OP-Pohjola Group and Pohjola Bank plc

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1 OP-Pohjola Group and Pohjola Bank plc (formerly OKO Bank)

2 OP-Pohjola Group Issuing entities Pohjola Bank plc and OP Mortgage Bank 2 Leading financial services provider in Finland Number one in Deposits, Loans, Non-life Insurance and Life Insurance One of the strongest capital bases in the Nordic area OP-Pohjola Tier 1 12.% The strongest funding base in the Nordic area Deposits/Loans over 66% Liquidity buffer to cover 24 months ahead Finnish risk exposure Baltic exposure limited - EUR 119m in leasing assets

3 Structure of OP-Pohjola Group million customers Central Cooperative Risk monitoring and accounting Support services Strategic holdings Ownership 1% 221 member cooperative banks Retail banking Proportion of shares 3 % Proportion of votes 57 % Ownership1% OP Mortgage Bank Pohjola Bank plc Banking Asset Management Non-life Insurance Proportion of shares 14 % Proportion of votes 13 % 35, holders of Series A shares Credit institutions within OP-Pohjola Group are liable for each other's debts and commitments

4 Joint responsibility of OP-Pohjola Group 4 Helsinki OP Bank Funds Life insurance OP-Pohjola Group Central Cooperative 221 Group member banks Banking Asset Management Pohjola Bank plc OP Mortgage Bank Non-life Insurance Credit institutions within OP-Pohjola Group are liable for each other's debts and commitments.

5 5 Joint Responsibility within OP-Pohjola Group Joint responsibility within OP-Pohjola Group is based on the Cooperative Banks Act. OP-Pohjola Group Central Cooperative and its member credit institutions are liable for each other's debts and commitments in accordance with the Act. On the basis of this joint responsibility, the Central Cooperative and the member credit institutions are jointly and severally responsible for the debts of the central institution or a member credit institution which is in liquidation or in bankruptcy in the event that these debts cannot be paid from its funds. The liability is apportioned among the Central Cooperative and the member credit institutions in proportion to the total assets in the most recently adopted balance sheets. OP-Pohjola Group's insurance companies do not fall within the scope of joint responsibility.

6 OP-Pohjola Groups steady success continues Market share of deposits and loans % Market share of lending Market share of deposits * Up until 12/22 deposit banks' loans to and deposits placed by Finnish non-mfi's; since 1/23 MFI's loans to and deposits placed by euro area non-mfi's! Latest value 6/29 OP-Pohjola Group Group became the the market market leader leader in in deposits and and loans loans 12/28.

7 4 % OP- Pohjola Group OP-Pohjola The leading financial services provider in Finland Market share in deposits 31 December 28 Nordea Danske Bank Source: Federation of Finnish Financial Services 35 % 3 Savings banks Market share in loans 31 December 28 Handelsbanken Aktia Local Ålandsbanken cooperative banks 35 % OP-Pohjola Group* Market share in non-life insurance premiums written 28 Domestic direct insurance If Tapiola** Fennia Local Others Insurance*** *Pohjola Non-Life, A-Insurance, Eurooppalainen, OVY **incl. Turva ***incl. Palonvara 35 % 3 Market share in life insurance Gross premiums written 28 Source: Federation of Finnish Financial Services OP- Pohjola Group Nordea Danske Bank Source: Federation of Finnish Financial Services Savings banks Handelsbanken Aktia Local Ålands- cooperativebanken banks Tapiola Bank 1 5 OP-Pohjola Group * Mandatum Life and Kaleva Nordea Mandatum Life* Skandia Tapiola Others Source: Federation of Finnish Financial Services

8 8 OP-Pohjola Group and Pohjola Bank Key figures OP-Pohjola Group Pohjola Bank OP-Pohjola Group Pohjola Bank EUR million 1-6/9 1-6/ Total assets Receivables from customers Deposits Equity capital Tier 1, % 12, 11,5 12,6 9,4 Non-performing and zero-interest claims Non-performing and zero-interest bearing receivables of loans and guarantees, %,5,4,4,3 Loan and guarantee portfolio Impairment of receivables Impairment of receivables / loan and guarantee portfolio, %,14,39,11,2

