STOREBRAND ASA: Board resolution to issue new shares in connection with the contemplated purchase of SKAGEN

As previously communicated, and in accordance with the share purchase agreement entered into, Storebrand will acquire all of the A-shares and 10,000 of the B-shares in SKAGEN AS (the "Company" or "SKAGEN"), equivalent to 90.95% of the share capital in the Company and 99.9% of the voting rights in the Company. For more detailed information about the transaction, reference is made to the stock exchange announcement published on 25 October 2017.

75% of the purchase price payable at closing of the share purchase agreement shall be made in the form of new shares in Storebrand ASA to be issued based on an authorization granted to the Board by the Annual General Meeting on 5 April 2017. The Board has today resolved to issue 17,904,091 new shares each having a nominal value of NOK 5 at a subscription price of NOK 68.23857 per share, whereby the number of issued shares in Storebrand ASA will increase from 449,909,891 to 467,813,982 shares. The total number of outstanding shares following the transaction, adjusted for own shares, will be 466,840,310. Completion of the share capital increase is conditional upon completion of the purchase of the above mentioned shares in SKAGEN.

Storebrand has received all public approvals to close the transaction. The transaction is expected to be closed 7. December 2017.

Lysaker, 6 December 2017

Contact persons/media inquiries:

Head of Investor Relations, Kjetil Ramberg Krøkje:

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

Acting Communications Director, Jan Otto Risebrobakken:

Jan.otto.risebrobakken@storebrand.no or (+47) 480 82 602

Storebrand's ambition is to be the best provider of saving for pensions. 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 1.9 million individual customers, and is headquartered in Lysaker outside of Oslo, Norway. Storebrand manages more than NOK 626bn and is Norway's largest asset manager. We work hard to reach our vision: Recommended by our customers. Storebrand (STB) is listed on Oslo Stock Exchange.

Visit us at www.storebrand.no and follow us on twitter: @Storebrand_no