A pricey low risk investment

A pricey low risk investment Gjensidige 2Q15 Preview Recommendation: NEUTRAL Target NOK 122 01.07.2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: +47 23 30 11 30, e-mail: gk@fondsfinans.no This report was prepared by an analyst engaged by Fondsfinans AS, the Norwegian affiliate of Fondsfinans Inc., who is not registered as a research analyst with FINRA or subject to FINRA rules governing research. This report is not a product of Fondsfinans Inc. See page 18 of this report for Important Disclosure Information. 1

Strong underwriting result expected in 2Q15 2Q15 PREVIEW REPORTING DATE 14 JULY We expect Gjensidige to report a strong underwriting result while the financial result will be hurt by weak financial markets. Our pretax profit estimate is NOK 1,229m vs a not quite updated consensus from Bloomberg of NOK 1,312m. We keep our NOK 122 target price and reiterate Neutral Strong underwriting result - No large claims have hit the headlines in 2Q15 - Combined ratio 84%; positively affected by run-off gains (3%) - Underwriting result expected at NOK 807m vs consensus at NOK 791m Weak contribution from investment portfolio - Relatively low-risk investments portfolio, steps taken to reduce risk further in the quarter - Investment return expected at 0.64% despite weak a financial market - We expect a minor negative contribution from the oil service related Private Equity portfolio Fully priced given our assumptions and company s guidance - Sustainable RoE of 15%, equal to Gjensidige s long-term target - Long-term combined ratio of 90%, company s guidance is 90-93% - We have cut dividend forecast for 2016 from NOK 6.4 to NOK 5.0 due to negative finding in tax case 2

Segmental estimates ESTIMATES NOKm 2014 2015E 2016E 2017E 4Q14 1Q15 2Q15E 3Q15E 4Q15E 1Q16E 2Q16E 3Q16E 4Q16E Private Norw ay 1,624 1,565 1,523 1,444 449 302 464 446 351 319 446 427 331 Commercial Norw ay 1,160 970 919 820 265 163 276 288 243 183 254 264 218 Other Nordic 509 606 558 514 166 162 177 142 125 144 168 134 113 Baltic 1-64 -92-74 -3-11 -5-34 -14-27 -17-34 -13 Corporate centre -432-476 -444-462 -69-200 -106-66 -105-141 -112-73 -118 Underw riting result general insurance 2,862 2,600 2,465 2,241 807 416 807 776 601 478 738 717 532 Pension and savings 43 85 113 136-16 21 23 22 20 29 30 28 26 Online retail banking 254 289 284 334 49 78 78 77 56 66 84 79 56 Investments 2,427 1,802 2,216 2,345 367 521 370 379 533 542 551 560 563 Amortisation and impairment -170-150 -150-150 -39-37 -37-37 -37-37 -37-37 -37 Other items -17-44 -44-44 -9-11 -11-11 -11-11 -11-11 -11 Pre tax profit 5,400 4,582 4,883 4,862 1,159 987 1,229 1,205 1,161 1,066 1,354 1,336 1,128 Tax expense -1,210-1,070-2,157-1,118-195 -239-284 -280-267 -1,279-311 -307-259 Tax % 22% 23% 44% 23% 17% 24% 23% 23% 23% 120% 23% 23% 23% Net profit 4,190 3,513 2,726 3,744 964 748 946 925 894-213 1,042 1,029 868 EPS 8.38 7.03 5.45 7.49 1.93 1.50 1.89 1.85 1.79-0.43 2.08 2.06 1.74 Source: Gjensidige, Fondsfinans research 3

