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

OP-Pohjola Group and Pohjola Bank (formerly OKO Bank) CFO Jouko Pölönen Group Treasurer Hanno Hirvinen

Structure of OP-Pohjola Group 2 Central Cooperative Support services Strategic holdings Ownership 1% Member cooperative banks Retail banking Proportion of shares 3 % Proportion of votes 57 % Pohjola Group Banking Asset Management Non-life Insurance Proportion of shares 14 % Proportion of votes 13 % Credit institutions within OP-Pohjola Group are liable for each other's debts and commitments

Joint responsibility of OP-Pohjola Group 3 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.

4 Joint Responsibility within OP-Pohjola Group Join 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.

4 35 3 25 2 15 1 5 % OP-Pohjola Group on the deposit and lending markets* Market share of lending Market share of deposits Latest value March/29 3/29 5 192 1922 1942 1962 1982 22 222 * 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

OP-Pohjola Group Market shares 6 31 Mar 8 31 Mar 9 Change 12 m % Deposits 33.1% 33,8 % +,7 Credit and loans 31,4 % 32,2 % +,8 Home loans 35, % 36, % +1, Corporate Credit 26,3 % 26,7 % +,4 Savings in mutual funds 21, % 22,1 % +1,1 Life insurance savings 19,7 % 19,3 % -,4 Non-life Insurance* 26,9 % 27,5 % +,6 * In Dec 27 and Dec 28

7 Market Share in Deposits 31 December 28 4 % 35 3 25 2 15 1 5 OP- Pohjola Group Nordea Danske Bank Handelsbanken Savings banks Aktia Local Ålandsbanken cooperative banks Tapiola Bank Source: Federation of Finnish Financial Services

Market Share in Loans 31 December 28 8 35 % 3 25 2 15 1 5 OP- Pohjola Group Nordea Danske Bank Savings banks Aktia Handelsbanken Local Ålandsbanken cooperative banks Tapiola Bank Source: Federation of Finnish Financial Services

9 35 3 25 2 15 1 5 % Market shares of non-life insurance premiums written 28 Domestic direct insurance OP-Pohjola Group* If Tapiola** Fennia Local Insurance*** * Pohjola Non-Life, A-Insurance, Eurooppalainen, OVY ** incl. Turva *** incl. Palonvara Other Source: Federation of Finnish Financial Services

35 % Market shares in life insurance Gross premiums written 28 1 3 25 2 15 1 5 OP- Pohjola Group * Mandatum Life and Kaleva Nordea Mandatum Life* Skandia Tapiola Others Source: Federation of Finnish Financial Services

11 1,2 million OP-Pohjola Group Earnings before tax, 12 month moving total 1995-23 FAS 1, 8 6 4 2 95 96 97 98 99 1 2 3 4 5 6 7 8 3/9

12 OP-Pohjola Group Income statement million Change 1 January to 31 March 29 28 million % Net interest income 287 272 15 5 Other income 223 24 19 1 Total income 51 476 34 7 Personnel costs 163 152 11 7 Other expenses 156 159-4 -2 Total expenses 319 311 7 2 Impairments of receivables 29 2 27 Returns to owner-members and OP bonus customers 38 37 1 2 Earnings before tax 124 125-1

13 OP-Pohjola Group Balance sheet items million 3/29 12/28 Total assets 75 816 75 746 Receivables from customers 51 943 51 78 Non-performing and zero-interest claims 282 23 Deposits 34 753 34 533 Equity capital 5 28 5 215

14 OP-Pohjola Group Ratios 3/29 12/28 Net interest margin, % * 1.6 1.7 Cost/ income ratio, Banking and Investment Services, % 52 54 Return on equity (ROE), % 4.9 4.1 Return on equity at fair value, % 2.7-6. Return on assets (ROA), %.34.31 Non-performing and zero-interest bearing receivables of loans and guarantees, %.5.4 Tier 1 ratio, % 12.1 12.6 Capital adequacy ratio, % 12.1 12.7 * Net interest income as a % of average total assets

