Exclusions

Storebrand's sustainable investment criteria cover all of Storebrand's funds.  The following table shows Storebrand's restrictive criteria and the respective number of exclusions for each criterion.

The result of Storebrand's restrictive screening analysis is that some companies are excluded from our investment universe; consequently Storebrand's managers cannot select any of these companies when buying shares or bonds.

Criteria	Exclusions pr. Q4 2011
Human rights	20
Corruption	13
Severe environmental degradation	11
Landmines	3
Cluster munitions	6
Tobacco	19
Nuclear weapons	13
Worst in class	20
Total*	96

* Some companies are excluded on the basis of several criteria

• Highlights from 2010:

Companies Contacted per Category:

Category	Companies contacted	%
Corruption	21	28
Human Rights	42	55
Environment	13	17

Company Contacted per Level:

Level	Description	Companies
Level 1	Contacted, no answer received	12
Level 2	Contacted, answer unsatisfactory	31
Level 3	Contacted, answer satisfactory	28
Level 4	Contacted, business practices improved	5