As previously announced, the Annual General Meeting of Storebrand ASA held on 28 April 2004 granted the company's Board of Directors a mandate for the company to acquire its own shares. At a Board meeting held on 15 June 2004, the Board of Directors of Storebrand ASA approved a mandate for the company's management to start a first tranch of a share buy-back programme.

 

Storebrand will report acquisitions of its own shares and the company's cumulative holding of its own shares by issuing stock exchange notices. Information on the share buy-back programme will also be provided on the company's web site at www.storebrand.no/ir

 

In view of the company's strengthened financial condition and changes in the composition of its assets, the Board of Directors decided on the 15 June 2004 that the company's borrowings should now be on a floating-rate basis. Steps taken to terminate fixed-rate agreements in the second quarter will lead to an accounting loss expected to be in the order of NOK 68 million, which will be offset by lower future interest expense.

 

Contact persons at Storebrand ASA:

 

Lars Aa. Løddesøl, Konserndirektør Finans, 
tel. (+47) 22 31 56 24 / 93 48 01 51

Nils Robert Hodnesdal, Investor Relations,
tel. (+47) 22 31 55 33 / 93 40 38 13