© OP www.op.fi/debtinvestors OP Corporate plc andOPMortgageBank OP FinancialGroup and issuingentities Presentation FY/2019 Investor Debt © OP adviser. Past is performanceno guide to future performance.Persons needing advice consult should an independent financial,legal or tax required by law or stockapplicable exchange regulations. toobligation update any of the forward-lookingstatementsor to conform suchstatementsto actual results,except as may be was providedand may besubject to change without notice. OP Financial Groupdoes not undertake and is not under any believed, estimatedor expected. The views andother providedinformation are current as at the date ofwhensuch information to be incorrect, our actualor financialposition results ofoperations could materially differ from that presentedas anticipated, or anyshould prove underlyingassumptions in we which operate. Shouldoneor more of these risksoruncertainties materialise the presentations.Our and alsofinancial reports factors describerisks that could affect our future performance and the industry A number of different factors may cause theactual performance to deviate significantlyfrom the forward-lookingstatementsin best of its ability,but it can not nevertheless guarantee their accuracyor reliability. sources of informationit which considersto be reliable, and the accuracy andreliability ofwhichit has sought to toestablish the materially from those set hasused out in the forward-lookingstatementsas a result of various factors.OP Financial Group functions.No assurance can be giventhat will provesuch expectations to have beencorrect. Accordingly, resultsmay differ future development inthe operating environment and the future financial performanceOP of Group Financial and its various management’s expectations, beliefs, estimates, forecasts,projectionsand assumptionsare based on the current view of the information currently available tothe management. statementsin All forward-lookingthis presentationexpressing the Certain statementsin this presentationare basedon the beliefsof our management as well as made byandassumptions Disclaimer 2 © OP Contents • • • • • • • • Ÿ Ÿ Ÿ Ÿ Ÿ etIRcontacts Debt PBCvrAstPo CCHroie rnprnyTmlt 48 Appendix TransparencyOPMB Cover Asset PoolECBC Template Harmonised & PMrgg Bank OP Mortgage OP Financial Group OP Financial ins economy Finnish e iacasFY/2019 Key financials OP Financial Group in brief OP Financial rdtrtns iudt andfunding Creditliquidity ratings, aiaiain iaca efrac n se quality asset and performance financial Capitalisation, CR programme taey opttv datgsaddvlpetactivities and development advantages Strategy, competitive tutr,jitlaiiyandmarket shares liability joint Structure, 85 67 42 36 26 25 20 17 16 6 5 4 3 © OP 35.7% 39.5%33.6% 26.4% June, 2019 June, in Loans share Market MARKET LEADER INFINLAND at YE2019 CET1 ratio 19.5% ooeaieOPFinancialGroup inbrief Co-operative SOLID CAPITAL POSITION at YE2019 €147 bn OA SESDIVERSIFIEDEBT TOTAL ASSETS June, 2019 June, in Deposits share Market at YE2019 Totalratio capital 21.1% gnrtdb h uieslnsin FY/19) businesslines the by (generated Insurance 2018 Insurance in Non-life share Market at YE2019 Leverage ratio 8.3% 2018 Insurance in Life share Market plc OP Corporate Bank S&P AA- Aa3 Moody’s FINNISH RISK EXPOSURE HIGH CREDIT RATINGS CREDIT HIGH by virtue oftheFinnishlaw. are jointly liable forothers’debtseach andcommitments, amalgamation of the entities) both issuing institutions (incl. Central institution, OP , andthe membercredit JOINT LIABILITY S&P AAA Aaa Moody’s covered bonds OP Mortgage Bank’s atc 2%ofOP’s Baltics oa xoueat exposure total YE2019 4 © OP ** In 2018, a non-recurring item related to the transfer of statutory earnings-related pension insurance portfolio decreased expenses mn expenses decreased by in portfolio €286 insurance 2019pension (-66). earnings-related statutory eliminations of item relatedtothetransfer a non-recurring ** In2018, group €-43 mn policies, EBT included Group-level in accounting change to this effecton segment due reporting. Mainly was change of this effect The collar. rate