#1StanCorp Agreement to be Acquired by Meiji Yasuda July 23, 2015 StanCorp Financial Group™#22 Forward Looking Statements Forward-Looking Statements Information in this presentation includes certain statements related to projected growth and future events. These statements are "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results in future periods may differ materially from those expressed or implied by such forward-looking statements. See StanCorp's most recent annual report on Form 10-K, Forms 10-Q, Forms 8-K and other documents filed with the Securities and Exchange Commission for a description of the types of risks and uncertainties that may affect actual results. Non-GAAP Financial Measures Financial measures that exclude after-tax net capital gains and losses and Accumulated Other Comprehensive Income are non-GAAP (Generally Accepted Accounting Principles in the United States) measures. StanCorp Financial Group™#3Transaction Highlights Transaction ■ Acquisition of StanCorp by Meiji Yasuda for $115.00 per share in cash Transaction Value $5.0 billion Premium 50.0% premium over StanCorp's latest closing price on July 23, 2015 49.9% premium to StanCorp's 30-day volume weighted average price 2.24x StanCorp's June 30, 2015 book value per share ex. AOCI Multiples 2.29x StanCorp's June 30, 2015 tangible book value per share ex. AOCI Approvals and Timing 19.3x StanCorp's LTM June 30, 2015 net income excluding after-tax net capital gains / losses Subject to approval by majority vote of outstanding StanCorp shares, regulatory approvals in Japan and the U.S., and other customary closing conditions 25-day go-shop period, with additional 20-day period to negotiate an agreement if expected to result in superior proposal Merger agreement allows StanCorp to pay out a regular annual cash dividend prior to the closing of the transaction, in an amount up to $1.40 per share ■ Expected closing during 1Q-2016 3 Note: Pricing and VWAP data per Bloomberg. StanCorp Financial Group™#44 Compelling Strategic Rationale 1 Compelling transaction for StanCorp shareholders in today's rapidly changing competitive landscape All-cash premium transaction provides substantial and immediate value for StanCorp's shareholders 2 Meiji Yasuda is a global insurance leader and a strong, stable home for StanCorp going forward 3 Expanded global presence with combined total assets of $327 billion that is well- positioned for global growth 4 StanCorp will maintain its operations, headquarters, employees, management team, product mix, distribution channels and community support 1 Includes ¥36,469 billion for Meiji Yasuda as of March 31, 2015, converted at a ¥120.17: $1 FX rate, plus StanCorp's assets of $23.4 billion as of June 30, 2015. StanCorp Financial Group™#5LO 5 1 All-cash premium transaction provides substantial and immediate value for StanCorp's shareholders Premium Over Latest Closing Price on July 23, 2015 $76.69 July 23, 2015 Close 50.0% $115.00 Purchase Price Premium Over 30-Day Volume Weighted Average Price 49.9% $115.00 $76.74 Premium Over All-time High Closing Price 45.9% $115.00 $78.81 All-time High Close Purchase Price Premium Over 90-Day Volume Weighted Average Price $75.53 52.3% $115.00 30-Day VWAP Purchase Price 90-Day VWAP Purchase Price Note: Pricing and VWAP data per Bloomberg. StanCorp Financial Group™#62 Meiji Yasuda is a global insurance leader and a strong, stable home for StanCorp going forward Overview of Meiji Yasuda Pre-Transaction Founded in 1881 and headquartered in Tokyo, Meiji Yasuda is the oldest and third largest life insurance company in Japan, with the largest share of group insurance in the Japanese market Base Profit (¥ in billions) ¥506 ¥460 ¥395 ¥371 ■Specializes in group and individual life insurance, bancassurance and group annuity products ■Insurance operations in Japan, and international operations in the U.S., Poland, China, Indonesia and Thailand ■Extensive domestic network with 73 Regional Offices, 938 Agency Offices and 19 Group Marketing Departments FY2011 FY2012 FY2013 FY2014 Chairman: Nobuya Suzuki President: Total Assets: Foundation Funds: Akio Negishi European Embedded Value (¥ in billions) ¥36,469 billion / $303 billion ¥5,491 ¥730 billion / $6.1 billion ¥4,219 ¥3,669 Customers: ~6.6 million ¥2,702 ¥5,596 ¥3,800 ¥3,458 Insurance Premiums & Other Income: ¥3,408 billion / $28.4 billion ¥2,164 40,793 Employees: ¥539 ¥210 ¥419 -\105 Sales personnel: 30,101 End of FY2011 End of FY2012 Financial Strength Ratings: A.M. Best: A+ S&P: A End of FY2013 End of FY2014 ■ Value of In-Force Business Adjusted Net Worth 6 Note: All Yen figures converted at a ¥120.17:$1 FX rate. StanCorp Financial Group™#73 Expanded global presence with combined total assets of $327 billion¹ that is well-positioned for global growth Meiji Yasuda's Global Footprint Post Transaction Founder Meiji Yasuda Life Insurance Co., Ltd. Meiji Yasuda America Incorporated Meiji Yasuda Europe Limited Meiji Yasuda Realty USA Incorporated TUIR Warta S.A. StanCorp Financial Group" Pacific Guardian Life Insurance Company, Limited Pacific Guardian Life Insurance