Storebrand Capital Markets Day November 26, 2014

Important information: This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group s control. As a result, the Storebrand Group s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward looking statements contained in this document or any other forward-looking statements it may make. 2

Agenda Solid, profitable business, well-positioned for capital efficient growth Executing on business transformation towards enhanced quality of earnings Commercial strategy - individual customer opportunity in growing pension market Growing a sustainable and profitable asset management business

Detailed agenda Solid, profitable business, well-positioned for capital efficient growth CEO Odd Arild Grefstad 09:00-09:45 Executing on business transformation towards enhanced quality of earnings CFO Lars Aa Løddesøl 09:45-10:30 Coffee break 10:30-10:45 Commercial strategy - individual customer opportunity in growing pension market CCO Robin Kamark 10:45-11:15 Growing a sustainable and profitable asset management business EVP Savings Staffan Hansén 11:15-11:45 Q&A 11:45-12:15 Lunch 12:15-12:45 One-to-one meetings with management 12:45-16:00 4

Solid, profitable business, well-positioned for capital efficient growth Odd Arild Grefstad CEO Storebrand Capital Markets Day November 26, 2014 5

The Storebrand Group Leading Nordic Life and Pension provider 40 000 corporate customers 1.9 million individuals with pensions in Storebrand NOK 94 bn in Unit Linked reserves NOK 257 bn in Guaranteed reserves 100% of investments assessed by sustainability criteria Supported by: Asset Management Insurance Bank NOK 503 billion in assets under management NOK 3.7 bn in written Premiums Direct retail bank NOK 29 bn in net lending 6

Solid, profitable business with capital efficient growth Group result Assets under Management 2 1,245 362 883 Net profit sharing and loan losses Result before profit sharing and loan losses Non-recurring items 1,612 158 1,454 1,279 1,570-291 1,960 441 1,714-195 2,935 416 2,242 277 MNOK 2,110 63 2,047 2009 2010 2011 2012 2013 Q3 2014 600 500 400 300 200 100 - BNOK 2009 2010 2011 2012 2013 3Q 2014 Solvency margin 1 176% 182% 170% 164% 161% 162% 2009 2010 2011 2012 2013 3Q 2014 Customer funds in unit linked 3 BNOK 100 90 80 70 60 50 40 30 20 2009 2010 2011 2012 2013 3Q 2014 7 1 Storebrand Life Group 2 Total funds under Management 3 Includes customer funds in DC and UL for Storebrand Life Insurance and SPP

Current Financial Targets Target 2012 2013 3Q 2014 RoE >10% 7.5% 12,1% 10.5% Solvency I Margin >150% 162% 176% 182% Dividend >35% - - - Rating Life Group A A- A- A- 8

Strategic business transformation continues - Key factors that shape our financial landscape Illustrative A Income Savings and Insurance We grow our income in capital efficient savings and insurance.. B at the same time income from the guaranteed back book is in decline Income Guaranteed pensions C...and cost control will be essential for result generation Operational cost D But, first priority short term is the transition into a new economic capital based solvency II regime Capital requirement 9

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 10

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Several important regulatory changes Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 11

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised but most are behind us Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 12

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Solvency II well above regulatory minimum 1 125% [125-150%] Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% 3Q 2014 2016e Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 13 1 Estimated solvency II level using standard model and transition rules. See Page 43 for further descriptions

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Dividend policy "Dividend is intended to give shareholders a competitive return. Dividends to shareholders will normally be over 35 percent of full-year result after tax, but before amortization costs. Dividends shall be adjusted to ensure that the group has a proper capital structure." The Board confirms the dividend policy Capital structure: Solvency II target of minimum 130% Given the short time period before finalisation of Solvency II regulations, the low interest rate environment and the continued reserve strengthening for longevity, it is unlikely that the Board of Directors will propose a dividend for 2014 Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 14 1 Estimated solvency II level using standard model and transition rules. See Page 43 for further descriptions

Key takeaways Revised financial targets from 2015 Target Status Q3 2014 Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Return on equity (after tax) > 10% 10,3% After-tax dividend ratio Solvency II margin Storebrand Group > 35% > 130% - 125% Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Rating Storebrand Life Insurance A Level A- Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 15 1 Estimated solvency II level using standard model and transition rules. See Page 43 for further descriptions

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Strategy reiterated and reinforced Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 16

Strong Nordic macro environment and solid business fundamentals Solid market fundamentals Among Fastest Growth in Europe 1 Low Unemployment Rate 2 Sovereign Fiscal Capacity 3 Long Term Retail Savings Growth 4 6.8% growth in retail savings 5.5% growth in retail savings 0,0 1,5 3,0 4,5 0,0 5,0 10,0 15,0 (200) (100) 0 100 Source OECD, Statistics Norway, Statistics Sweden Back book challenges Attractive front book 4 3,5 3 2,5 2 1,5 1 0,5 0 NOK Swap 10y SEK Swap 10y Low interest rates Norwegian regulation and Solvency 2 implementation Unprofitable Paid-up policies portfolio increasing 54 2011 64 22% 85 94 2012 2013 3Q 2014 UL reserves Market leader in consolidated market Strong growth within profitable, capital light DC/UL Pension reform allows for increased DC/UL savings Large cross sales potential for Insurance and additional Savings products through work site marketing increasing 17 1 GDP CAGR 2013 15E 2 Unemployment rate 2015E 3 Government net financial liabilities as % of GDP 2013 4 Sector balances households

