA)    + 27 (0) 21 509 8709
Nad Pillay - Media Relations (SA)              + 27 (0) 21 504 8026

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Gareth David                                   + 44 (0) 20 7457 2020







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