#1Bank of Åland Debt Investor Presentation August 2018 ALANDSBANKEN#2Table of Contents 1. Bank of Åland in Brief 2. Bank of Åland - Strategy and Market Position 3. Earnings and Capital 2 4. Asset Quality 5. Liquidity and Funding 6. Contact Details 7. Appendix 3 5 14 31 35 41 43 ALANDSBANKEN#31. Bank of Åland in Brief ÀLANDSBANKEN#44 • Bank of Åland in brief Bank of Åland Plc • A Finnish bank targeting high net worth and affluent individuals • Top ranked in customer loyalty • Tradition of stability and very low credit losses • BBB rating with a positive outlook from S&P Covered bonds program • EUR 2 bn combined covered bond/senior Medium Term Note program 2017 (Finnish law) • Two cover pools: Cover Pool FIN and Cover Pool SWE • Issuance under Finnish Covered Bond Legislation · Legal LTV cap at 70% and minimum 2% over-collateralization • Published commitment to a strong over-collateralization and six months liquidity in the program • AAA (stable) rating from S&P on both Pool FIN and Pool SWE covered bonds ALANDSBANKEN#52. Bank of Åland Strategy and Market Position ÀLANDSBANKEN#6Three Markets - Two Strategies The Åland Islands • Finland 3 offices + 2 rep offices, market share 55-60 % Full product range offered A bank for everyone 5 offices in affluent parts of Finland, market share 1-2% Sweden • Full product range offered but "bread and butter" services only as complement to Private Banking and Premium Banking services offering Targeted segment: High Net Worth / Affluent Individuals and their companies 3 offices in Sweden's largest cities, market share < 1% Full product range offered but "bread and butter" services only as complement to Private Banking and Premium Banking services offering Targeted segment: High Net Worth / Affluent Individuals and their companies Gothenburg 6 Malmö Vaasa Tampere Turku Parainen Helsinki Åland Islands Stockholm ÀLANDSBANKEN#77 . Bank of Åland - a relationship bank with focus on Private Banking and Premium Banking customers Established in 1919 on Åland Islands • Listed since 1942 on NASDAQ OMX Helsinki • • · · • • Total assets of EUR 5 302 M, as of Jun 30, 2018 Actively managed assets of EUR 5 650 M, as of Jun 30, 2018 Approximately 700 employees Operations in the Åland Islands, Finnish mainland and Sweden More than 200,000 customers and top-ranked in customer loyalty A long-standing tradition of stability and very low credit losses At the forefront for introducing new products in Finland ALANDSBANKEN#8Bank of Åland History of Strategic Decisions From a local bank supporting development of Åland - a poor fishing and agrarian community 8 1919 1942 2016 2009 2004 1994 Listing Foundation Expansion IT company Crosskey Ab Ltd Expansion to Sweden Fintech Dreams to Finnish mainland To a Nordic banking group with wide product range and personal service targeting high net worth individuals ÀLANDSBANKEN#99 Bank of Åland vision We create value for ambitious individuals and companies that appreciate relations Private Banking since 1982 Premium Banking since 2004 Service Finance DETERSOHNGUEXTEY ITAMERIPROJEKTI BALTICSEAPROJECT.ORG I SUPPORT A CLEAN BALTIC SEA ORROW TOM MEMBER 543211 Lifestyle Safety ÀLANDSBANKEN#1010 Bank of Åland group legal structure Crosskey Banking Solutions Ab Ltd 100% Ålandsbanken Abp (Bank of Åland Plc) Ab Compass Card Oy Ltd 100% Ålandsbanken Fondbolag Ab 100% S-Crosskey Ab 60% ALANDSBANKEN#1111 Ownership structure Major owners Anders Wiklöf with companies Alandia-Bolagen The Family Kamprad Foundation Ålands Ömsesidiga försäkringsbolag