#1Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency March 2021 FINNVERA#2Disclaimer IMPORTANT: YOU ARE ADVISED TO READ THE FOLLOWING CAREFULLY BEFORE READING, ACCESSING OR MAKING ANY OTHER USE OF THE MATERIALS THAT FOLLOW. These materials have been prepared by and are the sole responsibility of Finnvera (the "Issuer") and have not been verified, approved or endorsed by any lead manager, bookrunner or underwriter retained by the Issuer. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. These materials are provided for information purposes only and do not constitute, or form part of, any offer to sell, purchase or otherwise acquire or dispose of, or any solicitation in respect of, any debt or other securities of the Issuer ("securities"). 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By reading these materials the recipient warrants and acknowledges that it falls within the category of persons referred to above. 2 FINNVERA#3Contents Finnvera in Brief Business Review Funding Appendices 3 FINNVERA#4Finnvera in Brief#55 Finnvera's Role Finnvera promotes the exports and the SME sector by financing various stages of business with loans and guarantees Task is to supplement the financial services provided by the private sector Finnvera is: - The official Export Credit Agency (ECA) of Finland The State-backed financier of Finland's SME sector Finnvera's clients are Finnish micro-, small and medium sized enterprises operating on the Finnish market or seeking growth through internationalisation. Our clients also include large Finnish corporations engaged in the export trade, their foreign customers, and domestic and foreign banks providing financing for exports. FINNVERA#66 Finnvera Group in Brief Specialised financing company owned 100% by the Republic of Finland Debt obligations explicitly guaranteed by the Republic of Finland Rating of debt obligations Aa1 by Moody's and AA+ by Fitch (the same as Finland's) KEY FIGURES, DECEMBER 2020 LENDING & GUARANTEE COMMITMENTS BALANCE SHEET RESULT Domestic €2.9 billion Exports €22.0 €12.7 €-748 billion million billion FINNVERA#72020 Domestic financing offered MEUR 1,693 Restructurings of financing 13,951 pcs Start-ups launched with the help of financing 2,697 pcs Finnvera's role in society Transfers of ownership financed MEUR 141 768 companies Jobs created with the help of domestic financing 8,717 Financing per new job EUR 194,000 IIII >>> Export credit guarantees and special guarantees offered MEUR 2,947 Guarantees that came into effect MEUR 1,990 Exports covered by export credit guarantees MEUR 3,151 Micro enterprises 87% 7 Number of clients 26,500 Other SMEs and midcaps Large enterprises 13% 0.6% FINNVERA#8MENT OPPORT on any way meets the physical or mis NFORMATION ter employment, submit ca Bangkok? No age 162 application or been employe available to start wond references/work Business Review#9SME and Midcap Financing Finnvera's mandate is to support the Finnish SME sector with focus on start-ups and growth companies Credit and guarantee losses in SME and midcap financing annually amount to about 2-4% of total exposure The State compensates 50%* of Finnvera's losses from domestic operations so that Finnvera can take greater risks than those taken by commercial financial institutions 2 1 Exposure EUR billion 6 ■Guarantees ■Loans and receivables FINNVERA *The State compensation temporarily increased to 80% due to the pandemic. 2015 2016 2017 2018 2019 2020#10Large Corporates For large corporates Finnvera provides export financing to ensure Finnish enterprises' competitiveness on the international export market Finnvera's export credit guarantees provide Finnish exporters and financiers with cover for credit risks Export credits provide long term financing to foreign buyers of Finnish capital goods In 2020, Finnvera's export credit guarantees amounted to 5.5% of Finland's exports of goods Realised losses in export credit guarantee and special guarantee operations have been minor 30 Exposure EUR billion 30 25 20 Outstanding guarantees Offers for guarantees Outstanding export credits Credits and commitments 25 20 15 10 10 2014 2015 2016 2017 2018 2019 2020 10 FINNVERA#11Total exposure, export credit guarantees and special guarantees 31 Dec 2020 EUR 22.2 billion, including commitments and binding offers. Exposure by sector 31 dec 2020 Cruise shipping EUR 10.9 bn (49%) Telecommunications EUR 3.7 bn (17%) Pulp and paper EUR 2.9 bn (13%) Others* Other Europe EUR 1.8 bn (8%) EU countries EUR 6.0 bn (27%) EUR 9.8 bn EUR 2.5 bn (11%) North America Other industries (44%) EUR 1.2 bn (5%) Middle East and North Africa EUR 1.0 bn (5%) 1919 IA Energy EUR 0.6 bn (3%) Mining and metals EUR 0.3 bn (1%) South and Central America EUR 2.3 bn (10%) Sub-Saharan Africa EUR 0.1 bn (1%) * Including other risks such as sovereign risks related to states and bank risks. 11 Finnvera had exposure in over 90 countries on 31 Dec 2020. 