Debt Investor Presentation JANUARY – SEPTEMBER 2018

PREPARED November 8th 2018 FIGURES January-September 2018 DEBT INVESTOR CONTACTS FINANCIAL CALENDAR 2018

Teemu Seikkula, Head of Group Control 07/02/2018 Financial Statement Release for 2017 tel. +358 10 516 0085 Silent period 08/01/2018-07/02/2018 [email protected] Week 11 Annual Report 2017 19/04/2018 AGM Peter Johansson, CFO 09/05/2018 Interim Statement Q1/2018 tel. +358 10 516 0010 Silent period 09/04/2018-9/05/2018 [email protected] 08/08/2018 Half-Year Financial Report 2018 Silent period 09/07/2018-08/08/2018 Jarmo Salonen, Head of Investor Relations 07/11/2018 Interim Statement Q3/2018 and Group Communications Silent period 08/10/2018-07/11/2018 tel. +358 10 516 0030 07/02/2019 Financial Statement Release for 2018 [email protected] Silent period 08/01/2019-07/02/2019

Moody's Standard and Poor's Rating Outlook Rating Outlook Sampo plc – Long-term Issuer Rating A3 Stable A- Stable If P&C Insurance () A1 Stable A+ Stable – Insurance Financial Strength Rating

Disclaimer This presentation may contain forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Sampo believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. Important factors that may cause such a difference for Sampo include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate and (iii) developments in capital markets. This presentation does not imply that Sampo has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 2 Sampo Group 3-16

Subsidiaries and Associated companies If P&C 17-22 Topdanmark 23-27 Mandatum Life 28-32 Bank 33-34

Sampo plc 35-41

Appendix 42-50 Sampo Group ― Nordic Financial Group with Strong Brands

Value Creation in the Nordic Financials as Group Strategy

LONG-TERM • Value creation through investments in Nordic financials based on knowledge of VALUE Nordic markets, Nordic financial institutions & Nordic people. CREATION • Commitment to the long-term development of affiliated companies.

CONSERVATIVE • Conservative capital structure, modest leverage and strong liquidity. PARENT WITH • Parent company steers subsidiaries through Boards by approving (in Topdanmark, PROFIT FOCUS Nordea and Nordax by contributing to) strategies, guiding principles and ROE targets.

OPERATIONAL • Continuous development of services => excellence in underwriting and risks. EXCELLENCE IN • Economies of scale and high retail/consumer content. SUBSIDIARIES • Pan-Nordic diversification & operational excellence facilitate low volatility.

CENTRALIZED • Company specific liabilities and solvency driving risk profiles, supported by INVESTMENT a Group-wide investment philosophy. Common investment infrastructure (except MANAGEMENT Topdanmark) facilitates monitoring and prompt actions, also at the Group level.

GROUP LEVEL • Profitable companies, mostly with the lowest volatility in the peer group. PORTFOLIO • Profits of affiliated companies have low correlation creating diversification BENEFITS benefits at the Group level. LONG-TERM VALUE FOR SHAREHOLDERS & BONDHOLDERS

4 Sampo Group ― Nordic Financial Group with Strong Brands

Sampo Group ‒ Nordic Financial Group with Strong Brands

• Long-term investor • Manager of capital structure and liquidity • Pay-out ratio ≥ 50%

100% 46.7% 100% 21.2% 36.2%

Subsidiary Subsidiary Subsidiary Associated Company Associated Company NDX Intressenter

Market The leading P&C insurer in the One of ’s most The leading and most The second largest P&C position Nordic region with full service respected and best capitalised diversified, bank group in insurer and the sixth largest offering and a strong European financial services providers to the Nordics with strong capital Life insurer in presence private & corporate customers generation

Profitable Business in DK: An expert in Money and Life: Transformation to be the Future Strategy Safety and Stability: • Digitalisation: Self-service, • Unit-linked insurance Relationship Bank • Focus on Customer value Online purchase • Group pension insurance • Investm. in Compliance and RM • Focus on insurance expertise • Technology Investm., the core • Efficiency: Process • Risk insurance • Stable profitability through banking platform optimisation and Automation • Insurance for corporate underwriting excellence and • Digital Platform investments • Transformation: Cultur, customers and entrepreneurs operational efficiency • Cost efficiency Digital readiness • Wealth management • New legal structure and domicile

Investment ~ B/S EUR 573bn ~ EUR 11.9bn ~ EUR 2.9bn (P&C) ~ EUR 6.0bn assets ~ AuM EUR 312bn

Return / • RoE above 17.5% • Profit margin of 10% • ROE above the Nordic • RoE above 17.5% profit target • CR% below 95% • CR% 91% peer average 5 Sampo Group ― Nordic Financial Group with Strong Brands

Efficient and Stable Operations as Basis for Value

A Mixed Financial Conglomerate Strong relative performance Market cap November 1st , 2018, EURbn 10Y Total Shareholder Return Nordea 31.3 DNB 25.8 Swedbank 22.4 >21% Sampo 22.3 SEB 19.8 SHB 18.3 Investor 17.2 Danske 15.9 Gjensidige 6.8 Tryg 6.4 Sampo ownership structure Industrivärden 5.0 Foreign and Nominee registered 67.26% Topdanmark 3.8 >45% 10.09%* Storebrand 3.5 Varma Mutual Pension Ins.Co. 4.01% Jyske 3.1 Bank Ilmarinen Mutual Pension Ins.Co. 0.73% Insurance Alm.Brand 1.2 The State Pension Fund 0.70% Investment company Aktia 0.6 Kaleva Mutual Insurance Company 0.48% Protector 0.4 Other domestic owners 16.73% In total over *100% owned by the Republic of Finland; 30.9.2018 6 Source: Thomson Reuters 100,000 owners Sampo Group ― Nordic Financial Group with Strong Brands

