Protector Forsikring

Major Shareholding Notification • Mar 1, 2010

Exercise of employee share options in Protector Forsikring ASA

Out of a total of 2,984,334 exercisable options,

employees in Protector Forsikring ASA have February

28 th 2010 exercised 724,041 options. Protector

Forsikring ASA will use own shares to cover this

redemption of stock options. After the transaction,

Protector Forsikring ASA owns 2,624,879 own shares,

representing 3,05% of the total outstanding shares.

Options exercised by primary insiders:

Sverre Bjerkeli, CEO, has exercised 400,000 options,

corresponding to 400,000 shares at a strike price of

NOK 7,75. Following this transaction Sverre Bjerkeli

owns 400,000 shares and 100,000 options in Protector.

In addition, Sverre Bjerkeli owns 2,261,809 shares in

Protector through his company Tjongsfjord Invest AS.

Fredrik Messel, Dir. Claims handling Commercial, has

exercised 100.000 options, corresponding to 100,000

shares at a strike price NOK 7,75. Following this

transaction Fredrik Messel owns 100,100 shares in

Protector.

Bjørn Bye, business analyst, has exercised 25.000

options, corresponding to 25.000 shares at a strike

price NOK 7,75. Following this transaction Bjørn Bye

owns 27,000 shares and 25,000 options in Protector.

Fredrik Gaarder, business analyst, has exercised,

23,000 options, corresponding to 23,000 shares at a

strike price NOK 7,75. Following this transaction

Fredrik Gaarder owns 23,100 shares and 27,000 options

in Protector.

Henrik Høye, business analyst, has exercised, 10,000

options, corresponding to 10,000 shares at a strike

price NOK 7,75. Following this transaction Henrik

Høye owns 10,100 shares and 40,000 options in

Protector.

Monica Nordli, Chief accountant, has exercised, 6,450

options, corresponding to 6,450 shares at a strike

price NOK 7,75. Following this transaction Monica

Nordli owns 6,450 shares and 31,050 options in

Protector.

Reidun R Fossum, office leader, has exercised, 9,591

options, corresponding to 9,591 shares at a strike

price NOK 7,75. Following this transaction Reidun R

Fossum owns 130,000 shares and 7,076 options in

Protector.

For further information, please contact:

Ditlev de Vibe Vanay, CFO Protector Forsikring ASA,

mobile +47 934 80 393

Oslo, 1 March 2010

Protector Forsikring ASA

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act).