interest or cap had no Thechange practice. were the new reflectrecognition and 2019restatedrevenue to sheets for 2018 andbalance statements the income In addition, (under equity). earnings retained Group’s retrospectively OPFinancial in adjusted rate interest with an to loans attached clause to aderivative related margin for the customer method recognition revenue amortisation-based an adopted Group Q4,OPFinancial * In items line Main P&L ot -3%**) costs underlying (+13%, €1,903 mn Total expenses (+10%) €3,181 mn Total income (-13%) €838 mn Group EBT Key financialsFY/2019* through measures takenthrough measures by YE2019 costwere achieved savings mn €102 2019: Programme Savings mn €100 Development cost impact Personnel costs income Net investment andfees Net commissions income Net insurance NII EBT operations Other Insurance EBT EBT banking Corporate EBT Retail banking 121m (+5%) €1,241 mn 33m (+43%) €373 mn 71m (-3%) €781 mn 25m (-44%) €235 mn €-37 mn 41m (-26%) €421 mn 50m (+187%) €530 mn 31m (-24%) €311 mn 13m (203) €183 mn 96m (+6%) €936 mn 8. n(+13%) €81.2 bn management under Assets (+1%) €1,479 mn growth) (y-on-y revenue Insurance premium (+4%) €64.0 bn Deposits, total (+5%) €91.5 bn Loans, total (+14%) €9.2 bn loans company Housing (+6%) €22.5 bn loans Corporate (+3%) €39.6 bn Home loans growth) (FY/19 Volumes losses. and impairment markets in capital rates, developments relate to interest concerning earnings uncertainties The most significant in 2019 as level same the at about be to expected are EBT for 2020 Outlook 2020 5 © OP ins economy Finnish 7 Flat economic growth in in 2020f

Fairly good consumer Exports growth 0.3% confidence supporting the (2020f) largely economy – private consumption supported by service to increase by 0.8% (2020f) GDP change, % exports

Goods exports decreasing due Employment rate to slow-down in world & Euro growth decelerating area trade, only 1 larger ship to 72.9% in 2020f delivery in 2020f

Fixed investments Unemployment rate decreasing (-1.3% in 2020f) 6.9% in 2020f due to companies’ muted investment demand for 0.0% in 2020f construction, machines & Households’ savings equipment and R&D ratio increasing while debt ratio stabilising Residential construction Low interest rate environment, Government turning into a fairly clear moderate inflation (1.0% in 2020f) debt to GDP decline – however staying at and increased wages (2.5% in 2020f) at 58.8% in a moderately good level supporting purchasing power © OP 2020f © OP Sources: StatisticsSources: FinlandOP Financial and Group General government debt, % of GDP General government net lending, % of GDP GDP % of balance, account Current % rate, Unemployment % earnings, salary and wage in Change Consumer price index, % change y/y Other key indicators Fixed investment Public - Private - Consumption Exports Imports GDP year previous on % change Volume, 2020 March economy, Finnish the for Forecasts ulse n4Mrh2020 on4March 2020forecast Published 0.0%inrevised GDP growth Finnish EUR bn 123.7 176.8 234.5 2018 55.5 53.1 90.4 92.1 2018 2018 59.0 -0.8 -1.4 7.4 1.7 1.1 3.3 1.5 1.8 1.7 2.2 5.0 1.7 2019 2019 58.2 -0.8 -0.3 -1.1 -0.3 6.7 2.5 1.0 1.0 0.6 7.1 2.5 1.0 2020e 2020f 58.8 -1.5 -0.7 -1.3 6.9 2.5 1.0 1.5 0.8 1.0 0.3 1.3 0.0 2021e 2021f 59.3 -1.6 -0.8 7.0 2.5 1.2 0.2 0.5 0.8 0.7 0.9 1.0 0.5 exports from derives of GDP 40% around – economy driven exports- an Finland is 8 © OP commodity group Balanced structure goodsexports by ore arbn,FnihCustomsSource: Macrobond, Finnish 2008–18 group commodity by exports Goods ins exports Finnish 2/3of around exports Goods aetvalues: Q3/2019 Latest Source: Macrobond, OP 9 © OP ihai 09) aaa(.%,Ida(.%,Asra(.%,Mxc 06) zc eulc(.%,Bai 06) n h eann onre 1.