Fennogens Investments S.A. (Family Ehrnrooth) Other owners Svenska Litteratursällskapet Föreningen Konstsamfundet Share of capital Share of votes 20,1% 26,5% 7,5% 11,2% 6,0% 0,7% 5,9% 11,6% 4,1% 7,0% 43,4% 56,9% 1,4% 3,0% 0,5% 1,1% Approximately 9,500 shareholders in total, mostly from the Åland Islands. ALANDSBANKEN#1212 Standard & Poor's rating on Bank of Åland Finnish banks Business position A- -2 - Niche bank with geographical concentration to Finland and Sweden Capital and earnings +1 - Strong capital position positive - Strong equity to assets ratio Risk position -1 - Geographical concentration to Finland and Sweden - Small customer base with concentration risks Liquidity and funding -Above average with very strong deposit base Bank of Åland stand alone rating Cover Pool FIN, Cover Pool SWE - Very low credit losses and stable loan base - Commitment to strong overcollateralization - Commitment to six month liquidity buffer Bank of Åland covered bonds rating BBB positive +9 AAA ALANDSBANKEN#1313 Scorecard Capital • • S&P rating uplift for strong capital position Common Equity Tier 1 capital ratio 12.8 per cent as of Jun 30, 2018 • IRB method for credit risk capital requirement not yet approved for the Swedish credit portfolio . Risk Management • Long history of having the lowest loan loss level of all Finnish banks. Loan loss level was 0.05 per cent Q2 2018. No trading positions or complex financial instruments Strict limits on exposures to financial institutions. Bulk of the exposure is to highly rated Nordic entities • Liquidity and Funding Core funding ratio of 90 per cent as of Jun 30, 2018 Liquidity reserve at 19 per cent of total assets as of Jun 30, 2018 LCR at 135 per cent as of Jun 30, 2018 NSFR at 107 per cent as of Jun 30, 2018 AAA rating on covered bonds • Profitability Challenging interest rate environment Positive earnings trend Net operating profit of EUR 7.5 M Q2 2018 Return on equity 10.2 per cent Q2 2018 ALANDSBANKEN#143. Earnings & Capital ÀLANDSBANKEN#1515 Long-term financial targets Return on equity after taxes (ROE) shall exceed 10 per cent. • As a bank for investors, with financing knowhow, the Bank of Åland has a business model that shall generate most earnings from operations with limited capital requirements. The Bank of Åland's earnings will benefit from higher interest rates The Bank's capital adequacy, primarily defined as the core tier 1 capital ratio under the Basel regulations, shall clearly exceed all regulatory requirements. The payout ratio shall eventually amount to 50 per cent. • This payout ratio target is subject to the condition that the capital adequacy target continues to be achieved. At present, the Bank of Åland is prioritising balanced growth. ALANDSBANKEN#1616 2018 Q2 in summary • • • Net operating profit EUR 7.5 M (5.0 M Q2 2017) Return on Equity after tax (ROE) 10.2 percent (7.0 Q2 2017) Earnings per share EUR 0.38 (0.26 Q2 2017) • • Strenghtening of the total capital base with SEK 200 M T2 capital Digitalization: Ownership in the strategic partner Dreams Nordic AB • • • • Implementation of IT systems and ensuring compliance with new regulation New management team for allocation and equities in Asset Management Top ranking for Bank of Åland's mutual fund Euro Bond. Green banking: Baltic sea card and Aland index widely recognized ALANDSBANKEN#1717 Prospera survey Private Banking Finland 2017 Overall Performance Rank 17 16 Score 17 1 *6 3,80 Taaleri 2 1 3,74 Ålandsbanken 3 4 3,70 Evli 4 3 3,66 OP 5 2 3,65 Handelsbanken 6 *6 3,56 Danske