#1Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency June 2020 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 EUR million 14 000 700 Specialised financing company owned 100% by the Republic of Finland Debt obligations explicitly guaranteed by the Republic of Finland Rating of debt obligations the same as Finland's - Aa1 by Moody's and AA+ by Fitch 12 000 10 000 8 000 6.000 4 000 2 000 0 2012 2013 2014 Total assets 2015 2016 2017 2018 2019 Equity Profit (rhs) 600 500 400 300 200 100 0 FINNVERA#7Jobs created with the help of SME and midcap financing 8,009 Finnvera's role in society Transfers of ownership financed MEUR 155 912 companies Export credit guarantees and special guarantees offered MEUR 5,246 SME and midcap financing offered MEUR 990 of which 45% for companies seeking growth and internationalisation Guarantees that came into effect MEUR 4,380 Exports covered by export credit guarantees MEUR 3,833 Start-ups launched with the help of financing 2,427 pcs Financing per new job EUR 124,000 MICRO ENTERPRISES 88% Number of clients 24,500 OTHER SMES AND MIDCAPS 11% 7 LARGE ENTERPRISES 1% 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 9 Guarantees ■Loans and receivables 0 2015 2016 2017 2018 2019 FINNVERA#10Large Corporates For large corporates Finnvera provides export financing to ensure Finnish enterprises' competitiveness on the international export market 10 Exposure EUR billion 30 25 Finnvera's export credit guarantees provide Finnish exporters and financiers with cover for credit risks 20 20 15 Export credits provide long term financing to foreign buyers of Finnish capital goods 10 10 Outstanding guarantees Offers for guarantees Outstanding export credits Credits and commitments In 2019, Finnvera's export credit guarantees amounted to 4% of Finland's total exports Losses in export credit guarantee and special guarantee operations have been minor 2013 2014 2015 2016 2017 2018 2019 FINNVERA#11Total exposure, export credit guarantees and special guarantees 31 Dec 2019 EUR 25.3 BILLION, INCLUDING COMMITMENTS AND BINDING OFFERS. Cruise shipping EUR 13.8 bn (54%) Telecommunications EUR 4.1 bn (16%) EUR 12.6 bn (50%) North America Finnvera had exposure in over 90 countries on 31 Dec 2019 FINNVERA'S LARGEST INDIVIDUAL FINANCING PROJECT IN CRUISE SHIPPING WAS IN THE UNITED STATES. Pulp and paper EUR 2.9 bn (11%) Others* EUR 2.5 bn (10%) Other industries EUR 1.1 bn (4%) Energy EUR 0.7 bn (3%) Mining and metals EUR 0.3 bn (1%) *Including other risks such as sovereign risks related to states and bank risks. EUR 6.0 bn (24%) EU countries EXPOSURE BY COUNTRY CLASSIFICATION 31 DEC 2019, EUR BILLION 77% 1% 7% 1% 5% 5% 5% 0% C EUR 1.8 bn (7%) Other Europe EUR 1.4 bn (6%) Asia 0 Advanced economy • 1 Very low risks 2 Low risks • 3 Relatively low risks 4 Intermediate risks • 5 Relatively high risks • 6 High risks ⚫7 Very high risks EUR 0.8 bn (3%) Middle East and North Africa ET MORE THAN 70% OF FINNVERA'S PULP-AND PAPER-RELATED EXPOSURE IS IN LATIN AMERICA. THE BIGGEST COUNTRIES OF EXPOSURE ARE BRAZIL, CHILE AND URUGUAY. 19 EUR 2.6 bn (10%) South and Central America EUR 0.1 bn (1%) Sub-Saharan Africa 11 THE BIGGEST COUNTRY EXPOSURES ON 31.12.2019, EUR BILLION 12 10 8 6 4 2 0 Fintand Germany United States Russia Brazi Chile Spain Indonesia • Commitments, EUR billion ⚫Offers, EUR billion Turkey Saudi-Arabia 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 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 2020 is between 1 billion and 1.5 billion EUR FINNVERA#141 200 1 000 800 600 400 200 0 Funding Maturity of EMTN debt (EUR million) 2020 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 9.8 billion Other 4% Outstanding benchmark issues Issue date Ccy Amount (Million) Maturity date Dealers Oct 16, 2019 USD 1 000 Oct 23, 2024 Citi, GS, HSBC, TD Apr 2, 2019 EUR 1 000 Oct 31, 2018 EUR 500 Apr 9, 2029 Aug 7, 2028 CACIB, Danske, DB, Nordea, TD Citi, DB, HSBC USD 32% Jun 20, 2018 USD 1 000 Jun 27, 2023 Citi, GS, HSBC, TD Mar 7, 2018 EUR 1 000 Jul 14, 2033 CACIB, Danske, DB, Nordea EUR Sep 27, 2017 USD 1 000 Oct 5, 2020 64% May 10, 2017 EUR 1 000 May 17, 2032 Apr 6, 2016 EUR 1 000 Apr 13, 2026 CACIB, Citi, HSBC, Nordea Citi, DB, GS, CACIB CACIB, Citi, Danske, HSBC Sep 15, 2015 EUR 1 000 Sep 22, 2022 CACIB, Danske, DB, Nordea 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 