9 9 OP-Pohjola Group and Pohjola Bank plc Income Statement OP-Pohjola Group Pohjola Bank OP-Pohjola Group Pohjola Bank EUR million 1-6/9 1-6/ Net interest income Impairments of receivables Net interest income after impairments Net income from non-life insurance Net income from life insurance Net commissions and fees Other income Total net income Personnel costs Other expenses Total expenses Returns to owner-members and OP-bonus customers Earnings before tax Change in fair value reserve Earnings/loss before tax at fair value

10 1 OP-Pohjola Group and Pohjola Bank plc Ratios OP-Pohjola Group Pohjola Bank OP-Pohjola Group Pohjola Bank 1-6/9 1-6/ Net interest margin, % 1,6* 1,14** 1,7*,94** Cost/ income ratio, Banking and Investment Services, % *** *** Return on equity (ROE) at fair value, % 12,3 18,3-6, -5,6 Return on assets (ROA), %,53,55,31,3 Non-life Insurance, Solvency ratio, % Life Insurance, Solvency ratio, % * Net interest income as a % of average total assets ** Pohjola Bank plc, Average margin of corporate loan portfolio *** Pohjola Bank plc, Cost /income ratio, Banking

11 The amalgamation of the cooperative banks Capital base and capital adequacy (Standard approach in retail exposure) 6, million 24 24% 11 5, 2 4, 3, Subordinated loans 2, 8 Tier 1 capital resources excl. subordinated loans 1, 4 Capital adequacy ratio, % June 28 Sept. 28 Dec. 28 March 29 June 29 Since 3/28 In accordance with Basel II Standard approach in retail exposure 1,48 1,48 1,4 1,38 1,45 Conglomerate capital adequacy ratio

12 12 % 1 OP-Pohjola Group Balance Sheet Loans and Investments 55 bn 61 bn 76 bn 78 bn 4 % 4 % 3 % 3 % 9 % 8 % 4 % % 73 % 68 % 67 % Receivables from credit institutions Receivables from other credit institutions Financial assets for trading Receivables from customers Non-life Insurance assets 2 4 % 4 % 3 % 7 % 5 % 4 % 3 % 3 % 17 % 17 % 8 % 8 % H1/9 Investment assets Other items

13 Pohjola Bank Balance Sheet Loans and Investments 13 % 1 24 bn 26 bn 32 bn 34 bn 14 % 9 % 6 % 7 % % 11 % 14 % 14 % 1 % 18 % 2 % 5 % 35 % 38 % 36 % 32 % 9 % 8 % 12 % 4 % 11 % 11 % 1 % 3 % 19 % 18 % 12 % 12 % H1/9 Loans to member cooperative Banks Receivables from other credit institutions Financial assets for trading Loans to customers Non-life Insurance assets Investment assets Other items

14 14 OP-Pohjola Group Loans and funding breakdown 3 June billion Other sectors 3.2% Corporate loans 29.7% Long-term wholesale funding 14.7% Sort-term wholesale funding 19.7% Household loans 67.% Deposit funding 65.6%. Loans Funding

15 million Wholesale and retail trade Manufacture of machinery and and eq... Other renting and operating of real estate Renting and operation of residential rea % 1.4% OP-Pohjola Group Corporate exposure by sector a total of EUR 24.4 billion H1/29 12/28 6/29 8.8% 8.5% 7.8% 7.% 5.8% 5.5% 4.4% 4.2% 3.6% 3.3% 3.3% 2.9% 2.5% 2.2% 2.4%.7%.6%.1% Construction Services Transportation and storage Forest Industry Buying and selling of own real estate Metal Industry Chemical Industry Food Industry Energy Other manufacturing Agriculture, forestry and fishing Information and communication Financial and insurance services Water supply, sewerage and waste m... Mining and quarrying Other industries 15

16 OP-Pohjola Group Corporate exposure by credit rating category % Rating Moody's Fitch S&P category 1, - 2, Aaa - Aa1 AAA - AA+ AAA - AA+ 2,5-5, Aa2 - Baa3 AA - BBB- AA - BBB- 5,5-7, Ba1 - Ba3 BB+ - BB- BB+ - BB - 7,5-9, B1 - B3 B+ - B- B+ - B- 9,5-1, Caa1 - C CCC+ - C CCC+ - C 11, - 12, D D D Non-rated 28 H1/29

