Core Viewpoint - Ress Life Investments A/S (RLI) has agreed to divest most of its current life insurance portfolio to a market counterparty at a price corresponding to the Net Asset Value (NAV) of the portfolio [1] Group 1: Transaction Details - The objective of the transaction is to enable RLI to purchase new policies and capitalize on attractive opportunities in the secondary market for US life insurance policies while providing short-term liquidity [2] - The transaction will be completed in separate quarterly tranches until the end of Q3 2026, with pre-agreed prices for each tranche [3] - RLI will maintain a percentage of the policy pay-outs until the completion of the last tranche, with the percentage depending on the number of tranches completed at the time of the pay-out [3] Group 2: Strategic Implications - The transaction structure allows RLI to reinvest the proceeds and purchase new policies as each tranche sale completes during 2025 and 2026, without needing to maintain an excessive liquidity reserve [4] - RLI continues to pursue its long-term strategy of building a diversified and resilient portfolio of US life insurance policies, a strategy in place since 2011 [4]