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 +44 (0) 20 7002 7264 Media Relations – Miranda Bellord +44 (0) 20 7002 7133 College Hill Alex Sandberg +44 (0) 20 7457 2020 / +44 (0) 7831 851 844 (Mob) Tony Friend +44 (0) 20 7457 2020 / +44 (0) 7798 864 995 (Mob) For further details about Old Mutual plc visit www.oldmutual.com