% fwihless ofwhich (13.2%) countries remaining and the (0.6%), Brazil (0.6%), 0.5%each. Republic than Czech (0.6%), Mexico (0.7%), Austria (0.8%), (1.0%), (1.1%), Latvia (1.1%),Australia India (0.8%), Canada (0.9%), (1.1%),Turkey Lithuania (1.4%), Switzerland (1.6%),SouthKorea Denmark Spain (1.7%), (2.2%), (2.2%),Italy Japan (2.7%), Poland * 2000-18 countries exports goods largest Finland’s 2019 and toEuro 59.0% in Area38.2% Jan-Oct countries to EUmember exports Goods structureDiversified exports goods bycountry Ot21–c 09 2mhmvn avg) moving 2019,12mth 2018–Oct (Oct partners trading biggest Finland’s 34.3%* countries: Other 10 © OP iln’ evc xot yitem2015–18 by exports service Finland’s for 14% eg.forest products accounted while industry exports 10%oftotal for around accounted IT In H1/2019, services structure exports Service rather stable (2018) area by exports service Finland’s 11 © OP Unemployment rate falling faster than expected 6.7 2019 7.6 2019f 6.9 2020f 7.5 2020f 7.0 2021f 7.4 2021f 2021f 73.0% 2020f 72.9% 2019f 72.5% inFinland: stabilise to employment up picked Rapidly 12 © OP oetyin2020 to increase modestly estimated houseprices and average up market picking In Finland, housing aetvalues: Q3/2019 Latest Average houseprices and households’ debt aetvalues: 2018 Latest 13 © OP Ÿ Ÿ Ÿ market housing Finnish of Characteristics marketFinnish housing isstable Ÿ Ÿ ore:Saitc Finland, Bank ofSources: Finland, Statistics RAKLI ry 2020 Updated:27 January in November2019 rates interest tovariable tied 98% of loans home 2019 inOctober months 9 20 years homeloan ofanew maturity Average market Fully-amortizing Ownership ratio 63% at YE2018 63%at ratio Ownership +.%yoy rlmnr information) minQ3/2019 preliminary y-o-y, 2,086€/sq (+0.4% dwelling ofanold price Average Ÿ Ÿ Ÿ Ÿ n2 er’mtrt atOP maturity 25 years’ in rate 6%interest with Stress-tested 0 rvt netr,2%poesoa investors) investors,20%professional 30% private (ofwhich financed/non-subsidized 50%privately around and 50%municipalities/subsidized around market: Rental 1,605 €/sq m in rest of Finland (-0.8%) Finland of m inrest 1,605 €/sq MetropolitanArea(+1.5%) minHelsinki 3,719 €/sq average netincome Change innominal house prices inrelation to 14 © OP nErpa comparison in European economy andbalanced Finland iswealthy ** Negative outlook outlook * Positive Greece Portugal Italy Spain Ireland Belgium France Finland Austria Netherlands Germany January 27 2020 European countries Long-term sovereign credit ratings of selected B1 Baa3* Baa3 Baa1 A2 Aa3 Aa2* Aa1 Aa1 Aaa S&P Aaa Moody's Sources: Rating agencies' websites agencies' Rating Sources: BB-* BBB* BBB** A AA- AA AA AA+ AA+ AAA AAA BB* BBB* BBB** A- A+ AA- AA AA+ AA+* AAA AAA Fitch 15 © OP OP Financial Group © OP PFnnilGopsstructure OP FinancialGroup’s • • • ic.O otaeBank) OP Mortgage (incl. management ofPrivate wealth part banking Mortgage Retail & SME banking RETAIL BANKING 2.0 million owner-customers, ofwhich90%households 2.0 million • • ic.O oprt Bank) OP Corporate (incl. CORPORATE BANKING CORPORATE 4 Pmme oprtv cooperative 147 OPmember elhmanagement Wealth Baltics) (incl. banking Corporate OP COOPERATIVE • • • • Health & wellbeing & Health Life insurance Non-life insurance customers Corporate & Private INSURANCE business lines in FY/19 in lines business the by % of EBT generated • • • Treasury development service and Product functions Support OPERATIONS OTHER siae odces to to decrease estimated htalpandmergers planned all that 130 by YE2020, given YE2020, 130 by • • • 1 2020 Jan since structure governance New three-tier ubrofmember Number oprtv banks cooperative principle) decisions of (significant Supervisory Council supervision) & decision-making (central cooperative Board ofDirectors Group CEO President and ilrealise will 17 © OP on iblt ihnOPFinancial Group within liability Joint Ÿ Ÿ * OP Customer Services Ltd was merged into OP Card Company Plc on 30 November 2019 30 November on Plc Company Card OP into merged was Ltd Services Customer * OP Ÿ banks.Insurance companiesor other group entitiesdonot fall within thescope of joint liability. Mortgage Bank,OP CardCompany Plc (incl. OP Customer Services Ltd*) and the member cooperative The member credit institutions include OPCorporateBank plc, Area CooperativeBank, OP OP Cooperativeand the member credit institutionsare jointly liable for each others’ debts. Under the Act on the Amalgamationof Deposit Banks( OP Mortgage Bank.OP Mortgage Further information on the joint