Storebrand ASA — Investor Presentation 2014

Nov 26, 2014

Storebrand Capital Markets Day November 26, 2014

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.

Agenda

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

Solid, profitable business, well-positioned for capital efficient growth

Odd Arild Grefstad CEO Storebrand Capital Markets Day November 26, 2014

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:

Solid, profitable business with capital efficient growth

¹ Storebrand Life Group

7

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

Strategic business transformation continues

• Key factors that shape our financial landscape

Illustrative

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%

• 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%

Reduced regulatory uncertainty

Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised

125–150% solvency margin expected at implementation of Solvency II in 2016

• 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%

Reduced regulatory uncertainty

Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised

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

• Dividend policy linked to new solvency II target

• New solvency target from 2015: SII ratio above 130%

• 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%

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

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%

• 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%

Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised

Revised financial targets from 2015
	Target	Status Q3 2014
Return on equity (after tax)	> 10%	10,3%
After-tax dividend ratio	> 35%	-
Solvency II margin Storebrand Group	> 130%	125%
Rating Storebrand Life Insurance	A Level	A-

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%

• 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%

Norwegian FSA's proposed permanent and transitional measures under solvency II to be finalised

125–150% solvency margin expected at implementation of Solvency II in 2016

• Dividend policy linked to new solvency II target

• New solvency target from 2015: SII ratio above 130%

• 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%

Strong Nordic macro environment and solid business fundamentals

• Norwegian regulation and Solvency 2 implementation

• Unprofitable Paid-up

• 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

¹GDP CAGR 2013–15E ²Unemployment rate 2015E

³Government net financial liabilities as % of GDP 2013 ⁴Sector balances households

Transformation of the business model continues

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

Managing the guaranteed business in a low interest rate environment

…and risk management based on careful portfolio segmentation

Capital efficient growth delivered

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)
• 3 Use customer driven data to leverage retail distribution at low marginal cost (B2C)

Maintain market leader role in growing occupational pensions market 1

• Storebrand is traditionally a customer centric B2B company

Storebrand with clear value proposition in the corporate market

…We want to be recommended by our customers

…Unique Nordic pension competence

Best customer service for Norwegian corporates >20 employees 2004-2014³

Norwegian fund selector of the year

companies

All assets screened given a sustainability score

¹ FNO. Gross premiums defined contribution with and without investment choice. Q2 2014 ²Swedish Insurance. Segment Unit Linked pensions 'Other occupational pensions' Q3 2014

Give advice that add value for employees and corporate customers 2

Why are individuals becoming even more important?

…Swedish employees mostly choose provider of occupational pension

Public PPM system

Unionised occupational pensions

Private occupational pensions

…Norwegian employees have UL capital

…and the opportunity to convert to UL paid up polices w/ investment choice

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 increased²

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 success²

Use customer driven data to leverage distribution at low marginal cost 3

…has led to increasing result generation from individual and retail customers

3 Retail customers

But we need to do more to become a true digital customer centric organisation 3

Clear vision and defined goals A

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%

• 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%

CFO Lars Aa Løddesøl

Storebrand Capital Markets Day November 26, 2014

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

Dividend policy linked to new solvency II target

New solvency target from 2015: SII ratio above 130%

A solid and profitable company

¹ Based on changed methodology as noted in stock exchange notification dated 25 June 2012

Strong results, improved quality of earnings …but profitability under pressure

Group equity and capital structure

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.

33

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 ³Senior debt in holding company shown in separate column as it is not part of group capital.

Return on equity

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

Dividend policy linked to new solvency II target

New solvency target from 2015: SII ratio above 130%

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

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 Status

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

Life & Pensions Norway - balance sheet dynamics

38 ² Indication of economic Solvency II capital requirements, from low (~0%; ) to high (12-20%; )

Life & Pensions Sweden - profitability characteristics

Capital intensity²

42 Reserves (SEK bn)

• Fee based adm.result
• Risk result
• Indexation fees

• Closed for new sales

• DC Guaranteed Profitability¹

• 44 Reserves (SEK bn)
• 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

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. 40

Long term balance sheet shift

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

41

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

Dividend policy linked to new solvency II target

New solvency target from 2015: SII ratio above 130%

Storebrand ahead of Solvency II

¹Economic 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 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%
Guaranteed1	257	847	n/a
- "Good guaranteed"	70	431	~ 0%
- "Medium guaranteed"	97	537	5% to 10%
- "Bad guaranteed"	91	-121	12% - 20%

"Good guaranteed:" Defined Benefit Norway "Medium guaranteed:" SPP Guaranteed products and Individual Norway "Bad guaranteed:" Paid-up policies

• Lower interest rate guarantee
• Lower longevity reserve strengthening need

1

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

Dividend policy linked to new solvency II target

New solvency target from 2015: SII ratio above 130%

Storebrand will achieve target of NOK 3,5 bn cost base in 2014

Comments

• 14 percent targeted real cost reduction 2012-14 (10 percent nominal)
• Workforce in Norway and Sweden reduced by ~220 full time equivalents (since Q3 2012)
• Baltic share of workforce increased from 9 % to 15 %
• AuM per full time equivalent increased by 28 %

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)

Breakdown of cost reduction measures

Going forward, continued cost control through C/I focus

• Full year effect from cost cut program in 2015
• Additional efficiency measures under implementation
• Part of medium-term cost reductions will be invested in new business and growth, e.g. 'Akademikerne' insurance contract:

Cost control 2015-17 New efficiency target: Cost/Income¹

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).

