Storebrand ASA — M&A Activity 2021

Aug 31, 2021

STOREBRAND ASA: Storebrand acquires Danish Real Estate Manager Capital Investment

STOREBRAND ASA: Storebrand acquires Danish Real Estate Manager Capital Investment

Storebrand has entered into an agreement to acquire Capital Investment, a Danish

real estate asset manager and investment advisory headquartered in Copenhagen.

"The asset management part of our business has grown significantly over the past

years, and we have built a strong position outside our home markets Norway and

Sweden. Storebrand is one of the largest and fastest growing asset managers in

the Nordics with more than NOK 1 trillion of assets under management. The

acquisition accelerates Storebrand's growth strategy within Nordic alternative

assets and will strengthen Storebrand Asset Management's position as the gateway

to the Nordics, says Odd Arild Grefstad, CEO Storebrand Group.

"Our growth is a sign of confidence from our clients, and we are well positioned

on ESG and alternatives, the strongest trends in asset management. Capital

Investment will strengthen our investment offering in alternative investments -

particularly within real estate. They have well established Danish and

international client relationships, and we see mutual benefits for both clients

and Storebrand through this acquisition. Capital Investment and their clients

will also benefit from Storebrand's expertise within ESG", says EVP, CEO

Storebrand Asset Management Jan Erik Saugestad.

The acquisition of Capital Investment is in line with the strategy presented at

Storebrand's Capital Markets Day in 2018 and reiterated in 2020; to look for

bolt-on acquisitions that complement the current business to accelerate growth.

Capital Investment will become part of Storebrand Asset Management's multi

-boutique offering and continue as a separate company within real estate

activities.

Gateway to the Nordics

Storebrand is a large and important player in the Nordic real estate industry

with assets worth NOK 50 billion under management. Capital Investment, which

manages close to DKK 20 billion (NOK 28 billion) of assets, will add investment

capabilities and a complementary network for deal sourcing to accelerate the

expansion in Denmark and internationally.

"We are very happy to welcome Capital Investment as part of Storebrand Asset

Management. Our combined resources and knowledge represent a great opportunity

to further strengthen our Nordic offering. We experience that many institutional

investors seek diversification, and non-Nordic investors have a desire to invest

across the region", Saugestad continues.

Capital Investment's CEO Jesper Damborg, looks forward to building a stronger

team:

"We are thrilled to join forces with Storebrand Asset Management, a transaction

which will combine two strong local market leaders into one pan-Nordic platform

for best-in-class real estate asset management services. With Storebrand Asset

Management, we are able to continue the differentiated and hands-on work with

our properties and customers, while expanding our service palette to bring new

and exciting concepts to the table."

The transaction will have limited effect on regulatory key figures and the

acquisition will not affect the dividend capacity of Storebrand for the

accounting year 2021. The transaction is expected to impact the Group's solvency

ratio with negative 1.5 percentage points. Profits from the company will back

the cash generation for the Storebrand Group going forward. Capital Investment's

pretax 2021 results are estimated to be approximately DKK 60 million. The

purchase price of the acquisition is DKK 500 million. Fifty per cent of the

purchase price will be financed by the issuance of new shares in Storebrand ASA.

Furthermore, an additional consideration is contingent on future business

development of Capital Investment. The transaction is contingent on regulatory

approvals.

Lysaker, 31 August 2021

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 and Rating, Daniel Sundahl:

daniel.sundahl@storebrand.no or (+47) 913 61 899

Media requests

Norway: SVP Group Communications, Margrethe Assev:

margrethe.assev@storebrand.no or (+47) 951 55 056

Other markets: Director of Communications Storebrand Asset Management, Sara

Skärvad:

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

Storebrand's ambition is to provide our customers with financial freedom and

security by being the best provider of long-term savings and insurance.

Storebrand will deliver sustainable solutions adapted to the customer's

individual situation, so that each person receives a better pension in a more

sustainable world. Storebrand has about 40.000 corporate customers and 2 million

individual customers, and has its headquarter at Lysaker outside of Oslo,

Norway. Storebrand manages NOK 1 037 billion and is one of the largest asset

managers in the Nordics. Storebrand (STB) is listed on Oslo Stock Exchange.

Visit us at http://www.storebrand.no

About Capital Investment

Capital Investment is a Danish real estate investment advisory and asset manager

with close to DKK 20 billion in assets under management headquartered in

Copenhagen. The company has been owned and run by partners Jesper Damborg and

Claus Klostermann, who individually have more than 25 years of real estate

experience.

Capital Investment delivers a comprehensive suite of real estate investment

management services, handling the entire investment process from the beginning

to the end on behalf of national and international clients. From supervision and

research to due diligence, development and management, Capital Investment

handles the investment until the client is ready to exit. The goal is to provide

a platform that enables international clients to invest immediately, retaining

the highest possible expertise, but without having to establish a Danish

office. Capital Investment aims to become the preferred Danish partner for both

national and international investors looking to invest in high-end properties

across real estate segments.