Transformation of the business model continues Solid market fundamentals Back book challenges Attractive front book Manage the guaranteed balance sheet Dual strategy reiterated and reinforced Continued growth in savings and insurance Capital optimization Risk reduction Retail customers Employees Corporate relation >130% Solvency II Margin Save for < retirement Product optimization Cost reduction 18 We work hard to reach our vision: Recommended by our customers

Balance sheet significantly improved - Key back book challenges: Low interest rates and paid up polices Capital optimization 27 BNOK transferred from guaranteed products DB public sector close down by 2015 Risk reduction Segmentation of portfolios Strong buffer capital Bonds at amortized cost portfolio Product optimization Price increases in guaranteed products Introduced new capital light pension solutions Corporate bank in run off >130% Solvency II Cost reduction 400 MNOK cost cut program to be completed by 2014 New cost/income target 60% 19

BNOK Managing the guaranteed business in a low interest rate environment Low interest rates mitigated by building of buffer capital Interest rates at historic low levels 4 3,5 3 2,5 2 1,5 1 0,5 0 31.12.2013 31.03.2014 30.06.2014 30.09.2014 NOK Swap 10y SEK Swap 10y mitigated by strong customer buffers in Sweden and 15,0% 12,4% 2010 Q3 2014 Conditional bonuses strong customer buffers in Norway 10,8% 2,5% 2,3% 5,0% 3,4% 6,0% 1,2% 0,4% 2010 Q3 2014 Additional statutory reserves Market value adjustment reserves Excess value bonds at amortized costs and risk management based on careful portfolio segmentation Sweden: Mark to market of assets and liabilities Asset liability matching 6% Alternative investments 82% Bonds 12% Equities Asset allocation SPP guaranteed products pr 30.09.2014 Norway: build up of hold to maturity portfolio and more sophisticated segmentation 10.1 Hold to maturity bonds (excess value) YTM in portfolio is 4.8% Average rating is above AA Average time to maturity is 6.5 year Surplus value 10.1 bn Looking ahead: interest rate guarantees are reduced and non guaranteed products higher proportion of balance sheet 1 27,0% 2014 45,0% 2020e 20 1 Non-guaranteed business in life group

Capital efficient growth delivered Unit Linked business Asset management 54 64 +22,3% 85 94 BNOK UL reserves 414 442 +7,3% 487 503 AuM BNOK 2011 2012 2013 Q3 2014 2011 2012 2013 3Q 2014 Insurance Save for retirement Retail loans +3,7% 2 546 +9,2% 2 707 3 034 2 313 MNOK Premiums 22,0 23,7 23,9 24,3 BNOK balance 2011 2012 2013 Q3 2014 2011 2012 2013 Q3 2014 21 1 All growth figures in CAGR

Continued growth in savings and insurance 1 Maintain market leader role in growing occupational pensions market (B2B) 2 Give advice that add value for employees and corporate customers (B2B2C) Accelerate growth in savings and insurance 3 Retail customers 2 Employees 1 Corporate relation Save for < retirement 3 Use customer driven data to leverage retail distribution at low marginal cost (B2C) 22

1 Maintain market leader role in growing occupational pensions market - Storebrand is traditionally a customer centric B2B company 1 Corporate relation Norway market leader defined contribution (private sector) 1 Sweden growing in defined contribution (private sector) 2 30,8% 27,5% 16,6% 16,9% 15,9% 15,5% 12,3% 8,8% 8,5% 8,3% Storebrand DNB Nordea Gjensidige Spareb. 1 Länsförs. SEB Trygg Skandia SPP Avanza Storebrand with clear value proposition in the corporate market We want to be recommended by our customers Unique Nordic pension competence Sustainable offering adds value for customers Best customer service for Norwegian corporates >20 employees 2004-2014 3 Norwegian fund selector of the year 8 analysts, 90 indicators, 2400 companies All assets screened given a sustainability score 23 1 FNO. Gross premiums defined contribution with and without investment choice. Q2 2014 2 Swedish Insurance. Segment Unit Linked pensions 'Other occupational pensions' Q3 2014

