Storebrand ASA — Net Asset Value 2010

Mar 3, 2010

Strong growth in Embedded Value in 2009

* Embedded value increased by NOK 5.4 billion to NOK 28.5 billion.

* Return of 30% on opening embedded value as a result of sound operations and

positive development in financial markets.

* Value of new business represented NOK 421 million in 2009.

* Trend towards increased proportional value of non-guaranteed business.

* Group embedded value of NOK 68.2 per share.

About embedded value

Embedded value (EV) is an actuarially determined estimate of the value of the

company excluding any value attributable to future new business. The calculation

of embedded value involves a number of assumptions with respect to the business,

operating, and economic conditions, and other factors, some of which are

determined by financial markets.

Storebrand publishes a EV report containing more detailed information. The EV

report is prepared using a market consistent methodology (MCEV).

Result development in 2009

Operations and new business has resulted in a positive contribution of NOK 2.2

billion to Storebrand's EV result in 2009.

Investment returns above expectations gave a good result for 2009. Increased

buffer capital and higher interest rates give higher expected future earnings.

In total, economic variances contribute positively in the order of NOK 4.3

billion.

Value of new business

The value of new business written in 2009 is NOK 421 million. Sales have been

positive in both the Norwegian and Swedish life business with new sales of NOK

1,026 million and NOK 670 million respectively measured as APE[1]. For the

Norwegian business the value of new business is NOK 348 million.

The Swedish business has seen a shift in the value of new business in 2009, and

it now has a positive effect on EV. This is mainly due to increased sales

volumes, changes in terms and an improved model for cost allocation.

Unit linked products represent an increasing share of new business, and

represented 65% of the value of new business in 2009. Unit linked products now

represent 34% of the total value of in-force at the close of 2009, up from 22%

last year.

Other

Storebrand will today hold a press and analyst conference at Storebrand's

headquarters at Lysaker, Professor Kohtsvei 9, at 10.00 CET.

An international conference call will be held at 15.00 CET. To participate in

the call, please register using the link atwww.storebrand.no/ir

or dial in 10 minutes before the call starts to

register. Please call (+47) 80080119 (from Norway) or (+47) 23184501 (from

Norway or abroad).

The MCEV presentation and disclosure document is available at

http://www.newsweb.no

These documents will also be available atwww.storebrand.no

.

Lysaker, 3 March 2010

Contact people:

EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12

Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 41 35

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[1] APE - Annual Premium Equivalent

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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