Allan Åkerstedt resigns from his position as managing director of Storebrand Investments with effect from 31st January 2005. Mr Åkerstedt will be at disposal for Storebrand until 28th February 2005. Allan Åkerstedt has been managing director of Storebrand Investments and a member of Storebrand Group's executive committee since he was employed at Storebrand 1st November 1997. During the same period, Mr. Åkerstedt has in addition carried out various internal and external assignments.

 

Based on Mr Åkerstedt's domicile in Sweden and shared work place between Stockholm and Oslo, combined with both parties understanding for the need of a closer relationship to the daily operations in Oslo going forward, the parties have agreed that Allan Åkerstedt will resign from his position in Storebrand based on the terms described below, which is accordance with Mr Åkerstedt's employment contract from 1997.

 

Based on the employment contract, Mr Åkerstedt is entitled to salary during the notice period of 6 months. In addition, he is entitled to two years salary of NOK 5,100,000 per year. Mr Åkerstedt's pension agreement involves benefit from the age of 60. The pension benefit is calculated based on 70 per cent of salary, adjusted for the number of years earning pension rights. The pension will represent NOK 2,512,222 per year from the age of 60 and NOK 1,280,422 per year from the age of 67. The pension liability has been incorporated in the company's financial accounts, and described in the annual report.

 

- I am grateful for Allan's effort during an important period for Storebrand, says Group CEO Idar Kreutzer. - The investment management unit has developed considerably during Allan's leadership, and he hands over a competent and professional organisation.

 

- New managing director of Storebrand Investments will be appointed within the next few weeks, says Kreutzer.

 

 

Oslo, 3rd January 2005

 

Contact person:

 

Information Director, Egil Thompson: +47 22489586 - +47 93480012

 

Investor Relations, Trygve Stene: +47 22 315193 - +47 93480015