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Information Memorandum INFORMATION MEMORANDUM In connection with the acquisition of SPP Livförsäkring AB and certain other entities by Storebrand ASA No shares or other securities are being offered or sold in any jurisdiction pursuant to this Information Memorandum. 28 September 2007 IMPORTANT NOTICE This information memorandum (the "Information Memorandum") has been prepared in connection with Storebrand ASA's ("Storebrand" or the "Company" and, taken together with its consolidated subsidiaries, the "Group") indirect acquisition from Svenska Handelsbanken AB (publ.) ("Handelsbanken") of (i) SPP Livförsäkring AB ("SPP"), and thereby indirectly in addition to the existing subsidiaries of SPP, (ii) Handelsbanken Life & Pension Limited (formerly Euroben), (iii) SPP Fonder AB, (iv) Handelsbanken Varumärkes AB, and (v) 50 per cent. of the preference shares in Nordben Life & Pension Insurance Co. Ltd. (the "Transaction"). SPP currently owns 50 per cent. of Nordben Life & Pension Co. Ltd's ordinary share capital, and this interest will hence also be acquired as part of the Transaction. The Group, taken together with SPP and the other companies and interests to be acquired in the Transaction will be referred to herein as the "Enlarged Group". No shares or other securities are being offered or sold in any jurisdiction pursuant to this Information Memorandum. This Information Memorandum has been submitted to Oslo Stock Exchange for inspection and approval before it was published. This Information Memorandum is not a prospectus and has neither been inspected nor approved by the Oslo Stock Exchange in accordance with the rules that apply to a prospectus. All inquiries relating to this Information Memorandum must be directed to Storebrand. No other person is authorised to give any information about, or to make any representations on behalf of, Storebrand in connection with the Transaction. If any such information is given or made, it must not be relied upon as having been authorised by Storebrand. The information contained herein is as at the date hereof and is subject to change, completion and amendment without further notice. The delivery of this Information Memorandum shall not imply that there has been no change in Storebrand's affairs or that the information set forth herein is correct as of any date subsequent to the date hereof. The contents of this Information Memorandum are not to be construed as legal, business or tax advice. Each reader of this Information Memorandum should consult with its own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the contents of this Information Memorandum you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser. The distribution of this Information Memorandum in certain jurisdictions may be restricted by law. Storebrand requires persons in possession of this Information Memorandum to inform themselves about, and to observe, any such restrictions. Storebrand has not registered any of its shares under the United States Securities Act of 1933, as amended (the "Securities Act"), and its shares may not be offered or sold in the United States of America absent registration or an exemption from registration. Storebrand does not intend to register any of its shares pursuant to the Securities Act. Investing in the Company's shares involves risks. See section 2 "Risk Factors" below. Currency Presentation Unless otherwise indicated, all references in this Information Memorandum to "Norwegian kroner" or "NOK" are to the lawful currency of Norway, all references to "Swedish kronor" or "SEK" are to the lawful currency of Sweden and all references to "EUR" are to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European Community, as amended. For the purpose of this Information Memorandum (other than the historical accounts incorporated by reference hereto or attached as appendices or as otherwise indicated herein), Storebrand has used an exchange rate of EUR 1 = SEK 9.37, and an exchange rate of EUR 1 = NOK 7.94. All numbers contained in this Information Memorandum may be subject to rounding. - i - CONTENTS Page 1. SUMMARY .........................................................................................................................................1 2. RISK FACTORS..................................................................................................................................3 3. STATEMENTS..................................................................................................................................11 4. THE ACQUISITION OF SPP BY STOREBRAND..........................................................................12 5. STOREBRAND ASA ........................................................................................................................22 6. DESCRIPTION OF SPP ....................................................................................................................39 7. FINANCIAL INFORMATION..........................................................................................................47 8. ADDITIONAL INFORMATION ......................................................................................................61 APPENDICES: 1. SPP Financial Statements 2006, including Auditor's Report 2. SPP unaudited interim financial statements first half 2007 3. Handelsbanken Life & Pension Limited (formerly Euroben) Financial Statements 2006, 2005 and 2004; including Auditor’s Report 4. Handelsbanken Life & Pension Limited (formerly Euroben) unaudited interim financial statements first half 2007 5. Auditor’s Independent Assurance Report on pro forma financial information 1. SUMMARY This Summary is only a very brief summary and must hence be read in conjunction with the rest of the Information Memorandum. Storebrand is a leading player in the Norwegian market for long-term savings and insurance. The Group is an integrated financial services group, with pensions and life insurance, banking and asset management activities and property and casualty insurance carried out by subsidiaries of the holding company, Storebrand ASA. SPP is a leading Swedish life insurance and occupational pension provider. SPP's businesses are active within the defined benefit and defined contribution occupational pension segment, the tick-the-box segment (mass market collectively agreed pension schemes in Sweden in which customers "tick the box" to get enrolled) and private pension segment. In addition, SPP also provides advanced consulting services covering occupational pensions, as well as insurance and administrative solutions for municipalities and other organisations. On 3 September 2007, Storebrand Livsforsikring AS ("Storebrand Liv") entered into an agreement with Handelsbanken (dated 2 September 2007) for the acquisition, indirectly by way of a holding company subsidiary of (i) SPP, and thereby indirectly in addition to the existing subsidiaries of SPP, (ii) Handelsbanken Life & Pension Limited (formerly Euroben), (iii) SPP Fonder AB, (iv) Handelsbanken Varumärkes AB and (v) 50 per cent. of the preference shares in Nordben Life and Pension Insurance Co. Ltd. ("Nordben") for a total cash consideration of SEK 18.0 billion (EUR 1.92 billion/NOK 15.25 billion). SPP currently owns 50 per cent. of the ordinary shares of Nordben and this interest will hence also be acquired as part of the Transaction. In addition to the purchase price, Storebrand Liv shall pay Handelsbanken interest on SEK 18 billion from the date of signing of the Transaction agreements until closing of the Transaction at an annual interest rate corresponding to STIBOR 90 days. Handelsbanken Life & Pension Limited (formerly Euroben), SPP Fonder AB, Handelsbanken Varumärkes AB and 50 per cent. of the preference shares in Nordben are currently not part of SPP Livförsäkring AB, but will be transferred to SPP as part of the Transaction. In addition, the asset management of SPP’s occupational pension assets (traditional life insurance and unit- linked) as well as its PPM1 mutual funds and certain other SPP mutual funds, which is currently performed by Handelsbanken Asset Management, and will be for the next 12 months following closing of the Transaction, is also part of the Transaction. It is estimated that SPP currently has at least SEK 2.0 billion of excess capital. It is intended that SPP will use SEK 600 million of this excess capital to finance the acquisition of Handelsbanken Life & Pension Limited (formerly Euroben), SPP Fonder AB, Handelsbanken Varumärkes AB and 50 per cent. of the preference shares in Nordben from other entities within Handelsbanken prior to the closing of the Transaction, thereby reducing the purchase price payable by Storebrand for SPP to SEK 17.4 billion (EUR 1.86 billion/NOK 14.74 billion). The purchase price will be further reduced to SEK 16.0 billion (EUR 1.71 billion/NOK 13.56 billion) through a special dividend, corresponding to SEK 1.4 billion (EUR 0.15 billion/NOK 1.18 billion), to be paid by SPP to Handelsbanken prior to the closing of the Transaction, provided that the Swedish Financial Supervisory Authority (the "Swedish FSA") approves or does not object to, such dividend. Such dividend will reduce the interest payment correspondingly. The combination of Storebrand and SPP and the other companies and interests being acquired through the Transaction will create a leading life insurance and pension provider
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