#1=FINNVERA Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency February 2024#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 2023 LENDING & GUARANTEE COMMITMENTS BALANCE SHEET RESULT 6 Domestic €3.0 billion Exports €23.2 €14.3 €433 billion million billion FINNVERA#77 Finnvera's role and impact in society Figures of the reference year 2022 are in parentheses. Impacts on society Domestic financing offered: MEUR 2,104 (1,260) Start-ups launched with the help of financing: 1,666 pcs (1,931) Jobs created with the help of domestic financing: 4,835 (6,001) Export credit guarantees and special guarantees offered: MEUR 5,102 (5.676) Social impacts Personnel expenses: MEUR 32 (30) Personnel training: MEUR 0.5 (0.4) Personnel work energy level: 4.3/5 (4.3/5) ESG assessment, export credit guarantees granted: 321 pcs (295) Environmental impacts Emissions from Finnvera's own operations: 549 t CO₂e (637) Emissions from financed projects: 5.8 Mt CO₂e (9.0) Finnish exports: to 85 countries (94) Renewable's share of export exposures related to energy production: 38% (36) 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 Exposure ■Guarantees Loans and receivables EUR billion 3,5 3,0 2,5 2,0 1,5 1,0 0,5 9 0,0 00 2019 2020 2021 2022 2023 FINNVERA#10• • 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 2023, Finnvera's export credit guarantees amounted to 7% of Finland's exports of goods Realised losses in export credit guarantee and special guarantee operations have been minor 30 25 20 15 10 5 Exposure EUR billion Outstanding guarantees Outstanding credits O Offers for guarantees Credits and commitments 10 2019 2020 2021 2022 2023 FINNVERA#1111 Total exposure, export credit guarantees and special guarantees 31 Dec 2023 Exposure by sector Dec 31 2023 Cruise shipping EUR 11.5 bn (50%) ((c)) Telecommunications EUR 4.0 bn (17%) Pulp and paper EUR 3.5 bn (15%) Others* EUR 2.1 bn (9%) Energy EUR 0.8 bn (4%) Mining and metals EUR 0.6 bn (3%) Other industries EUR 0.4 bn (2%) Other Europe EUR 1.3 bn (6%) EU countries EUR 6.3 bn (27%) Middle East and North Africa EUR 0.2 bn North America EUR 8.9 bn (1%) (39%) EUR 23.2 bn including commitments and binding offers. Asia EUR 2.9 bn (13%) South and Central America Sub-Saharan Africa EUR 3.3 bn EUR 0.1 bn (0%) * Including other risks such as state and bank risks and reinsurance risk transfer. (14%) Finnvera had exposure in 85 countries on 31 Dec 2023. 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 We promote customer experience and digitalise our activities Impact Responsibility The environment and social responsibility ២ We strengthen partnerships and cooperation models Po Financial responsibility FINNVERA#14ESG 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. Goals realised Backed by the InvestEU guarantee programme, we provided climate and digitalisation loans for SMEs We developed climate criteria to identify export projects that have climate-positive features We defined incentives for projects meeting the climate criteria Goals 2024 - We publish the climate target, criteria and incentives Measurement and reporting We set goals for as well as measure and report on the climate impacts of the projects we finance and of our own operations. Goals realised - We calculated the direct and indirect CO2 emissions from our operations - We reported emissions relating to our ship liabilities according to the Poseidon Principles We set a long-term target for reducing our climate impacts Goals 2024 - We will define an emission reduction pathway to 2050 and start to measure our performance with a CO₂/EUR indicator against the 1.5 degree pathway Risk management We are integrating climate change risks into our key financing decisions and risk management. Goals realised We included climate risks (transition and physical) as part of ES assessment reports and ESG risks as part of our company analysis We introduced the ESG traffic light model and report for domestic financing projects Goals 2024 - We will integrate climate risk stress test as part of internal capital adequacy assessment process (ICAAP) Restrictions Our sectoral policies exclude E=== the most harmful projects for the climate. Goals realised We restricted granting of export credit guarantees to the oil and