19 Asia EUR 1.2 bn (5%) 피피 FINNVERA#12Funding#132 500 Funding Annual EMTN funding volume (EUR million) 2 000 1 500 1.000 500 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 13 EUR USD Other Funding obtained by issuing debt under the EUR 15 billion EMTN program The debt is unconditionally and irrevocably guaranteed by the Republic of Finland Finnvera plans to be active in both EUR and USD depending on market conditions Funding plan for 2021 is between EUR 1 billion and 1.5 billion FINNVERA#141 200 1 000 800 600 400 200 0 Funding Maturity of EMTN debt (EUR million) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Objective to maintain well defined secondary market curves in both EUR and USD Investor demand and ALM policies also taken into account in selection of currency and maturity LCR Level 1, CRR/BIS risk weight 0%, Solvency II 0% EUR debt eligible for the Eurosystem's Public Sector Purchase Programme (PSPP) 14 EUR USD Other FINNVERA#15Funding EMTN debt by currency Outstanding amount EUR 9.7 billion Other USD 4% 21% Outstanding benchmark issues Issue date Ccy Amount (Million) Maturity date Sep 8, 2020 EUR 1 000 Sep 15, 2027 Oct 16, 2019 USD 1 000 Oct 23, 2024 Apr 2, 2019 EUR 1 000 Apr 9, 2029 Oct 31, 2018 EUR 500 Aug 7, 2028 Jun 20, 2018 USD 1 000 Jun 27, 2023 Mar 7, 2018 EUR 1.000 Jul 14, 2033 Sep 27, 2017 USD 1 000 Oct 5, 2020 EUR 75% May 10, 2017 EUR 1.000 May 17, 2032 Apr 6, 2016 EUR 1.000 Apr 13, 2026 Sep 15, 2015 EUR 1 000 Sep 22, 2022 Debt swapped into floating rate EUR or USD to match the currency and interest rate basis of assets May 28, 2015 USD 500 Jun 4, 2025 Nov 13, 2014 EUR 750 Nov 19, 2021 15 FINNVERA#16Distribution of selected EMTN issues 9/2020: 7y EUR 1bn 9/2027 Order book 2.7bn; Re-offer MS flat Distribution by geography Nordics Benelux 4/2019: 10y EUR 1bn 4/2029 Order book 2.8bn; Re-offer MS-4 Distribution by geography 6% 7% Ger / Aus Other / Switz 10% 27% Europe 20% RoE ROW 8% Germany 22% 10/2019:5y USD 1bn 10/2024 Order book 2.0bn; Re-offer MS+17 Distribution by geography Asia 16% Americas 21% 6/2018: 5y USD 1bn 6/2023 Order book 1.6bn; Re-offer MS+15 Distribution by geography Asia 20% 16 UK 11% France Asia / 23% UK 12% MEA 17% BeNeLux 17% Distribution by investor type Other 1% AM/Ins/PF 22% CB/OI 34% France 21% Americas 27% EMEA 53% EMEA 63% Distribution by investor type Distribution by investor type Distribution by investor type Ins/PF Banks 43% CB/OI 18% Ins/PF 13% AM 21% Bank 48% AM 9% Bank 60% CB/OI 31% AM 3% 9% Bank CB/OI 52% 36% FINNVERA#17Appendices B T I B L B#18Finland - An Export Oriented Economy A Nordic country rated AA+ (stable outlook) by Standard & Poor's and AA+ (stable outlook) by Fitch Ratings Almost 40 percent of Finland's economy is based on foreign trade Exports by Regions 2019 - Finland Main Economic Indicators 2018 2019 2020F 2021F 2022F 7% 8% ■Euro zone GDP at market prices, change in volume, % 1.5 1.1 -3.3 2.5 2.0 39% 13% Other EU countries ■Rest of Europe ■ Asia Employment rate, % 71.7 72.5 71.5 71.5 72.3 Unemployment rate, % 7.4 6.7 7.8 8.0 7.6 ■North America 13% ■Other countries General government net -0.9 -1.0 -6.1 -5.2 -3.3 21% lending, % of GDP General government gross 59.6 59.3 69.0 71.4 72.5 debt, % of GDP Source: Finnish Customs Source: Ministry of Finance: Economic Survey, published in December 2020 18 FINNVERA#19Finnvera - Key Figures 19 2020 2019 2018 2017 2016 2015 Finnvera Group Net interest income and net fee and commission income, EUR million Profit for the period, EUR million 194 182 177 174 194 197 -748 94 98 107 70 111 Total assets, EUR million 12,673 12,665 11,039 10,337 9,498 8,418 Tier 1 capital ratio, domestic operations, % 25.1 29.4 27.2 25.3 22.4 18.1 Tier 1 capital ratio, export credit guarantees, % Expense-income ratio, % Shareholders' equity, EUR million 1.3 6.9 6.8 26.4 25.4 29.3 27.2 27.0 28.3 727 1,463 1,358 1,314 1,207 1,121 473 1,221 1,126 1,062 955 871 360 364 372 383 398 404 - of which non-restricted equity, EUR million Average number of employees SMEs and midcaps Loans, guarantees and export credit guarantees offered, EUR billion Outstanding exposure, EUR billion 1.7 1.0 0.9 1.0 1.0 1.1 2.9 2.3 2.3 2.5 2.6 2.7 Large Corporates Export credit guarantees and special guarantees offered, EUR billion Outstanding exposure, EUR billion 2.9 5.2 3.0 7.5 4.2 6.6 22.0 25.2 23.3 22.2 18.1 17.0 Finnvera plc, clients 26,500 24,500 25,700 27,300 27,700 28,400 FINNVERA#20Finnish State's Commitment Debt obligations are explicitly guaranteed by the Republic of Finland Finnvera's guarantee scheme operates under the full faith and credit of the Republic of Finland No dividend payments by law The parent company is not liable to pay income tax The State compensates Finnvera for part of the credit and guarantee losses incurred in SME and midcap financing EUR 3 billion statutory back-up credit authorisation from the State 20 20 FINNVERA#21Thank you! Finnvera and its subsidiary Finnish Export Credit are the official ECAS of Finland. We offer export financing solutions and export credit guarantees backed by the full faith and credit of the of Finland in a flexible yet responsible manner. For more information please see www.finnvera fNVERA