Skandia's Extraordinary General Meeting

-- James Sutcliffe

-- Julian Roberts

-- Norman Broadhurst

-- Michael Newman

-- Bjorn Bjornsson

-- Lars Otterbeck

All of the elected directors are for new election, except forBjorn Bjornsson, who is for re-election. Further information about theelected directors is provided in an appendix.

Following the Extraordinary General Meeting, the number ofdirectors elected by the General Meeting has decreased from seven tosix. In addition, the Board consists of three employeerepresentatives.

In addition and in accordance with the recommendation of theNominating Committee, the Extraordinary General Meeting resolved torecommend the Board to appoint James Sutcliffe as Chairman of theBoard.

In connection with the Board constituting itself, Julian Robertswas appointed as the new Chief Executive Officer of Skandia, JamesSutcliffe was appointed as Chairman of the Board and Bjorn Bjornssonwas appointed as Vice Chairman.

At the Extraordinary General Meeting James Sutcliffe informed themeeting that Old Mutual owns 89.5 per cent of the shares in Skandia.He also informed that it is Old Mutual's intention to initiate aprocess of compulsory purchase of the minority's shares in Skandiawhen Old Mutual holds more than 90 per cent of the shares. However, headded, Old Mutual will most likely not commence this process until thenew Swedish legislation on compulsory purchase of minority shares ininsurance companies comes into effect, which is expected on 1 June2006.

As a consequence hereof and in conjunction with the compulsorypurchase process, the Board intends to take measures to de-list theSkandia share from the Stockholm and London Stock Exchanges.

Appendix to "Skandia's Extraordinary General Meeting"

Presentation of the elected company directors:

Bjorn Bjornsson (born 1946 in Sweden) M.Pol.Sc., University ofStockholm. Mr Bjornsson is the Vice Chairman of Skandia InsuranceCompany Ltd and chairs the Board's Audit Committee. In addition he hasthe following significant professional commitments: Director of BureEquity AB, Billerud AB and E. Ohman J:or AB. He was first elected tothe Board of Skandia Insurance Company Ltd in 2003. He has previouslyheld positions as partner of Lancelot Asset Management AB, Head ofFund and Asset Management in the Gota Group and CEO of MontaguFondkommission AB. Holdings of shares and other financial instrumentsin Skandia Insurance Company Ltd by Mr Bjornsson or by related naturalor legal persons: 0.

Norman Broadhurst (born 1941 in the UK) qualified as a CharteredAccountant in the UK. He is a Fellow of the Association of CorporateTreasurers and Fellow of the Institute of Chartered Accountants. MrBroadhurst has been a Non-executive Director of Old Mutual plc since1999 and chairs the Old Mutual Group Audit Committee. In addition, heis Chairman of Chloride Group plc and Freightliner Limited; DeputyChairman of Cattles plc and a Non-executive Director of Tomkins plcand United Utilities plc. From 1994 to 2000 he was the Group FinanceDirector of Railtrack plc. Holdings of shares and other financialinstruments in Skandia Insurance Company Ltd by Mr Broadhurst or byrelated natural or legal persons: 0.

Michael Newman (born 1945 in the UK) qualified as a CharteredAccountant in the UK. He is a Fellow of the Institute of CharteredAccountants. Mr Newman joined the Old Mutual Group in 2000. Since 2001he has been the Chairman of Strategic Interests, Old Mutual plc. Inaddition he holds various directorships within the Old Mutual Groupincluding Director of Constantia Insurance Company (Guernsey) Ltd andGlobal Edge Technologies (PTY) Ltd. He has worked in the financialservices industry since 1972 and previously held positions as ChiefExecutive of Britannia Arrow Holdings plc (now known as AMVESCAP plc);Deputy Chairman of National Employers Life Ltd; Director of Singer &Friedlander Ltd and also various roles with Prudential Corporationplc. Holdings of shares and other financial instruments in SkandiaInsurance Company Ltd by Mr Newman or by related natural or legalpersons: 0.

Lars Otterbeck (born 1942 in Sweden) Dr. Econ. and AssistantProfessor, Stockholm School of Economics. Mr Otterbeck has thefollowing significant professional commitments: Chairman of Industryand Commerce Stock Exchange Committee, Hakon Invest AB and the SSE-MBAFoundation (Stockholm School of Economics); Deputy Chairman of theSwedish Corporate Governance Board and of the Third Swedish NationalPension Fund; Director of AB Lindex, Aberdeen Property Investors ABand Kaupthing Bank Sverige AB. From 2000 to 2004 he was the Presidentand CEO of Alecta and from 1980 to 2000 he held various seniormanagement positions within the Axel Johnson Group. From 1995 to 1998he was the Vice Chairman of the Swedish Employers Confederation.Holdings of shares and other financial instruments in SkandiaInsurance Company Ltd by Mr Otterbeck or by related natural or legalpersons: 0.

Julian Roberts (born 1957 in the UK) B.A., Stirling University.Fellow of the Institute of Chartered Accountants. Since 2000 MrRoberts has been the Group Finance Director of Old Mutual plc. He hasalso held various other directorships within the Old Mutual Group.From 1998 to 2000 he was Group Finance Director of Sun Life &Provincial Holdings plc and before that he was a Director and ChiefFinancial Officer of Aon UK Holdings Ltd. Holdings of shares and otherfinancial instruments in Skandia Insurance Company Ltd by Mr Robertsor by related natural or legal persons: 0.

James Sutcliffe (born 1956 in Malawi) B.Sc., University of CapeTown. Fellow of the Institute of Actuaries. Since 2001 Mr Sutcliffehas been the Group Chief Executive of Old Mutual plc. He joined theOld Mutual group in 2000 as the Chief Executive of the Group's lifeassurance businesses. He also holds various other directorships withinthe Old Mutual Group and is a trustee of the Nelson Mandela LegacyTrust (UK). Before joining the Old Mutual Group, Mr Sutcliffe wasChief Executive, UK, of Prudential plc and Chief Operating Officer ofJackson National (Prudential's US subsidiary). From 1998 to 1999 hewas the Deputy Chairman of Liberty International Property andFinancial Services. Holdings of shares and other financial instrumentsin Skandia Insurance Company Ltd by Mr Sutcliffe or by related naturalor legal persons: 0.www.skandia.com

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