GJENSIDIGE - 2Q15 PREVIEW Higher underwriting estimates, lower net financials CHANGES IN ESTIMATES Changes in estimates Old Old New New Change Change 2015E 2016E 2015E 2016E 2015E 2016E NOKm General Insurance Private 1,495 1,461 1,565 1,523 5% 4% General Insurance Commercial 915 994 970 919 6% -7% General Insurance Nordic 611 564 606 558-1% -1% General Insurance Baltics -61-89 -64-92 5% 3% Costs related to ow ner -306-275 -306-275 0% 0% Underw riting result 2,484 2,486 2,600 2,465 5% -1% Pension and Savings 85 113 85 113-1% 0% Retail Bank 289 284 289 284 0% 0% Financial result 2217 2,291 1,802 2,216-19% -3% Amortisation and impairment -150-150 -150-150 0% 0% Other items -44-44 -44-44 1% 0% Pretax profit 4,881 4,980 4,582 4,883-6% -2% Tax -1142-1,157-1,070-2,157-6% 86% Net profit 3739 3,823 3,513 2,726-6% -29% Key figures Earned premiums gen. Ins. (NO 21535 22406 21,025 21,657-2% -3% Claims ratio 73.8 % 74.3 % 71.7 % 72.3 % -2.1 % -2.0 % Cost ratio 14.6 % 15.0 % 15.5 % 16.3 % 0.9 % 1.3 % Combined ratio 88.4 % 89.3 % 87.3 % 88.6 % -1.1 % -0.7 % EPS 7.5 7.6 7.0 5.5-6% -28% Dividend 6.4 6.4 6.2 5.0-3% -22% We increase 2015 underwriting forecast - Above consensus = NOK 2,425m - Strong 2Q expected - Still risk for flooding during summer Lower financial result - Higher long-term interest rates - Increased high-yield spreads in 2Q15 - Weak stock market in 2Q15 Preliminary negative finding in tax case - Solvency II related dissolution of reserves - Approx. NOK 1bn in tax effect in 2016 - We cut dividend in 2016 - Possible 2015 will be affected instead 4

Nordic insurance priced at premium VALUATION UPDASTED 14.04.15 Peer group valuation consensus estimates Company Share Price P/E 14E P/E 15E P/E 16E P/B 14E P/B 15E P/B 16EYield 14E, % Yield 15E, % Yield 16E, % ROE 2014E ROE 2015E ROE 2016E Gjensidige 124.2 15.2 16.4 16.1 2.8 2.8 2.7 4.4 5.1 5.1 16.9 17.3 18.0 Tryg 139.9 17.4 18.1 16.8 3.7 4.1 4.1 4.1 4.3 4.5 21.4 20.8 23.3 Topdanmark 179.8 12.5 14.8 14.1 3.7 3.7 3.6 0.0 0.0 6.8 29.6 24.6 25.7 Amlin 4.78 9.6 11.6 11.8 1.3 1.3 1.3 6.3 5.9 6.3 14.8 11.6 11.3 AXA 22.865 10.8 10.3 9.8 1.0 0.9 0.8 3.9 4.6 4.8 9.7 8.8 8.8 RSA Insurance 3.999 23.8 13.5 12.7 1.0 1.0 1.0 1.6 2.7 3.7 8.7 8.8 9.0 Zurich Insurance 287.8 11.0 10.8 10.2 1.2 1.2 1.2 6.0 5.9 6.0 11.5 11.1 11.4 Admiral Group 13.83 13.6 14.9 14.2 7.1 6.6 6.3 7.1 6.5 6.8 52.0 45.8 45.5 Average 14.2 13.8 13.2 2.7 2.7 2.6 4.2 4.4 5.5 20.6 18.6 19.1 Median 13.1 14.2 13.4 2.1 2.1 2.0 4.2 4.8 5.5 15.8 14.5 14.7 P/B vs RoE 2015E Admiral Higher RoEs in the Nordic region give higher valuations - Consolidated markets in the Nordic region - Loyal customers due to low commoditization - Lower cost ratios due to 80% direct distribution vs 30% in EU AXA Source: Bloomberg 5