BNOK MNOK 2 Give advice that add value for employees and corporate customers 2 Employees Why are individuals becoming even more important? Swedish employees mostly choose provider of occupational pension Public PPM system Norwegian employees have UL capital certificates 1 60 40 and the opportunity to convert to UL paid up polices w/ investment choice ~600 Unionised occupational pensions Private occupational pensions 20 0 2014 2016 2018 2020 2022 Defined contribution Capital certificates 6th week MNOK 600 converted in first six week since launch of product Individual customers demand more tailored information Pension providers need to inform employees together with the B2B customer ~ 400.000 B2B occupational pension customers has given Storebrand permission to enlist 400,000 employees in the employee loyalty program activity level towards employees significantly increased 2 Outgoing e-mails increased from 2 5 millions per year Increased outgoing calls from 22,000 to 100,000 430,000 incoming calls and level of digital maturity and customer centricity will be key levers to success 2 24 1 Storebrand's Norwegian Unit linked portfolio 2 Norwegian business

3 Use customer driven data to leverage distribution at low marginal cost 3 Retail customers Activity based sales and multichannel customer journeys.. has led to increasing result generation from individual and retail customers Employees with occupational pension scheme are our target segment Number of retail customers is growing 1 Share of result from retail are significant and will increase # in thousand # in thousand 1,900 229 +7% 238 246 ~25% 40 Corporate customers Individuals in Group pension schemes Jan-13 Jan-14 Strongest growth in P&C and long term savings Oct-14 2014 YTD Share of result before profit sharing and loan losses YTD (Q3) 2014 25 1 Retail customers Norway

3 But we need to do more to become a true digital customer centric organisation 1 2 Corporate relation Employees 3 Retail customers A Clear vision and defined goals We work hard to reach our vision (2012): Recommended by our customers Customer promises and USPs Customer centric culture B Design an operating model that starts with the customer New group organisation (2013) Designed based on customer journeys Activity based sales and Multi channel customer journeys Two speed IT C Build feedback loops that enable improvement of operating model and culture Net promoter score Lean Loyalty economics 26 Current level Aspired level 2017

Key takeaways Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 27 27

Executing on business transformation towards enhanced quality of earnings CFO Lars Aa Løddesøl Storebrand Capital Markets Day November 26, 2014 29

Key takeaways 1 Historical performance Good financial returns in a period of strong transformation of the business 2 Transition to non-guaranteed business Unit linked annual growth of 22% since 2011 3 Solvency II Well prepared for solvency II Estimated solvency II ratio 125-150% in 2016 4 Delivering on cost reduction target and plans ahead Announced cost cutting initiatives delivered Measured on C/I basis going forward 6 Financial targets and dividend policy 30 Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130%

A solid and profitable company Group result MNOK Solvency margin Storebrand Life Group MNOK 2.935 170% 164% 161% 162% 1 176% 182% 1.960 2.110 54,102 61,904 1.245 1.612 1.279 35,321 42,710 40,109 46,860 2009 2010 2011 2012 2013 3Q14 2009 2010 2011 2012 2013 3Q14 Solidity capital Solvency margin 1 Based on changed methodology as noted in stock exchange notification dated 25 June 2012 31

NOK mil Strong results, improved quality of earnings but profitability under pressure Result before amortization 2,935 416 2,110 1,245 1,612 158 1,279 1,960 441 2,242 333 Exiting public sector Defined Benefit Exiting Corporate Banking 362 883 1,454 1,570 1,714 277 2,047 Lower interest rates Reduction in profitable Defined Benefit Norway -291-195 -270 2009 2010 2011 2012 2013 Q3 2014 Net profit sharing and loan losses Result before profit sharing and loan losses Non-recurring items Provision longevity 32

Group equity and capital structure Group equity Group capital structure 2 Tangible equity increased by 57% 2010-3Q14, intangible equity written down according to plan Improved leverage ratio 30.184 31.225 26.023 26.273 27.250 18.417 18.777 20.175 22.775 23.618 18.417 (71%) 18.777 (71%) 20.175 (74%) 22.775 (75%) 23.618 (76%) 11.610 (63%) 12.254 (65%) 14.079 (70%) 16.788 (74%) 18.190 (77%) 6.807 (37%) 6.523 (35%) 6.096 (30%) 5.987 (26%) 5.428 (23%) 7.606 (29%) 2.898 7.496 (29%) 3.544 7.075 (26%) 3.493 7.409 (25%) 3.476 7.607 3.445 (24%) 2010 2011 2012 2013 3Q14 2010 2011 2012 2013 3Q14 Tangible equity Intangible equity 1 Equity Subordinated liabilities Senior bonds issued by Storebrand ASA 3 33 1 Intangible equity: Brand names, IT systems, customer lists and Value of business-in-force (VIF), and goodwill. VIF and goodwill mainly from acquisition of SPP. 2 Specification of subordinated liabilities: - Hybrid tier 1 capital, Storebrand Bank ASA and Storebrand Livsforsikring AS - Perpetual subordinated loan capital, Storebrand Livsforsikring AS - Date subordinated loan capital, Storebrand Bank ASA and Storebrand Livsforsikring AS 3 Senior debt in holding company shown in separate column as it is not part of group capital.

