Ola Nordmann Eksempelveien 1 N-1396 Billingstad

Welcome!

As a member of ABB’s scheme, we would like to welcome you as a customer with SpareBank 1.

We hope you will enjoy being with us!

Ola Nordmann Eksempelveien 1 N-1396 Billingstad , 23 December 2016

Information about unit-linked defined contribution

We would like to welcome you as a pension customer of SpareBank 1. As an employee of ABB AS you are covered by the occupational pension contract established with SpareBank 1 Forsikring AS.

In addition to reading the information below, we recommend you visit www.sparebank1.no/abb, where you will find all the relevant information about the pension contract.

In addition to saving for your retirement pension, the contract includes additional cover. An overview of, and information about, this can be found in the certificate of which you will find later in this information.

Defined contribution allows you to choose between investment options with various interests in fixed income and equity funds. Following the recommendation of Sparebank 1 has chosen to invest initial payments in the 'Alderstilpasset' ('Age Adjusted') investment portfolio.

Aldertilpasset 'Alderstilpasset' (Age Adjusted) aims to provide the best possible balance between returns and risk viewed over an entire savings and payments cycle. The proportion of shares will be adjusted gradually and automatically downwards from 100% at age 40 to 20% at age 67.

You are responsible for choosing the most appropriate investment option for your pension fund based on the alternatives provided. You can freely change between these alternatives at any time. If you do not wish to have the “Age adjusted” option, you may choose from the following alternatives:

100% shares Suitable for those looking for high returns and who are willing to accept large swings in returns. Large swings in value will occur. The likelihood of a negative or low return will however be significantly reduced over time. In the years leading up to pensionable age, the proportion of unit trusts will gradually be reduced to 40%.

Aggressive – 75% shares Suitable for those who wish to participate in the additional returns one expects in the stock market over time and who are aware of the risk a high proportion of shares entails. Swings in value will occur. The likelihood of a negative or low return will however be significantly reduced over time. In the years leading up to pensionable age, the proportion of unit trusts will gradually be reduced to 30%.

Moderate – 50% shares Suitable for those who wish to participate in the additional returns one expects in the stock market over time. Swings in value will occur. In the years leading up to pensionable age, the proportion of unit trusts will gradually be reduced to 20%.

Conservative – 25% shares Suitable for those who wish to avoid large swings in value. A low percentage of shares limits opportunities to participate in the additional returns one expects in the stock market. In the years leading up to pensionable age, the proportion of unit trusts will gradually be reduced to 10%.

Would you rather save in a account? You can also move your pension capital into a bank account. Saving in a bank account provides a stable return, but also the lowest expected return over time. In this case your pension capital will be placed in a bank account and invested in short-term bonds and certificates issued and/or guaranteed by the state, county authorities, municipalities, mortgage companies, and insurance companies. Investments will be made either directly or via securities funds.

The investment portfolios cater to various needs in relation to desired return and risk. The portfolios you can choose between can be seen on the Life and Pensions Service, www.livogpensjon.no.

We protect your portfolio We will work to ensure your pension capital develops well over the long term and continuously assess the composition of funds and fund managers in each investment portfolio.

Monitor your portfolios You will find up-to-date information about the returns in your investment portfolios and what they contain on www.sparebank1.no/avkastning.

Disability pension A full annual disability pension at 100% occupational disability will amount to 2 % of pay up to 12G*, with an addition of 64 % of pay between 6G and 12G. It will be paid a supplement to the disability pension of 4% of pensionable income up to 6 G for each child under 18 years. The child supplement can not exceed 12% of pensionable income up to 6 G. The child supplement ends from and including the month the child turns 18. G = National Insurance, as per 01.05.2016 amounts to 92,576 Nkr.

A disability pension will be paid out if you are at least 20% occupationally disabled for a period of twelve consecutive months. The disability pension can, fully or partly, be transferred to the contribution fund when the employee is in receipt of an work assessment allowance from the National Insurance Scheme. The disability pension will, under all circumstances, end at the latest at age 67.

Enrolment in the disability pension plan is contingent on you being 100% fit for work upon enrolment.

Monitor your pension online At www.livogpensjon.no you can - change how your pension is invested, based on the available portfolios. - find an overview of your fund and your returns. - find information about any additional cover such as a disability pension, additional child cover, a spouse's pension, a cohabitant's pension, and a child's pension.

How do you log in?

- Select 'Logg inn'. - Enter your national identity number and log in with BankID. - Select 'Pensjon' from the menu at the top of the page.

Certificate of insurance and terms and conditions You will find your certificate of insurance and terms and conditions of insurance later in this information. These show your current cover and benefits. In order for the insurance to be valid, the payments agreed at any given time must have been paid by the company.