Bank *7 5 3,55 Nordea *7 *6 3,55 Nordnet 9 11 3,48 Aktia 10 10 3,46 FIM 11 9 12 12 3,42 LähiTapiola 3,28 Mandatum Base: Clients (& contacts for criteria f, g.k & I) Weighted average of criteria a-l (weighted with importance for the choice of supplier) ALANDSBANKEN#1818 eurobest the european awards for creative excellence CANNES LIONS INTERNATIONAL FESTIVAL OF CREATIVITY ÖSTERSJÖPROJEKTET ITÄMERIPROJEKTI BALTICSEAPROJECT.ORG GULDNYCKELN I SUPPORT A CLEAN BALTIC SEA ETS INSATS 5 2017 SUSTAINABLE BRAND INDEX ORROW TOM ENGLISH MEMBER 543211 D&AD Impact 0000 GULDAGGET SVERIGES KOMMUNIKATIONSBYRÅER 2017 FEMTIOSJÄTTE UPPLAGAN ALANDSBANKEN#1919 H1 2018 in summary 63,5 +3 % 65,4 Operating profit, EUR M +21 % 14,9 12,3 -1 % -31 % Income Expenses Loan losses Operating profit -1,0 -0,7 -50,2 -49,8 Volumes, EUR M +3% 5 475 5 650 -1 % 3 130 3 095 +1 % 3 915 3 963 Actively managed capital Deposits Lending 2017 2018 2017 2018 ÀLANDSBANKEN#20H1 2018: Higher earnings, lower expenses 63,5 0,9 0,4 1,3 1,5 3.0 0,8 65,4 50,2 0.4 1,0 1,1 0,6 1,2 1,0 0,5 49,8 2017H1 FX: EUR/SEK Net interest income Net provision Net income from IT income income financial items Others 2018 HT 2017H1 FX: EUR/SEK Deferred charges Resolution Impairment Staff costs fund losses IT costs Others 2018 H1 20 20 Earnings +3 % Expenses -1 % ALANDSBANKEN#212017 in summary 120,4 +6% 128,0 Operating profit, EUR M +47 % 5 737 +4 % 25,1 26,0 3 900 +9 % -47 % Income Expenses Loan losses Operating profit 21 21 -91,3 -99,8 ■2016 2017 Volumes, EUR M +4 % 3 197 3 100 +3 % 3.979 3 808 Actively managed capital Deposits Lending ■2016 2017 ÀLANDSBANKEN#22Income statement Q2 Q1 Q2 H1 H1 EUR M 2018 2018 % 2017 % 2018 2017 % Net interest income 13,8 14,1 -2 13,6 2 27,9 27,5 Net comission income 12,6 13,2 -4 12,8 -2 25,8 24,9 13 3 Net gains and losses on financial items 1,7 1,5 10 -0,6 3,2 0,3 IT income 4,1 4,0 2 4,4 -7 8,1 9,7 -16 Other income 0,2 0,1 0,2 26 0,3 1,1 -70 TOTAL INCOME 32,5 32,9 -1 30,5 6 65,4 63,5 3 Staff expenses -14,5 -15,1 -4 -14,9 -3 -29,5 -30,9 -4 Other expenses -8,3 -8,4 -1 -8,4 -2 -16,6 -16,1 3 Depreciation -1,8 -1,9 -2 -1,7 7 -3,7 -3,3 13 TOTAL EXPENSES -24,5 -25,3 -3 -25,1 -2 -49,8 -50,2 -1 PROFIT BEFORE LOAN LOSSES 8,0 7,6 5 5,5 46 15,5 13,3 17 Impairment losses on loans -0,5 -0,2 -0,5 -10 -0,7 -1,0 -31 OPERATING PROFIT 7,5 7,4 2 5,0 51 14,9 12,3 21 Income tax -1,6 -1,6 -1,0 58 -3,2 -2,5 26 PROFIT ATTRIBUTABLE TO SHAREHOLDERS 5,9 5,8 1 3,9 50 11,7 9,8 19 22 22 ALANDSBANKEN#23Bank of Åland business segments H1 2018 Operating profit, EUR M ROE, % 10,4 10,1 23 2,7 4,2 22,6 20,4 7,6 7,6 5,7 4,8 1,1 0,3 0,4 0,5 Private Banking Premium Asset Banking management IT Others -0,4 Private Banking Premium Banking Asset management IT Others -2,2 TH12017 TH12018 H1 2017 H1 2018 ALANDSBANKEN#24Bank of Åland 2016 - 2018 ROE, percent 14,0 12,0 10,0 24 24 11,7 8,0 6,5 6,0 4,0 2,0 9,2 10,6 10,2 10,1 10,1 8,8 7,0 0,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 ALANDSBANKEN#25• Business volumes 2016 - 2018, EUR M A strong increase in assets under management. Otherwise the long term growth has been very well balanced. 