Protector Forsikring

Major Shareholding Notification • Mar 6, 2014

Foreign Substantial Shareholder Notice

Foreign Substantial Shareholder Notice

We are acting on behalf of Franklin Resources, Inc.

and its affiliates. Franklin Resources, Inc., a

diversified financial services company, and its

affiliates perform investment management, advisory

and related services for clients on a global basis.

Franklin Resources, Inc. itself does not own any

shares of the company; rather the shareholdings are

beneficially held by a group of funds and managed

accounts that are managed by investment advisers

directly or indirectly owned by Franklin Resources,

Inc.

Franklin Resources, Inc., on behalf of Franklin

Mutual Advisers, LLC ("FMA") acting in the capacity

as discretionary investment manager to underlying

funds and managed accounts hereby gives notice that

due to a series of transactions, FMA's shareholdings

in Protector Forsikring ASA, as of 5 March, 2014, has

decreased below the 5% threshold to 4.99% of issued

shares and votes, which totals to 4,298,910 shares.

For purposes of this Notification, an outstanding

share figure of 86,155,605 shares was used to

calculate the percentage.

At the present time, no individual fund or managed

accounts shareholdings managed by FMA holds 5% or

more of the total voting rights in Protector

Forsikring ASA.

The underlying funds and managed accounts managed by

FMA do not hold any rights to shares in Protector

Forsikring ASA.