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To the General Meeting of Gjensidigestiftelsen

Opening balance sheet statement upon conversion to Financial Foundation in accordance with the Financial Services Act 2d-1 (4)

We have performed procedures on the opening balance sheet for Gjensidigestiftelsen dated 1 January 2010, which shows core capital of NOK 4 150 millions and other contributed capital of NOK 14 969,5 millions. The Board of Directors in Gjensidigestiftelsen is responsible for the opening balance sheet which shows which assets the foundation will receive and which liabilities it will assume when converting to a Financial Foundation. Our responsibility is to express an opinion on the classification and presentation in the opening balance sheet based on our procedures.

We have performed our procedures and issue our opinion on the basis of the Norwegian auditing standard NSAE 3802 “The auditor’s assurance reports and statements required by Norwegian Company legislation1" issued by the Norwegian Institute of Public Accountants. The standard requires that we plan and perform procedures to obtain reasonable assurance about whether the information in the opening balance sheet is classified and presented in compliance with the Accounting Act. We have examined, on a test basis, the material supporting the information in the opening balance sheet. We believe that our procedures provide a reasonable basis for our opinion.

In our opinion the classification and presentation in the opening balance sheet for Gjensidigestiftelsen dated 1 January 2010 are in compliance with the regulations of the Accounting Act and the principles described in the accompanying notes.

Oslo, 26 March 2010 PricewaterhouseCoopers AS

Geir Julsvoll State Authorised Public Accountant (Norway)

Note: This translation from Norwegian has been prepared for information purposes only.

1 Norwegian name of standard: SA 3802 Revisors uttalelser og redegjørelser etter selskapslovgivningen

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