OP-Pohjola Group The amalgamation of the cooperative banks Capital resources and capital adequacy 15 6, million % 24 Other capital resources 5, 2 Tier 2 capital resources 4, 3, 2, 1, 13.8 12.8 12.3 12.4 12.7 12.1 12.6 12.7 12.3 12.4 12.6 Dec. 27 March 28 June 28 Sept. 28 Dec. 28 12.1 March 29 16 12 8 4 Subordinated loans Tier 1 capital resources excl. subordinated loans Capital adequacy ratio, % Tier 1 funds/ Riskweighted items, total, % Deductions of own funds are not included

% 1 Balance Sheet Funding OP-Pohjola Group 59 bn 65 bn 75 bn 76 bn 2 % 1 % 1 % 1 % 16 8 47 % 48 % 49 % 49 % Liabilities to other financial institutions Deposits from customers 6 Insurance liabilities 4 13 % 13 % 1 % 11 % Debt securities issued to the public Subordinated liabilities 2 23 % 22 % 24 % 23 % 2 % 2 % 2 % 2 % 5 6 % 7 % 7 % 1 % 1 % 1 % 1 % 8 % 8 % 6 % 7 % 26 27 28 Q1/9 Provisions and other liabilities Cooperative capital Shareholders' equity and minority interests

OP-Pohjola 17 6 EUR billion Loans and Funding breakdown 31 March 29 5 4 Corporate loans 32% Long-term wholesale funding* 13,8% Short-term 19,7% wholesale funding 3 2 1 Household loans 68% Deposit funding 66,5% * Including OP Mortgage Bank

Pohjola Bank in Brief

19 Pohjola Bank 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 33, 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.

Business Structure 2 Pohjola Group Banking Asset Management Non-life Insurance Group Functions Corporate Banking Markets Baltic Banking Institutional Customers Private Customers Corporate Customers Private Customers Baltic States Finance Risk management HR services Corporate communications

Competitiveness of business model has been demonstrated across business areas 21 Banking Market share and margins in corporate loans developed favourably Currently ranking number two with a market share of approximately 19 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 2 15 1 5 9/99 9/ 9/1 9/2 9/3 9/4 9/5 9/7 9/7 9/8 Source: Bank of Finland 12/8 19.% Non-life Non-Life Insurance Leading non-life insurer in Finland for second consecutive year, market share 27.6 per cent 2) Strong underwriting profitability (operating combined ratio of 91.5 per cent in 28) 5 2) Market share of domestic direct premiums written. 28 based on preliminary data as of March 29 4 35 3 25 2 15 1 Pohjola If/Sampo Tapiola Fennia Lähivakuut us 1997 1998 1999 2 21 22 23 24 25 26 27 28 Source: Federation of Finnish Insurance Companies 28 27.6% 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 3 25 2 15 1 5 Pohjola Company2 Company1 Company3 28 24% 25 26 27 28 Source: SFR. Based on interviews and answers by institutional investors with disclosed investment size

Pohjola Bank Q1/9 Consolidated Earnings 22 rolling 12Mo 28 million Q1/9 Q1/8 Net interest income 52 35 191 174 Impairments 21-2 51 28 Net interest income after impairments 31 37 14 146 Net income from Non-life Insurance 7 91 332 353 Net commissions and fees 3 32 16 18 Net trading income 25-44 -12-81 Net investment income -9 5-8 6 Other operating income 11 15 52 56 Total income 158 133 614 589 Total expenses 122 115 477 47 Earnings before tax 36 17 138 119 Change in fair value reserve 4-66 -182-252 Earnings/loss before tax at fair value 41-48 -44-133 Earnings per share,,13,7,5,44

million 2 1 8 1 6 1 4 1 2 1 8 6 4 2 Pohjola Bank Capital Resources and Capital Adequacy 721 55 256 236 66 1247 1228 123 12 948 12,8 12,9 11,2 11,7 11,5 9,6 1,7 8,2 9,4 9,4 25 26 27 28 Q1/9 % 5 45 4 35 3 25 2 15 1 5 23 Tier 1 Tier 2 Tier 3 Capital adequacy ratio, % Tier 1 ratio, % * For capital adequacy measurement, treatment of insurance company holdings changed as of 27

24 Nordic banks Basel II Tier 1 ratios excluding transitional rules (12/8) before and after the rights issue 14,% 12,% 12,1% 11,9% 11,9% 11,1% 1,9% 1,8% 1,% 9,6% 8,% 6,5% 6,% 4,% 2,%,% SEB Pohjola (postissue) Danske Bank Swedbank Handelsbanken Nordea Pohjola (preissue) 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

