Old Mutual Receives Tenders from 68.8 Percent of Skandia Shareholders

January 17, 2006

68.6 percent of the shareholders in Swedish-based Skandia insurer have so far accepted the proposal from South Africa’s Old Mutual to acquire the company, making the offer a qualified success.

Old Mutual has also announced that it has extended the acceptance period until Jan. 23 on the same terms and conditions. It has not yet received the requisite clearances and approvals from all regulatory authorities.

Skandia’s bulletin on the takeover noted: “Under the condition that Old Mutual receives approval in the outstanding regulatory matters, Old Mutual will be Skandia’s principal shareholder. Skandia continues to be a listed company that is subject to the rules of the Stockholm Stock Exchange. As previously announced, Skandia shareholders will continue to have the right to withdraw tendered shares during the extension period.

Skandia’s customer relations will remain unchanged with Old Mutual as the principal owner.”

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