Gjensidige Forsikring ASA

Capital/Financing Update • May 20, 2020

GJF, GJF02: Amendment in Norwegian law related to Tier 1 capital instruments

GJF, GJF02: Amendment in Norwegian law related to Tier 1 capital instruments

The Norwegian Financial Supervisory Authority has informed Gjensidige that the

Commission Delegated Regulation (EU) 2019/981 will be implemented in Norwegian

law effective from 30 June 2020. The amendment in the law results in a change in

requirements for capital instruments to qualify as Tier 1 capital in the

Solvency II regime, related to write-downs. The terms stipulated in Gjensidige

Forsikring ASA's perpetual hybrid loan, which currently is categorised as Tier

1, deviate from the new requirements. As a result of this, the loan no longer

qualifies as Tier 1, but will qualify as Tier 2. As such, there is no impact on

the solvency margin from the change of category of this loan.

The company will consider available options in response to the new regulation.

Contact persons, Gjensidige Forsikring ASA:

Head of Investor Relations Mitra Hagen Negård. Tel: +47 957 93 631

Head of Communication: Øystein Thoresen. Tel: +47 952 33 382