1 Storebrand Bank ASA Investor Presentation May 2007 Ingunn Gurvin, Head of Group Treasury Direct tel.:

2  The Norwegian economy  Overview of Storebrand Group and Storebrand Bank  Financials  Summary Content

3 Norwegian economy - stable & prosperous Key facts : Population 4.6 million. The Kingdom is rated Aaa / AAA / AAA GDP Euro per head (2005) Norway36,500 Sweden27,620 Denmark29,110 Germany25,150 UK27,170 EU Average23,540 Norway - Strong Government Finances and Macroeconomic Fundamentals Source: OECD Productivity Database September 2006 Norway GDP per sector (2005) EUR 1 = NOK 8.13 Source: Statistics Norway

4 Storebrand Group Total assets Employees Capital adequacy Life Insurance Banking Asset Management EUR 23.1 bn % EUR 4.6 bn % NOK 27 bn 132 n.a. EEV NOK 1.8 bnn.a. Storebrand Group Total assets:EUR 28.5 bn Capital adequacy: 10.6% Rating:BBB+ (S) / Baa2 (S) Market share A (S) / A2 (S)n.a.BBB+(P)/ A2(S) Rating 27%11.2% 1) n.a. P=positive outlook S=stable Figures as per Q1 2007, except employees and market share for Life Insurance, fwhich are year end 1)Norwegian market for mutual funds EUR 1 = NOK 8.13

5 Storebrand Group Highlights Q  Group profit of NOK 389 million in Q1  Value adjusted return 2.1% for the Life Insurance portfolio  Market value adjustment reserve strengthened by NOK 900 million  NOK 2.8 billion in net sales of mutual funds  Efficiency programmes completed with productivity gains above pre-set targets EUR 1 = NOK 8.13

6 Storebrand Bank Development Storebrand Bank established as a direct retail bank Gradually focused on advisory services through financial advisors Storebrand Bank established Acquisition of Finansbanken Merger/ integration and turnaround Improved profitability and growth Private banking platform High risk corporate portfolio High losses specially in shipping portfolio Cost problems Efficiency programs implemented Corporate portfolio turnaround – focus on cash-flow based lending in real estate Efficiency programs give effect Growth in portfolio and number of customers

7 Storebrand Bank What the rating agencies say:  S&P: BBB+ positive outlook / A-2 -Positive: Storebrand Group, improved asset quality and profitability, high capitalisation -Negative: concentration risk in corporate lending, market position, product range -Upgrade dependent on: improved profitability, continued high capitalisation and prudent underwriting, increased proportion of retail lending  Moody's: A2 stable outlook / P -1 / C- -Positive: Storebrand Group, successful re-organisation, restored profitability, reduced risk profile, good economic capitalisation -Negative: market share, profitability in competitive market, further improving risk profile -JDA/BFS: 2 notch lift from Baa1 Baseline Risk Assessment to A2 -Triggers for rating change: change in profitability, asset quality or market share giving change in BFS, change in group rating or support Source: S&P research report dated 16 April 2007, Moody's Credit Opinion dated 18 April 2007

8 Storebrand Bank Group Highlights Q  Storebrand Bank Group reports a pre-tax profit of EUR 9.7 million in Q1 (EUR 5.9 million in Q1 2006)  Net income from loan loss provisions of EUR 5.5 million in Q1. EUR 4.3 million is related to a settlement  Growth in gross lending of EUR 185 million in Q1  5,900 new accounts opened in Q1  High level of customer satisfaction Note: Storebrand Bank Group EUR 1 = NOK 8.13

9 Quarterly development in profit and loss Note: Storebrand Bank Group EUR 1 = NOK 8.13

10 Development in loan portfolio Development in gross lending EUR billion Total lending, including corporate loans administered by Storebrand Bank on behalf of Storebrand Life, is EUR 4.35 billion as at 31 March Note: Storebrand Bank Group Gross lending by sector EUR 1 = NOK 8.13

