The Brighthouse Financial Treasury Story 1 ForwardLooking Statements

The Brighthouse Financial Treasury Story 1

Forward-Looking Statements This presentation and other oral or written statements that we make from time to time may contain information that includes or is based upon forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as “anticipate, ” “estimate, ” “expect, ” “project, ” “may, ” “will, ” “could, ” “intend, ” “goal, ” “target, ” "guidance, " “forecast, ” “preliminary, ” “objective, ” “continue, ” “aim, ” “plan, ” “believe” and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operating and financial results, as well as statements regarding the expected benefits of the separation (the "Separation") from Met. Life, Inc. Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial, Inc. and its subsidiaries. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties, and other factors. Risks, uncertainties and other factors that might cause such differences include the risks, uncertainties and other factors identified in Brighthouse Financial, Inc. ’s most recent Annual Report on Form 10 -K filed with the U. S. Securities and Exchange Commission (the “SEC”), subsequent Quarterly Reports on Form 10 -Q, including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1 A. Risk Factors, ” and in other filings Brighthouse Financial, Inc. makes with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made, and Brighthouse Financial, Inc. does not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. Please consult any further disclosures Brighthouse Financial, Inc. makes on related subjects in reports to the SEC. 2

Today’s Speakers Karen is a highly experienced Treasury Operations professional with over 15 years of progressive managerial experience crossing several industries for both domestic and multinational corporations. In addition, Karen is well versed in cash and liquidity management, foreign exchange and hedge accounting, cash forecasting and planning and investments. She has been with Brighthouse Financial for the last 2 years. Karen earned a Bachelor’s degree in Business with concentrations in Finance and Business Management from the University of North Carolina at Charlotte. Ehren has twenty years of experience gathered in a variety of consultancy and relationship positions within the financial sector, with market leading treasury software solution providers, consultancy practices, and as a treasury practitioner Ehren acted as onsite technology lead supporting corporate separation activities to stand up treasury operations and enabling systems. As part of this work Ehren lead the IT architectural discussions owned responsibility for deliverables outlining target state operational considerations and dependencies as well as interim state architecture. 3

• Who is Brighthouse Financial? • What challenges did Brighthouse solve for? • Decision making framework and strategy • Solution architecture • Benefits realized 4

Who is Brighthouse Financial?

BHF: A Focused US Retail Franchise $206. 3 B $134. 5 B Total assets AUM $414. 1 B 1 2. 5 M Life insurance in-force Policies and contracts in-force $7. 4 B $14. 4 B Combined TAC Stockholders’ equity A+ / A 3 / A FSR Ratings (S&P / Moody’s / Fitch / AM Best) Data as of March 31, 2019 1 Net of reinsurance One of the largest providers of annuity and life insurance products in the United States. Formerly a part of Met. Life, Inc. , Brighthouse Financial became an independent public company in August 2017.

BHF Strategy • • Simpler products focused on generating statutory capital Focused on target market segments Independent and diverse distribution network Seek to be a financially disciplined and, over time, cost-competitive product manufacturer

Brighthouse Financial Treasury Operations 8

Brighthouse Financial Timeline • June 2016: EY engaged as separation PMO January 2016 June 2016 • January 2016: Met. Life, Inc. announces plans to pursue separation of its U. S. Retail business • January 2017: BHF selects Kyriba as preferred TMS vendor and hires 3 directors August 2017 January 2017 • September 2016: 1 st Assistant Treasurer hired • BHF begins technology scan • December 2016: BHF concludes market scan and system selection project • August 2017: Brighthouse Financial completes separation from Met. Life, Inc. • Technology TSA effective • May 2017: Kyriba project kick-off • June 2017: Solution architecture and approval from ARB June 2018 • June 2018: Kyriba “Go Live” 9

Challenges and Decision Making Framework 10

Challenges Technology • • Customizations providing detailed cash views. Legacy upstream systems with little ability to change. • Agile development of platforms impacting treasury • Complex configuration vs customization • Avoid technical debt Legacy knowledge • • BHF Treasury did not have any transition of resources Understanding current state only to redesign Knowledge Resource Time • Director onboarding • Managing TSA exit and expectation of early exit savings Org Structure • Building a team while designing process and enabling technology Development of scalable and sustainable design Volume • Paperwork related to transition of 794 bank accounts • Development of processing rules and workflow

Brighthouse Financial Guiding Principles Client-centric solution design Advisor loyalty and advocacy Operating cost leadership Risk and capital management • Laser-focused understanding of client needs • Simple product designs that deliver those needs • Rapid innovation and deployment • Advisor segmentation / preferred partner tiers • Ease of doing business • Responsiveness and feedback system • Support to grow their businesses • Relentless elimination of waste • Promotion of digital and outsourcing • Lowest distribution cost per $ of VNB • Individual and portfolio level risk insights to enable price leadership with the most attractive customers • Innovative funding model to drive down our cost of capital 12

Approach to Technology Enablement A successful Business Architecture design will: • • • Articulate comprehensive view of business structure Enable strategic investment decision making Enable business and technology alignment Enhance business optimization Support alignment and communication of various aspects of the organization including data objects, risk and controls, metrics, etc. 13

Brighthouse Financial Treasury Capabilities Considered areas in scope for Kyriba implementation 14

