#1=FINNVERA Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency November 2023#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 ESG Funding Appendices FINNVERA#4Finnvera in Brief FINNVERA#5Finnvera'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. 5 =FINNVERA#6• 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/P-1 by Moody's and AA+/F1+ by Fitch 6 KEY FIGURES, SEPTEMBER 2023 LENDING & GUARANTEE COMMITMENTS Domestic €2.8 billion BALANCE SHEET RESULT Exports €23.6 €12.6 €172 billion million billion FINNVERA#7Finnvera's role and impact in society Figures for the reference year 2021 are in parentheses. Impacts on stakeholder relations Meetings and contacts with clients and stakeholders: 5,500 pcs (7,080 pcs) Customers willing to recommend Finnvera, average NPS: Impact on society and financial impacts Domestic financing offered: MEUR 1,260 (MEUR 1,724) Start-ups launched with the help of financing: 1,931 pcs (2,399 pcs) Jobs created with the help of domestic financing: 6,001 (8,599) Transfers of ownership financed: MEUR 130, 771 companies (MEUR 174, 813 companies) Export credit guarantees and special guarantees offered: MEUR 5,676 (MEUR 4,340) Exports covered by export credit guarantees: MEUR 3,521 (MEUR 2,508) Social impacts Personnel expenses: MEUR 30 (MEUR 30) Personnel training: MEUR 0.4 (MEUR 0.3) Personnel work energy level: 4.3/5 (4.3/5) ESG assessment, export Environmental impacts Emissions from Finnvera's own operations: 637 t CO2 Emissions from financed projects: 9 Mt COz Finnish exports: to 94 countries Bo (93) 72 (67) Renewable's share of export exposures related to energy production: credit guarantees granted: 34% 295 pcs (349 pcs) (24%) 凸 0000 Micro- enterprises: 86% (87%) Number of clients 31 Dec 2022: 24,400 (25,800) 7 mm SMEs and midcap enterprises: 13% Large corporates: 1% (13%) (0.4%) 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#9• SME and Midcap Financing Finnvera's mandate is to support the Finnish SME sector with focus on start-ups and Exposure EUR billion growth companies 3,5 Credit and guarantee losses in SME and midcap financing annually amount to about 2-4% of total exposure 3,0 ■Guarantees ■Loans and receivables 2,5 2,0 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 1,5 1,0 0,5 0,0 2018 2019 2020 2021 2022 FINNVERA#10Exposure EUR billion 30 50 25 20 20 • • Large 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 2022, Finnvera's export credit guarantees amounted to 4% of Finland's exports of goods Realised losses in export credit guarantee and special guarantee operations have been minor 10 10 15 10 Outstanding guarantees Outstanding credits O Offers for guarantees Credits and commitments 5 2022 FINNVERA 0 2018 2019 2020 2021#11Total exposure, export credit guarantees and special guarantees 31 Dec 2022 EUR 23.7 billion, including commitments and binding offers. Exposure by sector 31 Dec 2022 Cruise shipping EUR 12.3 bn (52%) Pulp and paper EUR 4.0 bn (17%) Telecommunications EUR 3.3 bn (14%) Other Europe EUR 1.3 bn (5%) EU countries EUR 6.6 bn (28%) Others* EUR 2.4 bn (10%) Mining and metals EUR 0.7 bn (3%) North America EUR 10.0 bn (42%) Middle East and North Africa EUR 0.4 bn (2%) 19 iQ I A Energy EUR 0.6 bn (2%) Other industries EUR 0.4 bn (2%) *Including other risks such as state and bank risks and reinsurance risk transfer. South and Central America EUR 3.8 bn (16%) Lo Sub-Saharan Africa EUR 0.1 bn (1%) 11 Finnvera had exposure in over 90 countries on 31 Dec 2022. அ Asia EUR 1.5 bn (6%) FINNVERA#12ESG FINNVERA#1313 We diversify funding solutions to enable growth We are a stable promoter of exports Climate change Our clients' success strengthens the Finnish economy E We promote customer experience and digitalise our activities Impact Responsibility We strengthen partnerships and cooperation models The environment and social responsibility PO Financial responsibility FINNVERA#14Sustainability and Corporate Responsibility • . • • • • Responsibility and its aspects, climate change, the environmental and social responsibility as well as financial responsibility are the basis of the strategy Finnvera is a responsible financier whose operations are based on risk-based assessment and international standards One of the cornerstones of Finnvera's operations is a long-term self-sustainability, which Finnvera ensures through controlled risk-taking Finnvera measures its success in economic responsibility by the impacts of financing and by economic sustainability Finnvera promotes business and employment all over Finland Finnvera nurtures a good work atmosphere and develop the corporate culture • 14 Finnvera takes care of our personnel's professional competence FINNVERA#15ESG