General Insurance Main profit contributor GENERAL INSURANCE General Insurance P&L General insurance total 2014 2015E 2016E 2017E 1Q15 2Q15E Earned premiums, net 20,257 21,025 21,657 22,318 5,199 5,104 Grow th yoy % 7.8 % 3.8 % 3.0 % 3.1 % 6.3 % 1.8 % Claims incurred -14,227-15,076-15,657-16,414-3,933-3,487 Claims ratio 70.2 % 71.7 % 72.3 % 73.5 % 75.7% 68.3% Corporate centre -432-476 -444-462 -200-106 Operating expenses -3,168-3,269-3,536-3,527-769 -811 Cost ratio 15.64% 15.55% 16.33% 15.80% 14.8 % 15.9 % Underwriting result 2,862 2,680 2,465 2,377 496 807 Grow th yoy % 33% -6% -8% -4% 42% -15% Combined ratio % 85.9 % 87.3 % 88.6 % 89.3 % 90% 84.2% Source: Gjensidige, Fondsfinans research Gjensidige s targets toward 2018: Becoming the most customer oriented general insurer in the Nordic region Cost ratio: 15% Combined ratio: 90-93% - Assuming normal level of large claims - Lower than normal in 2014, higher in 2013 - Assuming zero run-off gains - Av gains since 2008; about 2% - Av. gains since 2000: about 1% - Run-off gains in the medium term - 1% point change in combined ratio changes EPS by 4% 6

Private Norway Strong profitability GENERAL INSURANCE Private Norway P&L Private Norway 2014 2015E 2016E 2017E 1Q15 2Q15E Net earned premiums 8,124 8,198 8,280 8,363 1,957 2,040 Grow th yoy % 2.4 % 0.9 % 1.0 % 1.0 % 1.2 % 0.5 % Claims incurred -5,469-5,588-5,690-5,831-1,406-1,316 Claims ratio 67% 68% 69% 70% 71.8 % 64.5 % Operating expenses -1,032-1,046-1,067-1,088-249 -260 Cost Grow th 0% 1% 2% 2% 0% 2% Cost ratio 12.7 % 12.8 % 12.9 % 13.0 % 12.7 % 12.7 % Underwriting resultat 1,624 1,565 1,523 1,444 302 464 Grow th yoy % 24% -4% -3% -5% 9% -1% Combined ratio 80% 81% 82% 83% 85% 77% Focus on defending market leader status - Market share 24% - Gjensidige Foundation s customer dividend model is attractive both for private and corporate customers; in 2013 and 2014 approx. NOK 2bn distributed to general insurance customers, see page 29 Effective distribution model helps sustain a low, albeit increasing combined ratio in our forecast horizon Low rank in Finansportalen.no - Auto 6 of 7 - Residential 6 of 6 - Accident 6 of 10 - Travel 5 of 12 Source: Gjensidige, Fondsfinans research 7

Commercial Norway The market leader must lead GENERAL INSURANCE Commercial Norway P&L Commercial Norway 2014 2015E 2016E 2017E 1Q15 2Q15E Net earned premiums 7,216 7,001 7,149 7,292 1,737 1,717 Grow th yoy % 2.8 % -3.0 % 2.1 % 2.0 % 4.5 % 1.5 % Claims incurred -5,227-5,214-5,389-5,606-1,371-1,237 Claims ratio 72% 74% 75% 77% 79.0 % 72.0 % Operating expenses -828-816 -841-866 -202-204 Grow th 1% -1% 3% 3% 8% 7% Cost ratio 11% 12% 12% 12% 12% 12% Underwriting resultat 1,160 970 919 820 163 276 Grow th yoy % 17% -16% -5% -11% -14% -26% Combined ratio % 84% 86% 87% 89% 91% 84% Underwriting discipline - Utilize market leader position (28% market share) - Increase premiums to ensure good profitability when needed - Improve competitiveness in attractive segments Strong cost control We expect combined ratio < 90% Source: Gjensidige, Fondsfinans research 8

Nordic Growing market shares GENERAL INSURANCE Nordic P&L Nordic 2014 2015E 2016E 2017E 1Q15 2Q15E Net earned premiums 4,394 5,018 5,350 5,750 1,259 1,222 Grow th yoy % 32.1 % 14.2 % 6.6 % 7.5 % 25% 17% Claims incurred -3,154-3,578-3,902-4,280-895 -843 Claims ratio 72% 71% 73% 74% 71.1% 69.0% Operating expenses -731-834 -889-956 -202-202 Grow th 29% 14% 7% 7% 115% 18% Cost ratio 17% 17% 17% 17% 16% 17% Underwriting resultat 509 606 558 514 162 177 Grow th yoy % 49% 19% -8% -8% 89% 7% Combined ratio % 88% 88% 90% 91% 87% 86% Challenger - 7% market share in Denmark - 2% market share in Sweden Strong growth - Driven by increased market share - Increasing economies of scale 9 Source: Gjensidige, Fondsfinans research