17 OP-Pohjola Group Net impairments of receivables 17 7 million Q1 Q2 Q3 Q4/8 Q1 Q2 Q3 Q4/9 Gross impairment losses* Reversals Net impairment losses * Includes group-specific net impairment losses

18 18 OP-Pohjola Group Balance Sheet Funding % mrd 65 mrd 75 mrd 78 mrd 2 % 1 % 1 % 3 % 47 % 48 % 49 % 47 % Liabilities to other credit institutions Deposits from customers Insurance liabilities % 13 % 1 % 1 % 23 % 22 % 24 % 23 % 2 5 % 2 1 % 6 % 1 % 2 % 2 % % 7 1 % 6 % 1 % % 8 % 8 % 6 % 7 % H1/9 Debt securities issued to the public Subordinated liabilities Provisions and other liabilities Cooperative capital Shareholders' equity and minority interests

19 Pohjola Bank Balance Sheet Funding 19 % bn 26 bn 32 bn 34 bn 5 % 6 % 8 % 6 % 5 % 5 % 3 % 6 % 8 % 9 % 11 % 11 % 9 % 8 % 7 % 7 % 55 % 5 % 51 % 5 % Deposits from member cooperative banks Liabilities to other credit institutions Deposits from customers Non-life Insurance liabilities Debt securities issued to the public Subordinated liabilities 2 3 % 3 % 3 % 3 % 7 % 1 % 11 % 12 % 1 % 1 % 8 % 7 % 1 % 1 % 5 6 % H1/9 Provisions and other liabilities Hybrid capital Shareholders' equity and minority interests

20 OP-Pohjola Group 2 Issued Long Term Senior Debt by Maturity million Pohjola OP- Mortgage Bank

21 21 Pohjola Bank Liquidity portfolio Financial assets included in liquidity reserve by maturity and credit rating on 3 June 29 EUR million Year Total % AAA % AA % A % BBB % BB+ or lower % Internally rated % Total %

22 22 Credit Ratings*) Moody's Investors Standard Fitch Service & Poor s Ratings Pohjola Bank Aa1**) AA- AA-***) Handelsbanken Aa1**) AA- AA- Nordea Aa1**) AA- AA- DnB NOR Aa1**) AA- - Danske Bank Aa3 A+ A+ Swedbank A1 A A+ SEB A1 A A OP Mortgage Bank ****) Aaa AAA Pohjola Insurance*****) A1 A+ - If *****) A2 A - Finnish sovereign Aaa AAA AAA *) long-term debt **) on Moody's watch list ***) with negative outlook ****) covered bond rating *****) insurer financial strength

23 23 Investor Relations Contacts CFO Mr Jouko Pölönen Tel jouko.polonen@pohjola.com SVP, Investor Relations Ms Tarja Ollilainen Tel tarja.ollilainen@pohjola.com Head of Group Treasury Mr Hanno Hirvinen Tel hanno.hirvinen@pohjola.com Head of Group Funding Mr Lauri Iloniemi Tel lauri.iloniemi@pohjola.com

24 24 Appendix

25 Finnish Economy

26 26 Finnish companies are currently better prepared than in the 199s to confront a recession Early 199s Finnish interest rates (12- month Helibor) at 15% (199) Devaluation of Finnish markka by 14% in 1991 and by 27% in 1992 Corporate financing in foreign currencies in many cases Finnish companies equity ratio relatively poor Current account deficit accumulating during a decade preceding the economic slump ( 5% of GDP in 199) Impairments increased Now Interest rates (12-month Euribor) at 1 2% Finland is part of the eurozone Corporate financing mostly in euros Finnish companies equity ratio relatively good Current account surpluses accumulating over 15 years (+2% of GDP in 28) Corporate creditworthiness is expected to deteriorate and impairments to increase Sources: Statistics Finland, Bank of Finland, Pohjola Equity Research

