Mandatum Life Insurance Company Limited to issue EUR 300 million Tier 2 notes

Press release, 30 August 2024 at 9:30 a.m. EEST

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR ANY OTHER JURISDICTION OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NOTES OR THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

Mandatum Life Insurance Company Limited, a subsidiary of Mandatum plc, will issue new subordinated Tier 2 notes in an aggregate principal amount of EUR 300 million. The notes have a 15.25-year tenor and mature in December 2039. The coupon to be paid is fixed 4.5 per cent until 4 December 2029 after which the rate of interest will be floating. Subject to certain conditions, the issuer has the right to redeem the notes after five years from the issue. Mandatum Life Insurance Company Limited will apply for the bond to be listed on the Global Exchange Market of Euronext Dublin.

"We are very pleased with the outcome of the arrangement - the bond issue received an excellent response from the market. Investor interest was strong, and the order book included orders worth over one billion euros from more than 120 Nordic and international investors. It is a sign of investors' broad confidence in Mandatum and its strategy, and a great continuation of the company's successful listing on the Helsinki Stock Exchange last fall," says Mandatum's CFOMatti Ahokas.

The Tier 2 notes further strengthen the solvency and improve the capital efficiency of the company. The proceeds shall be used for the redemption of the existing EUR 250 million Tier 2 notes due in 2049. Mandatum Life Insurance Company Limited announced on 19 August 2024 that it has published a notice to the noteholders regarding an early redemption of the notes on their first call date of 4 October 2024.

BofA Securities, Danske Bank and Nordea Bank acted as joint bookrunners in the issuance.

The final listing particulars of the notes will be available in English from 4 September 2024 on the company's webpagehttps://www.mandatum.fi/en/group/investors/financial-information/debt-instruments/.

Additional information

Investor enquiries:
Lotta Borgström
VP, Investor Relations
Tel. +358 50 022 1027
lotta.borgstrom[a]mandatum.fi

Media enquiries:
Niina Riihelä
SVP, Communications, brand and sustainability
Tel. +358 40 728 1548
niina.riihela[a]mandatum.fi

Mandatum in brief
Mandatum is a major financial services provider that combines expertise in wealth management and life insurance.Mandatum offers clients a wide array of services covering asset and wealth management, savings and investment, compensation and rewards as well as pension plans and personal risk insurance. Mandatum offers services to corporate, retail, institutional and wealth management clients.At the centre of Mandatum's success are highly skilled personnel, a strong brand as well as a proven investment track record.
mandatum.fi/en/group

Disclaimer

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States or any other jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein is for information only does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this communication comes are required to inform themselves about and to observe any such restrictions.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws.

This communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons in the United Kingdom who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), and (iii) other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). This communication may only be communicated to persons in the UK in circumstances where section 21(1) of the Financial Services and Markets Act 2000 (as amended) does not apply to Mandatum Life Insurance Company Limited. Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

The manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document has been prepared as the notes will not be available to retail investors in the European Economic Area or the UK.

The subscription or purchase of the notes may have been and may be subject to specific legal or regulatory restrictions in certain countries. Mandatum Life Insurance Company Limited assumes no responsibility for any violation by any person of these restrictions. The distribution of this announcement in certain jurisdictions may be restricted by law.