#1FINNVERA Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency December 2021#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"). These materials are not intended to provide the basis for any credit or any other third party evaluation of the Issuer or such securities. Any offer, sale or invitation in respect of securities will be done pursuant to separate and distinct prospectus, offering circular or other equivalent document (a "prospectus") and any decision to purchase or subscribe for any securities should be made solely on the basis of such prospectus and not these materials. These materials may contain projections and forward looking statements. Any such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Issuer's actual performance or achievements to be materially different from any future performance or achievements expressed or implied by such forward-looking statements. Any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate. Any such forward- looking statements in these materials will speak only as at the date of these materials and the Issuer assumes no obligation to update or provide any additional information in relation to such forward-looking statements. These materials must not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose without the prior written consent of the Issuer. These materials are not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular, these materials are for distribution in the United Kingdom only to persons who meet the following criteria: 1. (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Order or 2. persons to whom these materials may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons being referred to as "relevant persons"). These materials must not be acted or relied on by persons who are not relevant persons. In member states of the European Economic Area, these materials are only directed at persons who are "qualified investors" within the meaning of Article 2(1)(e) of Directive 2003/71/EC. These materials are only being provided to persons outside the United States in connection with offshore transactions in reliance on Regulation S under the US Securities Act of 1933 (the "US Securities Act"). 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 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#6Finnvera 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 KEY FIGURES, JUNE 2021 6 LENDING & GUARANTEE COMMITMENTS BALANCE SHEET RESULT Domestic €2.8 billion Exports €22.0 €12.3 €65 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 Export credit guarantees and special guarantees offered MEUR 2,947 Jobs created with the help of domestic financing 8,717 Financing per new job EUR 194,000 XIB + Guarantees that came into effect MEUR 1,990 DIB Exports covered by export credit guarantees MEUR 3,151 7 Micro enterprises 87% Number of clients 26,500 Other SMEs and midcaps Large enterprises 13% 0.6% FINNVERA#8MENT OPPORTUNIT PLOYMENT OPORT net applicat sexual orientatio on any other has one wpixel will no physical or menta meets the raquants NFORMATION ter employment, submit venticat Bangkok? No age 167 Are you und Om Ow application or been employed available to start work? referenc 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 Exposure EUR billion ■Guarantees ■Loans and receivables *The State compensation temporarily increased to 80% due to the pandemic. 2015 2016 2017 2018 2019 2020 FINNVERA#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 Exposure EUR billion 30 25 25 20 20 15 10 5 Outstanding guarantees Offers for guarantees Outstanding export credits Credits and commitments 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 19 EUR 2.9 bn EU countries Other Europe EUR 1.8 bn (8%) EUR 6.0 bn (27%) (13%) Others* EUR 9.8 bn (44%) EUR 2.5 bn (11%) North America Other industries EUR 1.2 bn (5%) Middle East and North Africa EUR 1.0 bn (5%) 11 Energy EUR 0.6 bn (3%) Mining and metals EUR 0.3 bn (1%) *Including other risks such as sovereign risks related to states and bank risks. South and Central America EUR 2.3 bn (10%) Sub-Saharan Africa EUR 0.1 bn (1%) 19 19 A Å ☑ Finnvera had exposure in over 90 countries on 31 Dec 2020. Asia EUR 1.2 bn (5%) FINNVERA#12Funding#132 500 2 000 1 500 1.000 500 Funding Annual EMTN funding volume (EUR million) 0 2012 13 2013 2014 2015 2016 2017 2018 2019 2020 2021 • Funding obtained by issuing debt under the EUR 15 billion EMTN program EUR 3 billion ECP program launched in December 2021 The issues unconditionally and irrevocably guaranteed by the Republic of Finland Planned long-term funding for 2022 is approximately EUR 1 billion EUR USD Other FINNVERA#142 000 1 800 1 600 1 400 1 200 1.000 800 600 400 200 0 Funding Maturity of EMTN debt (EUR million) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 14 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#15Funding EMTN debt by currency Outstanding amount EUR 10 billion Outstanding benchmark issues Issue date Ccy Amount (Million) Maturity date Oct 20, 2021 USD 1.000 Other 4% Oct 27, 2026 Sep 8, 2020 EUR 1 000 Sep 15, 2027 Oct 16, 2019 USD 1 000 Oct 23, 2024 USD 31% 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 EUR 65% Mar 7, 2018 EUR 1 000 Jul 14, 2033 Sep 27, 2017 USD 1 000 Oct 5, 2020 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 Sep 15, 2015 EUR 1 000 Sep 22, 2022 May 28, 2015 USD 500 Jun 4, 2025 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 7 % 6 % RoE Ger / Aus / Switz Other 10 % 27 % Europe 20 % ROW 8% Germany 22 % 10/2021: 5y USD 1bn 9/2026 Order book 2.2bn; Re-offer SOFR+23 Distribution by geography Asia 10 % 10/2019: 5y USD 1bn 10/2024 Order book 2.0bn; Re-offer MS+17 Distribution by geography Asia 16% 16 UK 11% Asia / MEA 17 % France 23 % UK 12 % Distribution by investor type Other 1% AM/Ins/PF 22% CB / OI 34% BeNeLux 17 % France 21 % EMEA 37% Americas 53 % Americas 21 % EMEA 63 % Distribution by investor type Distribution by investor type Distribution by investor type Ins/PF 13% Other 2% AM 9% Banks CB/OI 43% 18 % AM 21% Bank 48 % AM 28 % CB/OI 25% Banks 45% Bank 60 % CB/OI 31% FINNVERA#17Appendices 3#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 2020 Finland - Main Economic Indicators 2019 2020 2021F 2022F 2023F 6% 9% ■Euro zone GDP at market prices, change 1.3 -2.9 3.4 3.0 1.5 in volume, % 38% 14% ■Other EU countries ■Rest of Europe ■ Asia Employment rate, % 71.6 70.7 72.4 73.5 74.0 Unemployment rate, % 6.7 7.7 7.6 6.7 6.5 ■North America 16% ■Other countries General government net -0.9 -5.5 -2.8 -2.1 -1.3 17% lending, % of GDP General government gross 59.5 69.5 67.7 67.1 67.5 debt, % of GDP Source: Finnish Customs Source: Ministry of Finance: Economic Survey, published in December 2021 18 FINNVERA#19Finnvera - Key Figures 6/2021 2020 2019 2018 2017 2016 19 Finnvera Group Net interest income and net fee and commission income, EUR million 104 194 182 177 174 194 Profit for the period, EUR million 65 -748 94 98 107 70 Total assets, EUR million 12,324 12,673 12,665 11,039 10,337 9,498 Tier 1 capital ratio, domestic operations, % 22.4 25.1 29.4 27.2 25.3 22.4 Tier 1 capital ratio, export credit guarantees, % 1.3 1.3 6.9 6.8 Expense-income ratio, % 26.6 26.4 25.4 29.3 27.2 27.0 Shareholders' equity, EUR million 780 727 1,463 1,358 1,314 1,207 - of which non-restricted equity, EUR million 538 473 1,221 1,126 1,062 955 Average number of employees 365 360 364 372 383 398 Number of clients 26,300 26,500 24,500 25,700 27,300 27,700 FINNVERA#20Thank 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.