Return on equity RoE Comments 8,0% 11,0% 8,0% 12,0% 10,5% Target >10 % RoE target : 10% after tax, adjusted for amortization Decreasing interest rates have given strong returns and strong RoE in 2013 and 2014 6,0% Increase in equity capital Lower interest rates and transition from guaranteed to non-guaranteed puts pressure on RoE into 2015 2009 2010 2011 2012 2013 3Q14 (annualized) 34

NOK mil Reporting structure reflects different business characteristics Result before amortization Three main segments with close links between value drivers and reported results Transition towards Savings and Insurance 2 935 119 3% 4% 6% 1 960 62 1 376 2 110 135 61% 47% 40% 847 1 193 774 516 21% 26% 24% 417 288 670 612 15% 23% 29% 2012 2013 3Q14 2012 2013 3Q14 Other Guaranteed pension Insurance Savings - non-guaranteed 36

Considerable differences in financial and business drivers between Guaranteed and UL Guaranteed Product characteristics: Interest rate guarantees Partly profit sharing Risk dependent on interest rates Market dynamics: Long term run off Low competition and price sensitivity Strategic response: Maintenance of legacy system at lowest cost Reduce risk through ALM and building customer buffers Separate business unit Non-guaranteed Product characteristics: Fee based Unit Linked products Low risk for provider Market dynamics: New sales and growth Strong competition Market becoming more individualized Strategic response: Premium growth through new sales, up sale, cross sell Product development Marginal cost close to zero Status 37

Retail CONVERSION Retail PREMIUM INCOME Occupational Occupational Life & Pensions Norway - balance sheet dynamics Guaranteed Non-guaranteed PREMIUM INCOME PREMIUM INCOME Defined Benefit Defined Contribution Profitability 1 Profitability 1 Capital intensity 2 Capital intensity 2 70 Reserves (NOK bn) 22 Reserves (NOK bn) CONVERSION CONVERSION DB Paid-up policies Unit Linked (Individual) Profitability 1 Capital intensity 2 Profitability 1 Capital intensity 2 91 Reserves (NOK bn) 16 Reserves (NOK bn) 1 Indication of income margin on reserves, from low (<0,5%; ) to high (>1,50%; ) 38 2 Indication of economic Solvency II capital requirements, from low (~0%; ) to high (12-20%; )

Life & Pensions Sweden - profitability characteristics Guaranteed Defined Benefit Profitability 1 Capital intensity 2 DC Guaranteed Profitability 1 Capital intensity 2 Non-guaranteed Unit Linked Sweden Profitability 1 Capital intensity 2 42 Reserves (SEK bn) 44 Reserves (SEK bn) 62 Reserves (SEK bn) Fee based adm.result Risk result Indexation fees Closed for new sales Fee based adm.result Risk result Profit sharing of financial result: 10 % profit split if return above guarantee Low profit sharing because of low interest rate environment Fee based adm.result Risk result High growth 1 Indication of income margin on reserves, from low (<0,5%; ) to high (>1,50%; ) 39 2 Indication of economic Solvency II capital requirements, from low (~0%; ) to high (12-20%; )

From guaranteed to non-guaranteed pension savings Premium income Storebrand Life Insurance SBL 1 10 000 8 000 6 000 4 000 MNOK Share of reserve distributed by age of policy-holder 4,0 % 3,5 % 3,0 % 2,5 % Guaranteed Non-guaranteed 2 000 0 Guaranteed Non-guaranteed 2010 2011 2012 2013 2014 (rolling) 2,0 % 1,5 % 1,0 % 0,5 % 0,0 % Age 22 32 42 52 62 72 82 92 102 Premium income SPP Life Insurance SPP 2 MSEK Guaranteed Non-guaranteed 6 000 6,00% 5,00% 4 000 4,00% 2 000 3,00% 2,00% 0 Guaranteed Non-guaranteed 1,00% 2010 2011 2012 2013 2014 (rolling) 0,00% 1 13 23 33 43 53 63 73 83 93 103 40 1 Guaranteed: Defined Benefit and Storebrand paid-up policies. Non-guaranteed: Defined Contribution and Unit Linked Individual. 2 Guaranteed: SPP Guaranteed Products. Non-guaranteed: Unit Linked Sweden.

Long term balance sheet shift ILLUSTRATION Reserves BNOK 500 450 "Good guaranteed" "Bad guaranteed" Non-guaranteed "Medium guaranteed" Total 400 350 300 250 200 150 100 50 0 2012 2014 2016 2018 2020 2022 2024 41 Non-guaranteed: Unit Linked Norway and Sweden "Good guaranteed:" Defined Benefit Norway "Medium guaranteed:" SPP Guaranteed products and Individual Norway "Bad guaranteed:" Paid-up policies

Storebrand ahead of Solvency II Economic Solvency position 3Q 2014 1 Comments 33 5 6 26 Estimated SII ratio at implementation 2016: 125% - 150% 1 Calculated effect from transitional rules over 20%-points 7 15 Available capital 2014 28-1 SCR 2014 Estimated effect of own measures 10% Retained earnings Product improvements Reserving for longevity in excess of risk free rate Development on products Transfer of reserves from DB to paidup policies Conversion from guaranteed to nonguaranteed business SII target: 130% Transitional rules Reconciliation reserve Sub debt Equity 1 Including transitional rules 43 1 Economic solvency position is calculated using the current Storebrand implementation of the Solvency II Standard model. Output is sensitive to changes in the Solvency II final rules, changes in financial markets, development of reserves and improvements of the calculation framework in the economic capital model.