liability available inthe Base Prospectusesof OP CorporateBank plcand Ÿ Ÿ Ÿ prevent amember credit institution’sliquidation. OP Cooperative creditand themember are institutions under an to obligation take to support actions Cooperative. and upon insolvency of OP Cooperativethey have an unlimited liability to pay thedebts of OP The member credit institutionsmust paysharesof the proportionate amountCooperative OP has paid, demand payment from OP Cooperative. If a creditor hasnot received payment from amember credit institution on a due debt, thecreditor may aitleupnke henityät 599/2010 yhteenliittymästä talletuspankkien Laki ), 18 © OP ore ako iln LasandDeposits) andFinance Finland(Non-life and LifeInsurance) Finland(Loans Bankof Source: Leading financial group inFinland OP – Non-life Insurance, 2018 (Finland: €4.3 bn) €4.3 2018 (Finland: Insurance, Non-life bn) €241.1 2019(Finland: Loans, June Finnish directinsurance writtenpremiums under of Market share loans: Corporate 39.9% 39.6% loans: Home in June2019 OP’s market share Life Insurance, 2018 (Finland: €4.3 bn) 2018 (Finland: Life Insurance, bn) €160.0 2019(Finland: June Deposits, written gross premiums of Market share 19 © OP • • • • • 2019 June in affirmed Strategy Vision: The leadingandmost attractivegroupFinland financialservices in OP’s strategy basedoncustomer focus force 1 Jan 2020 (see slide 71) slide (see force 1 Jan 2020 enteredinto targets New strategic for planning 2020 in accordanceaffirmed with annual of strategic priorities implementation Indicators for measuring annually Strategic specified priorities evaluated operating systematically model Operating environment and reformulation and implementation reshaping, constant process: strategy moved towards acontinuous OP has operational reliability and Development of the OP Agile operating model theOP operating of Agile and Development reliability operational Ensuring the earnings target,2 million owner-customers, Improving Q4/2019 in emphasized Strategic priorities taei roiisfor 2020 Strategic priorities 20 © OP *** Calculation method applied to the number of customers has been changed as of September 2019, due to a change in definition of a party linked to a customer to party ofa linked definition in change toa due 2019, September of as changed been has customers of number the to Bank) transactions applied monthly 0.25%of Cooperative method Area Helsinki at 100€ OPbonuses (eg. Calculation *** generate bank premiums cooperative OP andinsurance investments savings, loans, the on An owner-customer’s ** depending varies fee Membership * oisrneplc fees policy to insurance €129 mn fees management service andwealth banking to €113 mn OPBonuses** accrued €254 mn Owner-customer* benefits in 2019 benefits Owner-customer* €2.5bn than more benefits totalled to customers loyalty paid 1999-2019,OPbonuses attractive Between by supported cross-selling andsuccessful ofowner-customers innumber Growth Solid growth innumber ofowner-customers,mn hrs(agt3.25%) (target Shares onProfit returns accrued estimated €97 mn Shares inProfit investments €2.9 bn mutual funds free of charge of free funds mutual ofmost andtrading ofselling, buying benefit €5 mn policies insurance non-life on discounts loyalty €69 mn banking ondaily discounts €32 mn ic 2005 since +84% in 2019 +92,000 achieved) (target owner-customers 2 mn non-life insurancecustomerships, mn Successful integrationof and banking OP customers of number of total 31% at YE2019 customers insurance and non-life banking combined 1.2 mn*** 21 • • • • • Group

