Skandia's Board to Apply for Delisting of Skandia's Shares

On 22 March 2006 it was announced that Old Mutual hadreceived further acceptances up to the close of its public offer forSkandia (STO:SDIA)(LSE:SFS), which brings the aggregate interest ofOld Mutual to 98.73% of the shares outstanding in Skandia. Settlementof valid acceptances received between 9 February 2006 and 14 March2006 will take place on 24 March 2006. This means that Skandia will nolonger meet the Stockholm Stock Exchange's requirement for spread ofownership. Accordingly, Skandia's board has decided to apply for adelisting of Skandia's shares from the Stockholm Stock Exchange andLondon Stock Exchange.

To facilitate continued trading of the Skandia share after thedelisting, Skandia will propose to the stock exchanges alternativetrading facilities for shareholders.

Old Mutual intends to initiate proceedings to acquire the minorityshareholders' shares in Skandia. This will most likely not becommenced until the new Swedish legislation on redemption of minorityshares in stock insurance companies takes effect, which is expected totake place on 1 June 2006.

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