The Baltic Entering restructuring phase GENERAL INSURANCE Other regions P&L Baltic 2014 2015E 2016E 2017E 1Q15 2Q15E Net earned premiums 523 686 878 913 124 125 Grow th yoy % 2.4 % 31.2 % 27.9 % 4.0 % -7.6 % -5.0 % Claims incurred -377-531 -676-697 -96-91 Claims ratio 72% 77% 77% 76% 77% 73% Operating expenses -145-219 -294-291 -40-39 Grow th 9% 51% 34% -1% 9% 12% Cost ratio 28% 32% 34% 32% 32% 31% Underwriting resultat 1-64 -92-74 -11-5 Grow th yoy % -98% nmf. 43% -19% 76% -170% Combined ratio % 100% 109% 110% 108% 109% 104% Acquisition PZU Lietuva (Lithuania) - Increase market share to 13% (7%) - Needs to be restructured - Drag on profit until 2018 Competitive market Growth in the Baltic region may be affected by the crisis in Russia Source: Gjensidige, Fondsfinans research 10

Pensions and Savings Focus on fund management PENSIONS AND SAVINGS Pensions and Savings - P&L NOKm 2013 2014 2015E 2016E 2017E 1Q15 2Q15 Earned premiums 904 1,262 1,478 1,672 1,824 333 339 Grow th yoy % 33% 40% 17% 13% 9% 19% 18% Claims incurred -780-1,126-1,320-1,491-1,627-294 -298 Claims ratio 86% 89% 89% 89% 89% 88% 88% Operating expenses -182-181 -223-228 -232-55 -56 Cost Grow th 33% -1% 23% 2% 2% 18% 21% Underwriting result -58-45 -65-47 -35-16 -14 Grow th yoy % 84% -22% 44% -27% -26% -15% -15% Management income 82 23 125 136 147 30 31 Net financial income 25 35 24 24 24 6 6 Other income 0 8 0 0 0 Other expenses 0 20 0 0 0 Pre tax profit 50 43 85 113 136 21 23 Grow th yoy % 173% -13% 95% 33% 21% -2% 15% Defined contribution products only - Fee based/no guaranteed return - Growing market - Low risk/low capital requirement Fourth largest player with NOK 30bn under management Support 15% RoE target AuM 27,138 33,655 41,467 49,279 57,091 34,168 36,121 Grow th yoy % 25% 24% 23% 19% 16% 25% 17% Source: Gjensidige, Fondsfinans research 11

Retail banking Cost-effective business model BANKING Retail banking P&L NOKm 2013 2014 2015E 2016E 2017E 1Q15 2Q15 NII 546 614 691 730 742 174 170 NII margin, annualized % 2.63% 2.37% 2.37% 2.27% 2.16% 2.45% 2.30% Net financial income ao. 53 49 50 48 46 11 13 Operating expenses -341-358 -367-367 -367-89 -84 Loss on loans -67-52 -85-126 -133-18 -20 Loss percentage 0.32% 0.20% 0.29% 0.39% 0.39% 0.26% 0.28% Pre tax profit 191 254 289 284 288 78 78 Gross lending IB 17,324 24,194 27,547 30,852 33,320 27,547 29,302 Additions 6,870 3,353 3,306 2,468 1,999 1,756 445 Gross lending UB 24,194 27,547 30,852 33,320 35,319 29,302 29,747 Lending growth 40% 14% 12% 8% 6% 19% 16% Deposits IB 11,581 12,953 16,703 18,540 19,838 16,703 16,696 Additions 1,372 3,750 1,837 1,298 1,190-7 1,803 Deposits UB 12,953 16,703 18,540 19,838 21,028 16,696 18,499 Deposit growth 12% 29% 11% 7% 6% 7% 12% Deposits to loans ratio % 54% 61% 60% 60% 60% 57% 62% 17% 15% C/I 62% 58% 53% 50% 49% 51% 49% Cross-selling to general insurance retail customers - Not traditional bancassurance - 46% of bank customers are insurance customers Cost-effective - Multi-channel distribution - Scalable model Supports 15% RoE target Source: Gjensidige, Fondsfinans research 12