27 27 Fiscal Deficit and Government Debt Fiscal deficit/gdp, % Luxem. Slovenia Finland Spain Netherl. Germany Austria Portugal France Belgium Greece Government debt/gdp, % Italy Ireland: FD/GDP: -12%, -16% / GD/GDP: 61%, 8% Source: European Commission

28 Change in GDP volume 28 8 % 6 4 United States Finland Eurozone f 1f Sources: Reuters EcoWin, forecasts OP-Pohjola Group, August 29

29 2 15 EUR billion Goods and services balance and current account in Finland 12-month moving total Goods and services balance Current account f 1f Sources: Bank of Finland, forecasts OP-Pohjola Group, August 29

30 Unemployment rate 12-month moving average 3 18 % f 1f Sources: Statistics Finland, forecasts OP-Pohjola Group, August 29

31 Index 1996=1 Average home prices Sweden 2 15 Finland Netherlands United States 1 5 France Sources: Reuters EcoWin, Statistics Sweden

32 32 Average home prices Index 1996=1 Ireland Great Britain Finland Spain Source: Reuters EcoWin

33 Pohjola Bank plc in Brief

34 34 Pohjola Bank plc in Brief Pohjola Bank provides banking, investment and non-life insurance services. It ranks among the leading players in the Finnish financial sector. Serving businesses, institutions and private individuals, Pohjola provides an extensive package of banking and insurance services which are convenient for customers while supporting corporate customers' business. With over 35, shareholders, Pohjola Bank Series A shares are quoted on the NASDAQ OMX Helsinki. Pohjola aims to grow through all of its business divisions and strengthen its market position further. The company places a strong emphasis on profitability throughout its operations and is also committed to effective capital management and a shareholder-friendly dividend policy Pohjola is part of OP-Pohjola Group, the leading financial services group in Finland with over four million customers.

35 Pohjola Bank plc Business Structure 35 Pohjola Bank plc Banking Asset Management Non-life Insurance Group Functions Corporate Banking Markets Baltic Banking Institutional Customers Private Customers Corporate Customers Private Customers Baltic States Finance incl. Group treasury Risk management HR services Corporate communications

36 Pohjola Bank plc s competitive of business model has been demonstrated across business areas 36 Banking Margins and market share in corporate loans have developed favourably Currently ranking number two with a market share of 19.4 per cent 1) 1) Share of corporate lending in Euros in Finland Deposit banks' corporate loan portfolio until Dec. 22 The proportion as of Jan. 23 based on a new statistical basis of the Bank of Finland Non-life Non-Life Insurance Leading non-life insurer in Finland for second consecutive year, market share 27.5 per cent 2) Strong underwriting profitability (operating combined ratio of 88.6 per cent in H1/9) 2) Market share of domestic direct premiums written. 28 based on preliminary data as of March 29 Asset Management Leading position in asset management for institutions based on AUM (asset management and mutual funds) 3) 3) % of total amount of funds under external management (excluding insurance companies) 25 figures include only former OKO Bank asset management (not then-pohjola Group s asset management activities % / 6/1 6/2 6/3 6/4 6/5 6/6 6/7 6/8 6/9 Source: Bank of Finland % Pohjola If/Sampo Tapiola Fennia Lähivakuutus Others Source: Federation of Finnish Insurance Companies Pohjola Company2 Company1 Company Source: SFR. Based on interviews and answers by institutional investors with disclosed investment size 6/9 19.4% % %

37 Pohjola Bank plc Essential information H1/9 Earnings before tax improved markedly year on year to EUR 123 million (71) Earnings before tax at fair value were EUR 227 million ( 28) Banking improved its profit performance despite higher impairment charges Within Asset Management, assets under management rebounded Non-life Insurance reported an excellent balance on technical account and return on investment at fair value rose to 4.5% Outlook: earnings before tax in 29 are expected to be markedly higher than in 28

38 Pohjola Bank plc Consolidated Earnings 38 rolling 12Mo 28 million 4-6/9 4-6/8 1-6/9 1-6/8 Net interest income Impairments Net interest income after impairments Net income from Non-life Insurance Net commissions and fees Net trading income Net investment income Other operating income Total income Total expenses Earnings before tax Change in fair value reserve Earnings/loss before tax at fair value Earnings per share,,22,16,33,21,48,36