Company, Limited Southern California Office Beijing Representative Office TU Europa S.A Seoul Representative Office Meiji Yasuda Life Insurance Company Frankfurt Representative Office Thai Life Insurance Public Company Limited PT Avrist Assurance Meiji Yasuda Asia Limited Meiji Yasuda's desire to make StanCorp its primary U.S. presence and partner reflects the operational strength of StanCorp's team, financial performance, differentiated product offering, and The Standard's respected brand Head Office Representative Offices Subsidiaries Affiliates StanCorp 7 1 Includes ¥36,469 billion for Meiji Yasuda as of March 31, 2015, converted at a ¥120.17: $1 FX rate, plus StanCorp's assets of $23.4 billion as of June 30, 2015. Financial Group™#88 4 StanCorp will maintain its operations, headquarters, employees, management team, product mix, distribution channels and community support StanCorp will become Meiji Yasuda's primary U.S. presence and partner, operating under The Standard brand within Meiji Yasuda's global structure StanCorp's Chairman, President and Chief Executive Officer, Greg Ness, and the current management team will continue to lead the business from StanCorp's headquarters in Portland, Oregon StanCorp will continue executing on its strategic plan and will maintain its current The Standard brand, employees, product mix and distribution channels StanCorp will continue its commitments to the communities it serves under Meiji Yasuda's ownership StanCorp has a long history of providing philanthropic and community service to Portland and communities across the U.S. where StanCorp employees live and work Meiji Yasuda also has a strong track record of active community engagement and support Logical next step for both companies, leveraging their leadership in their respective group insurance markets and similar corporate goals and values StanCorp Financial Group™#9Next Steps ■25-day go-shop period, during which StanCorp may solicit interest from other parties ■StanCorp shareholder approval ■Regulatory approvals ■Close expected during 1Q-2016 6 StanCorp Financial Group™#10Key Takeaways 1 Compelling transaction for StanCorp shareholders in today's rapidly changing competitive landscape All-cash premium transaction provides substantial and immediate value for StanCorp's shareholders 2 Meiji Yasuda is a global insurance leader and a strong, stable home for StanCorp going forward 3 Expanded global presence with combined total assets of $327 billion that is well- positioned for global growth 4 StanCorp will maintain its operations, headquarters, employees, management team, product mix, distribution channels and community support 10 10 1 Includes ¥36,469 billion for Meiji Yasuda as of March 31, 2015, converted at a ¥120.17: $1 FX rate, plus StanCorp's assets of $23.4 billion as of June 30, 2015. StanCorp Financial Group™#1111 Additional Information and Where to Find it In connection with the proposed merger transaction, StanCorp will file with the SEC and furnish to the StanCorp's shareholders a proxy statement and other relevant documents. BEFORE MAKING ANY VOTING DECISION, STANCORP'S SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES TO THE MERGER. Stan Corp's shareholders will be able to obtain a free copy of documents filed with the SEC at the SEC's website at http://www.sec.gov. In addition, StanCorp's shareholders may obtain a free copy of the proxy statement and other of StanCorp's filings with the SEC from StanCorp's investor relations website at www.stancorpfinancial.com or by directing a request to: Jeff Hallin, Vice President, Investor Relations and Capital Markets, 1100 Southwest Sixth Avenue, Portland, OR 97204. The directors, executive officers and certain other members of management and employees of StanCorp may be deemed "participants" in the solicitation of proxies from shareholders of StanCorp in favor of the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of StanCorp in connection with the proposed merger will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. You can find information about StanCorp's executive officers and directors in its Annual Report on Form 10-K filed with the SEC on February 26, 2015 and in its definitive proxy statement filed with the SEC on Schedule 14A on March 23, 2015. StanCorp Financial Group™#12StanCorp Financial GroupM The Standard is the marketing name for StanCorp Financial Group, Inc. and its subsidiaries. Insurance products are offered by Standard Insurance Company of Portland, Ore. in all states except New York, where insurance products are offered by The Standard Life Insurance Company of New York of White Plains, N.Y. StanCorp Equities, Inc., member FINRA, distributes group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third-party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. Commercial real estate loans are originated, underwritten and serviced by StanCorp Mortgage Investors, LLC, and a network of commercial mortgage banking correspondents. Product features and availability vary by state and company, and are solely the responsibility of each subsidiary.