1. Gjensidige Bank Boligkreditt AS August, 2010

2. Contents Gjensidige Insurance Group Organization International rating Key figures Strategy Gjensidige Bank ASA Gjensidige Bank Group developments and status Gjensidige Bank Boligkreditt AS - a strategic initiative of Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Organization Key figures Loan portfolio 2August, 2010

3. Gjensidige Forsikring Group Structural chart 3August, 2010

4. Gjensidige Forsikring Group Rating Gjensidige has an A rating with stable outlook from Standard & Poor's The most recent rating report is dated October 26th, 2009 4August, 2010

5. Gjensidige Forsikring Group Results development 5August, 2010

6. 6 Gjensidige Forsikring Group Strategy and current footprint Gjensidige Bank is a strategic support area for Gjensidige Forsikring Group Supports the core insurance business in Norway –Contributes to higher customer retention Has achieved profitability in H1 2010 Fully funded Benefits of being part of Gjensidige Forsikring Group –Strong brand –Established distribution network –Established customer relationships with excellent opportunities for cross-selling Banking Norway General insurance Pension and savings Health services Geographic expansion - scale Support products Core business Nordic countries Baltics August, 2010

7. Gjensidige Bank Group Gjensidige Bank is an Internet bank that primarily targets the private market in Norway Launched in 2007 The bank has offices in Oslo and Førde Distribution is achieved through: the Group portal gjensidige.no the Group's 22 advisory offices the Bank's own customer centre Cooperation agreement with Sparebanken Sogn og Fjordane on purchase of banking and administrative services. 7August, 2010

8. Gjensidige Bank Group Results development 8August, 2010

9. Gjensidige Bank Group Total assets 9August, 2010

10. Gjensidige Bank Group Loans as at 30 June, 2010 Loans Gross lending H1 2010: NOK 13.1 billion Mortgage loans primarily secured on residential: NOK 10.3 billion Unsecured consumer loans: NOK 2.8 billion Maximum loan of NOK 200,000 Average loan of NOK 100,000 Citibank's Norwegian activities related to consumer loans was taken over by Gjensidige Bank in December 2009 Successful integration and a profitable portfolio Following the acquisition, Gjensidige Bank is one of the biggest consumer finance providers in Norway 10August, 2010

11. Gjensidige Bank Group Balance sheet/capital adequacy Core capital adequacy as at 30 June, 2010: 15.3 per cent One of the bank's objectives is to have a core capital adequacy of at least 12%. 11 Text Figures in NOK 1,000 30 June, 201031 Dec, 200931 Dec, 2008 Core capital1,219,8201,146,161691,878 Minimum requirement equity and subordinated loan capital 639,678516,400295,701 Excess equity and subordinated loan capital 580,142629,761396,177 Core capital adequacy15.3%17.8%18.7% Customer deposits7,156,9866,550,4416,131,371 Gross lending13,051,03311,575,6046,711,394 August, 2010

12. Gjensidige Bank Boligkreditt AS a strategic initiative of Gjensidige Bank ASA The rationale for establishing the company was to issue covered bonds (OMF) to obtain competitive and long-term financing for Gjensidige Bank Group through: participation in the OMF swap facility (Ministry of Finance) sale of OMF bonds in the financial market 12August, 2010

13. Gjensidige Bank Boligkreditt AS Organisation The Board of Directors –Bjørn Walle (Executive Vice President Commercial, Gjensidige Forsikring ASA) –Erik Ranberg (Chief Investment Officer, Gjensidige Forsikring ASA) –Gro Tønder (Chief Procurement Officer, Gjensidige Forsikring ASA) –Solbjørg Lie (Director of Internal Audit, NAV) Managing director –Jørgen Ringdal (Executive Vice President of Group Support and General Services, Gjensidige Forsikring ASA) Investigator –The Financial Supervisory Authority has appointed KPMG as investigator Auditor –KPMG 13August, 2010

14. Gjensidige Bank Boligkreditt AS Gjensidige Bank Boligkreditt AS received a license from the Financial Supervisory Authority in June 2009 Buys mortgages from Gjensidige Bank Services such as customer and loan management as well as day-to-day management and administrative services are provided by Gjensidige Bank ASA & Gjensidige Forsikring ASA Banking and administrative services are purchased from Sparebanken Sogn og Fjordane Offered four loans for sale (OMF - covered bonds) with a total face value of NOK 1.5 billion NOK 400 million of these have been sold in the market outside Gjensidige Bank Group At present, one loan is listed on the Oslo Alternative Bond Market (ABM) 14August, 2010

15. Gjensidige Bank Boligkreditt AS 15 Income statement Figures in NOK 1000H1 2010FY 2009 Net interest/credit commission income5,4404,104 Commission income9 Total income5,4504,104 Operating expenses1,7851,936 Profit before loss3,6652,168 Write-downs on loans5231,231 Profit before tax expense3,142937 Balance sheet Figures in NOK 100030 June, 2010 31 Dec, 2009 Loans to/claims from customers2,667,0841,681,632 Liabilities opened for the issue of securities1,500,000 Short selling credit and long-term credit line from Gjensidige Bank ASA 1,148,501167,650 Equity132,95780,695 Capital adequacy12.0%11.9% August, 2010

16. Gjensidige Bank Boligkreditt AS Key figures 30 June, 2010 16 Key figures Gross loans to/claims from customersNOK million2,667 Issued covered bondsNOK million1,500 Average loan-to-value ratioPercent42.5 Loans to customersNumber2,546 Residences/homesNumber2,638 Weighted average remaining lifeMonth165 DelinquenciesVolume0 Loans with fixed interest ratesVolume0 Maximum loan 75% of market value All loans are secured by mortgages on homes in Norway August, 2010

17. Gjensidige Bank Boligkreditt AS Loan-to-value (Indexed) 17August, 2010

18. Gjensidige Bank Boligkreditt AS Loans geographical spread 30 June, 2010 18 Geographical spread Figures in NOK 1000LoansPercent Akershus768,41525.3 % Oslo628,35421.2 % Østlandet418,71119.3 % Vestlandet440,13117.2 % Midt-Norge226,5668.9 % Nord-Norge110,9484.4 % Sørlandet73,9593.6 % Total gross loans2,667,084100.0 % August, 2010