STOREBRAND ASA: Transaction closed

As previously communicated, and in accordance with the share purchase agreement entered into, Storebrand has today acquired 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.

Storebrand has received all public approvals and the transaction is closed.

Lysaker, 7 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

This announcement is subject to information pursuant to the Securities Trading Act § 5-12

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