If P&C ‒ A Diversified Nordic P&C Insurer

Strong & Stable Annual Profit Development • Diversified and profitable subsidiary EURm • Provides insurance solutions and services 1,200 in the Nordic and Baltic regions as well as 1,000 to Nordic customers with international operations Profit before tax • Operated on a pan-Nordic basis leveraging both 800 scale and capabilities across all areas in If 600 • The business areas are divided by customer Comprehensive 400 income segments Private, Commercial and Industrial 200 943 308 978 689 526 624 714 581 549 644 707 636 864 929 931 960 883 818 • The Baltic countries comprise a separate 1,127 business area 0 • More than 3.8 million customers -200 267 - • Employees ~6,600 -400 • Leading Nordic insurer with a Nordic market share of 17%, 22% with Topdanmark 1-9/2018 Result Combined Ratio Development • Pre-tax profit EUR 626m (603) • Comprehensive income EUR 358m (556) % 92.8 92.1 92.0 91.8 88.9 88.1 87.7 85.4 • Excellent combined ratio of 85.8% (85.9) 100 85.3 84.4 Cost ratio ‒ Risk ratio 64.2% (64.2); Cost ratio 21.6% (21.8) 80 23.7 23.5 24.1 23.7 23.0 22.8 22.5 18.8 22.0 22.1 Risk ratio ‒ Claims ratio 69.7% (69.7); Expense ratio 16.1% (16.2) 60 • ROE%: 16.4% (2017:21.3%) 40 Target CR 69.1 68.4 68.1 68.0 66.6 65.9 65.4 65.1 63.3 20 62.3 0

7 Sampo Group ― Nordic Financial Group with Strong Brands

Topdanmark – A Danish Non-life and Life Insurer

• A profitable subisdiary with robust business model • Carries out Danish non-life insurance, Profit before taxes DKKm life insurance and pension fund business 700 • Non-life business is divided to ‒ Personal segment (~500,000) 600 ‒ SME & Agricultural segment (~100.000) 500 • Life insurance customers (~140 000) 400 • Employees ~2,400 300 • Market shares in Denmark: P&C insurance 17%, life insurance 8% 200 • Strategic focus 100 ‒ to be Denmark’s best-run insurance company 0 ‒ to combine new technology, digitalization and 2013 2014 2015 2016 2017 2018 automation with competent experience in insurance -100 and risk management Non-life insurance Life insurance Parent companyt etc. ‒ to utilize the economies of scale between life and non-life insurance business in Denmark Combined Ratio Development ‒ declining expense ratio, good risk management and strong sales power % 100 88.0 91.5 86.0 86.8 85.1 • Sampo’s ownership of shares 46.7% and of votes 49.3% 82.0 16.2 80 15.8 15.7 15.9 16.4 1-9/2018 Result (Contribution to Sampo Group Profit) 16.1 Expense ratio 60 • Pre-tax profit EUR 170m (796*) Claims ratio 40 • Comprehensive income EUR 127m ( 796*) 72.2 75.4 70.3 70.9 68.7 65.8 Target CR • Combined ratio 84.2% (81.9) 20 ‒ Claims ratio 68.2% (65.9); Expense ratio 16.0% (16.0) 0 2012 2013 2014 2015 2016 2017 • Topdanmark book value in Group accounts EUR 1,398m 8 (+ positive valuation difference EUR 255m) * Includes 706 EURm from valuing of Topdanmark to fair value Sampo Group ― Nordic Financial Group with Strong Brands

Mandatum Life ‒ A Finnish Financial Service Company

Profit Development • Provides a comprehensive range of wealth EURm managment and health and life risk services 500 in Finland and the Baltics for private and corporate customers 250 Profit before • Services provided taxes

‒ Tailored unit-linked investments and 140 121 495 142 332 137 136 286 153 220 163 149 181 168 210 232 236 188 0 the related wealth management Comprehensive 115 ‒ Personal risk insurance 378 - - income ‒ Pension and reward services -250 • Customers ~275,000 (Finland) • Employees ~520 -500 • A leading life and pension insurer in Finland with ca 20% market share

1-9/2018 Result With-Profit Technical Provisions Forecast • Pre-tax profit EUR 385m (180) EURm Current 6,000 • Comprehensive income EUR 232m (163) Other WP-liabilities • ROE%: 22.5% (2017:13.3%) 5,000 Segregated Group Pension 4,000 WP-liabilities (3.5% guarantee) • Finnish Profit sharing mechanism – principle of fairness ‒ WP-liabilities (4.5% guarantee) facilitates active investment strategies and risk taking. 3,000 • Profit sharing mechanism has benefited both policyholders 2,000 and shareholders over the years. 1,000 • Smoothened bonuses and dividends over time. 0