% 1 8 6 4 2 Pohjola Bank Balance Sheet Loans and Investments 24 bn 26 bn 32 bn 32 bn 14 % 9 % 2 % 32 % 18 % 36 % 11 % 11 % 1 % 3 % 12 % 12 % 9 % 6 % 7 % 11 % 14 % 14 % 1 % 7 % 38 % 8 % 4 % 9 % 19 % 38 % 1 % 16 % 26 27 28 Q1/9 Loans to Member Cooperative Banks Receivables from other financial institutions Financial assets for trading Loans to customers Non-life Insurance assets Investment assets Other items 25

% 1 8 9 % Pohjola Bank Balance Sheet Funding 24 bn 26 bn 32 bn 32 bn 5 % 6 % 8 % 7 % 5 % 5 % 3 % 3 % 8 % 11 % 11 % 11 % 8 % 7 % 8 % Deposits from Member Cooperative Banks Liabilities to other financial institutions Deposits from customers 26 6 4 55 % 5 % 51 % 49 % Non-life Insurance liabilities Debt securities issued to the public Subordinated liabilities 2 3 % 3 % 3 % 3 % 7 % 1 % 11 % 13 % 1 % 1 % 8 % 7 % 1 % 1 % 5 5 26 27 28 Q1/9 Provisions and other liabilities Hybrid capital Shareholders' equity and minority interests

Receivables and liabilities between Pohjola Bank and OP-Pohjola Group retail banks 27 million 6 5 4 3 2 1-1 -2-3 -4 12/6 3/7 6/7 9/7 12/7 3/8 6/8 9/8 12/8 Cash reserve deposits Other deposits Capital investments and perpetual bonds Reserve deposits Other loans Net position

OP-Pohjola Group 28 Issued Senior Debt by Maturity Pohjola OP-Mortgage Bank 4 3 5 3 2 5 2 1 5 1 5 28 29 21 211 212 214 215 216

OP-Pohjola Group 29 LT2, UT2 and Tier 1 by Call Date 45 4 35 3 25 2 Tier1 Upper tier2 Lower tier2 15 1 5 21 211 212 213 214 215

3 Pohjola Bank Liquidity reserve Q1/9 Financial assets included in liquidity reserve by maturity and credit rating on 31 March 29 EUR million Year 1 1 3 3 5 5 7 7 1 1 Total % AAA 1 443 1 921 1 74 46 21 39 5 148 58 % AA 1 362 734 38 37 8 1 2 45 28 % A 154 287 27 7 66 72 8 % BBB 43 68 1 5 117 1 % BB+ or lower 1 19 2 % Internally rated 94 171 85 2 11 38 4 % Total 3 96 3 181 1 674 543 31 4 8 835 1 %

Long-term Credit Ratings*) 31 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 Pohjola Insurance Ltd**) A1 A+ - If **) A2 A - Finnish sovereign Aaa AAA AAA *) Long-term debt **) Credit Rating is under review for possible downgrade ***) Insurer financial strength

Finnish Economy

Change in GDP volume 33 8 6 4 2 % United States -2-4 -6 Finland Eurozone -8 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9f 1f Sources: Reuters EcoWin, forecasts OP-Pohjola Group

34 Trade balance and current account in Finland 12-month moving total 2 EUR billion 15 Trade balance 1 5 Current account -5 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9f 1f Sources: Bank of Finland, forecasts OP-Pohjola Group

Unemployment rate 12-month moving average 35 18 % 16 14 12 1 8 6 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9f 1f Sources: Statistics Finland, forecasts OP-Pohjola Group

36 Average house prices 3 Index 1996=1 Sweden 25 2 15 Finland Netherlands United States 1 France 5 96 97 98 99 1 2 3 4 5 6 7 8 9 Sources: Reuters EcoWin, Statistics Sweden n

37 Average house prices 45 4 35 Index 1996=1 Ireland 3 25 2 15 1 5 Great Britain Spain Finland 96 97 98 99 1 2 3 4 5 6 7 8 9 Source: Reuters EcoWin

