Using non-financial reports in investment analyses

BI, 3 June 2008

Christine Tørklep MeisingsetHead of Responsible Investments, Storebrand

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13 years of experience

1995

Storebrand/Scudder

Environmental Value Fund

1997 1999 2001 20052003

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

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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)

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Negative screening

Best in Class analysis

Engagement

Methodology

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Best in Class: industry comparison

Employees

CompanySuppliers

Shareholders

Local

community

Environment

Energy intensity

Management systems

CO2

Reporting

OHS

Monitoring of suppliers

Research and development

Policy on human rights

Stakeholder communication

Employee satisfaction

Corporate Governance

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Overview

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Commitment

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”Our major contribution to society will comethrough our core business, rather thanthrough 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

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Targets

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GRI

11

Results: pharmaceuticals

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Storebrand's responsibility is to create value,but we are not indifferent to how this is achieved

Idar KreutzerCEO, Storebrand