9 Unit-linked Technical Provisions 31.12.2017 EUR 7,066m Sampo Group ― Nordic Financial Group with Strong Brands

Nordea – A Nordic Banking Group

• The largest financial services group in the Nordic Low Quarterly Result Volatility EURm region and one of the largest banks in Europe 1,600 • Diversified and stable returns 1,400 • Global presence, local expertise: a full-service Restructuring/ universal bank 1,200 impairment charges/gains • Business areas: Personal Banking, Commercial 1,000 and Business Banking, Wholesale Banking and 800 Loan losses Asset & Wealth Management 600 • Present in 14 countries incl. four Nordic home 400 Operating markets: Denmark, Finland, and Sweden 200 profit • Customers: 0 ‒ households 10 million -200 ‒ corporates 0.7 million -08 -09 -10 -11 -12 -13 -14 -15 -16 -17 -18 • Employees ~29,000 • Sampo’s ownership of shares and votes 21.2% 1-9/2018 Result • Nordea’s contribution to the Group ‒ Pre-tax profit EUR 527 (491) ‒ Comprehensive income EUR 501m (467) • Excellent C/I ratio of 51% (52) • Common Tier1 ratio 20.3% (19.3) • ROE%: 10.9% (10.1) • Nordea book value in Group accounts EUR 7,445m (valuation difference EUR 642m)

10

Source:Nordea Sampo Group ― Nordic Financial Group with Strong Brands

Diversified Companies and Diversified Portfolio*

1

0.24 1

0.19 0.84 1

0.33 0.67 0.67 1

P/L CONTRIBUTIONS* LOW VOLATILITY EARNINGS LOW VOLATILITY C/R FOCUS ON U-L & WM LOW VOLATILITY C/R

PBT 2010-17 • Geographical diversification • Geographical diversification • Finland & Baltics • Denmark • Strong Retail Banking Franchise • Strong Retail P&C Franchise • Strong Finnish Position • Second largest insurance IF 45% • Diversified earnings base: • Several Lines of Businesses • Product areas company ML 10% • Nation-wide businesses Nordea 45% ‒ Banking (Retail, Wholesale) ‒ Motor, Cargo ‒ Wealth Management ‒ Wealth Management (Asset ‒ Workersʼ compensation ‒ Unit-linked Business ‒ Non-life insurance Management, Private Banking, ‒ Liability ‒ With-profit Business ‒ Life insurance Life & Pensions) ‒ Accident ‒ Remuneration services ‒ Pension fund • Low earnings volatility & stable ‒ Property ‒ Risk insurance • Stable insurance risk ROE over the cycle • Low C/R volatility and • Dependency on Capital and low C/R volatility Conservative Investments Markets

* Correlations of quarterly Reported Profits Q1/2005–Q3/2018 11 Sampo Group ― Nordic Financial Group with Strong Brands

Steady Development of Profit before Taxes

• If P&C • If P&C • If P&C • If P&C • Mandatum Life • Topdanmark / Associated • Topdanmark • Topdanmark • Nordea / Investment • Mandatum Life • Mandatum Life • Mandatum Life • Nordea / Associated • Nordea / Associated • Nordea / Associated EURm • Nordax/ Associated 2,600 2,482 * EURm 9M/2018 9M/2017 2,200 If P&C 626 603 1,888 1,871 Topdanmark 170 796* 1,759 1,800 1,616 1,668 ML 385 180 Nordea 527 491 1,320 1,400 1,228 Holding -45 -27 Group 1,643 2,046*

1,000 870 825

600

200

-200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Holding Banking Life Topdanmark If P&C 12 * Includes EUR 706m from valuing of Topdanmark to fair value (with share price DKK 247.7) Sampo Group ― Nordic Financial Group with Strong Brands

Sampo plc ‒ Direct equity investments in Other Financials

Company Nordax Nets Saxo Bank Asiakastieto Intrum Business • Swedish consumer • Danish pioneer in • Danish fintech • The Combination of credit online bank digital payments company Asiakastieto and UC and leading spezialising in online creates one of payment services trading the leading Nordic provider companies in digital services and data innovation with strong market positions in Finland and Sweden Investment • Associated company • Equity investment • Equity investment • Equity investment • Equity investment

Acquisition value • EUR 240m • EUR 230m • EUR 265m • EUR 62m • EUR 150m

Sampo’s ownership • 36.25% • 19.9% • 12.19% • 5.2%

Market value 9/2018 • EUR 82m • EUR154m • Hellman & • Geely 51.5% Co-investor • Nordic Capital Friedman • Kim Fournais 25.7%

13 Sampo Group ― Nordic Financial Group with Strong Brands

Investment Allocation

Total Group (MEUR) 26,524 25,286 26,661

14,000 12,192 11,937 12,000 11,459

10,000

8,000 7,010 6,582 6,263 5,816 5,944 5,919 6,000

4,000 1,933 1,794 2,000 1,620

0 If If If P&C P&C P&C Plc Plc Plc Sampo Sampo Sampo Life Life Life Mandatum Mandatum Mandatum Topdanmark Topdanmark Topdanmark

