Telephone-based trading in Skandia shares to be discontinued

Press release 20070928

In the process regarding the compulsory purchase of shares in Skandia, the arbitral tribunal has decided to give Old Mutual advance access to the Skandia shares held by minority shareholders. To enable the implementation of this advance access pursuant to the arbitral tribunal's decision, telephone-based trading in Skandia shares will be discontinued. This will happen on 10 October 2007.

Once advance access has been carried out, Old Mutual will be registered as the owner of the minority shares. In connection with this, VPC will book a receivable from Old Mutual in the minority shareholders' accounts corresponding to the redemption price plus interest. One such receivable right corresponds to the value of one share in Skandia and is referred to by VPC as "the right to the redemption price for a share acquired through compulsory purchase" (abbreviated as TIA).
Once a ruling or rulings pertaining to the redemption price has been announced and taken force, Old Mutual will arrange payment to the owners who are registered for TIA securities. Once a final ruling has been issued and when all payments have been made in this manner, the TIA securities will be deregistered from the VP accounts in question.