Comment by Storebrand and Skandia

Comment by Storebrand and Skandia Storebrand and Skandia comment as follows on the report issued today by the Board of Directors of Pohjola on the P&C insurance company If. In the report the Board recommends that the Annual General Meeting of Pohjola convene an extraordinary shareholders' meeting. Storebrand and Skandia today sent a letter to the Board of Pohjola stating: "Pohjola has together with Storebrand and Skandia entered into the Master Agreement and the Variation Agreements warranting that it has full corporate power and authority to do so. The agreements have been drafted after legal advice from respected lawyers and are duly signed by each party's authorised signatories. The agreements are legally valid, binding and enforceable." The statements by the Board of Pohjola create an unfortunate situation for the customers and employees of If in Finland. No further comments will be made by Storebrand or Skandia. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/10/20000410BIT00990/bit0001.doc http://www.bit.se/bitonline/2000/04/10/20000410BIT00990/bit0002.pdf