12/16 12/17 09/18

Money Market 8% 4% 13% 75% 3% 4% 14% 74% 6% 11% 9% 44% Long-Term Fixed Income 79% 67% 47% 20% 84% 68% 49% 18% 82% 62% 53% 14% Equity 13% 12% 26% 5% 13% 10% 25% 7% 12% 9% 26% 29% Private Equity 0% 1% 4% 0% 0% 3% 3% 0% 0% 3% 4% 12% Other 0% 16% 10% 1% 0% 15% 8% 1% 0% 15% 9% 1%

14 Sampo Group ― Nordic Financial Group with Strong Brands Sampo Group’s Own Funds and Solvency According to Conglomerate Rules Sept 30th 2018

Group Solvency ratio 148% EURm 12,000

10,000

8,000 59 3,660 6,000 Nordea 11,178

4,000 240 7,542 528 1,103 2,000 1,952 0 If P&C* Mandatum Topdanmark* Sampo plc* Sampo plc's Total minimum Group’s Life** shares of requirement Own Funds Nordea/ for Own Funds *) Standard formula NDX **) Standard formula + transition measures intressenter 15 Sampo Group ― Nordic Financial Group with Strong Brands

Sampo Group Solvency by Solvency II Rules Sept 30th 2018

Ratio of Eligible Own Funds to Group SCR 147% EURm 12,000

10,000

8,000

6,000 3,720 11,162 7,588 4,000

2,000 3,868

0 Consolidated Group Nordea and Other Group SCR Total Eligible Own Funds SCR* financial sector

*) Standard formula 16 If P&C A Pan-Nordic Diversified P&C Insurer If P&C ― A Pan-Nordic Diversified Nordic P&C Insurer

Diversified Client Base

1-9/2018 By Business Area By Country

3% 4% 14% 9% Norway Private 30% Gross Written Premiums Commercial Sweden 22% EUR 3,595m 56% Finland 27% Industrial Baltic Denmark 35% Baltic

0% 3% 3% 2% Norway 5%2% Private 17% 29% Sweden Technical Results 23% Commercial Finland EUR 463m Industrial Denmark 67% Baltic Baltic Other 49% Other

18 If P&C ― A Pan-Nordic Diversified Nordic P&C Insurer

Disciplined Underwriting and Diversification If P&C and BA average quarterly CR % vs. Deviation Expense ratio 2017, % Q1/2008-Q3/2018 12 Topdanmark 16.1 10 Finland Denmark If P&C 16.4 Industrial Nordic market excl. If (-16) 17.2 8 RSA Scandinavia 17.7 Norway Baltic Sweden

Q3/2018 Direct Line 25.3 6 AXA Private 27.3 4 Commercial Generali 27.8 If P&C Allianz 28.7 - Q1/2008 2 ZFS 31.8 CR % Standard deviation deviation Standard % CR 0 Aviva 31.3 86 88 90 92 94 96 Average CR% Q1/2008-Q3/2018 If P&C and Nordic Weighted Average CR% Standard deviation 2008-2017 % 100 3.2% 95 3.9%

90 96.1 96.1 92 3.9% 92.8 91.5 85 91.3 88.9 88.9 88.5

88.1 4.8% 87.7 87.6

80 85.4 84.4 4.3% 75 2010 2011 2012 2013 2014 2015 2016 19 If P&C Nordic Market (excl.If) If P&C ― A Pan-Nordic Diversified Nordic P&C Insurer

Conservative Investment Portfolio

Investment Allocation Mark-to-Market Investment Return

8% 7.4% Total EUR 11.9bn 6.1% 9M/2018 9M/2017 % 1.3 2.8 6% 5.0% Real Estate Private Equity 0.2 % 4.1% 0.1 % 4% 2.9% Other 0.0 % 2.6% 1.8% 1.5% Equities Money 2% 12% Market 6% 0% Public 2010 2011 2012 2013 2014 2015 2016 2017 Sector 8%

Covered Bonds 23% Other Mark-to-Market Investment Return Fixed EURm 9M/2018 9M/2017 Income 1,000 821 EURm 155 338 52% 800 689 558 600 459 400 334 304 190 • Duration 1.4 years 200 113 • Average Maturity 2.6 years • Fixed Income Running Yield 1.6% 0 2010 2011 2012 2013 2014 2015 2016 2017 20 If P&C ― A Pan-Nordic Diversified Nordic P&C Insurer

Seasonality in Quarterly Results and CR%

EURm 350

300

250

200 Investment result 150 Technical result 100 Operating result 50

0

Q4 Q3 Q2 Q1 Average Quarterly CR%, 2008-2017 88.8 88.1 87.3 90.9 Year 2017 CR% 83.6 84.8 85.7 87.4 Year 2018 CR% 85.8 85.1 86.5

21 If P&C ― A Pan-Nordic Diversified Nordic P&C Insurer

If P&C Solvency September 30, 2018

Standard Formula Solvency ratio 193% Internally assessed Solvency ratio 252%

EURm EURm 4,500 4,500 4,000 4,000 3,500 3,500 S&P TTC for A rating EUR 3,119m S&P TTC for A rating EUR 3,119m 3,000 3,000 124 2,500 2,500 512 168 297 2,000 337 2,000 1,178 3,760 738 168 3,760 1,500 1,500 210 1,333 1,000 1,952 1,000 1,332 1,489 500 500 639 0 0

22 LAC = Loss Absorbing Capacity, DT = Deferred Taxes, SCR= Solvency Capital Requirement Topdanmark A Danish Non-life and Life Insurer Topdanmark ― A Danish Non-life and Life Insurer

