Tryg

Capital/Financing Update • Nov 10, 2025

Tryg Forsikring A/S mandates Restricted Tier 1 Capital Notes transaction

Tryg Forsikring A/S mandates Restricted Tier 1 Capital Notes transaction

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A

VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Tryg Forsikring A/S mandates Restricted Tier 1 Capital Notes transaction

Tryg Forsikring A/S (the Issuer), rated A1 (Positive) by Moody's, has mandated

Danske Bank and Nordea as Joint Lead Managers to arrange a digital fixed income

investor meeting on Monday 10 November 2025 at 13:30 CEST, and to explore

subsequent issuance of one or more Perpetual Restricted Tier 1 Capital Notes

(the Notes). The Notes will be NOK- and/or SEK-denominated and carry a floating

rate of interest for the targeted 5.75-year maturity to first call, subject to

market conditions. The Notes are expected to be rated Baa3 by Moody's and will

feature a principal write-down loss absorption mechanism with a discretionary

reinstatement condition.

In connection with the contemplated issuance of the Notes, the Issuer is

contemplating to purchase some or all of its outstanding SEK 1,000,000,000

Floating Rate Perpetual Restricted Tier 1 Capital Notes (kapitalbeviser) with

ISIN DK0030484621 (the Existing Notes). Any purchase by the Issuer of Existing

Notes will be executed in the absolute and sole discretion and determination of

the Issuer and any such purchase shall be conditional upon (i) the successful

completion of the issuance and settlement of the Notes, (ii) receipt by the

Issuer of the proceeds of the issuance of the Notes, (iii) that the Issuer's

purchase of the Existing Notes is funded out of the proceeds of the Notes and

(iv) the satisfaction of each of the Redemption and Purchase Conditions as set

out and as defined in the terms and conditions of the Existing Notes (together

the Purchase Conditions). The purchase price for any such purchase of Existing

Notes will be announced when determined by the Issuer, expectedly in conjunction

with the announcement of pricing of the contemplated issue of the Notes.

MIFID II product governance / Professional investors and eligible counterparties

only target market / No PRIIPs KID: The target investors of the Notes are only

eligible counterparties and professional clients (all distribution channels). No

packaged retail and insurance-based investment products (PRIIPs) key information

document (KID) has been prepared as the Notes are not available to retail

investors in the European Economic Area or the United Kingdom.

Additional information:

For further information, visit tryg.com (https://tryg.com/en) or contact:

Head of Financial Reporting, Gianandrea Roberti at +45 20 18 82 67 or

gianandrea.roberti@tryg.dk (mailto:gianandrea.roberti@tryg.dk)

Head of Investor Relations, Robin H. Løfgren at +45 41 86 25 88 or

robin.loefgren@tryg.dk (mailto:robin.loefgren@tryg.dk)

This announcement is for information purposes only and is not intended to, and

does not, constitute or form part of any offer, invitation or solicitation to

purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any

securities or otherwise in any jurisdiction in which such offer, invitation or

solicitation is unlawful.

This announcement does not constitute a prospectus, prospectus equivalent

document or an exempted document.