Statement showing the company's payments into your pension You will receive a statement once a year. The statement shows what your employer has paid into your pension, the costs, your balance, and a calculation of your potential future pension.

Have you accrued pensions in previous jobs? In that case you probably have pension capital certificates in various insurance companies. Gathering your pension capital certificates in once place means you will avoid unnecessary fees and gain an overview of your pension rights on a single statement. As an employee of ABB you get lower costs than ordinary customers. You can do this easily on www.sparebank1.no/pkb. We will contact the company with which your pension capital certificate is registered and transfer it. You will receive a new certificate from us once the transfer is complete.

Your faithfully, SpareBank 1 Forsikring AS

National identity number 010160 12345 Insured Ola Nordmann Policyholder ABB AS Organisation number 982085160 Contract number xxxxxxx Ola Nordmann Eksempelveien 1 N-1396 Billingstad Oslo, 23 December 2016

Certificate of insurance A contract concerning unit-linked defined contribution pensions has been entered into between ABB AS and SpareBank 1 Forsikring AS.

The terms and conditions of insurance and the special terms and conditions agreed between your employer and SpareBank 1 Forsikring AS apply to unit-linked defined contribution pensions. The following also apply: the Insurance Activity Act (FVL) of 10 June 2005, the Act on Financial Enterprises and Financial Groups of 10 April 2015 (FFL), the Insurance Contracts Act (FAL) of 16 June 1989, the Defined Contribution Pensions Act (LOI) of 24 November 2000, the Pensions Act (LOF) of 24 March 2000 (applies to survivors' pensions), the Occupational Pensions Act (LTP) of 13 December 2013 (applies to disability pensions), the Mandatory Occupational Pensions Act (OTP) of 21 December 2005, and Norwegian legislation in general. The terms and conditions take precedence where they depart from statutory rules that may be waived.

This certificate of insurance replaces any previous certificate of insurance. In order for the insurance to be valid, the premiums agreed at any given time must have been paid.

You must be fully fit for work corresponding to a full-time position (100%) upon enrolment in the insurance, upon increases in insurance payments, and upon subscribing to new additional cover.

Contribution plan 5% of pay between 0G and 7.1G 20% of pay between 7.1G and 12G

G = The National Insurance Scheme's basic amount.

Pensionable income Annual contributions (amount saved) : NOK X Waiver of premium : NOK X Adjustment of waiver of premium : 2% Pensionable income (pay) : NOK X Hours worked : X%

Management of the pension capital The pension capital you have accrued is calculated as the sum of what your employer has paid in and the return you receive on your funds. You are responsible for investing the funds in the investment portfolios you want and you bear the risk of any negative return.

The contract includes the following additional cover Annual pension (NOK) Disability pension with waiver of premiums xx,xxx.xx Additional child cover included in disability pension with waiver of premiums xx,xxx.xx

Your period of service must be at least 30 years in order to receive the full benefits from the additional cover. The additional cover is calculated on the basis of the number of possible qualifying years for the period of service up to 30 years, divided by the period of service requirement. This does not apply in the case of a disability pension.

The additional cover applies for one year at a time, and no qualification for a paid-up policy accrues (i.e. no pension rights after premium payments end).

Calculation and payment of the retirement pension We will send you information in the year you turn 61 years old. At that time, we will inform you that you can take a pension from and including the age of 62 and provide you with a calculation of your annual retirement pension. You can take your retirement pension, in full or in part, from the age of 62. You must tell us when you want your retirement pension to be paid out. When you turn 75 it will be paid out, unless you provide us with specific notice that the pension should not be paid out.

The payment period must last a minimum of 10 years and must last at least until you turn 77. Your annual retirement pension must amount to at least around 20% of the National Insurance Scheme's basic amount (G). If you take a full pension and it is lower than this, the payment period may be reduced to the number of whole years required to ensure that the pension will amount to around 20% of G. The earliest you can change the rate at which you take it is when you turn 67, unless you want to take a full pension.

Monthly amounts are calculated by each payment being equal to the pension capital divided by the number of remaining payment instalments. The funds will remain in investments portfolios during the payment period as well, and units will be redeemed every month during this period. The size of a payment will depend on the sum of contributions, prices for the individual funds at the time of calculation, the rate at which you take your pension, and the payment period.

Waiver of premiums savings You may be entitled to a waiver of premiums if you have been at least 20% occupationally disabled for a consecutive period of twelve months (qualifying period). We will assume responsibility for paying the amount you save, in full or in part, proportional to the level of disability applicable at any given time, for as long as you are at least 20% occupationally disabled. The waiver of premiums is calculated from the end of the qualifying period.

