1. Using non-financial reports in investment analyses BI, 3 June 2008 Christine Tørklep Meisingset Head of Responsible Investments, Storebrand

2. 2 13 years of experience 1995 Storebrand/ Scudder Environmental Value Fund 19971999200120052003 Storebrand Principle Funds SRI Storebrand Life Insurance Storebrand Global SRI fund Storebrand SRI Group Standard 2007 Microfinance UN Principles for Responsible Investments World Business Council for Sustainable Development UN Global Compact + Global Reporting Initiative (GRI) SRI on Norwegian Gov. Pension Fund – Global

3. 3 Group SRI standard A total of 96 companies are excluded from Storebrand’s investments as of March 2008. Applies to all funds and pension portfolios. Based on international standards and norms, e.g. UN, ILO, OECD, Ottawa, Kyoto. Human rights and labour rights (7) Corruption (11) Severe environmental degradation (1) Landmines (2) Cluster munitions (8) Nuclear weapons (12) Tobacco (13) 10% worst performers in high risk industries (48)

4. 4  Negative screening  Best in Class analysis  Engagement Methodology

5. 5 Best in Class: industry comparison Employees Company Suppliers Shareholders Local community Environment Energy intensity Management systems CO 2 Reporting OHS Monitoring of suppliers Research and development Policy on human rights Stakeholder communication Employee satisfaction Corporate Governance

6. 6 Overview

7. 7 Commitment

8. 8 ” Our major contribution to society will come through our core business, rather than through our philanthropic programs If action to address such issues is to be substantial and sustainable, it must also be profitable We’re not in business to be popular, but it helps to be trusted Report from WBCSD 2006; From Challenge to Opportunity

9. 9 Targets

10. 10 GRI

11. 11 Results: pharmaceuticals

12. 12

13. 13 Storebrand's responsibility is to create value, but we are not indifferent to how this is achieved Idar Kreutzer CEO, Storebrand