Notice of extraordinary General Meeting of Skandia

Shareholders of SKANDIA INSURANCE COMPANY LTD (publ) (“the Company”) are hereby summoned to an Extraordinary General Meeting to be held on Tuesday, 21 February 2006, at 4.30 p.m. (Swedish time). Location: Globe Arena, Annex, Arenatorget, Entrance 2, Stockholm, Sweden. The doors will open and registration will begin at 3 p.m. Coffee/tea and cake will be served prior to the Meeting. Notification of attendance, etc. Shareholders intending to attend the Extraordinary General Meeting must • be recorded as shareholders in the Shareholder Register maintained by the Swedish Securities Register Centre (VPC AB) as per Friday, 10 February 2006, and must • notify the Company of their intention to attend the Meeting not later than 4.30 p.m. (Swedish time) on Thursday, 16 February 2006. Notification of intent to attend the Meeting can be made either in writing to Skandia, “EGM”, Box 47022, SE-100 74 Stockholm, Sweden, by telephone Int. +46-8-775 01 66 (Monday–Friday between 8 a.m. and 5 p.m.), by fax Int. +46-8-775 01 95, or via the Internet at http://www.skandia.com/egm (for technical reasons, notification to attend by proxy and notification by shareholders that are legal persons cannot be processed via the Internet). Information provided to the Company will be used only in connection with the Extraordinary General Meeting. Shareholders are entitled to be accompanied by a maximum of one assistant. As a departure from Skandia’s ordinary practice in connection with general shareholder meetings, due to the limited time available until the Extraordinary General Meeting, no personal invitation will be sent to the shareholders. Shareholders who wish to attend the Meeting must therefore notify of their intention to attend and, where applicable, take action to re-register their shares based on this notice. Shares held in trust Shareholders whose shares are held in trust by a bank or private broker must temporarily register their shares in their own names in the Shareholder Register to be able to attend the Extraordinary General Meeting. Such registration must be completed not later than Friday, 10 February 2006. Shareholders are advised to notify the trustee well in advance of 10 Feb¬ruary 2006 of their request to have their shares re-registered. Proxy Shareholders who do not plan to attend the Extraordinary General Meeting in person can appoint a proxy with power of attorney to vote for their shares at the Meeting. Such powers of attorney must be made in writing and may not be older than twelve months. Note that power of attorney must be submitted in original and may not be sent by fax or via the Internet. Power of attorney for legal persons must be accompanied by a certificate of incorporation or other authorization document that confirms the signatories’ authorization. This should not be older than twelve months. To facilitate entry to the Extra¬ordinary General Meeting, powers of attorney, certificates of incorporation and other authorization documents should be sent to Skandia in connection with the shareholder’s notification of attendance. Entry cards Timely received notifications to attend the Extraordinary General Meeting will be confirmed by Skandia through the issuance of an entry card, which must be submitted upon entry to the premises for the Extraordinary General Meeting. Interpretation of the Proceedings into English For the convenience of non-Swedish speaking shareholders, the proceedings of the Extraordinary General Meeting will be simultaneously interpreted into English. Agenda and proposed decisions 1. Opening of the Meeting 2. Election of a chairman to preside over the Meeting The Nominating Committee’s recommendation for a chairman to preside over the Meeting will be announced through a press release as soon as such recommendation is available. 3. Setting of the agenda 4. Election of a person to check and sign the minutes together with the chairman 5. Verification of the voting list 6. Decision as to whether the Meeting has been properly called 7. Address by Mr Jim Sutcliffe, CEO of Old Mutual 8. Decision on the number of Directors to be elected by the Meeting The Board currently has seven Directors elected by the General Meeting. The Nominating Committee’s recommendation on the number of Directors will be announced through a press release as soon as such recommendation is available. 9. Election of Directors The Directors elected by the General Meeting are currently Mr. Lennart Jeansson (Chairman), Mr. Björn Björnsson (Vice Chairman), Mr. Christer Gardell, Dr Karl-Olof Hammarkvist, Ms Birgitta Johansson-Hedberg, Ms Kajsa Lindståhl and Mr Anders Ullberg. All have been elected for the period through the 2006 Annual General Meeting. All of the Directors elected by the General Meeting have declared their seats available. The Nominating Committee’s recommendation for Directors will be announced through a press release as soon as such recommendation is available. 10. Adjournment of the Extraordinary General Meeting Swedish-speaking shareholders This summons to attend the Extraordinary General Meeting of Skandia Insurance Company Ltd (publ) can also be obtained in Swedish. Please contact Skandia, “EGM”, Box 47022, SE-100 74 Stockholm, Sweden, telephone Int. +46-8-775 01 66 (Monday–Friday between 8 a.m. and 5 p.m.), fax Int. +46-8-775 01 95, or visit Skandia’s website http://www.skandia.com/stamma. Mr. Sutcliffe’s address under point 7 will be held in English and simultaneously interpreted into Swedish. The Extraordinary General Meeting will cover only matters concerning the number of Directors and the election of Directors. Other items of business to be handled at general shareholder meetings will be dealt with at the 2006 Annual General Meeting. A welcome is extended to the shareholders to attend the Extraordinary General Meeting. Stockholm, January 2006 The Board of Directors