Diversified business model

1-9/2018 Pre-tax profit, DKK ,1371m Premiums earned, DKK 14,033m

2% 13% Non-life insurance 27% Non-life insurance, Personal 36% Life insurance Non-life insurance, SME

Parent company Life insurance, regular 22% 85% 15% Life insurance, single

Trend in technical result Distribution channels 2017 5 Head office and life sales 7 Others (banks etc.) 18 36 3 Danica Pension 4 31 % 48 Car dealers and Home

36 Brokers 12 Telephone sales etc. 24 Non-life Life Insurance sales reps. Source:Topdanmark Topdanmark ― A Danish Non-life and Life Insurer

Non-life insurance

Technical result by Business Line, DKK 1,088m Combined Ratio by Business Line, % % Personal SME 100 87.4 86.5 86.2 85.2 82.3 82.3 82.4 85.0 81.5 81.4 80 16.3 15.4 16.7 16.2 15.9 15.7 16 16 16.1 16.3 60 38% 40 Personal 70 68.5 66.1 66.4 66.7 72 69 65.5 65.3 70.3 62% 20 SME 0

Claims ratio Expense ratio Investment Allocation Investment Return Total EUR 2.9bn 9M/2018 9M/2017 9M/2018 9M/2017 % 0.6 1.6 DKKm DKKm 116 312 6% 800 711 Money market 11% 4.1% 4.4% 595 600 514 Fixed income 1% 4% 3.4% Covered bonds 61% 392 2.1% 400 288 Equities 5% 2% 1.0% 200 Real estate 6% Other 16% 0% 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 25 Source:Topdanmark,Sampo Topdanmark ― A Danish Non-life and Life Insurer

Life insurance

Result by components, DKK 182m Gross Premiums (Regular and Single), DKK 7,147m

DKKm 200 Regular premiums,DKK 2,133m 175 Single premiums DKK 5,013m

150 Individual policies, single 125 110 4% 19% Individual policies, regular 100 23% 182 11 3% 75 5 Policies, part of a tenure single 50 88 Policies, part of a tenure, regular 25 51% Group life, regular 0 Inv.return on Sales and Insurance Risk return on Profit on shareholders’ administration risk shareholders’ life insurance equity equity (Life Holding)

26 Source:Topdanmark Topdanmark ― A Danish Non-life and Life Insurer

Topdanmark Solvency Sept 30, 2018 Standard Model Solvency ratio 191% EURm used in Sampo Group SCR calculations Partial Internal Model Solvency ratio 235% 1,500 as reported by Topdanmark, Net SCR figures 401 EURm 589 1,500 1,000 66 39 430 95 500 1,008 Potential dividend for 2018 has not been deducted 760 from Topdanmark’s own funds end 9M 2018. 528 1,000 0

1,008 500 62 141 61 71 123 66 29 13 EURm Partial Internal Model Solvency ratio 235% 429 1,500 Gross figures 286 0 1,000 224 290 66 39 430 500 71 1,008 760 429 0

27 LAC = Loss Absorbing Capacity, DT = Deferred Taxes, SCR= Solvency Capital Requirement DKK/EUR 7.4564 Mandatum Life A Finnish Financial Services Company Mandatum Life ― A Finnish Financial Services Company

Mandatum Life Business Volumes

1-9/2018 Technical Provisions, EUR 11,496m

1 With-Profit EURm EUR 77m 54 21 102 16 12,000 Unit-linked Guaranteed interest rates 91 Premiums Written U-L 10,000 EUR 686m EUR 609m 8,000 7,066 6,440 5,858 7,204 400 5,312 6,000 4,616 3,833 3,124 3,054 2,359 1,637 4,000 25 14 With-Profit 5,065 2,000 5,014 4,821 4,572 4,487 4,431 4,410 4,292 4,249 4,071 EUR 3,507m 2,372 3,927 3,312 Insurance Savings 0 U-L EUR 10,708m EUR 7,201m 156 2,261 Note: Excluding reserves for decreased discount rate, future bonus reserves and longevity reserve 154 2,414 Unit-linked life Unit-linked pension Unit-linked capital redemption Unit-linked Baltic Other life Other pension Other capital redemption Other Baltic 29 Mandatum Life ― A Finnish Financial Services Company

Investment Portfolio covering With-Profit liabilities

Investment Allocation Mark-to-Market Investment Return EUR 5.9bn 15% 9M/2018 9M/2017 11.1% Commodities Other % 1.1 5.0 Alternative 9.4% Unlisted 0 % Trading 10% 5 % 6.9% Equity Derivatives Money Market 7.1% Biometric 0 % 6.70% 5.60% 0 % 0,2% Securities and Cash 4.6% Private Equity 5% 9 % 4 % Government Real Estate Bonds 0% 4% 1 % -1.4% -5% 2010 2011 2012 2013 2014 2015 2016 2017 Listed Equity 26 % Mark-to-Market Investment Return

Credit Bonds, EURm 9M/2018 9M/2017 Funds and 700 615 EURm 78 335 Loans 600 504 52% 500 427 440 391 376 400 300 251 • Duration 2.6 years 200 • Average Maturity 2.8 years 100 • Fixed Income Running Yield 2.7% 0 -100 -59 30 2010 2011 2012 2013 2014 2015 2016 2017 Mandatum Life ― A Finnish Financial Services Company