39 Pohjola Bank plc Consolidated Earnings by quarter 39 million 4-6/9 1-3/9 1-12/8 7-9/8 4-6/8 1-3/8 Net interest income Impairments Net interest income after impairments Net income from Non-life Insurance Net commissions and fees Net trading income Net investment income Other operating income Total income Total expenses Earnings before tax Change in fair value reserve Earnings/loss before tax at fair value Earnings per share,,22,1,2,12,16,5

40 4 Nordic banks Basel II Tier 1 ratios excluding transitional rules H1/9 14,% 12,% 13,1 % 12,6 % 12,2 % 12,% 11,5% 11,3 % 11,2 % 1,% 8,% 7,3 % 6,% 4,% 2,%,% SEB Handelsbanken Danske Bank OP-Pohjola Group Pohjola Bank Swedbank Nordea DnB NOR Source: Company data Note: Tier 1 capital ratios based on latest reported Basel II figures excluding transitional rules and adjusted for subsequent announced capital raisings Note: Nordea adjusted for the rights issue of 2.5bn on February 1; Danske Bank adjusted for the participation to Danish state s hybrid capital program of DKK26.bn on February 6; Swedbank adjusted for the dividend reduction of SEK2.9bn on March 9; SEB adjusted for the rights issue of SEK15.bn; Handelsbanken adjusted for the tier 1 hybrids issue of SEK2.7bn on March 25

41 Pohjola Bank plc Receivables and liabilities between Pohjola Bank and OP-Pohjola Group retail banks 41 million /6 3/7 6/7 9/7 12/7 3/8 6/8 9/8 12/8 3/9 6/9 Reserve deposits Other loans Net position Other deposits Capital investments and perpetual bonds

42 42 Pohjola Bank plc Financial targets over the economic cycle million Target 1-6/9 1-6/8 Group Return on equity at fair value, % 13 18,3-2,4 Tier 1 ratio, % > 9,5 11,5 9,8 Banking Operating cost/income ratio, % < Asset Management Operating cost/income ratio, % < Non-life Insurance Operating combined ratio, % 92 88,6 95, Operating expense ratio, % < 2 21,8 21,6 Solvency ratio, %

43 Pohjola Bank plc Earnings before Tax by Business Segment January June million Banking Asset Management Non-life Insurance Group Functions Total H1/9 H1/8

44 Pohjola Bank plc Average margin of corporate loan portfolio continued to rise % 1,2 Q2/9 1.14% (Q1/9: 1.3% and Q4/8:.94%) 44 1, 1,14 %,8,6,4,2 Average margin of corporate loan portfolio, Q2/ Q2/1 Q2/2 Q2/3 Q2/4 Q2/5 Q2/6 Q2/7 Q2/8 Q2/9

45 million Pohjola Bank plc Impairments of Loans and Receivables totalled in January-June 29 EUR 54 million (-3) Q1/9 Q2/9 Credit loss recoveries and reversal of impairments New impairments Net credit and impairments

46 Pohjola Bank plc Banking - Doubtful receivables rose to EUR 55 million (35) and impairments of receivables to EUR 44 million (18) 46 billion % 16 6, 14 5, 12 4, , 2, 4,2,1,25,34,39 1, 2,2,,,1, Q1/9 Q2/9, -1, Loan and guarantee portfolio *) Doubtful receivables / Loan and guarantee portfolio, % Impairment of receivables / Loan and guarantee portfolio, % *) Loan portfolio, repos, lease liabilities, guarantees and guarantee liabilities

47 Pohjola Bank plc Corporate* banking exposure EUR 16.2 billion by sector ,5 % 1,9 % 9,3 % M ,9 % 7, % 6,8 % 6,7 % 4,9 %4,9 %4,9 % 4,8 % 4,3 % 4,3 % 3,2 % 2,9 % 2, % 1,9 %,7 %,7 %,4 % Renting and operation of own or leased residental estate Manufacture of Machinery and and equipment (incl. services) Wholesale and retail trade Construction Transportation and storage ** * Companies and Housing Corporations Forest industry Buying and selling of own real estate Services Chemical industry Metal industry Renting and operation of own or leased real estate H1/ ** In H1/29, 52% of exposures within the renting and operation of own or leased residential estate were guaranteed by general government Food industry Energy Other Manufacturing Information and communicatio n Agriculture, forestry and fishing Financial and insurance services Mining and quarrying Water supply, sewerage and waste management Other industries