Restricted rights to waiver of premiums and/or disability pension The rights to a disability pension and waiver of premiums do not apply when the occupational disability is due to: a) an injury, or the aggravation of an injury, that you have wilfully self-inflicted, cf. FAL, section 13-8, subsection one, b) an illness or disorder that you had, and of which it must be assumed that you were aware, when the insurance commenced and that within two years of this resulted in occupational disability, cf. FAL, section 19-10, when you were not required to submit a health declaration.

If you were a member of any preceding pension contract the employer had that included a waiver of premiums and/or a disability pension, the two-year time-limit will be calculated from the date this pension contract was entered into. This is contingent on the original and continued pension contract being alike.

The restrictions to the right to a waiver of premiums are set out in the terms and conditions.

Death during the term of cover If you die during the term of cover, your savings balance will be paid out as a pension to your survivors, children under 21, or spouse. If you have no children under 21 or spouse, your savings balance will be paid out as a lump sum payment to your estate.

Payment of disability pension You may be entitled to a disability pension when your rights to sickness benefits or work assessment allowance expire. The pension will be paid out to you monthly for as long as you are at least 20% occupationally disabled. The amount stated in the certificate of insurance applies in the case of 100% occupational disability. In the case of a lower level of disability, the amount will be set proportional to the level of disability.

Deductions for earned income from disability pensions in payment If you are in receipt of earned income while you are in receipt of a disability pension, a deduction will be made in the disability pension payment. This applies if you are in receipt of earned income that exceeds the income on which the reduction in capacity for work is based.

It is important that you inform SpareBank 1 Forsikring of changes in income.

If you have received too little or too much disability pension because SpareBank 1 Forsikring has not received the correct information about your income, we will make a subsequent adjustment. This means that if you have been paid too little disability pension, the difference will be paid out to you as a lump sum. If you have received too much disability pension, you will have to pay it back. This can be done by making deductions in future disability pension and retirement pension payments from SpareBank 1 Forsikring.

Deductions for payments of disability pension from paid-up policies, pension certificates, and accrued rights The disability pension you receive from SpareBank 1 Forsikring will be reduced if you are also in receipt of disability pension payments from your paid-up policies, pension certificates, and accrued rights.

You must inform SpareBank 1 Forsikring of any payment of disability pension that you are in receipt of from your paid-up policies, pension certificates, and accrued rights.

If it is found that you have received too much or too little disability pension due to the simultaneous payment of disability pension from paid-up policies, pension certificates, and accrued rights we will make a subsequent adjustment. This means that if you have been paid too little disability pension, the difference will be paid out to you as a lump sum. If you have received too much disability pension, you will have to pay it back.

Additional child cover included in a disability pension An additional child cover amount will be paid out for your children who are under 18. The additional child cover amounts to 4% of your pensionable income up to 6G. The highest additional child cover you can receive will correspond to 12% of your pensionable income up to 6G.

Waiver of premiums additional cover You may be entitled to a waiver of premiums if you have been at least 20% occupationally disabled for a consecutive period of twelve months. In these circumstances the premium your employer pays for the additional cover that includes a waiver of premiums will be reduced by the same percentage as your level of occupational disability.

Leaving your job If you leave your job before the agreed retirement age, or if the contract is cancelled, you will be entitled to a pension capital certificate for your accrued pension capital if your membership has lasted for twelve months or more. You may also continue to contribute to your savings and maintain the additional cover you had at the time you were disenrolled. The prices for any additional cover will be calculated on the basis of the tariff for continuation cover.

Terms and conditions of insurance The terms and conditions of insurance for defined contribution pensions and the contract entered into between your employer and SpareBank 1 Forsikring AS apply to the contract.

Complaints If you are dissatisfied with something, you can do one of the following:  Call us on 02300.  Submit an electronic complaint via www.sparebank1.no/klage.  Submit a written complaint to SpareBank 1 Forsikring Klageservice, Boks 778 Sentrum, N-0106 Oslo.

You can also lodge a complaint with the Norwegian Financial Services Complaints Board.

Register of life insurance and pensions (ROLP) Finance Norway maintains a register of life insurance and pensions. SpareBank 1 has transferred the following information to the register: name, national identity number, reference number, and the name of the financial institution. The purpose of the register is to ensure that you and your survivors are able to contact Finance Norway and find out which financial institutions have life insurance policies and pensions registered in your name.

If you do not wish to be included in the register, you must notify Finance Norway of this in writing. Your reservation will apply to all registration of information about you in the register. Your reservation notice should be sent to:

Finans Norge Postboks 2473, Solli N-0202 Oslo

Your faithfully, SpareBank 1 Forsikring AS