25 25 2 437 2 598 2 754 Discretionary mandates 1 463 3 197 3 148 3 095 3 028 2 896 Mutual funds Deposits Dec 2016 ■ Dec 2017 ■ Jun 2018 3 979 3 963 3 808 Lending ALANDSBANKEN#26- Loans in arrears 2016 - 2018 % 60 60 1,6 1,4 50 50 1,23 1,2 40 40 0,97 0,85 1,0 50 0,74 30 0,70 0,69 0,8 0,60 0,57 0,46 0,6 20 20 0,42 0,4 10 0,2 0 0,0 Q1 Q2 Q3 Q4 2016 2016 2016 2016 Q1 2017 Q2 Q3 Q4 Q1 Q2 2017 2017 2017 2018 2018 EUR M Stage 3 credits, lhs Share of of total lending, rhs Data for Q1 2016 - Q3 2017: loans in arrears > 90 days 26 26 ALANDSBANKEN#27Commitment to a strong capital ratio • Bank of Åland is committed to a strong capital ratio. • Positive outlook on the rating reflects S&P view that the bank will continue to build up its capital base, improve earnings, and uphold a sound approach to risk over the next two years Conservative pay-out policy is to safeguard the capital position • The core tier 1 capital ratio for a small bank like Bank of Åland is not comparable to larger banks with IRB methods. Standard & Poor's rating method considers Bank of Åland well capitalized, giving a rating uplift of one notch at the current CET1 ratio level. 2 27 12,9 % 12,8 % 12,0% 11,8% 10,9% 10,8% 10,9% 8,3 % ÀLANDSBANKEN 2011 2012 2013 2014 2015 2016 2017 Q2 2018 ■CET1 ratio#28Bank of Aland capital base 2013-2018 15,2 15,2 14,2 12,9 13,0 2,4 % 1,3 % 4,4 % 12,1 0,9 % 1,2 % 1,2 % 12,9 % 12,8 % 12,0% 11,8 % 10,8 % 10,9 % 2013 2014 2015 2016 2017 Q2 2018 ■CET1 ■T2 2014: revised Basel-regulation 28 ALANDSBANKEN#2929 29 S&P view of the total capital base • According to S&P the capital position of Bank of Aland is strong • • • Quality of capital is high Structure of the balance sheet is of low risk Pay out policy is conservative Nordic Banks--RAC Ratios On June 30, 2017 Versus Dec. 31, 2016* 30 25 20 15 10 in 5 0 ■RAC ratio before diversification--June 30, 2017 (%) (left scale) ■RAC ratio before diversification--Q2 2017 vs. 04 2016 (%) (right scale) Eiendoms kreditt Lands hypotek Bank Storebrand Bank Gjensidige Bank Islandsbanki Swedbank Sjuhärad Danmarks Skibskredit Arion Bank POP Bank Group Landsbankinn Sparbanken Skane] Swedish Export Credit Savings Banks Group Finland Mortgage Society of Finland Aktia Bank DLR Kredit SBAB Bank OP Financial Group Lansforsakringar Bank DNB Bank Swedbank Bank of Aland Bank Norwegian Nykredit Realkredit Nordea Bank Danske Bank Skandinaviska Enskilda Banken Svenska Handelsbanken Jyske Bank 2.5 2.0 1.5 1.0 0.5 0.0 (0.5) (1.0) RAC--Risk-adjusted capital. *Figures use 2017 risk-adjusted capital methodology. framework Copyright ©2018 by Standard & Poor's Financial Services LLC. All rights reserved. ÀLANDSBANKEN#3030 30 0% Capital structures in Nordic banks 31.12.2017 • Bank of Aland is heavy on CET1 in its capital base: • Share of T2 is low • There is no AT1 in the capital base 60% 100 % 10% 11 % 11% 12% 12 % 23 % 9% 9% 8 % 80% 11% 90 % 40 % T2 80 % 80 % 80 % 77 % 77 % AT1 20 % ■T1 Ålandsbanken Swedbank SEB Handelsbanken Nordea Aktia ALANDSBANKEN#314. Asset Quality ÀLANDSBANKEN#32• Lending strategy Bank of Åland is a relationship bank with primary focus on customers with investment needs in the Private Banking and Premium Banking segments. Serving the core customers' credit needs are part of our commitment. • Bank of Åland is not granting credits as a stand alone product to mass market clients or corporate clients. • Every business area (Åland Islands, Finland and Sweden) should have a balanced growth in lending versus deposits. • At least half of the lending in every business area should be residential mortgages or have residential property as collateral. • Many small loans are preferred to few large loans. 