Today, the Chairman Peter Thorsen has informed IC Group's Board of Directors that he will not seek re-election at the Company's Ordinary Annual General Meeting in September 2019.

At the same time, Peter Thorsen has communicated that Kirk & Thorsen Invest A/S intends to accept the pending offer from Friheden Invest A/S and sell all of its 373,855 shares in IC Group.

Peter Thorsen commented; "I was appointed as Chairman of the Board of Directors of IC Group in 2017 in order to head the new strategy process. During this period, the Group's operational platform has been decentralized in preparation for establishing the remaining brands as independent business units while the Group's HQ functions have gradually been downsized. Furthermore, IC Group has carried out a number of divestments, and today, the Group only owns Tiger of Sweden and By Malene Birger. Today, Friheden Invest A/S owns approx. 77% of the shares in IC Group and has submitted an offer to the market with the intention of increasing its ownership share further. Due to the development of IC Group, I have found it natural to inform that I will not seek re-election for the Board of Directors at the coming Ordinary Annual General Meeting."

The majority shareholder and board member Niels Martinsen commented; "I would like to thank Peter for his tremendous efforts in the transformation process of IC Group. Friheden Invest A/S wishes that Peter Thorsen after his resignation as Chairman of the listed Company continues to play a decisive role in the development of the Group's remaining brands."

IC Group A/S

Please direct any questions regarding this announcement to:

Peter Thorsen

Chairman of the Board of Directors

+45 40 70 06 76

This announcement is a translation from the Danish language. In the event of any discrepancybetween the Danish and English versions, the Danish version shall prevail.