Press release on arbitration proceedings between Skandia and Skandia Liv

Press release on arbitration proceedings between Skandia and Skandia Liv On 5 April 2004 it was announced that Skandia and Skandia Liv had reached an agreement in principle that the matter of alleged, prohibited profit distribution in connection with Skandia's sale of its asset management business to Den norske Bank would be resolved between Skandia and Skandia Liv by an arbitration board. In respect of this, Skandia and Skandia Liv have now reached a special agreement to refer the resolution of the above-mentioned issue to an arbitration board. Arbitration will take place in Stockholm, and the arbitration ruling - consisting of legal opinions as well as judicial decisions - will be made public, with exception for such matters that are classified as confidential for commercial reasons. Skandia will be represented in the arbitration process by Gernandt & Danielsson Advokatbyrå, and as special adviser Skandia has hired the services of Erneholm & Haskel. Skandia Liv will be represented by Advokatfirman Cederquist. In addition, Skandia Liv has commissioned attorney Stefan Lindskog to look after the policyholders' interests of insight into the process, and has hired the services of Lenner & Partners as special adviser. The arbitration process will begin promptly with the appointment of arbitrators and is expected to be concluded within twelve months at the earliest. As mentioned above, it is the intention of the parties that the arbitration ruling will be made public as soon as it has been issued. Skandia Insurance Company Ltd Livförsäkringsaktiebolaget Skandia For further information, please contact: Gunilla Svensson, Press Manager, tel. +46-8-788 42 97 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/06/21/20040621BIT00350/wkr0001.pdf