#1FINNVERA Finnvera Investor Presentation Finland's Export Credit and SME Financing Agency March 2022#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 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 2021 LENDING & GUARANTEE COMMITMENTS BALANCE SHEET RESULT 6 Domestic €3.0 billion Exports €22.2 €12.2 €153 billion million billion FINNVERA#7Domestic financing offered MEUR 1,724 Finnvera's role in society Transfers of ownership financed MEUR 174 813 companies Export credit guarantees and special guarantees offered MEUR 4,340 Restructurings of financing 7,264 pcs Start-ups launched with the help of financing 2,399 pcs Jobs created with the help of domestic financing 8,599 Financing per new job EUR 200,000 DIB Micro enterprises 87% 7 Number of clients 25,800 | || DI Guarantees that came into effect MEUR 3,338 OIB Exports covered by export credit guarantees MEUR 2,508 Other SMEs and midcaps Large enterprises 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 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 *The State compensation temporarily increased to 80% due to the pandemic. Guarantees ■Loans and receivables 2015 2016 2017 2018 2019 2020 2021 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 2021, 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 Exposure EUR billion Outstanding guarantees Offers for guarantees 25 Outstanding credits Credits and commitments 20 15 10 5 0 2014 2015 2016 2017 2018 2019 2020 2021 10 FINNVERA#1111 Total exposure, export credit guarantees and special guarantees 31 Dec 2021 EUR 22.4 billion, including commitments and binding offers. Exposure by sector 31 Dec 2021 Cruise shipping EUR 11.3 bn (50%) Pulp and paper EUR 3.5 bn (16%) Telecommunications EUR 3.3 bn (15%) Others* EUR 2.1 bn North America (10%) EUR 9.1 bn Other industries (41%) EUR 0.8 bn (4%) Mining and metals EUR 0.7 bn (3%) Energy EUR 0.6 bn (3%) * Including other risks such as state and bank risks. South and Central America EUR 2.5 bn (11%) EU countries Other Europe EUR 1.7 bn (8%) EUR 7.0 bn (31%) Middle East and North Africa EUR 0.5 bn (2%) Sub-Saharan Africa EUR 0.2 bn (1%) 19-19 AA Finnvera had exposure in over 90 countries on 31 Dec 2021. 19 Asia EUR 1.4 bn (6%) FINNVERA#12Funding#13Funding Annual EMTN funding volume (EUR million) 2 500 2 000 1 500 1 000 500 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 EUR USD ■ Other Funding obtained by issuing debt under the EUR 15 billion EMTN program EUR 3 billion ECP program established in 2021 The issues unconditionally and irrevocably guaranteed by the Republic of Finland Planned long-term funding for 2022 is approximately EUR 1 billion 13 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) 14 2022 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#15Funding EMTN debt by currency Outstanding amount EUR 10 billion Other 4% Outstanding benchmark issues Issue date Ccy Amount (Million) Maturity date 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 31% Apr 2, 2019 EUR 1 000 Apr 9, 2029 Oct 31, 2018 EUR 500 Aug 7, 2028 EUR 65% Jun 20, 2018 USD 1 000 Jun 27, 2023 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 B T I B L B#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 2021 Finland - Main Economic Indicators 2019 2020 2021F 2022F 2023F 6% 8% 39% 14% ■ Euro zone ■Other EU countries ■Rest of Europe ■Asia GDP at market prices, change 1.3 -2.9 3.4 3.0 1.5 in volume, % 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 2021 2020 2019 2018 2017 2016 19 Finnvera Group Net interest income and net fee and commission income, EUR million 222 194 182 177 174 194 Profit/loss for the period, EUR million 153 -748 94 98 107 70 Shareholders' equity, EUR million 863 727 1,463 1,358 1,314 1,207 Balance sheet total, EUR million 12,220 12,673 12,665 11,039 10,337 9,498 Tier 1 capital ratio, domestic operations, % 23.9 25.1 29.4 27.2 25.3 22.4 Tier 1 capital ratio, export credit guarantees, % 3.4 1.3 6.9 6.8 Expense-income ratio, % 23.5 26.4 25.4 29.3 27.2 27.0 Average number of employees 366 360 364 372 383 398 Number of clients 25,800 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.