48 Pohjola Bank plc Non-life Insurance Performance 48 rolling 12Mo 28 million 4-6/9 4-6/8 1-6/9 1-6/8 Insurance premium revenue Claims incurred Operating expenses Balance on technical account before amortisation Amortisation/adjustment on intangible asset* Balance on technical account Net investment income Other income and expenses Earnings/loss before tax Change in fair value reserve Earnings/loss before tax at fair value Operating loss ratio, % 64,1 7,6 66,7 73,4 63, 69,7 Operating expense ratio, % 21,9 21,4 21,8 21,6 22,2 21,9 Operating combined ratio, % 86, 91,9 88,6 95, 85,1 91,5 Return on investment, % 4,9 -,6 4,5-1,2-1,3-7, *) Due to amortisation on intangible assets arising from company acquisition

49 49 Pohjola Bank plc Non-life Insurance growth in insurance premium revenue, January June million % % -3 % 5 5 % Private Customers Corporate Customers Baltic Total H1/9 H1/8

50 5 Pohjola Bank plc Non-life Insurance - Allocation of investment portfolio % M 2 57 M M 2 79 M 3 % 2 % 12 % 1 % 3% 2% 11% 15% Money market % 72 % 69% 69 % 7% 7 % 73 % 68% Bonds and bond funds Capital investments Equities 2 4% 4 % 5% 5 % 14% 13 % 4% 3% 13% 4% 4 % 4% 3 % 13 % 7% 5% 4 % 4% 4 % 3% 4% 4% 7 % 6% 5 % 4 % 6% 5 % 3 % 4 % 6 % 5 % H1/9 Alternative investments Real estate

51 Pohjola Bank plc Non-life Insurance - Net investment income 51 million Q1/7 Q2/7 Q3/7 Q4/7 Q1/8 Q2/8 Q3/8 Q4/8 Q1/9 Q2/9 Net investment income on income statement Change in fair value reserve Net investment income at fair value

52 OP Life Assurance Allocation of investment portfolio 52 1 % 9 % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % % 4 16 M M M M M M 5 % 5 % 5 % 6 % 6 % 8 % 15 % 17 % 17 % 16 % 15 % 13 % 5 % 4 % 8 % 17 % 16 % 14 % 58 % 56 % 58 % 6 % 61 % 61 % 15 % 19 % 14 % 2 % 1 % 2 % Q1 28 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29* Real estate Alternative investments Equities Bond investments Money market investments

53 53 OP Life Assurance Net investment income milj Q1 / 28 Q2 / 28 Q3 / 28 Q4 / 28 Q1 / 29 Q2 / 29 Net investment income on income statement Change in fair value reserve Net investment income at fair value

54 OP Mortgage Bank in Brief

55 55 OP Mortgage Bank in Brief OP Mortgage Bank is a special purpose bank operating under the Act on Mortgage Credit Banks The sole purpose of the bank is to raise funds for the member banks of the OP-Pohjola Group by issuing covered bonds with mortgage collateral The outstanding covered bonds of OP Mortgage Bank are rated AAA by S&P and Aaa by Moody s OP Mortgage Bank is a 1% owned subsidiary of the OP- Pohjola Group Central Cooperative OP Mortgage Bank benefits from the joint and several liability based on the Cooperative Bank Act. However since assets in its Cover Asset Pool are ring-fenced the noteholders have a right to receive what is due to them before other debtors

56 56 Main features of the OP Mortgage Bank`s covered asset pool as of June 29 Collateralized by first ranking Finnish residential mortgages No commercial mortgages Current balance of the Cover Asset Pool is 2.5 billion Total amount of covered bonds issued is 2 billion Weighted average un-indexed LTV of 52% Average loan size approximately 62. No loans over 9 days in arrears No currency risk Hedging agreement in place to mitigate the interest rate risk All assets in the Covered Asset Pool are ring-fenced for the benefit of the covered bond holders

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