Storebrand ASA — Share Issue/Capital Change 2014

Feb 25, 2014

Gjensidige Forsikring ASA (OSE:GJF) contemplates sale of up to 90,458,254 shares in Storebrand ASA

Gjensidige Forsikring ASA (OSE:GJF) contemplates sale of up to 90,458,254 shares in Storebrand ASA

(This is a copy of announcement from Gjensidige

Forsikring ASA, 25.02.2014 at 16:32 hours.)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,

DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,

AUSTRALIA, CANADA OR JAPAN OR IN ANY JURISDICTION IN

WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD

BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE

AN OFFER OF ANY SECURITIES OF STOREBRAND ASA

Gjensidige Forsikring ASA (OSE:GJF) contemplates sale

of up to 90,458,254 shares in Storebrand ASA

Oslo, 25 February 2014

Gjensidige Forsikring ASA ("Gjensidige") contemplates

the sale of up to 90,458,254 shares in Storebrand ASA

("Storebrand"), representing 20.11% of the share

capital and voting rights in the company

(the "Sale"). The potential Sale is to be conducted

by way of an accelerated bookbuilt

offering to institutional investors only.

The bookbuilding process will commence immediately

following the publication of this announcement and

may be closed at short notice at the full discretion

of the Bookrunners. A further announcement will be

made following pricing of the Sale. Gjensidige

reserves the right, at its own discretion, to sell

fewer shares or no shares at all.

As of today, Gjensidige owns 90,458,254 shares in

Storebrand, representing 20.11% of the share capital

and voting rights in the company.

Gjensidige has engaged BofA Merrill Lynch, Morgan

Stanley and Pareto Securities as Bookrunners in the

Sale.

Contact persons Gjensidige Forsikring ASA:

Analysts and investors:

Head of Investor Relations: Janne Flessum, Tel: +47

915 14 739

Press:

Head of Media Relations: Øystein Thoresen, Tel: +47

952 33 382

Important Notices:

This information is subject of the disclosure

requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act.

These materials are not an offer for sale of

securities in the United States. Shares (as defined

below) may not be sold in the United States

absent registration with the United States Securities

and Exchange Commission or an exemption from

registration under the U.S. Securities

Act of 1933, as amended. The issuer does not intend

to register any part of the offering in the United

States or to conduct a public offering of

the Shares in the United States.

This announcement is not an offer of securities or

investments for sale nor a solicitation of an offer

to buy securities or investments in any

jurisdiction where such offer or solicitation would

be unlawful. No action has been taken that would

permit an offering of the securities or

possession or distribution of this announcement in

any jurisdiction where action for that purpose is

required. Persons into whose possession

this announcement comes are required to inform

themselves about and to observe any such

restrictions. Any failure to comply with these

restrictions may constitute a violation of the

securities laws of any such jurisdiction.

In member states of the European Economic Area

("EEA") which have implemented the Prospectus

Directive (each, a "Relevant Member State"),

this announcement and any offer if made subsequently

is directed exclusively at persons who are "qualified

investors" within the meaning of the Prospectus

Directive ("Qualified Investors"). For these purposes,

the expression "Prospectus Directive" means Directive

2003/71/EC (and amendments thereto, including the

2010 PD Amending Directive, to the extent implemented

in a Relevant Member State), and includes any

relevant implementing measure in the Relevant Member

State and the expression "2010 PD Amending Directive"

means Directive 2010/73/EU.

In the United Kingdom this announcement is directed

exclusively at Qualified Investors (i) who have

professional experience in matters relating to

investments falling within Article 19(5) of the

Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the "Order") or

(ii) who fall within Article 49(2)(A) to (D) of

the Order, and (iii) to whom it may otherwise

lawfully be communicated.

In connection with any offering of the shares of

Storebrand (the "Shares"), the Bookrunners and any of

their affiliates acting as an investor for their own

account may take up as a proprietary position any

Shares and in that capacity may retain, purchase or

sell for their own account such Shares. In addition

the Bookrunners or their affiliates may

enter into financing arrangements and swaps with

investors in Connection with which the Bookrunners

(or their affiliates) may from time to time

acquire, hold or dispose of Shares. The Bookrunners

do not intend to disclose the extent of any such

investment or transactions otherwise than in

accordance with any legal or regulatory obligation to

do so.

The Bookrunners are acting on behalf of the

Gjensidige and no one else in connection with any

offering of the Shares and will not be responsible to

any other person for providing the protections

afforded to clients of the Bookrunners or for

providing advice in relation to any offering of the

Shares.