Strategy Climate change mitigation in Finnvera's operations Encouragement We help our customers seize the opportunities created by climate change action by financing growth, exports and investments. -Backed by the InvestEU guarantee programme, we provide loans for SMEs' digitalisation and climate projects Our aim is to increase the share of climate-friendly projects Measurement and reporting We set goals for as well as measure and report on the climate impacts of the projects we finance and our own operations. - We report on emissions relating to our ship liabilities according to the Poseidon Principles - We calculate the direct and indirect CO₂ emissions from our operations - We will set a target for reducing our climate impacts Risk management We are integrating climate change risks into our key financing decisions and risk management. - We will add an ESG element to the risk classification model of the projects to be financed Restrictions Our sectoral policies exclude the most harmful projects for the climate. - Coal-fired power plants and peat projects abroad are not eligible for Finnvera's financing Our export credit guarantees for the oil and gas sectors are restricted Influencing We influence the regulatory framework of export financing. - We influence and participate actively in OECD Arrangements negotiations - We exert influence and act as part of the E3F Coalition Competence Corporate responsibility is one of our strategic competences. - We will build up our competence related to corporate responsibility by means of training FINNVERA#16Funding#172 500 2 000 1 500 1 000 500 Long Term Funding Annual EMTN funding volume (EUR million) 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 17 EUR USD Other Funding obtained by issuing debt under the EUR 15 billion EMTN program The issues unconditionally and irrevocably guaranteed by the Republic of Finland Planned long-term funding for 2023 was approximately EUR 2 billion, which was completed in October FINNVERA#183.000 Long Term Funding Maturity of EMTN debt (EUR million) 2 500 2 000 1 500 1.000 500 H II 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 18 EUR USD Other . 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) FINNVERA#19Long Term Funding EMTN debt by currency Outstanding amount EUR 11.1 billion Outstanding benchmark issues Issue date Ccy Amount (Million) Maturity date Oct 18, 2023 USD 1,000 Mar 17, 2027 Other 3% Jun 8, 2023 USD 1,000 Jun 15, 2028 Sep 1, 2022 EUR 1,000 Mar 8, 2028 Oct 20, 2021 USD 1,000 Oct 27, 2026 USD 38 % Sep 8, 2020 EUR 1,000 Sep 15, 2027 EUR Oct 16, 2019 USD 1,000 Oct 23, 2024 59 % Apr 2, 2019 EUR 1,000 Apr 9, 2029 Oct 31, 2018 EUR 500 Aug 7, 2028 Mar 7, 2018 EUR 1,000 Jul 14, 2033 May 10, 2017 EUR 1,000 May 17, 2032 Apr 6, 2016 EUR 1,000 Apr 13, 2026 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 19 FINNVERA#20Distribution of selected EMTN issues 09/2022: long 5y EUR 1bn 3/2028 Order book 4.4bn; Re-offer MS -8 Distribution by geography UK Italy 5% 7% 9/2020: 7y EUR 1bn 9/2027 Order book 2.7bn; Re-offer MS flat Distribution by geography Nordics Benelux 7% 6% Ger/ Aus/ RoE Switz Ger / Aus France 10% / Switz 27% 12% 33% 10/2023: 3y USD 1bn 3/2027 Order book 1.6bn; Re-offer SOFR+42 Distribution by geography Asia 24% 06/2023: 5y USD 1bn 6/2028 Order book 1.4bn; Re-offer SOFR+47 Distribution by geography Asia 14% 20 20 Nordics 19% Benelux 23% UK Americas 19% 11% France Americas 16% EMEA 60% Asia/ 23% MEA 17% EMEA 67% Distribution by investor type Distribution by investor type Distribution by investor type Distribution by investor type Other 1% Other 1% AM/Ins/PF Banks 40% 22% AM/Ins/PF 33% CB/OI 26% CB/OI 34% Banks 43% AM 12% Bank 37% CB/OI Banks 51% 21% AM 9% CB / OI 70% FINNVERA#21ECP Short Term Funding Explicit guarantee by the Republic of Finland Programme launched Q1/2022 EUR 3 billion Moody's: P-1/ Fitch: F1+ Programme size Rating Dealers Currencies Target maturities 1M - 3M Barclays, BofA & Citi EUR and USD EUR million 600 500 400 300 200 100 Medium term target for outstanding amount EUR 1 bn 21 Outstanding amount 2022 0 31.3. 30.4. 31.5. 30.6. 31.7. 31.8. 30.9. 31.10. 30.11. 