© OP CX in to2019 (384) improve total development expenditure€313 mn €2 bn development investments during– 2016–2020 aiming activities Development PSD2, IFRS9 (AML, etc.) projects development Regulation-driven models partnership andnew open APIs – Banking eg.PSD2 andOpen by accelerated economy Platform etc. control chain, robotics, voice data,block big AI, analytics, design, service field of UX/UI, Increasing competence inthe warehouse renewal ICT architecture and Data digitisationservice Agile processautomation and • • • • • SME Customers & Private – Banking Real-timepayments mobile, NPS51 in sign-ins 70%of Over management and wealth card business Core system upgradeswithin sales estate businessand home for realplatforms Digital in NPS digital channels,63 75% ofmortgages applied for in mortgages digital channel– Automatic decision making for • • • Customers Institutional & Corporate – Banking opne in2019) companies medium-sized in and 2018 by companies large by (selected inFinland bank best the Bank OPCorporate surveys; Banking Corporate Prospera and in NPS improvement shows service customer Good renewal platform Payment andprocesses offering service to corporate Improvements • • • • • • Customers Corporate & Private – Insurance App Mobile Digital Pohjola Hospital Insurance platformrenewal detection andfraud analysis risk Improved for partners Improved products and services in handling claims business process management AI utilisation andimproved private customers for paths purchase digital eg. New onlineandservices mobile 22 © OP oeta . natv sr nO’ iia channels digital inOP’s users active 1.7mn More than OP Business Mobile OP Business App ioMbl altApp Mobile Wallet Pivo 302 mn 53 mn 10 mn OP Mobile App Mobile OP 0.1 mn 1.4 mn 1 mn +69% +55% +28% oisin2019 logins oisin2019 logins oisin2019 logins y-on-y y-on-y y-on-y users users users Logins to OP Mobile App vs. Op.fi vs. toOP Mobile App Logins Internet Bank Op.fi Internet Bank 102 mn 1.9 mn -5% y-on-y oisin2019 logins users 23 © OP presence oflocal role the changes experience Digital customer fcsoescasfe as classified of customers nonesocrin occur encounters cieuesofOP’s users active utmrservice customer iia channels digital iia channels digital fO’ private of OP’s >98% 45% oprtv banks cooperative -103 -34 OP member branches 147 352 ic e 2014 Dec since ic e 2014 Dec since 24 personal finances and prosperity in e Rpormepublished inDec 2019 focuses aroundNew CR 4 keyprogramme themes CR at the core ofOP’s business andstrategy Wepromote the management of © OP We improve financial literacy inFinland all age groups. age all development, and mitigating climate and mitigating development, We foster a sustainable change and adapting to it. adapting and change We support sustainable We support economy activity, provide security, and create security, activity,and provide We provide promotejobs, physical wellbeing in Finland. wellbeing in Wepromote We support local local economicvitality. communities vitality and vitality intelligence transparently,best the in and information capital information and We useour intellectual We dataandartificial customer use interest our customers.of responsibly 25 © OP ewyi ufr .%(nCT)ad63 i oa capitalratio) (in total 8.2%(inCET1)and6.3% to requirements inbuffers Leeway compared capital adequacy solid OP has adequacy requirement. totalcapital Group's OP Financial applied, thedecisionhad no effect on parallel buffers andthe larger one is these capital buffer requirements are requirement at that 2%. Considering Financial Group's O-SII buffer At the same time,it also confirmedOP that entered intoforce on1 July 2019. Group, ie.a capital buffer requirement systemicrisk buffer on OP Financial seta2% FIN-FSA the In 2018, June 2020. January on 1 into force entered that 2.00%) at 2.25% (previously requirement buffer P2R ECBset OP Financial Group’s the ofSREP, as part 2019, In December 26 © OP hne matn h CET1ratio the impacting Changes • • • • aia eore and capital adequacy Capital resources eln asdb onprflogot n nraei ealepsr ikweights risk exposure inretail andincrease growth loanportfolio by caused Decline at 19.5% YE2019 ratio CET1 during H1/2020 expected to be specified (TRIM) of theECB’s internal models (IRBA) – Obligations, ifany, imposed bythe supervisor due to the examination default (1 due to planned implementation ofthe new definition of Approx. -1.3 pps deriving from the sale of Vallila HQproperty (Q1/2020) +0.2 pps change in accountingpolicies(YE2019) due to a -0.2 pps st phase in March 2020) • Leverage ratio 8.3%(8.6) • • • (FIRB)(65.4) exposures 66.3% for corporate (7.4) (AIRB) exposures 16.4% for retail