Solvency II projection and sensitivities Economic Solvency position* Sensitivities 180% Target SII margin 1.1.2016 =130% 170% Expected economic SII-margin 2016 125% to 150% 160% 150% Interest rates -50bp -10% to -15% 140% Interest rates +50 bp +15% to 20% 130% 120% Equity -25% -12% to-18% 110% 100% Q3 2014 Q4 2014 Q4 2015 Q4 2016 Q4 2017 10 bn conversion to paid-up policies** -5% to -7% Sensitivities show expected Economic Solvency II position in 2016, given different outcomes in the financial markets and development in reserves. 44 *Economic solvency position is calculated using the current Storebrand implementation of the Solvency II Standard model. Output is sensitive to changes in the Solvency II final rules, changes in financial markets, development of reserves and improvements of the calculation framework in the economic capital model. ** In addition to 8 bn included in the projection 44

Product break-down - capial requirements and interest rate sensitivities Capital requirements per product group Reserves (NOK bn) Earnings YTD 3Q14 (NOK mil) Economic Solvency II Capital requirements Unit Linked 94 612-1% to 2% Guaranteed 1 257 847 n/a - "Good guaranteed" 70 431 ~ 0% - "Medium guaranteed" 97 537 5% to 10% - "Bad guaranteed" 91-121 12% - 20% Interest rate sensitivities New paid-up policies are "less bad" 26% 15% 59% The chart shows which products that contribute to the change in own funds and SCR after a 50bps fall in the yield curve Lower interest rate guarantee Lower longevity reserve strengthening need Bad guaranteed Good guaranteed Medium guaranteed 45 1 "Good guaranteed:" Defined Benefit Norway "Medium guaranteed:" SPP Guaranteed products and Individual Norway "Bad guaranteed:" Paid-up policies

NOK mil NOK mil Storebrand will achieve target of NOK 3,5 bn cost base in 2014 Cost base reduction 1 3 881 Comments 14 percent targeted real cost reduction 2012-14 (10 percent nominal) 3 605 3 500 Workforce in Norway and Sweden reduced by ~220 full time equivalents (since Q3 2012) Baltic share of workforce increased from 9 % to 15 % 2012 2013 2014 target 2 AuM per full time equivalent increased by 28 % Accumulated run-rate (annual effects) Workforce reduction 500 258 AuM/FTE (NOK mil) 400 349 202 300 200 100 Goal Reached FTEs 2 252 9% 91% 2 154 15% 85% Baltic Norway and Sweden 47 0 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 3Q12 1 2012: Actual operating costs adjusted for restructuring costs (195 NOK mil). 2013: Actual operating costs adjusted for effects of changes in own pension scheme and restructuring costs (total 277 NOK mil.) 2 3,5 bn cost target excludes negative effect of changed exchange rate 2012-2014 (approx. 75 NOK mil) Q4-14 3Q14

Breakdown of cost reduction measures Completed 3Q14 20 % 16 % 14 % 12 % To be completed 4Q14 19 % 7 % 12 % Baseline It, web and digitalization efforts Offshoring Discontinuation of Public DB Overhead reduction Other savings Complete IT conversion bank Other savings 2014 targeted cost base 48

Going forward, continued cost control through C/I focus Cost control 2015-17 New efficiency target: Cost/Income 1 Full year effect from cost cut program in 2015 70% 61% 60% Additional efficiency measures under implementation Part of medium-term cost reductions will be invested in new business and growth, e.g. 'Akademikerne' insurance contract: 2012 2013 E2014 2015-17 Group cost/income target 2015-17: 60 % 49 1 Cost/Income ratio: Operating costs / (Fee- and adm.income + net risk result life & pensions + premiums f.o.a. claims f.o.a.). Adjustments 2012: Operating costs adjusted for restructuring costs (181 NOK mil). Adjustments 2013: Operating costs adjusted for positive effect from change in own pension scheme (352 NOK mil).

