Storebrand ASA

M&A Activity • Jun 26, 2024

STOREBRAND ASA: Increases ownership in Danish infrastructure fund manager AIP Management

STOREBRAND ASA: Increases ownership in Danish infrastructure fund manager AIP Management

Storebrand has entered into an agreement to acquire an additional 50% of the

shares in Danish infrastructure fund manager AIP Management P/S ("AIP") to reach

a direct ownership of 60%. AIP is founded by PKA and headquartered in Copenhagen

with total commitments from investors of EUR 8 billion (NOK 90 billion).

In 2020, and in conjuncture with committing capital to the AIP platform,

Storebrand Asset Management AS ("Storebrand") became a 10% owner of AIP, being

the first international partner and investor to the Danish infrastructure fund

manager.

The increased ownership gives Storebrand control over a well-established

infrastructure platform that is complementary to its existing alternatives

offering that includes real estate, private equity, and private debt. At the

same time, AIP will benefit from Storebrand's strong market position, scale, and

investor relationships.

AIP will continue to be led by its current Partners, retaining its independence

and operating under the AIP brand, as part of the Storebrand Asset Management

multi-boutique offering. The owners, which continues to include the Danish

pension funds PKA and PenSam as well as the Partners in AIP, will build upon the

strong partnership to further develop and strengthen the AIP platform.

"AIP will expand our investment offering in infrastructure and will strengthen

Storebrand Asset Management's position as an investment partner and a leader in

sustainable investments. Our clients show great interest in these kinds of long

-term investments with stable returns and positive impact like infrastructure.

AIP has a strong track record and sustainable investing is at the core of AIP's

investment strategy. The partnership with the other Danish pensions funds has

worked well and together we now take AIP to the next level", says CEO in

Storebrand Asset Management Jan Erik Saugestad.

Storebrand currently manages an infrastructure fund, Storebrand Infrastructure

Fund, with total commitments of about EUR 1 billion. This fund, and the recently

established successor fund, will continue investing in line with the established

mandates. AIP is already a key strategic partner for the Storebrand

Infrastructure Funds. AIP, which has EUR 8 billion (NOK 90 billion) in committed

capital, adds investment capabilities and a complementary network for deal

sourcing to accelerate the position in Denmark, the Nordics and internationally.

"The partnership with Storebrand has been positive and transparent, rooted in

shared values.  With Storebrand as a majority owner, we have a great partner

that can help unlock our potential and accelerate the drive towards a net zero

economy by enabling even more investors to invest in the energy transition",

says Managing Partner in AIP Kasper Hansen.

The purchase price consideration is DKK 215 million for 50% of the shares in

AIP. The final consideration can be adjusted subject to successful future fund

raising. The purchase price will be financed by cash from the holding company

Storebrand ASA. The transaction will have a non-material effect on solvency and

will not affect the dividend capacity of Storebrand for the accounting year

The transaction is expected to close in the second half of 2024 and is

contingent on customary regulatory approvals.

Storebrand has been advised by Kromann Reumert and EY.

Lysaker, 26 June 2024

For further inquiries, please contact

Group Head of Strategy, Finance and M&A, Kjetil Ramberg Krøkje:

kjetil.r.krokje@storebrand.no or (+47) 934 12 155

Head of Investor Relations, Johannes Narum:

johannes.narum@storebrand.no or (+47) 993 33 569

Media requests

Norway: Stig-Øyvind Blystad, Director of Communications:

stig-oyvind.blystad@storebrand.no or (+47) 918 47 226

Other markets: Director of Communications Storebrand Asset Management, Sara

Skärvad:

sara.skarvad@storebrand.com or (+46) 70 621 77 92

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and

financial wellness for people and companies. We offer sustainable solutions and

encourage our customers to take good economic decisions for the future. Our

purpose is clear: we create a brighter future. Storebrand has about 55,000

corporate customers, 2.2 million individual customers and manages NOK 1,281

billion. The Group is headquartered at Lysaker outside of Oslo, Norway.

Storebrand (STB) is listed on Oslo Stock Exchange. Visit us

at Storebrand.no (http://www.storebrand.no/)

About AIP Management

AIP Management specialises in energy and infrastructure investments that

facilitate the energy transition in Europe and North America. Our team comprises

90 professionals with extensive expertise in investments and energy working from

Copenhagen, London, Madrid, and New York. To date, AIP has invested over Euro 7

billion in energy transition assets. This includes renewable energy assets with

a capacity of approximately 7 GW. Once fully operational, AIP's investments,

will contribute to avoiding 10 million tons of greenhouse gasses and support

about 5.9 million households with renewable electricity. Visit us at

aipmanagement.dk (http://www.aipmanagement.dk/)

Head of Investor Relations, Amanda Tonsgaard:

at@aipmanagement.dk or (+44) 758 373 2020