Investments Average performer, defensive portfolio INVESTMENTS Investment portfolio Hedge funds 4 % Real estate 11 % Other 3 % Bonds held to maturity 32 % Equities 7 % Money market 17 % Current and other bonds 26 % Gjensidige s 5-year average investment return of 4.0% represents the median compared to Nordic peers 0.9% return in 1Q15 - Write-down of oil service related P/E portfolio Return per asset class 2012 2013 2014 2015E 2016E 2017E Equities 7.3 % 4.2 % 9.4 % 10.7 % 6.0 % 6.0 % Associated 9.2 % 9.7 % Money market 2.6 % 1.8 % 2.2 % 1.3 % 1.6 % 2.0 % Current bonds 5.6 % 1.4 % 1.4 % 0.3 % 2.0 % 2.1 % Bonds held to maturity 5.0 % 4.9 % 4.5 % 4.1 % 3.9 % 3.7 % Real estate 4.7 % 5.8 % 9.4 % 6.3 % 6.2 % 6.0 % Hedge fund and other 17.9 % 20.8 % 14.9 % 0.0 % 11.8 % 11.8 % Total 5.5 % 4.4 % 4.1 % 3.2 % 3.7 % 3.8 % We expect 0.6% return in 2Q15 - Weak bond market - Flat stock market Source: Gjensidige, Protector Forsikring, Fondsfinans research 13

A pricey low risk investment SUMMARY Key numbers NOKm 2014 2015E 2016E 2017E 1Q15 2Q15E Private Norw ay 1,624 1,565 1,523 1,444 302 464 Commercial Norw ay 1,160 970 919 820 163 276 Other 78 66 22-23 -49 66 Underw riting result 2,862 2,600 2,465 2,241 416 807 Combined ratio 85.9 % 87.3 % 88.6 % 89.3 % 90.5 % 84.2 % Pension and savings 43 85 113 136 21 23 Online retail banking 254 289 284 334 78 78 Investments 2,427 1,802 2,216 2,345 521 370 Other -187-194 -194-194 -49-49 Pre tax profit 5,400 4,582 4,883 4,862 987 1,229 Tax 1,210 1,070 2,157 1,118 239 284 Net profit 4,190 3,513 2,726 3,744 748 946 EPS 8.4 7.0 5.5 7.5 1.50 1.89 DPS 9.90 6.18 5.02 6.06 P/E 14.9 18.1 23.3 17.0 Dividend yield % 7.9 % 4.9 % 3.9 % 4.8 % ROE 17.5 % 16.1 % 12.3 % 15.5 % P/B 2.88 2.88 2.85 2.44 Gjensidige is a safe haven when falling oil price creates waves in the Norwegian stock market In 2015 underwriting results in general insurance are expected to be a larger contributor to profit than returns from the relatively low-risk investment portfolio A low cost multi-channel distribution model is in our view a key success factor for Gjensidige We base our NOK 122 target price on a sustainable RoE of 15% Source: Gjensidige, Fondsfinans research 14