32 32 ALANDSBANKEN#33M EUR 33 4 500 4 000 3 500 3000 2 500 2000 1 500 1000 500 • • Balanced growth in the credit portfolio Total lending to the public was EUR 3 963 M Jun 30 2018, an increase of 1 per cent from a year ago . • . Selective lending to high quality borrowers Asset quality prioritised over lending volume growth and higher returns Lending must always be made in consideration of safeguarding Bank of Åland's strong brand and market reputation Loan loss level 0.05 percent in Q2 2018 Public and non-profit sector ■Companies Private individuals MEUR 1 200 1000 800 600 400 200 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q2 2018 02 2018 Other industry and crafts Construction Agriculture, forestry and fishing Other service operations Hotel and restaurant operations Financial and insurance operations Other real estate operations ■Housing operations ■■■Wholesale and retail trade ■Shipping ALANDSBANKEN#34Geographical distribution of mortgage lending • • • Clear concentration to the wealthiest parts of Finland and Sweden As of Jun 30, 2018 approximately • • 70% of the loan portfolio in Finland 30% of the loan portfolio in Sweden According to the business plan growth in the coming years will be mainly in Sweden 34 =4 Gothenburg 12% Vaasa 3 % Stockholm 70% Tampere 13% Åland Islands 19 % Helsinki 47 % Turku 14 % Malmö 13% ALANDSBANKEN#355. Liquidity and Funding ÀLANDSBANKEN#3636 36 Group funding profile Jun 30, 2018 • Demand deposits, time deposits and certificates of deposits from core private customers and their companies are the main funding sources • Strong capitalization • Covered bonds are the main long term funding instrument 25% 4% 5% 1% 3% 2% ■Deposits 60% Covered Bonds 25 % Senior unsecured 2% Central banks 3% 60% Financial institutions 5% Subordinated 1% ■Own capital 4% ALANDSBANKEN#37Funding strategy • Covered bond programme was created in early 2012 in order to diversify funding sources and to form a reliable and cost effective funding channel · Since the launch of the programme both EUR- and SEK- denominated covered bonds have been issued totalling EUR 1 257 M outstanding Bank of Åland has also issued senior unsecured to maintain a balanced funding mix Themes 2018-2019 • • Demand conditions and the market situation favour issuance in covered bonds Issuance in Senior unsecured will be affected of the upcoming MREL-guidelines and requirements for the bank. 37 37 ALANDSBANKEN#3838 88 Long term funding Jun 30, 2018 Cover Pool FIN ISIN Nominal Amt Settlement date Maturity date Coupon Currency EUR eq amt Time to maturity XS1117564572 150 000 000 8.10.2014 8.10.2018 0,5 EUR 150 000 000 0,28 XS0999478372 100 000 000 3.12.2013 3.6.2019 1,55 EUR 100 000 000 0,93 XS1238023813 250 000 000 26.5.2015 26.5.2020 0,375 EUR 250 000 000 1,91 XS0876678391 100 000 000 30.1.2013 30.1.2023 XS1496878742 250 000 000 29.9.2016 29.9.2023 2,75 0 EUR 100 000 000 4,59 EUR 250 000 000 5,25 850 000 000 2,81 Cover Pool SWE ISIN Nominal Amt Settlement date Maturity date Coupon Currency EUR eq amt Time to maturity XS1077864905 XS1155041004 SE0010598474 1 000 000 000 750 000 000 2 500 000 000 23.6.2014 16.12.2014 22.11.2017 25.3.2019 16.12.2019 22.11.2022 QUARTLY STIB + 55,0 QUARTLY STIB + 50,0 QUARTLY STIB +53,0 SEK 95 666 316 0,74 SEK 71 749 737 1,47 SEK 239 165 790 4,40 406 581 843 3,02 Senior unsecured ISIN XS1585198879 Nominal Amt 100 000 000 Settlement date 24.3.2017 Maturity date 24.3.2020 Coupon QUARTLY EUR + 63,0 Currency EUR EUR eq amt Time to maturity 100 000 000 1,74 100 000 000 1,74 ALANDSBANKEN#3939 • Liquidity management Well-diversified maturity profile • Limited exposure to short term funding • Bank of Aland is committed to continuously cover the next 180 liquidity need in the cover pools for the covered bonds program 400 000 000 350 000 000 300 000 000 250 000 000 200 000 000 