31.12. EUR USD FINNVERA#22The Economic Outlook of the Finnish Economy . L B#23Finland in Numbers Population Population 2022 O O O O O O O O 5 563 970 www www Economy Enterprises having received business subsidies 2022 44 165 Total earnings of wage and salary earners 2021 Enterprises, 2021 The group of statistical units in the structural business and financial statement statistics will be expanded starting from the statistical reference year 2021. Limitations concerning the operating time and size of enterprises have been removed from the definition of statistical units. Industry Turnover € million Enterprises Personnel" % Thousand Agriculture, forestry and fishing 131321 23.4 40 3 009 Men 3 664 Manufacturing 28 242 5.0 297 144 388 Construction 54 512 9.7 154 43 197 Women 3 034 Wholesale and retail trade 55 550 9.9 216 128 515 Live births 2022 44 951 Deaths 2022 63 219 Size of household-dwelling unit 2022 1 person 2 persons 3+ persons 46% 32% Industrial structure 2022 share of the employed Services and administration 74% euro per month median Transportation and storage Accommodation and food service activities 23 343 4.2 102 20 918 15 751 2.8 GDP 2022 preliminary data 47 991 Information and communication Financial and insurance activities Real estate activities Professional, scientific and technical activities Administrative and support service 20 270 3.6 14 721 2.6 42 202 7.5 66 109 11.8 activities 23 107 4.1 Human health and social work 25 167 4.5 Other service activities 30 572 5.4 euro per inhabitant Other industries 31 308 5.5 22% Industry and construction 21% Total 562 175 100 1403 Size category of personnel 0-4 526 027 93.6 5-9 16 937 3.0 10-19 9 654 1.7 ུ༣༤ ཋ མཇཝ་ྒུ ཏུཎྜཊྛིཾ 45 5 699 95 25 482 42 33 211 19 13 331 107 18 093 124 12 808 94 9 857 19 1851 49 28 389 488 748 201 63 871 109 26 800 129 34 242 Population density 1.1.2023 Central government debt 2022 20-49 6003 1.1 179 50 031 Agriculture and forestry 50-99 1965 0.3 135 45 555 25 398 100-249 953 0.2 144 53 162 18.3 inhabitants/km² 4% euro per inhabitant 250-499 348 0.1 118 42 804 500-999 171 0.0 120 41 779 1000- 117 0.0 268 130 503 Total 562 175 100 1403 488 748 Source: Statistics Finland 23 31.10.2023 Sources: Statistics Finland, State Treasury Source: Statistics Finland 1) Staff-years = 2) Incl. repair of motor vehicles and motorcycles Source: Statistics Finland, Structural business and financial statement statistics#24• Economic Outlook of Finland (16th Aug) The current economic 3 OECD Forecast 3,2 2,8 GDP Growth 3,0 2,1 1,1 1,2 1,2 environment of Finland is stable although growth is slow 2 1 0,5 0 There are risks ahead due to global economic slowdown and challenges in the construction industry Employment rate is still high -1 -2 -3 120 · 100 • Public debt is lower than the average in the Euro area 80 60 The direct negative effect on Russian exports/imports has thus far been mitigated 24 31.10.2023 -2,4 0,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General Government Debt 40 -Finland 0 Euro Area 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 92 73 2015 2016 2017 FINNVERA 18 019 20#25The Finnish Economy Demand and Supply, 2022, B€ 400 € 350 € Exports 120 Imports; 127,1 300 € 250 € Gross Fixed Capital 200 € Formation; 66 150 € Private Consumption; 138 GDP; 267 100 € 50 € 0 € Gov Consumption; 65 Demand Supply Exports amount to approx. 45% of GDP in Finland Main trading partners are Germany, Sweden and the US Trade with Russia has declined for a long time and has declined even more sharply after the war in Ukraine Main trading partners, share of total exports, % (12M Moving Average) Apr 2019 Apr 2023 The US 9.2 13.3 Sweden 12.9 12.7 8.7 7.4 Germany The Netherlands 5.6 6.9 China 4.7 4.9 The UK 4.7 3.9 Russia 5.3 1.2 25 31.10.2023 FINNVERA#26Largest exporting categories (SITC2), 12M rolling sum M€ Share Finnish Exports Commodities (SITC2) Goods Not Classified Elsewhere; 2,7% Paper, Paperboard & Articles Thereof 7 749 9% Petroleum & Products 7 268 9% Beverages & Tobacco; 0,3% Miscellaneous Manufactured Articles; 6,3% Crude Materials, Inedible, Except Fuels; 11,0% Machinery for Specialized Industries 6 333 8% Iron & Steel 6 093 7% Machinery, Transport Equipment; 30,2% 26 31.10.2023 Food & Live Animals, 2,4 Electric Machinery, N.E.S. & Parts 5 607 7% Mineral Fuels Etc; 10,1 % General Industrial Machinery N.E.S. 3 441 4% Animal & Vegetable Oils & Fats; 0,0% Non-Ferrous Metals 3 432 4% Road Vehicles 3 302 4% Basic Manufactures; 26,3% Chemicals & Related Products, N.E.S.; 10,7 % Pulp & Waste Paper 3 241 4% Instruments & Apparatus N.E.S. 2 907 4% Total 81 624 60%#2727 31.10.2023 GWH Finland's Self-suffiency in Energy 120000 100000 80000 60000 40000 20000 0 201001 2010Q4 2011Q3 2012Q2 11 Renewable energy 13 Nuclear energy 5 Others 2013Q1 2013Q4 2014Q3 2015Q2 2016Q1 2016Q4 2017Q3 2018Q2 2019Q1 2019Q4 12 Fossil fuels and peat 14 Net imports of electricity 2020Q3 2021Q2 2022Q1* 2022Q4* SSS TOTAL ENERGY CONSUMPTION 2023Q1 1 Renewable 2 Fossils Share (%) 44 32 3 Nuclear 22 4 Net imports 1 5 Others 1 FINNVERA#28Thank you! =FINNVERA 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 Republic of Finland in a flexible yet responsible manner. For more information please see www.finnvera.fi.