gas sectors as of January 1 2023, with strictly limited exceptions We exclude coal-fired power plants and peat projects abroad from Finnvera's financing Goals 2024 - We will update our oil and gas sectoral policy Influencing We influence the regulatory framework of export financing. Goals realised -We influenced and acted in the OECD export credit negotiations as part of the E3F coalition, which aims for transparency in energy project financing Goals 2024 - We will review joining the UN convened Net-Zero ECA Alliance Competence Sustainability is one of our strategic competences. Goals realised - CSRD training for the personnel as well as the management team and the Board of Directors - Membership in the Finnish Business and Society (FIBS) enables sustainability training for the entire staff Goals 2024 - Trainings on the new climate target, criteria and incentives - FIBS membership and trainings continue FINNVERA#15Funding#162 500 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 16 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 2024 is approximately EUR 1-2 billion. FINNVERA#173.000 Long Term Funding Maturity of EMTN debt (EUR million) 2 500 2 000 1 500 1 000 500 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 17 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#18Long 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 18 FINNVERA#19Distribution 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% 19 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% Bank 37% AM 12% CB/OI Banks 51% 21% AM 9% CB / OI 70% FINNVERA#20ECP Short Term Funding Explicit guarantee by the Republic of Finland Programme launched Q1/2022 Programme size EUR 3 billion Rating Dealers Currencies Moody's: P-1/ Fitch: F1+ Barclays, BofA & Citi EUR and USD Target maturities 1M - 6M Medium term target for outstanding amount approximately EUR 1 billion 20 20 FINNVERA#21The Economic Outlook of the Finnish Economy . L B#22Finland in Numbers Population Men O O O O O O O 0 Population 2022 5 563 970 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 Enterprises Personnel 3 664 % Thousand € million Agriculture, forestry and fishing 131 321 23.4 40 3 009 Manufacturing 28 242 5.0 297 144 388 www www Women 3 034 Construction 54 512 9.7 154 43 197 euro per month median Live births 2022 44 951 Deaths 2022 Size of household-dwelling unit 2022 1 person 2 persons 46% 32% 63 219 3+ persons 22% Industrial structure 2022 share of the employed Services and administration 74% Industry and construction 21% GDP 2022 preliminary data 47 991 euro per inhabitant Wholesale and retail trade 21 Transportation and storage Accommodation and food service activities 55 550 9.9 216 128 515 23 343 4.2 102 20 918 15 751 2.8 45 5 699 Information and communication Financial and insurance activities Real estate activities 20 270 3.6 95 25 482 14 721 2.6 42 33 211 42 202 7.5 19 13 331 Professional, scientific and technical activities Administrative and support service activities 66 109 11.8 107 18 093 23 107 4.1 124 12 808 Human health and social work 25 167 4.5 94 9 857 Other service activities 30 572 5.4 19 1851 Other industries 31 308 5.5 49 28 389 Total 562 175 100 1403 488 748 Size category of personnel 0-4 526 027 93.6 201 63 871 5-9 16 937 3.0 109 26 800 10-19 9 654 1.7 129 34 242 Population density 1.1.2023 Agriculture and forestry 4% euro per inhabitant Central government debt 2022 25 398 20-49 6 003 1.1 179 50 031 50-99 1965 0.3 135 45 555 100-249 953 0.2 144 53 162 250-499 348 0.1 118 42 804 500-999 171 0.0 120 41 779 Source: Statistics Finland 18.3 inhabitants/km² Sources: Statistics Finland, State Treasury 1000- 117 0.0 268 130 503 Total 562 175 100 1403 488 748 1) Staff-years-20 Incl. repair of motor vehicles and motorcycles Source: Statistics Finland, Structural business and financial statement statistics FINNVERA#23Economic Outlook of Finland (1st of Feb) 4,0 GDP Growth and Forecasts 2,0 • Economic growth has slowed in 2023 and is expected to remain muted in 2024 Transmission of monetary policy is fast in Finland due to widely used variable interest 0,0 -2,0 Actual MoF (fcast) BoF (fcast) -4,0 rates (usually Euribor rates) Labor market is still strong 120 2019 2020 2021 2022 2023 2024 2025 General Government Debt • Public debt is