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Regulatory press release

Storebrand ASA: STOREBRAND ASA - Initiating NOK 500 million Share Buyback Program today

Storebrand
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The Board of Storebrand ASA ("the Board") has decided to continue the share buyback program today, 22 September 2023, with a tranche amounting to a maximum of NOK 500 million ("the program"). This is equivalent to approx. 1.2% of the share capital in Storebrand ASA given the last closing price of NOK 87.32. The program will end no later than 22 December 2023.

On July 13, Storebrand recieved a appoval from the Norwegian Financial Supervisory Authority (NFSA) to conduct another NOK 1 billion in share buybacks, divided into two equal tranches of NOK 500 million, to be completed by the end of 2023. The first trache was completed today, on September 22. The Board has decided to continue the buyback program with a second tranche today.

The program is in accordance with the authorisation granted to the Board by the Annual General Meeting of Storebrand ASA ("the AGM") on 13 April 2023.

The share buyback program will be carried out by way of repurchases in the market. Storebrand has entered into a non-discretionary agreement with a third party who will make its trading decisions independently of, and uninfluenced by, Storebrand.

In accordance with the authorisation from the AGM, the minimum price that can be paid per share is NOK 5, and the maximum price is NOK 150. According to the AGM resolution, the maximum numbers of own shares that can be held by the company is limited to 46 549 786. Given the current holdings, the company can purchase up to 33 922 377 shares under the program.

The purpose of the program is to return excess capital to shareholders by reducing the share capital of the company. According to Storebrand's capital management framework, the Board intends to buy back shares when the solvency margin is above 175%.

The shares repurchased under the buyback program will be redeemed (i.e. cancelled), subject to approval by the AGM in 2024. Transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour Regulation") as further set out i.a. in the Norwegian Securities Trading Act of 2007 and the Oslo Stock Exchange's Guidelines for buy-back programs and price stabilisation dated February 2021.

Transactions will be reported on a weekly basis.

Lysaker, 22 September 2023 

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