excl. RW floors: RWs Avg • REA €55.5 bn(52.1) terminations) (excl. in CET1 capital €2.9bn shares Profit Minimum draftlevel regulations3.0% in the loans (TRIM) 12% forOP’s home ofapprox.floor April 2019,ECBsetRW In YE2020 2018 andisvaliduntil 1 January on force into FIN-FSA’s 15% on residentialRW floor mortgageloanscame In Feb. 2017, ECB floors retailIn Feb. set RWforOP’s exposures in mortgage-backed retailexposureriskweights increase by caused decline – RWfloors by ECB bncaused €0.5 • • • set higherRW floors previously onOP’s CET1 ratio effect dueto No further 32.7% for privatecustomer exposures other 15.4% for exposures mortgage-backed 27 © OP togtakrcr ofcapital generation record track Strong effect of this change was adjusted retrospectively in OP Financial Group’s retained earnings (under equity). In addition, the income statements and balance sheets for 2018 and 2019 were restated to reflect the new the reflect to restated were 2019 and 2018 for sheets and balance statements income the practice. revenue recognition In addition, equity). (under earnings retained Group’s Financial in OP retrospectively adjusted was change this of effect * oprtv oe hw neut capital* inequity shows model ofthe cooperative andstrength generation earnings Robust In Q4, FinancialOP Group adopted an amortisation-based revenuerecognition method for the customermargin related to a derivative clause cap attachedor interestto loansrate collar.with an interestThe rate ai improvement ratio to CET1 andleverage contribute shares andprofit Earnings 28 © OP oprsnlaigalNri er behind Nordic peers all leaving comparison inS&PRAC ratio outperformer OP isclear 29 © OP *** Net insurance income includes net income from Non-life and Life insurance. Net investment income includes net trading income as well as net investment income from Non-life and insurance Life Non-life from income asnetinvestment as well income trading net includes income Net investment and insurance. Life Non-life from income net includes income insurance *** Net IAS39) to according (reported companies of insurance instruments equityis from approach) IFRS9 (overlay applied to some exemption ** A temporary new the reflect to restated were 2019 and 2018 for sheets and balance statements income practice. revenue recognition the In addition, equity). (under earnings retained Group’s Financial in OP retrospectively adjusted was change this of effect * In Q4, OP Financial Group adopted an amortisation-basedrevenue recognitionmethod for the customermargin related to a derivative clause cap attached or interestto loansrate collar. with an interestThe rate 2008–19, €mn quarter* EBT by EBT for 2020expected tobeat the samelevelasin2019 erae xessb 26m n21 underlying expenses down by 3% in2018– decreased expenses by €286mn Non-recurring item related to thetransfer ofstatutory earnings-related pensioninsurance portfolio Lower net insurance income and higher impairment losses mainly caused theEBT decline in2019 2019 vs.2018, € mn ***, item**, P&Lline by EBT,change y-o-y o a xess+13% Total expenses o a noe+10% Total income / ai 60% ratio C/I 30 ratio, % Cost/income mn on receivables, € loss Impairment Expenses, €mn income, €mn investment Net mn € and fees, commissions Net income, €mn Net insurance NII, €mn € mn EBT,

© OP OP’s financialperformance in2019* eeu eonto rcie h hnehdn feto emn eotn.Mil u oti hnei conigplce,GoplvlETicue -3m ru lmntosin2019 (-66). eliminations group €-43mn included EBT Group-level policies, inaccounting provision transitional Excluding ** change new the reflect to tothis restated were 2019 and 2018 for sheets and balance due statements income Mainly reporting. segment The change had no effecton practice. recognition revenue the In addition, equity). (under earnings retained Group’s Financial in OP retrospectively adjusted was change this of effect * In Q4, OP Financial Group adopted an amortisation-basedrevenue recognitionmethod for the customermargin related to a derivative clause cap attached or interestto loansrate collar. with an interestThe rate GROUP 60 (58) -87 (-46) +13% 1 903(1 681) +187% 