Mandatum Life Profit by Components

EURm 1-9/2018 1-9/2017 Net investment income 326.0 645.2 ‒ Transferred to expense result -18.5 -20.0 ‒ Return on Unit-linked policies -129.6 -334.7 ‒ Return on With-profit policies* -24.6 -140.4 INVESTMENT RESULT 153.3 149.9 EXPENSE RESULT** 19.5 21.3 RISK RESULT 15.1 20.9 OTHERS 196.7 -11.9 PROFIT BEFORE TAXES 384.6 180.3 Change in the market value of investments -97.9 27.7 PROFIT AT MARKET VALUES 286.7 208.0

Mandatum Life Group, expense ratio Total expense ratio, % 98.8 98.4 Incl. kick backs, % 81.8 78.5

31 * Includes guaranteed interest, bonuses and change in the reserves of the above items ** Result of Unit-linked business EUR 20.0m Mandatum Life ― A Finnish Financial Services Company

Mandatum Life Solvency September 30, 2018

EURm SF with transitional measures Solvency ratio 187% 2,500

2,000

352 258 1,500 37 123 50 276 1,000 2,067 *

1,321 500 1,103

276 0

* Own Funds without transitional measures EUR 1,667m 32 LAC = Loss Absorbing Capacity, TP = Technical Provision, DT = Deferred Taxes Nordea Bank The Largest Nordic Financial Services Group Nordea ― The Largest Nordic Financial Services Group

Nordea 1-9/2018 Operating profit breakdown Diversified sources of Profit Q3/2018 EURm EURm 8,000 2,500 2,046 109 416 6,000 906 2,000 56 3,495 408 1,500 4,000 2,273 418 6,902 143 866 1,000 475 52 2,000 3,198 3,264 226 2,589 500 192 689 0 167 0 229 Operating Income Operating Profit Group Functions & Other Wealth Management Wholesale Banking Commercial & Business Banking Personal Banking The well-diversified credit portfolio, EUR 292bn Strong asset quality - Total net loan losses*, EURm Other Other fin. inst. Public sector 135 129 4% 12% 113 Russia, Outside Nordic, 2% 1% 106 1% Shipp. & offshore 79 Sweden, 3% 71 Denmark, 29% 59 27% Retail trade 44 3% Household 40 55% Cons. staples 3% Finland, Ind. com. services Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Norway, 21% 34 4% Real estate * includes Baltics up until Q317 Source:Nordea20% 15% Sampo plc Parent Company with Capacity to Generate Funds Sampo plc ― Parent Company with Capacity to Generate Funds

Simple Cash Flows, low leverage and adequate liquidity

Flow of Funds Balance Sheet, EURm

Dividends Income Assets 11,417 Liabilities 11,417 • If P&C • Interest on Liquidity • Mandatum Life • Income from other Liquidity 792 CPs Issued 191 • Nordea investments Investment assets 812 LT Senior Debt 3,950 • Topdanmark ‒ Real Estate 2 ‒ Private Placements 131 ‒ Fixed Income 23 ‒ Bonds Issued 3,819 Sampo plc ‒ Equity & Private Equity 787 ‒ Pension Insurance loans Subordinated Loans 496 Subordinated Debt 0 Equity Holdings 9,200 Capital 7,209 • Internal Administration Costs • Discretionary Dividends for Shareholders ‒ Subsidiaries 3,401 ‒ Undistributable 98 • Interest Expenses for Bondholders ‒ Associated 5,799 ‒ Distributable 7,111 Other Assets 118 Other Liabilities 66

Key Credit Metrics well in Single A range

Sampo plc September 30, 2018 Sampo Group, EURm Q3/2018 Gross Debt, EURm 4,142 Shareholders’ Equity 13,041 Gross Debt to Equity 57% Hybrid Bonds 463 Financial Leverage 36% Senior Debt 4,142 36 (= Debt/(Debt+Equity) Financial leverage 30.7% Sampo plc ― Parent Company with Capacity to Generate Funds

Cash and tradable financial investments Sept 30, 2018

Market Value, nominal Running Instrument Call Date Million Yield,% Cash EUR 792 Investment Assets EUR 812 Sub-Ordinated Loans EUR 496 5.34 ‒ Mandatum Life T1 Perpetual EUR 100 4.31 Annual ‒ IF T2 30NC10 EUR 99 6.07 8.12.21 ‒ Nordea AT1 PerpNC5 USD 171 5.95 23.9.19 ‒ Nordea AT1 PerpNC5 USD 98 6.48 13.9.21 ‒ Topdanmark T2 PerpNC5 DKK 135 2.92 11.12.20 ‒ Topdanmark T2 PerpNC5.5 DKK 270 2.44 11.6.21 Total EUR 2,100

• In case subordinated loans are sold, both liquidity and Own Funds at Group level are generated • This buffer of liquidity and Own Funds come with positive interest margin 37 Sampo plc ― Parent Company with Capacity to Generate Funds

Sampo Group ― Conservative Leverage

EURm 16,000 40% Sampo plc Net debt Net debt/NAV 14,000 35% Group NAV 12,000 Group Equity* 30% 10,000 8,000 25% 6,000 20% 4,000 15% 2,000 10% 0 -2,000 5% -4,000 0% Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15 Q1/16 Q1/17 Q1/18 Q1/19 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15 Q1/16 Q1/17 Q1/18 Q1/19