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

• Dividend policy linked to new solvency II target
• New solvency target from 2015: SII ratio above 130%

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-

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-

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

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

• Dividend policy linked to new solvency II target
• New solvency target from 2015: SII ratio above 130%

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

Strategy reiterated and reinforced

- Continued growth in savings and insurance

Attractive and growing Nordic occupational pensions market

< Save for retirement Corporate relation

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

< Save for retirement

Corporate relation

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

< Save for retirement Corporate relation

Source: * FNO, Life insurance statistics ** Insurance Sweden ⁶⁰

Increased saving rates provides a significant growth opportunity

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

³New 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

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%

< Save for retirement

Corporate relation

Corporate strategy building on strengths

Segmentation by company size Multichannel distribution Offers tailored to company size, industry and requirements Size Requirements

Customers requirements and rating

Our retail business logic is build on relations to individuals through occupational pension¹

< Save for retirement

Employees

Customer driven data insights and multi channel digital distribution - low marginal unit cost

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

< Save for retirement

Employees

Multichannel customer journey

Individuals are becoming even more important

< Save for retirement

Employees

Reserves are getting individualised

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
• Individuals must take responsibility for their own pension savings
• Market winners need to establish strong customer relationships with corporates and individuals

policies to unit linked fuels growth Conversion from guaranteed New digital solutions paid-up policies to UL

The possibility to convert guaranteed

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

Employees

< Save for retirement

Strong sales start for paid-up policies with investment choice

Key takeaways Accumulated sales of paid-up policies with investment choice

• Increase pension through higher expected return on investments
• Retain purchasing power on your pension savings
• Adjust your pension risk with time left until retirement
• Customer advice package approved by financial supervisory authorities
• Target to convert 5 BNOK by end of 2015

< Save for retirement

Employees

Our loyalty programmes build preference

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

Retail customers

Save for retirement

Retail strategy drives customer growth ^&lt;

Number of employees with Loyalty program

• in thousand Employees with loyalty program is our target customer group

• Companies with occupational pension are offered our loyalty program for their employees

• Target customer group are increasing

• 24% growth in retail customer target group with loyalty program

• Increasing growth rate in retail customers

Retail customers

< Save for retirement

New deal with white collar workers in Norway – step change in retail insurance market customer growth

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.

Key takeaways – Our ambitions

Market leader occupational pension

Top three customer satisfaction (NPS)

Strong growth in retail savings and insurance

Reduced unit cost

Growing a sustainable and profitable asset management business

EVP Savings Staffan Hansén

Storebrand Capital Markets Day November 26, 2014

Storebrand Asset Management - asset gathering

Clear customer value proposition…

… for both internal and external customers

Assets Liabilities

Sustainability: Storebrand is at the forefront

Next step - sustainability scoring of mutual funds

Sustainability rating on funds

Aktiefonder Bransch -	Hållbarhetsnivå =
BlackRock World Energy USD	RANDARIA
BlackRock World Gold USD	Annoncon
BlackRock World Mining USD	$\bigcap$
Handelsbanken IT-fond	ARRIVER DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PART
Invesco Global Real Estate USD	n an Dùbhan
Jupiter Global Financials USD	ANDRE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE DE LA PARTIE
ODIN Offshore NOK	AN DE DE DE DE DE DE DE DE DE DE DE DE DE
Parvest Global Environment EUR	000000000
Wellington Global Health Care USD	0000000000000000000000000000000000000
Aktiefonder Europa -	Hållbarhetsnivå =
Allianz Europe Small Cap Equity EUR	an na mana
Delphi Europe NOK	ANTI DI MAR
Handelsbanken Europa Selektiv	n na mana
SPP Aktiefond Europa	n manan
T. Rowe Price European Equity Fund EUR	n na m

Sustainability scoring

• 8 analysts, 90 indicators, 2400 companies
• Implemented in Sweden in September, to be implemented in Norway early 2015

Strong growth record

AuM and revenue dynamics changing

External asset growth – two examples

Closed pension funds Norway 311BNOK AuM* Concentrated market Large contracts Large market Our value proposition Only provider with full set up for: − Asset management − Actuarial services − Administrative solutions − Integrated system solutions Strong track record 31 23 8 AuM Q3 Tenders won in 2014 E AuM YE

External distribution via platforms Sweden

Attractive distribution channel Strong track record Low cost distribution with wide reach Asset gathering with low marginal cost Simplicity Value for money Sustainability 2014 pr Q3 2 239 +96% 2 611 2013 pr Q3 5 647 2 884 Our value proposition Net flow AuM

External

*Pensjonskasseforeningen, 31.12.2013

Cost efficiency key in meeting margin pressure…

… and we are on track

*) excl. performance related bonus & transition costs

2012 2013 Q3 14, 12 mth

543

Storebrand Asset Management in figures

* incl. fixed fee Delphi Global.

* Excl. performance fee and performance bonus

86

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

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%

• 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%