150 000 000 100 000 000 50 000 000 Maturing long funding 0 2018 2019 2020 2021 2022 2023 Senior unsecured Covered bonds ALANDSBANKEN#40Liquidity position • Very high quality in liquidity reserves The most liquid and tradable assets · • LCR target reached • Coordinated cash pools between Finland and Sweden Conservative approach to market risk within liquidity reserves . Assets with short duration • Well diversified counterparty risk profile • LCR 135 % as of 30 Jun 2018 • NSFR 107 % as of 30 Jun 2018 Composition of the liquidity reserve 30.6.2018 EUR M 30.6.2018 of total 31.12.2017 EUR M 31.12.2017 of total Cash and central banks 463,6 46 % 523,8 49% Bonds issued by governments and official institutions 112,6 11% 131,7 12% Bonds issued by financial institutions 5,1 1 % 0,0 0% Covered bonds 356,9 36 % 342,7 32 % Deposits 63,8 6% 67,4 6% 1002,0 100% 1065,6 100 % 40 40 ÀLANDSBANKEN#416. Contact Details ÀLANDSBANKEN#4242 Contact Details Peter Wiklöf, CEO [email protected] +358 40 512 7505 Jan-Gunnar Eurell, CFO [email protected] +46 70 589 1209 Heli Huhtala, Head of Group Treasury [email protected] +358 50 385 5190 ALANDSBANKEN#437. Appendix ÀLANDSBANKEN#4444 Key figures 2017 2016 2015 2014 2013 Return on equity (ROE), % 9,1 9,1 12,0 8,7 3,8 Cost/income ratio, % 78 76 73 80 87 Loan loss level, % 0,06 0,11 0,09 0,06 0,14 Share of non-performing loans, gross, % 0,35 0,57 0.87 0,65 0,50 Level of provisions for non-performing loans, % 60 50 34 66 48 Core funding ratio, % 88 89 100 105 103 Equity/assets ratio, % 4,4 4,3 4,6 4,6 4,7 Core Tier 1 capital ratio, % 12,9 11,8 12 10,9 10,8 Total capital ratio, % 14,2 13,0 12,9 12,1 15,2 Earnings per share, EUR Equity per share, EUR 1,35 1,29 1,6 1,12 0,46 15,02 14,37 13,99 13,46 12,54 Lending to the public, EUR M 3 979 3 808 3 617 3 343 3 104 Deposits from the public, EUR M 3 197 3 100 2 675 2 391 2 466 Shareholders equity, EUR M 234 222 213 196 184 Risk-weighted assets, EUR M 1 538 1 576 1 581 1554 1 481 FTE 691 685 663 644 617 ÀLANDSBANKEN#4545 Income statement EUR M 2017 2016 2015 2014 2013 Net interest income 55,9 55,1 54,0 49,3 42,4 Net comission income 49,7 44,9 46,5 46,2 42,4 Other income 22,4 20,4 24,4 25,1 23,2 Total income 128,0 120,4 124,9 120,6 108,0 Staff costs -59,8 -57,0 -56,0 -53,1 -51,5 Other expenses -40,0 -34,2 -35,6 -43,3 -42,0 Total expenses -99,8 -91,3 -91,6 -96,4 -93,5 Profit before loan losses 28,2 29,2 33,3 24,2 14,5 Impairment losses on loans -2,1 -4,1 -3,0 -1,8 -4,1 Operating profit 26,0 25,1 30,3 22,4 10,4 Income taxes -5,3 -5,4 -6,0 -4,8 -2,7 Profit for the period 20,7 19,7 24,3 17,6 7,7 Non-controlling interests 0 0 0 -1,5 -1,0 Attributable to the shareholders 20,7 19,7 24,3 16,1 6,7 ALANDSBANKEN#46Thank you! ALANDSBANKEN#4747 Disclaimer • The presentation was prepared by Bank of Åland Ltd for use in investor relations. This • • . presentation is not intended for retail customers. This presentation has been prepared on the basis of publicly available information which Bank of Åland considers to be reliable. This presentation may contain forward-looking statements, which are subject to risks, uncertainties, and assumptions. This presentation is being presented solely for your information. and is subject to change without notice. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information presented. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares or debt instruments of the Company, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment. • The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. ALANDSBANKEN