Current financial targets Target Status Q3 2014 Return on equity (after tax) > 10 % 10.5% After-tax dividend ratio > 35 % n/a Solvency margin Storebrand Life Group > 150 % 182 % Rating Storebrand Life Insurance A-level A- 51

Revised financial targets Target Status Q3 2014 Return on equity (after tax) > 10 % 10.5% After-tax dividend ratio > 35 % n/a Solvency II margin Storebrand Group (revised) > 130 % 125 % Rating Storebrand Life Insurance A-level A- 52

Dividend policy "Dividend is intended to give shareholders a competitive return. Dividends to shareholders will normally be over 35 percent of fullyear result after tax, but before amortization costs. Dividends shall be adjusted to ensure that the group has a proper capital structure." The Board confirms the dividend policy Capital structure: Solvency II target of minimum 130% Given the short time period before finalisation of Solvency II regulations, the low interest rate environment and the continued reserve strengthening for longevity, it is unlikely that the Board of Directors will propose a dividend for 2014 53

Commercial strategy - individual customer opportunity in growing pension market CCO Robin Kamark Storebrand Capital Markets Day November 26, 2014

Key takeaways Our ambitions Market leader occupational pension Top three customer satisfaction (NPS) Strong growth in retail savings and insurance Reduced unit cost 56

Strategy reiterated and reinforced - Continued growth in savings and insurance We work hard to reach our vision: Recommended by our customers Manage the guaranteed balance sheet Continued growth in savings and insurance Capital optimization Risk reduction Retail customers Employees Corporate relation >130% Solvency II Save for < retirement Product optimization Cost reduction 57

Attractive and growing Nordic occupational pensions market Corporate relation Save for < retirement Assets under Management in private sector Norway* Defined contribution Defined benefit Paid-up policies (from DB) BNOK Assets under Management Life insurance Sweden private sector** BSEK Unit linked Guaranteed 2 890 3 113 389 70 +8% 427 95 453 108 2 654 636 750 873 154 152 147 2 018 2 140 2 240 166 180 198 2012 2013 1H 2014 2012 2013 1H 2014 58 Source: * FNO market share life insurance insurance reserves (table 3a and 3b) ** Insurance Sweden

Storebrand is the market leader in the Norwegian defined contribution market Corporate relation Save for < retirement Norway - Market share UL defined contribution (private sector) 1 Sweden - UL defined contribution (private sector) 2 50 45 24 22 20 40 35 30 25 30,8 27,5 18 16 14 12 16,9 15,9 12,3 20 15 10 10 8 6 4 5 2 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 0 2010 2011 2012 2013 2014 Q3 Storebrand DNB Nordea Sparebank 1 Gjensidige Danica Frende KLP SHB Liv Länsförs. SEB Trygg Skandia Avanza Movestic Handelsbanken Swedbank Other SPP - konc. Danica 59 1 FNO. Gross premiums defined contribution with and without investment choice. Q2 2014 2 Swedish Insurance. Segment Unit Linked pensions 'Other occupational pensions' Q3 2014

Customers prefer defined contribution pensions Corporate relation Save for < retirement Guaranteed business - DB Non-guaranteed business - DC MSEK Sweden (SPP) 32% of written premiums in DB plans MSEK Sweden (SPP) 68% of written premiums in DC plans 3.172 2.928-11% 2.188 2.236 2.023 2.994 3.394 +7% 3.512 3.528 3.923 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Norway 18% of employees on DB plans Norway 82% of employees on DC plans # thousand # thousand 338-8% 303 Our transformation 287 267 246 +7% 1.060 985 Value 868 maximizing 877 run off Profitable growth 1.120 Status 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 60 Source: * FNO, Life insurance statistics ** Insurance Sweden

Annual pension savings as a % of salary Annual pension savings as a % of salary Increased saving rates provides a significant growth opportunity Corporate relation Save for < retirement Former defined contribution regulations Increased saving rates defined contribution 2-5% 2-7% 2-25,1% 18,1% 18,1% 2-8% 620.029 (7,1G 2 ) Salary 1.047.936 (12G) 620.029 (7,1G) Salary 1.047.936 (12G) Covered by public pension system 1 Occupational pension products 61 1 Employees pay 18,1% pension tax on all income 2 "G" is used in Norway as a basic unit for measuring pensions and 1G=87.328 3 New regulations: Additional savings optional between 0 and 1G, and new starting point for high savings moved from 6 to 7,1G

Storebrand experiences high interest for increased saving rates from customers Corporate relation Save for < retirement CMD March 2013 CMD October 2014 Contracts 57% 33% 10% Contracts 52% 35% 3% 10% Individuals 38% 40% 22% Individuals 34% 36% 27% 3% Annual premiums 16% 41% 43% Annual premiums 12% 33% 48% 7% Minimum savings (2%) Medium (other saving rates) Maximum savings (5%+3%) Minimum savings (2%) Medium (other saving rates) Former maximum saving rates (5%+3%) High savings (>5%+3%) 62 Source: Storebrand Former saving rates: 1-6 G: 2-5% 6-12 G: 2-8% New saving rates: 0/1-7,1G: 2-7% 7,1-12G: 2-25,1%

Corporate strategy building on strengths Corporate relation Save for < retirement B2B2C strategy Corporate segmentation model Requirements Segmentation by company size Multichannel distribution Offers tailored to company size, industry and requirements Size Customer value propositions Sales strategy Basic Specific industry needs Premium Storebrand Plus Storebrand Loyalty Program - digital version Corporate package: Basic Storebrand Plus Storebrand Loyalty Program - Employees Corporate saving Individual saving Corporate package: Craftsman Corporate e saving Storebrand Plus Storebrand Loyalty Program - Employees Individual saving Health Corporate package: Max Global insurance Develop and cross sales Recruiting Loyalty building Exit strategy 63