Brighthouse Financial Market Scan Maturity Assessment Envisioned Brighthouse Capability Maturity Treasury is targeting a leading solution design in the areas of cash, payments, and capital management. Treasury accounting being limited in scope is targeted as Strong. Cash Management • • • The solutions identified as ‘leading’ are all still classified as best-in-cost. • • • Summarized Maturity Levels View Primary Capability Areas 1 Cash Management 2 Payment Processing and Sanction Screening 3 Capital Management 4 Treasury Accounting Lagging Developing Basic Strong Collection of all cash balances is fully automated, and data collection is standard and available to use immediately without any further manipulation. Treasury has near real-time visibility into at least 95% of the company’s daily cash balances. Cash positioning process is effective at least 95% of the time with minimal variances. Cash is concentrated automatically through a Treasury Management System, where automated sweeps are not available or cost effective Short, medium and long term forecasts are coordinated and fully automated between treasury and other functional areas. Treasury centralizes execution of funding and investments through a single platform and deals are tracked within a central repository for reporting and settlement. Capital Management Leading • • Payment Processing and Sanction Screening LEADING • • • LEADING Detailed funding plan is aligned with the Company's capital agenda (target capital structure, share buy-backs, target leverage ratios, dividend policy) is communicated to the financial community, including investors, credit ratings agencies, and analysts. Material changes to the funding plan and financing strategy are reviewed with, and approved by the Board of Directors Treasury is responsible for proactive management of the relationship with rating agencies. LTD covenants are consistent and focus on optimizing the Company's value. LTD covenant compliance process includes proactive corrective actions across the organization, should the Company's performance result in a breach of any (or all) LTD covenants. The LTD portfolio structure reflects the Company's risk appetite (including balance sheet leverage level and refinancing risk) and funding requirements, with optimal maturity profile and source of funds. Treasury tracks 100% of the LTD instruments and associated interest payments in a treasury management system. 95% of all treasury payments are executed from a treasury management system. Standard payment practices are established across all functional areas. All settlement of intercompany funding is standardized and automated to the extent possible. 95% of all non-treasury payments are automated into the cash position forecasting purposes Transaction lifecycle is automated to capture confirmations for all payments Sanction screening is automated through a single source for 100% of all payments sent across all functions. Treasury Accounting • • LEADING STRONG Treasury system produces journal entries that are posted directly into the GL system(s) based on appropriate approvals and validation process Month end treasury entries are manually generated using treasury management system and manually imported into ERP. All cash journal entries are manually reconciled to bank statements using a treasury management system prior to passing entries to ERP. Control and workflow for passing balanced entries is controlled through a treasury management system which requires manual review. 15

Solution Architecture

Over 20+ modules scheduled to go live on day one Workstreams impacting Treasury 18. 01 • • SAP Kyriba • GL • Bank Connectivity • Fixed Assets • Cash Management and Forecasting • A/P • Cash and Financial Accounting • HR Payroll • Payments and Payment HUB • Lexis Nexis (OFAC) • Bank Account Management • Aladdin (Investment Management Platform) • Bank Fee Analysis (Prior to Go Live) • Investment Accounting • Tax • CRM • Client Solutions 17

Brighthouse Financial Enterprise Roadmap 18

Brighthouse Financial Solution Architecture 19

Benefits Realized

Benefits Realized Deliverables from the Implementation of Kyriba Cash Management and Forecasting Payments and Payment HUB Bank Account Management 100% Cash Visibility ~1 Million Payments per month 50, 000 Reduction Bank Fees Standardized process for 150+ users to input and approve payments to streamline the payment process. Global bank account analysis program identified variances, accounts to close, and unnecessary fees. Generating $50 m+ a year in interest income $60 Billion Dollars in Wires each year 7 Banks and 12 m+ bank transactions a year Bank Connectivity + Forecasted Cash Flows Payment Connectivity + Formats + Workflows Bank Connectivity + Analysis Statements Treasury is adding real value to Brighthouse Streamlined process to allow for screening, reduce fraud, and minimize errors Overall better visibility into Actuals and forecasted cash flows allowed for more confidence in investing excess cash Ongoing cost savings by automatically receiving the analysis statements and having a application quickly analyze it. 21

Additional Highlights from the implementation Ø Connectivity: Ø 7 Banks Ø 750+ Accounts Ø 12 m+ Bank Transaction per year Ø Prior Day/Current Day Reporting Ø 6 Million Forecasted Cash flows from investment management system per year Ø Transaction Types (Budget Codes Categorization) : 200+ Ø Users: 160+ Users both Internal and External Ø Payments: Ø 16 Payment approval tiers ranging from $1, 500 to $500 M+ Ø Workflows: 20+ payment workflows 22

Brighthouse Financial Operational Volumes Monthly Forecasted Transaction Totals Imported - [CATEGORY NAME], Aladdin 330 File; 582, 725; [VALUE], [PERCENTAG 30% E] Manually Created; 3, 698; 0% Payment Volumes Ø 950, 000 outbound blind-routed ACH payments Ø 12, 000 payments to OFAC/year Ø 30, 000 wires released/year Ø $60 B of internal/external wires processed each year Imported - Blind Routed Files; 953, 060; 49% 23

What’s next – Digital adaption Identify automation areas Gather information Identify automatable processes Compile business case Deploy 24

Conclusion Dynamic working environment and blend of unique skillsets Opportunity to develop a best in class treasury operating model Quarter million dollars in implementation cost savings Payment hub integrating treasury, claims, and SAP payments in a single, controlled workflow A complex bank fee analysis program that yields close to $50, 000 in annual savings in perpetuity Entrepreneurial approach to adapting digital solutions 25

Questions? 26