THIS ANNOUNCEMENT MAY NOT BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, OR TO OR FOR THE BENEFIT OF U.S. PERSONS OR INTO ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO.

CHESNARA plc

("Chesnara" or "the Company")

02 February 2022

LEI Number: 213800VFRMBRTSZ3SJ06

SUCCESSFUL PRICING OF £200m INAUGURAL TIER 2 SUBORDINATED NOTES ISSUANCE

Chesnara plc ("Chesnara"), the UK and European life insurance consolidator, today announces the successful pricing of its inaugural debt capital markets issuance of £200 million Tier 2 Subordinated Notes (the "Notes"). The net proceeds of the Notes will be used for general corporate purposes, including investments and acquisitions.

The Notes are expected to be admitted to the Official List of Euronext Dublin and to trading on the Global Exchange Market of Euronext Dublin and are rated BBB- by Fitch Ratings with a stable outlook.  The Notes will have a 10.5 year maturity, have a coupon of 4.75%, and are expected to be recognised as Tier 2 Capital in the Group's regulatory capital.

Steve Murray, CEO of Chesnara, said: "We are delighted with the level of investor interest in Chesnara's first notes issuance. The financing will be utilised primarily to provide financial flexibility and accelerate our growth strategy including the delivery of value from future acquisitions, while also underpinning, and diversifying our group's capital structure.

"The Notes represent an important milestone for Chesnara in enhancing our Group's financing capabilities which will leave Chesnara well positioned to pursue further growth opportunities."

Ends

For further information please contact:

Roddy Watt

Director, Capital Markets

FWD

Forward thinking communications

T   -    020 7280 0651  

E   -    [email protected] 

Notes to Editors

Chesnara is a life and pensions company listed on the London Stock Exchange.  It administers approximately 900,000 policies and operates as Countrywide Assured in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden.

Following a three-pillar strategy, Chesnara's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden and the Netherlands and by undertaking value-adding acquisitions of either companies or portfolios.

Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 17 years in succession.

Further details are available on the Company's website (www.chesnara.co.uk).

IMPORTANT INFORMATION

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold or delivered within the United States except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act.

This communication is only being distributed in the United Kingdom to persons who are persons falling within Article 19(5) ("Investment professional") or Article 49(2) (a) to (d) ("high net worth companies, unincorporated associations etc.") of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or to whom this communication may otherwise be lawfully distributed (all such persons together being referred to as "relevant persons"). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

UK MiFIR professionals/ECPs-only / No EEA or UK PRIIPS KID - Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.

This communication is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. 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 announcement comes are required to inform themselves about and to observe any such restrictions.

Credit ratings referred to in this communication should not be taken as recommendations by a rating agency to buy, sell or hold Notes. They may be revised, suspended or withdrawn at any time by the relevant rating agency.