Customers requirements and rating Corporate relation Save for < retirement Perceptor customer survey * Storebrand #1 Norwegian Customer Survey* Average satisfaction Storebrand sales channel Investment return on pension funds 69 72 72 68 71 75 74 76 77 www Solutions and services for employees Pension competence 2012 2013 SME 2014 2012 2013 Broker 2014 2012 2013 2014 Large corporates Average satisfaction corporates with >20 employees Reputation and financial solidity 75 74 72 72 $ Value for money 70 69 Storebrand Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 64 Source: Perceptor customer survey, 2013 Norsk Kundebarometer, 2014, Norwegian Business School

Employees Our retail business logic is build on relations to individuals through occupational pension 1 Save for < retirement 40.000 new employees each year 450.000 employees in 25.000 business 40.000 new former employees each year 700.000 retirees and holders holders of pension certificates Storebrand Loyalty Programme Unit Link Insurance Asset mgmt Bank 65 1 Norwegian business

Employees Customer driven data insights and multi channel digital distribution - low marginal unit cost Save for < retirement Activity based sales Multichannel customer journey Digital solutions Worksite distribution Outgoing e-mails increased from 2 5 millions per year Increased outgoing calls from 22.000 to 100.000 430.000 incoming calls 6,7 million user sessions 66

PREMIUM INCOME Individuals are becoming even more important Employees Save for < retirement Reserves are getting individualised CONVERSION Key takeaways Public pension system being reformed last ten years. Transformation from DB to DC, gives increased individual awareness of own pension. * Pension UL capital certificates will constitute more than 50 per cent of defined contribution assets by 2020 Growth in pension UL capital certificates and defined contribution 60 50 40 30 20 10 0 2015 2016 2017 2018 2019 2020 2021 2022 Defined contribution UL Capital certificates Individuals must take responsibility for their own pension savings Market winners need to establish strong customer relationships with corporates and individuals 67 *of which 10 BNOK in pension UL capital certificates

CONVERSION The possibility to convert guaranteed policies to unit linked fuels growth Employees Save for < retirement Conversion from guaranteed paid-up policies to UL New digital solutions Paid-up policies portfolio 90 45 26 13 6 BNOK Customer advice Convert Contact us Not convert Key factors for customers to consider Total reserves paid-up-policies Reserves paid-up policies possible to convert 68 The risk cover embedded in the paid up polices and polices in pay out is not possible to convert. In addition, Storebrand does not advice customers above 60 years to convert their guaranteed paid up policy

Strong sales start for paid-up policies with investment choice Accumulated sales of paid-up policies with investment choice Key takeaways Employees Save for < retirement MNOK 602 Increase pension through higher expected return on investments 463 Retain purchasing power on your pension savings 253 349 Adjust your pension risk with time left until retirement 155 71 * Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Customer advice package approved by financial supervisory authorities Target to convert 5 BNOK by end of 2015 69 * Sales start 15.10.14

Our loyalty programmes build preference Employees Save for < retirement Storebrand Loyalty Program Loyalty program for employees helping companies to inform employees about their pension scheme Create understanding of individual choices and their consequence on pension Builds relationships to individuals through occupational pension Your Pension number Retail concept helping employees to get an overview over Expected pension savings How to collect pension agreements How to increase pension savings 70

Retail customers Retail strategy drives customer growth Save for < retirement Number of employees with Loyalty program 373 +14% 412 425 # in thousand Employees with loyalty program is our target customer group Companies with occupational pension are offered our loyalty program for their employees Jan-13 Jan-14 Oct-14 Target customer group are increasing Storebrand Loyalty Program Number of retail customers +7% # in thousand 229 22% 17% 238 23% 18% 246 25% 18% 24% growth in retail customer target group with loyalty program 62% 59% 57% Increasing growth rate in retail customers Jan-13 Jan-14 Oct-14 Storebrand Loyalty Program Former employees Other 71

Retail customers New deal with white collar workers in Norway step change in retail insurance market customer growth Save for < retirement The Federation of Norwegian Professional Associations Business opportunities Collective agreements ~200 MNOK Will increase insurance premiums for own account with about 5 per cent Potential individual agreements of ~200 MNOK in insurance premiums Each customer must be recruited separately Potential of 112.000 members 72 The Federation of Norwegian Professional Associations (Akademikerne) is the primary Norwegian organization dedicated to improving salary and working conditions for professionals with a higher education.

