Jon R. Gundersen resigns as chairman of Storebrand ASA


The Board of Representatives has today issued the following unanimous statement:


"The Chairman of the Board of Directors today gave Board of Representatives a very detailed and thorough briefing on the circumstances surrounding Åge Korsvold's resignation as Managing Director of Storebrand AS.

Out of consideration to the general confidence in the Storebrand Group, the Chairman of the Board tendered his resignation, which the Board of Representatives accepted.

The Board of Representatives regrets that a situation has risen under which Jon R. Gundersen finds that he no longer can continue as Chairman of Storebrand ASA's Board of Directors. At the same time, the Board of Representatives expresses its thanks to him for the results that he has helped create in the Group since 1993.

The Board of Representatives regrets the negative personal focus on the Chairman of the Board that has appeared in the mass media."

Further steps
Leiv L. Nergaard, Executive Vice President of Norsk Hydro, is Vice-Chairman of the Board of Directors and he succeeds as Chairman. The Board of Directors will continue to work on the case and give the Banking, Insurance and Securities Commission a written statement. It is assumed that the Banking, Insurance and Securities Commission will deal with the statement and the case at its board meeting on 25 October. Subsequently, at a new board meeting, Storebrand ASA's will have to decide on the Banking, Insurance and Securities Commission's ultimate statement.

<br>Sven Ullring <br>Chairman of the Board of Representatives of Storebrand ASA <br>

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