Balance sheet ESTIMATES NOKm 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E ASSETS Intangibles 1,508 2,581 3,576 3,391 3,700 3,943 3,943 3,943 3,943 Investments in associates 3,783 4,276 4,533 5,036 4,772 44 44 44 44 Investment in properties 5,510 5,900 5,248 4,627 4,644 6,104 6,401 6,840 7,286 Other 1,445 2,213 516 258 543 679 679 679 679 Non-current assets 12,246 14,969 13,874 13,311 13,660 10,769 11,066 11,506 11,951 Shares, bonds and similar 23,291 23,209 24,316 24,532 28,641 31,719 33,761 34,814 35,983 Bonds held to maturity 15,816 14,498 11,693 9,264 5,211 2,956 3,210 3,277 3,347 Loans and other receivables 13,350 19,538 24,457 32,397 42,692 46,970 50,275 52,743 54,742 Receivables related to operations/reinsurance 3,436 3,927 3,791 4,113 4,291 4,630 4,630 4,630 4,630 Cash and cash equivalents 3,104 2,890 3,513 2,332 2,729 2,404 1,101 908 4,816 Other 3,627 5,076 6,902 8,260 11,722 14,535 14,535 14,535 14,535 Financial assets 62,623 69,138 74,673 80,896 95,287 103,213 107,512 110,906 118,053 TOTAL ASSETS 74,869 84,107 88,547 94,207 108,946 113,982 118,579 122,412 130,004 EQUITY AND LIABILITIES Share capital 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Other equity 21,005 22,138 22,283 24,618 25,288 20,657 21,077 21,296 25,054 Equity 22,005 23,138 23,283 25,618 26,288 21,657 22,077 22,296 26,054 Provision for unearned premiums 7,672 9,078 9,531 10,142 11,049 11,945 12,383 12,760 13,158 Claims provision 25,857 28,339 29,962 29,562 31,750 32,927 34,135 35,175 36,272 Pension liabilities 774 705 952 138 164 590 590 590 590 Other 214 258 302 271 250 416 416 416 416 Provision for liabilities 34,517 38,380 40,746 40,112 43,213 45,878 47,524 48,941 50,436 Deposits from and liabilites to customers 6,550 9,120 9,776 11,580 14,938 16,703 18,540 19,838 21,028 Interest bearing liabilities 4,916 5,255 5,263 5,356 9,772 9,543 10,330 11,181 12,103 Other 6,881 8,213 9,477 11,541 14,736 20,201 20,108 20,156 20,383 Financial liabilites 18,347 22,588 24,517 28,477 39,446 46,447 48,978 51,175 53,515 Source: Gjensidige, Fondsfinans research 15 TOTAL LIABILITES AND EQUITY 74,869 84,107 88,547 94,207 108,946 113,982 118,579 122,412 130,004

We rate Gjensidige LOW risk RISK ASSESSMENT Catastrophes, including natural disasters and terrorist-related events, may cause Gjensidige to incur substantial losses. The risk is reduced through reinsurance and the Natural Perils Pool in Norway Gjensidige derives a significant portion of its income from financial assets. Fluctuations in the fixed income, equity and the property markets may have significant adverse effect on results and financial position The EU has introduced a new regime governing solvency margins and provisions for insurance companies, the effect of which is still uncertain. The main political risk factor currently is, however, introduction of higher national requirements than EU s minimum 16

Share information Share data Share data Sector Financials Bloomberg GJF NO Risk rating Low Outstanding shares mill 500 Market cap 63 500 Free float 38 % Average volume 574 High/low 52w 140/102 Weight OSEBX 3.1 % Rel. Perf 3/6/12-6/-4/-2 Abs. Perf. 3/6/12-5/1/0 Shareholders Name Shares (mill.) % Gjensidigestiftelsen 311m 62.2 % Folketrygdfondet 24m 4.8 % Deutche Bank 20m 3.9 % BlackRock 7m 1.3 % Danske Bank 6m 1.2 % Thornburg Investment Mgt 5m 1.0 % State Street Corp. 5m 1.0 % Safe Investment Company 5m 0.9 % DNB 4m 0.8 % UBS 4m 0.7 % Other 111m 22.2 % Total 500m 100.0 % The Gjensidige Foundation is a protection against unfriendly takeovers Its share of ordinary dividends is distributed to policyholders in Gjensidige (15% of premiums in 2014) Source: Bloomberg, Oslo Børs VPS, Fondsfinans research 17

Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 20%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -20% to +20%. Sell Low risk: min -5%. Medium risk: min -10%. High risk: min -20%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of 16.06.15: Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy 40 65 % Buy 1 3 % Neutral 10 16 % Neutral 1 10 % Sell 12 19 % Sell 0 0 % Total 62 100 % Total 2 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has not been changed from NEUTRAL. The previous recommendation was issued 07.05.15 Ownership per 22.06.15 in Gjensidige ASA: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 11.180, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries):. 3198, corresponding to 0% of the company share capital Fondsfinans may hold shares in Gjensidige ASA as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. Fondsfinans does not act as market maker in Gjensidige ASA. Fondsfinans has not acted as corporate adviser, lead manager in IPO etc. during the past 12 months. This report was issued and distributed 01.07.15. 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