A. CEO ASSESSMENT AND OUTLOOK Transforming our Life & AM franchise Leading franchise1 Life and AM convergence Higher value creation >670bn Integration of Life and AM to Transformation into capital- create higher value for light asset gathering platforms Life reserves customers and shareholders with high RoE and low tail-risk Coordinated go-to-market Higher net flows and stable >2,600bn + for strategic focus areas, = assets for AM, supplementing e.g. ESG and retirement earnings from Life products Assets under management with second revenue source >800bn Joint tail-risk and earnings Higher profitable growth driven volatility management by capital-efficient Life and Proprietary assets alternative AM products 12 1) In EUR A 10