Capital efficient growth within UL, Insurance, AM and Bank Unit Linked business Asset management Retail customers Employee Corporate relation Save for < retirement 54 64 +22,3% 85 94 BNOK UL reserves 414 442 +7,3% 487 503 AuM BNOK 2011 2012 2013 Q3 2014 2011 2012 2013 30.09.2014 Insurance* Save for retirement Retail loans +3,7% 2 546 +9,2% 2 707 3 034 2 313 MNOK Premiums 22,0 23,7 23,9 24,3 BNOK balance 2011 2012 2013 Q3 2014 2011 2012 2013 Q3 2014 73

Key takeaways Our ambitions Market leader occupational pension Top three customer satisfaction (NPS) Strong growth in retail savings and insurance Reduced unit cost 74

Growing a sustainable and profitable asset management business EVP Savings Staffan Hansén Storebrand Capital Markets Day November 26, 2014

Storebrand Asset Management - asset gathering Guaranteed Unit Linked* 257 BNOK (-7) 76 BNOK (+7) Other / internal 63 BNOK (+5) Storebrand Asset Management 503 BNOK in AuM External 107 BNOK (+11) 76 *) Excluding external funds, 18 BNOK *) AuM numbers: In brackets change in AuM per Q3

Clear customer value proposition Clear fund strategy Best practice fund selection Norwegian fund selection team of the year Top client reporting Sustainability Niche competence Real estate AuM ~ NOK 32 bn Private equity AuM ~ NOK 9 bn 77

for both internal and external customers Guaranteed Unit Linked External External funds Investing guaranteed Investing Unit Link Investing External Long experience in investing guaranteed pension reserves Expertise on Norwegian and Swedish bond market Integrated reporting with pension company to allow "live" risk report Integrated group internal product development Life generations funds and product solutions Open fund platform Dedicated advisory team Integrated solutions with Storebrand Pension Services Best practice customer reporting 78 Assets Liabilities

Sustainability: Storebrand is at the forefront NORMBASED SCREENING Investment universe 3500 VALUEBASED SCREENING Sustainable operations Environmental Crime Human Rights Corruption Controversial Weapons Positioning for global trends Financial stability 79

Next step - sustainability scoring of mutual funds Sustainability rating on funds Sustainability scoring 8 analysts, 90 indicators, 2400 companies Implemented in Sweden in September, to be implemented in Norway early 2015 80

Strong growth record Assets under management (BNOK) 503 407 151 205 2000 2005 2010 2014 81

AuM and revenue dynamics changing AuM & Revenue mix AuM Revenue External Unit linked Other/ internal funds 21% 15% 13% 31% 22% Ambition: 10% annual increase in net revenues Increased savings rates boost asset growth 4% Guaranteed 51% 42% Long term outflows 2009 2010 2011 2012 2013 2014 Q3 82

External asset growth two examples External Closed pension funds Norway Large market 311BNOK AuM* Concentrated market Large contracts Our value proposition Only provider with full set up for: Asset management Actuarial services Administrative solutions Integrated system solutions Strong track record AuM Q3 23 8 Tenders won in 2014 31 E AuM YE External distribution via platforms Sweden Attractive distribution channel Low cost distribution with wide reach Asset gathering with low marginal cost Our value proposition Simplicity Value for money Sustainability Strong track record Net flow AuM +96% 2 239 2 884 2 611 5 647 2013 pr Q3 2014 pr Q3 *Pensjonskasseforeningen, 31.12.2013 83

Cost efficiency key in meeting margin pressure External focus Internal processes Straight through processing Automation Standardization Organization Marginal cost for growth in AuM close to Zero 84

and we are on track Staff 228-21% 195 180 Automated processes Offshoring of middle office functions to Storebrand Baltic 2012 2013 2014/09 Baltic Sweden Norway Cost* 543-14,2% 490 466 MNOK Successful execution of major cost reductions 2012 2013 Q3 14, 12 mth *) excl. performance related bonus & transition costs 85

Storebrand Asset Management in figures MNOK Revenue and cost * 900 800 700 600 500 400 300 Revenue 200 Cost 100 0 2008 2009 2010 2011 2012 2013 E2014 *) excl. transition costs bps 25 Margin * Revenue Cost Margin 20 15 10 5 Asset growth driven by increased sales and market development Re-focusing the business model has enabled cost reductions Revenue margin pressures met by lower cost margins Increased profit margin 0 2008 2009 2010 2011 2012 2013 E2014 * incl. fixed fee Delphi Global. * Excl. performance fee and performance bonus 86

Key takeaways Strong growth in external assets, ambition to increase net revenues by 10% annually Scalability and efficiency Marginal cost for growth in AuM -> close to zero Sustainability: Storebrand is at the forefront 87

Key takeaways Storebrand Capital Markets Day 2014 Reduced regulatory uncertainty Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised Well prepared for Solvency II 125 150% solvency margin expected at implementation of Solvency II in 2016 Financial targets Dividend policy linked to new solvency II target New solvency target from 2015: SII ratio above 130% Strategy reiterated and reinforced Manage the guaranteed balance sheet Accelerate the change in business mix towards non guaranteed savings and insurance Build a customer centric digital culture Continued cost control: C/I of 60% 89 89