• ”Loan-To-Values” based on above figures is low • Parent Companyʼs Financial Leverage is 36% => Sampoʼs position to refinance its debt is adequate

* Equity attributable to parent company’s equity holders 38 Sampo plc ― Parent Company with Capacity to Generate Funds

Dividends Received by Payment Year

EURm 1,800 Topdanmark Nordea 1,600 107 Mandatum Life Extra Dividend 1,400 Mandatum Life If P&C Extra Dividend 551 585 1,200 557 If P&C 1,000 533 125 370 150* 800 150 * 293 293 * 150 224 125 600 204 250 100 100 80 100 100 400 130 675 597 587 586 620 ~ 200 488 540 544 490 200 406 181 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

*) Extra dividend

39 Sampo plc ― Parent Company with Capacity to Generate Funds

Reported Profit facilitates Debt Servicing

EURm 2010 2011 2012 2013 2014 2015 2016 2017 9M/2018 * Dividend income* 747 762 773 879 1,069 1,226 1,567 1,453 995

Operating expenses -8 -10 -17 -20 -18 -14 -17 -14 -9

Net financial result -37 -70 -20 -26 -1 17 17 -43 -36

Profit before taxes 702 683 737 832 1,050 1,229 1,567 1,396 951

*Parent Company is not equal to Holding Segment; Dividend Income includes also dividends from Private Equity investments 40 Sampo plc ― Parent Company with Capacity to Generate Funds

Issued Debt Instruments

Instrument & Principal Coupon Swap Effective Rate Maturity CPs issued 191 EURm Euribor + Margin 0.2500% Average 3M Senior Bond 500 EURm 1.125% --- 1.1640% 24.05.2019 Senior Bond 2,000 SEKm Stibor3M + 0.77% Euribor3M + 0.586125% 0.2671% 28.05.2020 Senior Bond 1,000 SEKm 1.250% EUR 1.007% 1.0070% 28.05.2020 Senior Bond 500 EURm 1.500% --- 1.5920% 16.09.2021 Senior Bond 700 SEKm 0.875% Euribor6M + 0.3761% 0.1061% 23.5.2022 Senior Bond 1,300 SEKm Stibor3M + 0.55% Euribor6M + 0.3881% 0.1181% 23.5.2022 Senior Bond 750 EURm 1.000% --- 1.0060% 18.09.2023 Senior Bond 500 EURm 1.250% Euribor6M + 0.735% 0.4660% 20.05.2025 Senior Bond 500 EURm 1.625% Euribor6M + 0.562% 0.2960% 21.2.2028 Senior Bond 1,000 NOKm 3.100% Euribor6M + 0.77% 0.5010% 7.9.2028 Senior Bond 500 EURm 2.250% Euribor6M + 1.079% 0.8120% 27.9.2030 Public debt 4,010 EURm 0.7921% Private placements 131 EURm 0.9916% Total 4,142 EURm 0.7984%

1,000 CPs Seniot / EMTN Senior / Mndtm

500 EURm 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 41 Appendix Separate Supplementary Information Appendix ― Separate Supplementary Information

Sampo Group’s Outlook for the rest of 2018

Sampo Group’s business areas are expected to report good operating results for 2018.

However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.

If P&C is expected to reach a combined ratio target of 85 - 87 per cent for the full-year 2018.

With regard to Topdanmark, reference is made to the profit forecast model that the company publishes quarterly.

Nordea’s contribution to the Group’s profit is expected to be significant.

43 Appendix ― Separate Supplementary Information

Sampo Group Steering Model and Principles

• Four separate and independent business areas and Sampo plc an active owner

• General Principles of Business activities • Straightforward and transparent legal structure combined with limited intragroup exposures • Clear responsibilities • Simple and flat operational structures • Personnel incentivized to increase shareholder value and guard profitability

• Parent company gives guidance to the subsidiaries by setting/contributing • Strategy • Targets for their capitalization and return on equity (RoE) • Group-wide principles for Risk Management, Remuneration, Compliance, Code of Conduct and HR framework

• Subsidiaries organize underwriting activities independently taking into account • The specific characteristics of their operations • The above guidance from the parent company

• The stakeholders’ expectations and external regulations 44 Appendix ― Separate Supplementary Information

Calculation Principles of Sampo Group Solvency

• Group Solvency Capital • Under FICOD rules, capital is Group equity with some additional items added or deducted (subordinated loans, deferred tax assets, planned dividends etc.) • Under SII rules capital – referred to as Own funds (OF) – consists mainly of excess of assets over liabilities • Under normal circumstances Group OF by Solvency II and FICOD rules are close to each other

• SCR by Financial Conglomerate Rules • The Group’s SCR is the sum of the separate sub-groups’ requirements (sectoral rules) • Banking rules are applied for the parent company • No diversification effect between the companies

• SCR by Solvency II rules • One capital requirement is calculated for the insurance group including the parent company Sampo plc, If P&C, Topdanmark and Mandatum Life. This includes diversification effects and also capital requirement for the translation risk related to SEK denominated equity of If P&C and DKK nominated equity of Topdanmark • Nordea’s capital requirements are added to the requirement • The SII SCR takes into account diversification only within the insurance group