11 Retail lending - strong growth  Retail Portfolio of EUR 2.6 bn -86% secured by mortgages -70% secured by mortgages within 60% of loan to value (as per year end 2006)  7% growth in retail lending in Q (28% annualised) -21% growth in % retail credit growth in Norway (12 months to March 2007)  Strong customer growth new accounts per month (average last 12 months) -High level of customer satisfaction Gross new accounts (12 months average ) Customer satisfaction survey Average = 71

12 Corporate lending – a significant player within niche segment  Focus: -Cash-flow based lending secured by real estate in the greater Oslo area  Value drivers: -Extensive knowledge of the market -Long term relationship with key customers -Leverage Storebrand group competencies and balance sheet EUR million EUR 1 = NOK 8.13

13 Development in loss provisions relative to defaulted loans EUR million  Further reduction in defaulted loans with identified loss of value in Q1 of EUR1.1 million to EUR51 million  Individual impairment loss provisions of EUR39 million gives 76 % loss provisions to defaulted loans (*)  Reduction of EUR 4.3 million in individual impairment loss provisions related to a settlement. Note: Storebrand Bank Group *): Loss provisions to defaulted loans is calculated as individual impairment loss provisions / gross defaulted loans with identified loss of value. Amortised cost is the present value of the cash flow of the portfolio of NPLs. Depreciation is the expected loss. EUR 1 = NOK 8.13

14 Development in net interest income Note: Storebrand Bank Group Net interest margin / avg. total assets is calculated based on year to date results  Net interest margin affected by increases in the Norwegian Central Bank's deposit and market rates -6 week mandatory notice period to increase interest rates  Pressure on margins -Increased competition for larger residential mortgages  Measures being implemented to improve the situation -Structure of the bank's funding -Evaluation of price strategy -Increased innovation of new products Net interest income / avg. total assets EUR million  Stabilisation is expected, with a somewhat higher net interest margin for the year as a whole than in Q1 EUR 1 = NOK 8.13

15 Cost efficiency - target C/I of 60% in 2008  Results so far: -Process efficiency increased by 26 % for mortgage loans -Process efficiency increased by 18 % for accounts -Customer response time reduced -Improved output quality -Production in Lithuania started -Account opening over the internet  Cost/income ratio hurt by -Margin pressure -Reduced risk -Group business model Cost/income and Cost/total assets month average 2007

16 Balance sheet Note: Storebrand Bank Group  Lending and liquid assets represent 98% of assets EUR 1 = NOK 8.13

17 Development in customer deposits  Customer deposits have increased by EUR million in Q1  Deposits / gross lending was 44.6 % at end of Q1  Structured products classed as bonds, not deposits EUR million Note: Storebrand Bank Group ,968 Q Q Q Q Q Q Q Q Q % 10 % 20 % 30 % 40 % 50 % 60 % Customer deposits Customer deposits / gross lending (right axis)

18 Debt maturity profile (excl. deposits) as at end April 2007  Balanced funding with respect to maturities and sources  EUR 400 million in undrawn credit facilities  Covered Bond issuance possible from Q (expected) -expected to replace senior debt

19 Capital adequacy Note: Storebrand Bank Group *): Capital above the minimum regulatory requirement of 8% of risk-weighted assets The calculation is based on Norwegian GAAP as the Financial Supervisory Authority of Norway has not yet issued regulations in accordance with IFRS.  Group contribution of EUR 24.6 million from parent company is included in core capital at year end 2006  Subordinated loan capital will increase by EUR 18.5 million in May 2007

20 Summary  Norway – strong and stable economy with high per capita income and good prospects  Storebrand – leading long term savings and insurance company in Norway  Storebrand Bank -growing customer base -good asset quality -strong capitalisation -diversified funding  Further information, incl. financial accounts and analyst presentations can be found at

21 Storebrand shall be the leading and most respected institution in the Norwegian market for long-term savings and insurance Storebrand Bank shall be the smart choice for the modern customer; easy to relate to, with popular products at competitive prices