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SKAGEN acquired by the Storebrand Group

SKAGEN is pleased to announce that the Storebrand Group, a leading participant in the Nordic market for long-term savings and pensions, has agreed to purchase SKAGEN from its existing owners. Under Storebrand, SKAGEN will continue as a separate company and independent fund manager while clients will have access to complementary, market-leading investment and savings solutions.

Date: 25/10/17

SKAGEN will be a separate company within the Group, reporting to its own board chaired by Odd Arild Grefstad, CEO of Storebrand. There will be no change to SKAGEN's investment philosophy and process. The portfolio managers and other key employees will be part of a comprehensive partnership program. Client relationships will remain with SKAGEN but with the added benefit of access to a broader product spectrum and financial services offering.

In the current dynamic environment for the asset management industry, SKAGEN is delighted to be acquired by such a strong and well-resourced parent company. The transaction will deliver real synergies and maximise the long-term potential of SKAGEN, allowing the company to develop in the best interests of its clients.

Øyvind Schanke, CEO of SKAGEN commented:

"We believe this will enable us to deliver an even better proposition and service to our clients. By combining the two companies' complementary areas of expertise and with Storebrand's strong market position and balance sheet, we will have greater ability to invest and innovate. As ever our priority remains the delivery of strong investment performance and the highest level of client service."

Odd Arild Grefstad, CEO of Storebrand commented:

"As one of the leading savings providers in the Nordics, the acquisition of SKAGEN is an important building block in pursuing our domestic and international growth strategy. We look forward to benefiting from SKAGEN's significant expertise in active management, direct client service and experience with international distribution. In turn, we will be positioning ourselves for further growth in the savings market and so create value for our shareholders."

Further information about Storebrand

The Storebrand Group is a leading player in the Nordic market for long-term savings and pensions and is based near Oslo, Norway. Storebrand manages more than EUR 60 billion, making it Norway's largest private asset manager. The company has also established life insurance, asset management and health insurance activities in Sweden. Storebrand operates a total of 1.9 million customers in Norway and Sweden and its history dates back to 1767. Storebrand is a public company listed on the Oslo Stock Exchange.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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