SpareBank 1 Østlandet (SPOL): The Financial Supervisory Authority of Norway (Finanstilsynet) approves the merger between Fremtind Forsikring and Eika Forsikring

28 Jun 2024 17:00 CEST

Reference is made to previous stock exchange release published 19th January 2024
regarding entry to a transaction agreement between Fremtind Forsikring AS and
Eika Forsikring AS and their respective owners Sparebank 1 Gruppen AS, DNB Bank
ASA and Eika Gruppen AS, and the merger of these two entities.

The Financial Supervisory Authority of Norway (Finanstilsynet) approved on the
27th of June, on agreeable terms, the business combination between Fremtind
Forsikring AS and Eika Forsikring AS, as announced in the stock exchange/press
release from Fremtind Forsikring AS and Eika Forsikring AS today. The
transaction will take place 1st July 2024, and the two insurance companies will
be sister companies under Fremtind Holding AS until the planned resolution for
the approval of the merger 1st October 2024. Certain legal technicalities are
still pending.

The distribution of share ownership in Fremtind Holding AS will be as follows:
Sparebank 1 Gruppen AS 51.44 percent, DNB Bank ASA 28.46 percent and Eika
Gruppen AS 20.10 percent. Fremtind Holding AS will be a subsidiary of SpareBank
1 Gruppen AS.

SpareBank1 Østlandet owns 12,4 % of shares in Sparebank 1 Gruppen AS, and will,
after the completion of the transaction, own 51.44% of the shares in Fremtind
Holding.

Based on 31st December 2023 consolidated accounts, the transaction will result
in increased equity for SpareBank 1 Gruppen of approx. NOK 7 billion. The
majority shareholders’ (SpareBank 1 banks and LO) share of this increase is NOK
2.6 billion. SpareBank 1 Østlandet’s share of this increase amounts to approx.
NOK 320 million and will be recognized in the consolidated accounts when the
transaction is completed. The effect on the bank's capital adequacy will be
close to neutral, as the equity increase will be deducted in the capital
adequacy calculation.

For further information, please contact:
Geir-Egil Bolstad, CFO, Tel.: +47 918 82 071
Bjørn-Erik Orskaug, Head of Investor Relations, Tel.: +47 922 39 185

The disclosure of this information is obligatory in accordance with the
Securities Trading Act § 5-12

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