higher than in other Nordics, 100 90,9 but lower than Euro area average 80 60 • The direct negative effect on Russian 73,3 40 exports/imports has thus far been mitigated 20 Finland Euroarea 0 23 2000 2003 2006 2009 2012 2015 2018 2021 FINNVERA#24Finnish Exports and Economy Biggest import and export countries, 2022* Imports by country of origin, exports by country of destination Finland International comparison data Country Population, GNI per capita, Inflation, Unem- million USD, purchasing % ployment, power adjusted % 2021 2021 2022 2022 5.5 56 140 7.1 6.8 Sweden 10.4 60 990 8.4 7.4 Import country Germany € million % Export country € million % Norway 5.4 84 240 5.8 3.2 Denmark 5.9 66 740 7.7 4.2 11900 12.9 Germany 9 561 11.7 Sweden 11 649 12.6 Sweden 8780 10.7 Iceland 0.4 56 230 8.3 3.8 China 8 468 9.2 United States 7750 9.5 Austria 8.9 59 480 8.5 4.7 Norway 6 399 6.9 Netherlands 5995 7.3 Russia 6 248 6.8 China 4035 4.9 Belgium 11.5 59 900 9.6 5.6 Netherlands 4724 5.1 Estonia 3 514 4.3 China 1412.6 19 160 1.9 4.9 United States 4 114 4.5 Great Britain 2927 3.6 • Estonia 3445 3.7 Belgium 2 907 3.6 Poland 3 049 3.3 France 2525 3.1 Italy 2 343 2.5 Poland 2492 3.0 Total exports amount to roughly 40% of GDP Czech Republic 10.7 43 950 15.1 2.4 Estonia 1.3 41 760 19.4 5.9 France 65.4 52 120 5.2 7.4 Other countries 30 028 32.5 Other countries 31241 38.3 Germany 83.2 60 040 6.9 3.0 Total 92366 100 Total 81727 100 Greece 10.7 31600 9.6 12.2 Imports and exports by product category Total imports 2021 2022* € million € million 2022* % 72 936 92 366 100 • Chemical industry products 13 227 17 698 19.2 Products from mining and quarrying 8 035 13 156 14.2 Electric and electronics industry products 10 416 12 036 13.0 Metal and metal products 7 328 10 016 10.8 Transport equipment 7 953 8 243 8.9 Other 25 977 31218 33.8 Total exports 68 908 81 727 100 Chemical industry products 12 674 17 502 21.4 Forest industry products 13 037 14 459 17.7 Metal and metal products 11 448 14 320 17.5 Machinery and equipment 8 978 9 834 12.0 Electric and electronics industry products 7721 9 317 11.4 Other 15 050 16 295 19.9 Trade balance -4 027 -10 639 Source: Finnish Customs • Main trading partners are Germany, Sweden and the US Trade with Russia has declined for a long time and is currently negligible Hungary 9.7 35 650 14.6 3.4 Ireland 5.0 78 630 7.8 4.4 Israel 9.4 43 790 4.4 3.5 Italy 59.2 46 930 8.2 8.1 Latvia 1.9 33 580 17.3 6.4 Lithuania 2.8 41 750 19.7 5.6 Luxembourg 0.6 184 010 6.3 4.7 Netherlands 17.5 63 340 10.0 3.5 Poland 37.8 36 330 14.3 2.6 Portugal 10.3 35 620 7.8 5.8 Spain 47.4 40 800 8.4 13.0 Switzerland 8.7 75 660 2.8 4.2 Türkiye 183.6 30 000 72.3 10.0 Ukraine 41.4 13 860 20.1 219.8 United Kingdom 67.0 50 540 7.9 3.6 United States 331.9 70 480 8.0 3.6 1) 2020 - 21 2021 Sources: UN; ILO; IMF; OECD; World Bank 24 FINNVERA#25Higher the index, better competitiveness 25 Cost Competitiveness Remains Stable Ind. 105 100 95 Nominal Unit Labor 90 Costs 85 Real Unit Labor Costs 80 1995 2000 05 10 15 20 25 Source: ETLA Economic Research • • Cost competitiveness has been decent after 2016 Evolution of labor costs has contributed positively to competitiveness, exchange rate contribution has been negative, productivity has been lagging behind =FINNVERA#26Energy Mix in Finland Wind power Solar power Net imports • 26 Supply and total consumption of electricity, 2022* Total consumption Industry and construction Households and agriculture Services and public Supply Nuclear power Hydro power GWh % 24 221 29.6 13 354 16.3 11 562 14.1 380 0.5 12 518 15.3 Other heating power 19 679 24.0 Total 81 714 100 Total consumption Transmission and distribution losses GWh % 36 341 44.5 24 307 29.7 17 825 21.8 3241 4.0 81 714 100 Total energy consumption, 1970-2022* GWh 500 000 Considerable amount of green energy, which is a competitive advantage Considerably more green investments in the pipeline, although current financial environment may postpone some projects 400 000 300 000 200 000 100 000 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Other energy Net imports of electricity Nuclear energy Fossil fuels and peat Renewable energy Source: Statistics Finland, Energy supply and consumption FINNVERA#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.