Citi, DB, HSBC Nov 13, 2014 EUR 750 Nov 19, 2021 CACIB, Citi, DB 15 FINNVERA#16Distribution of selected EMTN issues 3/2018: 15y EUR 1bn 7/2033 Order book 1.4bn; Re-offer MS-9 Distribution by geography Other RoW 2% 4/2019: 10y EUR 1bn 4/2029 Order book 2.8bn; Re-offer MS-4 Distribution by geography ROW 8% Germany 22% 6/2018:5y USD 1bn 6/2023 Order book 1.6bn; Re-offer MS+15 Distribution by geography Asia 20% 10/2019:5yUSD 1bn 10/2024 Order book 2.0bn; Re-offer MS+17 Distribution by geography Asia 16% 16 Europe Other 24% Europe Germany 20% 39% France 35% UK 12% BeNeLux 17% Americas 21% France 21% Americas 27% EMEA 53% EMEA 63% Distribution by investor type Distribution by investor type Distribution by investor type Ins/PF Distribution by investor type Bank 15% CB/OI 1% AM 40% Ins/PF CB/OI 44% 18% Ins/PF 13% AM 21% AM 3% 9% Bank 48% Bank CB/OI 52% 36% AM 9% Bank 60% CB/OI 31% FINNVERA#17Appendices B T I B L B#18Finland - An Export Oriented Economy A Nordic country rated Aa1 (stable outlook) by Moody's, 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 2017 2018 2019 2020F 2021F 7% 8% ■Euro zone GDP at market prices, change 3.1 1.6 0.9 -6.0 2.5 in volume, % 39% 13% Other EU countries ■Rest of Europe ■ Asia Employment rate, % 69.6 71.7 72.5 70.8 70.7 Unemployment rate, % 8.6 7.4 6.7 8.5 9.0 ■North America 13% ■Other countries General government net -0.7 -0.9 -1.1 -8.2 -5.1 21% lending, % of GDP General government gross 61.3 59.6 59.4 71.3 73.5 Source: Finnish Customs debt, % of GDP Source: Ministry of Finance: Economic Survey, published in June 2020 18 FINNVERA#19Finnvera - Key Figures 19 2019 2018 2017 2016 2015 Tier 1 capital ratio, domestic operations, % Tier 1 capital ratio, export credit guarantees, % Expense-income ratio, % Shareholders' equity, EUR million - of which non-restricted equity, EUR million Average number of employees Finnvera Group Net interest income and net fee and commission income, EUR million Profit for the period, EUR million 182 177 174 194 197 94 98 107 70 111 Total assets, EUR million 12,665 11,039 10,337 9,498 8,418 29.4 27.2 25.3 22.4 18.1 6.9 6.8 25.4 29.3 27.2 27.0 28.3 1,463 1,358 1,314 1,207 1,121 1,221 1,126 1,062 955 871 364 372 383 398 404 SMEs and midcaps Loans, guarantees and export credit guarantees offered, EUR billion Outstanding exposure, EUR billion 1.0 2.3 - Loans and receivables, EUR billion 0.8 - Guarantees, EUR billion 1.5 0385 0.9 1.0 1.0 1.1 2.3 2.5 2.6 2.7 0.9 1.1 1.2 1.3 1.4 1.5 1.4 1.5 Large Corporates Export credit guarantees and special guarantees offered, EUR billion Outstanding exposure, EUR billion 5.2 3.0 7.5 4.2 6.6 25.2 23.3 22.2 18.1 17.0 - of which funded/committed by Finnish Export Credit Ltd, EUR billion 14.2 13.5 12.5 8.5 8.8 Finnvera plc, clients 24,500 25,700 27,300 27,700 28,400 FINNVERA#20Non-performing exposure Non-performing exposure % of total exposure 3% 2% 1% 0% 2016 20 20 2017 2018 ■Large corporates ■SMEs and midcaps 2019 In the beginning of 2018 the compensation for credit and guarantee losses from the State was decreased and harmonised to 50 per cent in SME and midcap financing. In SME and midcap financing non- performing exposure has in recent years been under 3 per cent of total exposure when the compensation for credit and guarantee losses is taken into account. In Large Corporates' operations non- performing exposure has been under 1 per cent of total exposure in recent years. FINNVERA#21Equity and other reserves EUR 2.1 billion 21 24 Accumulated buffers against credit losses consist of retained earnings (EUR 1.2 billion) and the State Guarantee Fund (EUR 0.7 billion) - The fund is administered by the Government and is not part of Finnvera Finnvera's obligations stemming from guarantees issued are restricted to the amount carried in reserves (retained earnings) The State assumes responsibility for guarantee losses exceeding the reserves on Finnvera's balance sheet and the State Guarantee Fund December 31, 2019 Large Corporates Reserve for export financing operations EUR 773 million State Guarantee Fund EUR 686 million SMEs and midcaps Reserve for domestic operations EUR 266 million Retained earnings and other non-restricted equity EUR 182 million FINNVERA#22Finnish 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 22 FINNVERA#23Thank 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