=> Sampo Group Solvency Ratios are not comparable with most Insurance Groupsʼ solvency ratios 45 Appendix ― Separate Supplementary Information

Structural changes of Sampo Group to the position as the leading Nordic financial group

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Mandatum Life Sampo’s ownership Sampo Group’s (If P&C’s) ends distribution exceeds 36% and Sampo Group divests Sampo Nordax becomes Mandatum Bank joins Topdanmark holding Sampo Group agreement with Bank Group to Danske Bank Sampo’s accociated the Group, and the Group’s exceeds 23 per cent and (Mandatum Life) Danske Bank. A/S. Following the transaction, company. name is shortened to Sampo. Topdanmark becomes acquires Suomi Mutual’s In June 2018 ML Sampo’s business areas are: . If’s associated company. with-profit group pension and Danske agree Sampo invests in P&C insurance and life portfolio. The portfolio to continue co- Nets, Saxo Bank, insurance. transfer takes place operation. Asiakastieto and on 30 December 2014. Intrum

Topdanmark Sampo’s Nordea holding Sampo plc’s ownership of Topdanmark becomes Sampo’s P&C insurance exceeds 20 per cent and exceeds 33.34 per cent after Sampo Insurance Company Sampo plc’s operations are merged with Nordea becomes an the acquisition of shares from If P&C and Leonia merge into Sampo Group (If P&C) subsidiary on If (2002). Following the associated company. and in the market and hence Sampo is the Sampo-Leonia financial acquires Tryg’s Finnish 30 Sept 2017. services group. The Group’s transaction, Sampo owns Business and the obliged to make a mandatory offer for business areas are long-term 38 per cent of If. If becomes acquisition was closed in the share-holders of Topdanmark. As savings (life insurance, asset fully owned by Sampo (2004). May 2013. a result Sampo plc owns 46.7 per cent management and mutual Following the transaction, If P&C signs a partnership of Topdanmark’s shares and 49.3 per funds), banking, investment Sampo has three core agreement with Nordea. cent of votes. Topdanmark becomes banking, and P&C insurance. businesses: P&C insurance, Sampo’s associated company. banking and long-term savings. 46 Appendix ― Separate Supplementary Information

If P&C Reinsurance Programmes

If is using reinsurance to ‒ Utilize its own capital base efficiently and reduce cost of capital ‒ Limit large fluctuations of underwriting results ‒ Get access to reinsurers’ competence base

If has the following Reinsurance Programmes in place

Catastrophe/ Property/ Personal In Million Event Risk Casualty Accident Motor TPL Cargo Reporter Capacity SEK 6,300 SEK 2,500/4,750 SEK 500/€50/$50 SEK 1,100 Unlimited SEK 1,000 Retention SEK 250 SEK 250 SEK 100/€10/$15 SEK 100 SEK 100 SEK 100

Marine Hull Small Vessels Marine Hull Marine Hull War US Terrorism Casualty/ In Million Reporter Clash Cover I.V. Reporter Risk Reporter Risk Cyber Event Capacity SEK 550 SEK 250 SEK 310 SEK 600 USD 250 SEK 600/€60/$55 Retention SEK 100 SEK 100 SEK 100 SEK 2.5 USD 25 SEK 200/€20/$25

• Largest & most diversified • Reinsurance partners having • Stable reinsurance program portfolio in the Nordics reinsurance as core business • Efficient pricing and • Focus purely on underwriting • Diversified financially strong broad terms • Specialised Reinsurance Unit panel of reinsurers

Additional reinsurance purchased for risks with property value accumulations according to Solvency II requirements. 47 Appendix ― Separate Supplementary Information

Nordic P&C Insurance Market

Nordic Market Shares, % If P&C and Topdanmark P&C Market Shares by Country, %

If + If Finland 22 Topdanmark 21% Other If If Norway 21 33% 16% Topdanmark 5% If Sweden 18 Tryg 9% If Denmark + 6 17 Topdanmark LF OP 10% 5% If Baltics 12 Folksam 5% Codan Gjensidige 8% 9% • Consolidated markets • Loyal clients • Direct sales dominates the market Total premiums EUR 26 bn • Various other distribution channels • Low expense ratios • Good profitability

48

Latest available data Appendix ― Separate Supplementary Information

Life insurance Market

Finland ‒ Market Shares, % Mandatum Life and Topdanmark Life Market Shares by Country, % Aktia Sp- Other 3% Henkivakuutus 4% Nordea 4% 31% Fennia Baltics/ 6 4% Mandatum Life LähiTapiola 11% Danmark/ 9 Topdanmark Life Mandatum OP Life Life 22% 21% • Various distribution channels • Bankassurance (+Kaleva 1.3%) • Unit-linked products Total premiums EUR 4.5 bn • Markets sensitive for regulation, tax changes, interest rate movements

49

Latest available data Appendix ― Separate Supplementary Information

Sampo Group ‒ Legal Supervision Structure

50 Source: FSA Finland, October 2018 Debt Investor Presentation JANUARY – SEPTEMBER 2018

Sampo plc Fabianinkatu 27 00100 , Finland

Phone: +358 10 516 0100 Business ID: 0142213-3

www.sampo.com @Sampo_plc sampo-plc