#1FINNVERA Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency March 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 KEY FIGURES, DECEMBER 2022 LENDING & GUARANTEE COMMITMENTS BALANCE SHEET RESULT 6 Domestic €2.7 billion Exports €23.9 €12.6 €55 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#9SME 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 6#10Exposure EUR billion Outstanding guarantees Outstanding credits 25 • • 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 30 50 20 20 15 10 5 LO 10 Offers for guarantees Credits and commitments 0 2018 2019 2020 2021 2022 FINNVERA#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%) Others* EUR 2.4 bn (10%) Mining and metals EUR 0.7 bn (3%) North America EUR 10.0 bn (42%) Other Europe EUR 1.3 bn (5%) EU countries EUR 6.6 bn (28%) Middle East and North Africa EUR 0.4 bn (2%) 11 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 Sub-Saharan Africa EUR 0.1 bn Central America EUR 3.8 bn (16%) (1%) AQ I A 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 • Efforts to mitigate climate change in particular have been highlighted more strongly than before: Finnvera helps companies take advantage of the opportunities that arise from the climate actions . Finnvera measures and reports the climate impact of its own operations • Finnvera identifies the risks of climate change . Finnvera limits the granting of funding to the most harmful projects • Finnvera influences the rules of export financing Sustainability is one of the strategic competences Poseidon Principles Finnvera has joined the Poseidon Principles climate alignment agreement regarding the CO2 emissions of Finnvera's ship finance portfolio. Target to reduce shipping's total annual greenhouse gas emissions by at least 50% of 2008 levels by 2050 Investment framework 15 Finnvera is currently creating a more detailed sustainable investment framework. This framework will determine the preconditions for sustainable and responsible investments and systematically allocate capital to investments that meet these preconditions =FINNVERA#16Funding#172 500 2 000 1500 1 000 500 Long Term Funding Annual EMTN funding volume (EUR million) 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 17 EUR USD Other 2022 • 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 is approximately EUR 1-2 billion FINNVERA#18Long Term Funding Maturity of EMTN debt (EUR million) 2 500 2 000 1 500 1 000 500 18 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 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 10.5 billion Other 3% Outstanding benchmark issues Issue date Ccy Amount (Million) Maturity date Sep 1, 2022 EUR 1,000 Mar 8, 2028 Oct 20, 2021 USD 1,000 Oct 27, 2026 Sep 8, 2020 EUR 1,000 Sep 15, 2027 Oct 16, 2019 USD 1,000 Oct 23, 2024 USD 34% Apr 2, 2019 EUR 1,000 Apr 9, 2029 EUR 62% 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 May 10, 2017 EUR 1,000 May 17, 2032 Apr 6, 2016 EUR 1,000 Apr 13, 2026 May 28, 2015 USD 500 Jun 4, 2025 Debt swapped into floating rate EUR or USD to match the currency and interest rate basis of assets 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 ROE Italy 5% 1% 7% France 12% 9/2020: 7y EUR 1bn 9/2027 Order book 2.7bn; Re-offer MS flat Distribution by geography Nordics Benelux 6% 7% Ger / Aus / Switz 27% 10/2021:5y USD 1bn 10/2026 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% 10 20 Nordics 19% RoE Ger/Aus/ 10% Switz 33% UK 11% EMEA 37% Americas 53% Americas 21% France Asia/ 22% MEA 17% Benelux 23% EMEA 63% Distribution by investor type Distribution by investor type Other 1% Other 2% Distribution by investor type Other 2% Distribution by investor type AM 9% AM/Ins/PF Banks 40% 22% AM/Ins/PF 33% CB/OI 26% CB/OI 34% Banks 43% AM 28% Banks 45% CB/OI 25% Bank 60% CB/OI 32% 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 • • • ● ● 23 Population 5,6 million Long-term Ratings - Moody's Aa1 (Jul 2022) Fitch AA+ (Apr 2022) GDP per Capita: $46,342 (2021) GDP y-o-y 1% (Jul 2022) Employment Rate 75,7% (Jul 2022) Export-share of GDP 41% (2021) FINNVERA#24Economic Outlook of Finland (13th Feb) • The current economic environment of Finland is stable, although there are risks ahead due to global economic slowdown Employment rate is record high Public debt is lower than the median in the Euro area 3 2 1 0,5 0 -1 -2 -3 Finnvera Composite Forecast 3,2 2,8 GDP Growth 3,0 2,0 1,1 1,2 0,9 0,0 -2,2 250 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 199 Public Debt in the Euro area 200 151 150 128 • The direct negative effect on Russian exports/imports has thus 100 10410811911296 83 75 70 67 55 50 23 far been mitigated 14 17 1 13 11 5 12 12 19 57 57 60 1 7 19 17 12 43 46 18 25 19 3 0 24 1.3.2023 Luottamuksellinen / Tekijä EL IT PT CY BE ES FR EA AT SI IE DE FI NL MT SK LT LV LX EE 2021 ■Change 2019-2021 FINNVERA#25The Finnish Economy Demand and Supply, 2022Q3, M€ Exports: 22 727 Gross Fixed Capital Formation; 13 865 Private Consumption; Imports • 24 746 90 000 € 80 000 € 70 000 € 60 000 € 50 000 € 40 000 € 30 000 € 31 199 GDP; 58 924 20 000 € 10 000 € 0 € Gov Consumption; 14 558 Demand Supply Exports amount to approx. 40% of GDP in Finland Main trading partners are Germany, Sweden and the US The share of trade with Russia has declined for a long time and continues on a declining path Main trading partners, share of total goods exports, % (12M Moving Average) Oct 2019 Oct 2022 14.8 12.3 Germany Sweden 10.2 10.8 The US 7.4 8.1 The Netherlands 6.3 7.3 China 5.5 4.7 The UK 4.3 3.7 Russia 5.7 3.0 25 1.3.2023 Luottamuksellinen / Tekijä FINNVERA#26Finnish Exports Main Exporting Industries MINING AND QUARRYING; (goods) Other; 8% WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES; 14% 26 1% MANUFACTURING; 78% Category Largest exporting categories (CN2), 12M sum M€ Share NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF 9 059 12% MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES 7 139 9% PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD 6816 9% IRON AND STEEL 6 246 8% ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS, AND PARTS AND ACCESSORIES OF SUCH ARTICLES 5 802 8% VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING STOCK, AND PARTS AND ACCESSORIES THEREOF 5 176 7% WOOD AND ARTICLES OF WOOD; WOOD CHARCOAL 4 361 6% OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS AND APPARATUS; PARTS AND ACCESSORIES THEREOF 3 065 4% PLASTICS AND ARTICLES THEREOF 2 930 4% PULP OF WOOD OR OF OTHER FIBROUS CELLULOSIC MATERIAL; RECOVERED (WASTE AND SCRAP) PAPER OR PAPERBOARD Total 2 512 3% 76 749 69%#27Thank 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.