Comment by Skandia

Old Mutual today announced that acceptances of its offer have been validated representing 68.6% of all the shares in Skandia. Old Mutual has also announced that it has extended the acceptance period until 23 January 2006 at unchanged terms and conditions and that it has not yet received the requisite clearances and approvals from all regulatory authorities. 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.