Åge Korsvold resigns as managing director

The decision by the Board is based on the fact that a situation is created which due to Storebrands interests makes it necessary for Åge Korsvold to resign.

The Board regrets that this decision was necessary. Åge Korsvold has contributed positively to the Group's development and created significant values for the Group. He has initiated important restructuring processes at Storebrand.

The Board has appointed the present CFO Idar Kreutzer (38) as acting new managing director of Storebrand ASA. Kreutzer has an MBA and has been in the Group since 1992, the last five years in the present position.

In accordance with his employment contract, Åge Korsvold will receive salary for a total of thirty months adjusted for any salary received from other engagements. Korsvold will receive a pension from the age of 62 years at level of 70% and the right to acquire a property that Storebrand owns in Kristinelundveien in Oslo.

Oslo, 4th October 2000