Investor Relation contacts 38 CFO Jouko Pölönen Tel. +358 1 252 345 jouko.polonen@pohjola.fi Executive Vice President, Group Treasury Hanno Hirvinen Tel. +358 1 252 2221 hanno.hirvinen@pohjola.fi Senior Vice President, Investor Relations Tarja Ollilainen Tel. +358 1 252 4494 tarja.ollilainen@pohjola.fi IR Assistant Anne Hasso Tel. +358 1 252 2569 anne.hasso@pohjola.fi

39 Appendix

Pohjola Bank Q1/9 Earnings before tax improved by EUR 19 million and at fair value by EUR 89 million. Banking made an excellent result and impairment losses are in line with the previous quarter The balance on technical account was good, and return on investment at fair value stood at -.4%. Our successful rights issue improved capital adequacy

Pohjola Bank Earnings before Tax by Business Segment million 6 5 4 3 2 1-1 -2-3 -4 25 5 Banking 3 January March 29 2 Asset Management 22-1 Non-life Insurance -33-14 Group Functions 17 Total 36 41 Q1/8 Q1/9

42 Pohjola Bank / Banking Doubtful receivables EUR 48 million (35) and impairments of billion 16 receivables EUR 12 million (-1) % 6, 14 5, 12 1 8 6 4, 3, 2, 4 2,26,2,1,,,,25,2,34,1 1,, 25 26 27 28 Q1/9-1, Loan and guarantee portfolio *) Doubtful receivables / Loan and guarantee portfolio, % Impairment of receivables / Loan and guarantee portfolio, % *) Loan portfolio, including leasing assets, repos, guarantees and guarantee commitments

Pohjola Bank / Banking Average margin of corporate loan portfolio 43 % 1,2 1, 1,3 1.3% %,8,6,4,2 Average margin of corporate loan portfolio, 3/ 3/1 3/2 3/3 3/4 3/5 3/6 3/7 3/8 3/9

44 Pohjola Bank Corporate exposure by sector*), a total of EUR 16 billion EUR million 2 1 8 1 6 1 4 1 2 1 8 6 4 2 Renting and operation of own or leased residental estate 11,1 % Manufacture of Machinery and and equipment (incl. servi... 1,3 % Wholesale and retail trade 27 28 Q1/9 1,2 % Construction 8, % Transportation and storage 7,1 % 7, % 6,7 % 5,3 % 4,9 % 4,9 % 4,7 % Forest industry Real estate investments Chemical industry Services Metal industry Renting and operation of own or leased real estate Food industry 4,1 % 4,1 % 3,4 % 2,5 % 1,9 % 1,9 %,8 %,7 %,6 % Energy Other Manufacturing Information and communication Financial and insurance services Agriculture, forestry and fishing Mining and quarrying Water supply, sewerage and waste management Other industries *) Classification standard revised with respect to the Companies and Housing Corporations sector

Pohjola Non-life Insurance Performance 45 rolling 12Mo 28 million Q1/9 Q1/8 Insurance premium revenue 231 22 934 923 Claims incurred -16-168 -635-643 Operating expenses -5-48 -24-22 Balance on technical account before amortisation 2 4 94 78 Amortisation/adjustment on intangible asset* -6-7 -29-3 Balance on technical account 14-3 65 49 Net investment income -2 38 2 59 Other income and expenses -14-12 -54-53 Earnings/loss before tax -2 22 31 55 Change in fair value reserve 2-55 -169-226 Earnings/loss before tax at fair value 1-32 -126-159 Operating loss ratio, % 69,5 76,4 62,8 69,7 Operating expense ratio, % 21,8 21,7 22, 21,9 Operating combined ratio, % 91,3 98,2 84,6 91,5 Return on investment, % -,4 -,6-6,8-7, *) Due to amortisation on intangible assets arising from company acquisition

million 25 225 2 175 15 125 1 75 5 25 Pohjola Non-life Insurance Growth in insurance premium revenue January March 12% % Private Customers % % Corporate Customers Baltic 2% Total 5% 5 % 46 Q1/8 Q1/9

47 Pohjola Non-life Insurance Allocation of investment portfolio 1 % 2,482 M 2,57 M 2,415 M 2,546 M 3% 2% 11% 15% Money market 8 % 6 % 4 % 72% 69% 7% 68% Bonds and bond funds Capital investments Equities 2 % % 5% 13% 3% 4% 4% 14% 7% 4% 4% 4% 5% 6% 3% 4% 4% 6% 26 27 28 Q1/9 Alternative investments Real estate