530 (185) +6% 936 (887) -26% 421 (566) +5% 1 241(1 186) -13% 838 (959) ratio, % Cost/income € bn management, under Assets Deposits, €bn € bn Loans, receivables, €mn on loss Impairment income, €mn Net investment €mn and fees, Net commissions NII, €mn € mn EBT, RETAIL BANKING 70.7 (60.4) +15% 23.2 (20.2) +7% 54.4 (50.8) +5% 68.1 (65.0) -36 (-33) -286% -17 (9) +5% 708 (677) +4% 922 (886) -44% 235 (421) ratio, % Cost/income €mn Net inflows, € bn management, under Assets Deposits, €bn € bn Loans, mn on receivables, € loss Impairment income, €mn Net investment mn € and fees, Net commissions NII, €mn € mn EBT, CORPORATE BANKING 42.3 (34.9) 1 (430) +12% 58.0 (51.7) -0% 11.2 (11.2) +6% 23.7 (22.3) -51 (-12) -28% 119 (165) -3% 125 (130) +10% 383 (350) -24% 311 (408) ratio** Life, % Life, ratio** II Solvency % ratio** Non-life, II Solvency ratio, % Non-life Operating cost ratio,% Non-life combined Operating income, €mn Net investment mn € and fees, Net commissions income, €mn Net insurance revenue, €mn premium Insurance € mn EBT, INSURANCE 170 (176) 144 (132) 27.7 (27.4) 92.7 (92.0) +590% 435 (63) +31% 99 (75) -25% 431 (578) +1% 1 479(1 466) +43% 373 (260) bonds, bps covered funding and funding, TLTRO wholesale non-preferred senior and senior- Average margin of public, € bn the to issued Long-term bonds income, €mn Net investment mn € and fees, Net commissions NII, €mn € mn EBT, OTHER OPERATIONS 19 (14) 6.7 (3.3) +84% 38 (21) +1% 6 (6) -59 (-48) -37 (-64) 31 © OP onprflou y5%in2019 by Loan portfolio up 1Dc2019,% 31 Dec Loanportfolio breakdown, €91.5 bn *Ohrlasicuelast iaca ntttos ulcsco,nnpoi raiain n utmr abroad and customers organisations sector, non-profit institutions, public tofinancial loans etc. include loans loans, loans student houses, consumer ** Other for holiday loans include loans household * Other 1Dc21 s 1Dc2018,€bn 2019vs. 31 Dec 31 Dec group, product by Loan portfolio growth +3% +4% +6% +14% +7% +5% 32 © OP onreceivables loss Impairment receivables doubtful 67%(70)of gross receivables forborne Performing portfolio (3.4) 3.2%ofloan andguarantee receivables Doubtful equaling to 0.09%ofloan andguarantee portfolio (0.05) 2019 impairment loss on receivables €87mn, €149 mn 2010 €101 mn 2011 €99 mn 2012 €84 mn 2013 €88 mn 2014 €78 mn 2015 €77 mn 2016 €48 mn 2017 €46 mn 2018 €87 mn 2019 .%(.)t on&gaateportfolio & guarantee to loan (1.0) 1.1% Non-performing obflrcials(gross) Doubtful receivables .%(.)t on&gaateportfolio & guarantee to loan (2.4) 2.2% Performing 33 © OP (total corporate customerexposure €51.7 bn at YE2019) Companies Sector by credit rating category Exposures from the Non-financial Corporations andHousing IG (1.0-5.5) 53%oftheexposure from Non-financial corporations and housing companies sector xoue ycei rating category credit by Exposures 6% (5) atYE2019 adequacy capital FiCo under tocapital risk customer single Largest OP internal rating S&P rating S&P rating internal OP 9,0–10,0 7,5–8,5 6,0–7,0 4,5–5,5 3,0–4,0 1,0–2,5 BBB+…BBB- BB+…BB- AAA…AA- CCC+…C B+…B- A+…A- 0.2% (0.1) acredit of with a maximum AandB rating of exposures customer PDofprivate average YE2019, At bn at €59.9 YE2019) exposure customer private (total of total exposure Private Customerexposures ofcredit rating categories A and B, % 34 © OP €51.7 bnatYE2019 Exposures fromthe Non-financial corporations andhousingcompanies sector industry by diversified well Corporate exposures • • Renting and operating ofresidentialreal estateindustry (1) cities ormunicipalities 10% ofthe exposure isguaranteedbygovernment, 94% ofthe company loans exposure ishousing 35 © OP Funding basedonstrong credit ratings Target:Credit ofAA-/Aa3 rating at leastthelevel pae:2 aur 2020 Updated: 27 January Insurance financial*** strength rating Covered** bond rating * Negative outlook PohjolaInsurance Ltd*** Bank** OP Mortgage A/S SEB AB If P&C Insurance Ltd*** Abp Bank Finland AB DNB Bank ASA DNB Bank PCroaeBn plc Bank Corporate OP vnk AB Svenska Ln-emdebt (Long-term Moody’s rating) Aa2* Aa3 Aaa Aa2 Aa3 Aa1 Aa2 Aa2 A2 A3 A1 surcredit issuer (Long-term rating) AA-* S&P AAA AA+ AA- AA- AA- AA- A+ A+ A+ A Ÿ INSURANCE LTD POHJOLA Ÿ Ÿ OP MORTGAGE BANK Ÿ Ÿ Ÿ OP CORPORATE BANK PLC S&P affirmed A+ rating and stable outlook in July 2018 inJuly outlook stable and A+ rating S&P affirmed 2019 January in outlook stable with A2 to rating upgraded Moody’s Ÿ 2019 inSeptember outlook stable with rating AAA affirmed S&P Ÿ 2018 inNovember outlook stable with rating Aaa affirmed Moody’s Ÿ 2018 July in outlook stable and rating AA- affirmed S&P Ÿ 2018 December in outlook stable with rating Aa3 affirmed Moody’s based uplift collateral of notches 2unused support, jurisdictional of notches 3 unused TPI (Timely Payment Indicator) Leeway 5 notches notch) (+1 Support ALAC and (+2 notches) andEarnings Capital (+1 notch), Position Business from Uplifts notch) (+1 Support Government and notches) (+2 Loss-Given-Failure from Uplifts 36 © OP SR(e tbeFnigRatio)112% at YE2019 (111%at YE2018) Funding NSFR (NetStable C s iiu requirement LCR vs. minimum LCR 141% and NSFR 112% at LCRand NSFR 141% YE2019 nubac icoueGieie Bn ai srpre ytebn itself) bank the by asreported ratio 5 (Bank Asset toEBA Guidelines according Disclosure banks Encumbrance by datareported OP from by calculated Group, Financial &calculations Reports Management reports/Risk Annual Banks’ Source: nubac ai inNordiccomparison ratio Encumbrance 37 © OP known and predictable paymentknown andpredictable flowsstress andinaliquidity scenario The liquidity buffer is sufficient to cover the needfor short-term funding for 1Dc2019 31 Dec Liquidity buffer by credit rating**, as at at YE2019 bn €25.0 buffer Liquidity public-sector entities and companies and entities public-sector ** “Internally rated” includes externally non-rated notes and bonds issued by iudt ufrbekon bn Liquidity buffer breakdown, € 38 © OP € bn 2019 31 Dec Loans, liquiditybuffer and funding maximum of €100,000 for each OP Financial Group customer. Group Financial OP for each €100,000 of maximum a compensates Fund Guarantee Deposit The as atYE2019. bn (36.0) €38.0 totalled guarantee of deposit scope the within * Deposits Loans to corporatesincl. 2/3 from OP Corporate Bank Corporate OP from 2/3 Member cooperative banks cooperative Member as retail customer lenders customer as retail Loans to households housing companies and 1/3 from member and 1/3from 58% of total58% loans 35% of total35% loans cooperative banks cooperative €91.5 bn €91.5 Total loans Total deposits* €64.0 bn €64.0 of total funding funding 37% Market-based 8 te deposits 18% other deposits 20% corporate deposits household 62% funding; with deposit funded lending of Majority of total funding 61% Deposits 39 © OP Maturity breakdown of wholesalefunding welldiversified 2019 (€3.3 bnin 2018) OP issued long-term bonds worth €6.7bnin maturity, 31 Dec2019(€bn) Issued senior unsecured andcovered bonds by • • • • MREL regulation acting as a Single Point of aSingle Entry as acting Bank to apply OP Corporate would measures for OP Financial Group whereby the resolution The SRB has confirmed aresolutionstrategy future inthe to issuance plans continue and bn €1.2 worth instruments SNP Bankissued OP Corporate In 2019, at was 43% ratio MREL YE2019 Group's requirementset OPFinancial by the authority: GroupOP Financial clearly fulfilsthe at (RWA) YE2017 assets risk-weighted euros,or Groupof 13.4billion 27.3% of the Stability set MRELforAuthority OP Financial On 12 June 2019,the FinnishFinancial 40 © OP neue od 2017–20 bonds unsecured senior benchmark OP Corporate Bank plc’s Issued senior unsecured andcovered bonds erMnhAmount Month Year 09Nvme 50m SP 10yrs 7 yrs (SNP) €500mn June (SNP) €500mn November 2019 January 2019 2020 08Ags €500mn 5 yrs (Green) €500mn August February 2018 2019 07April 2017 May May 2018 2018 50m SP 5 yrs (SNP) mn €500 €500 mn each €500 mn dual-tranche, bn €1 Total mn GBP200 auiyItrs rate Interest Maturity 5.5 yrs m/s +27 bps m/s+27 5.5 yrs (floating) 3 yrs (fixed) 7 yrs 3 yrs 5 yrs m/s +68 bps m/s +65 bps m/s +35 bps m/s +60 bps Eb3 +20 bps m/s +30 bps Eb3 +17 bps m/s +22 bps od 2017–20 bonds covered benchmark Bank’s OP Mortgage 07March 2017 07Nvme €1bn June November 2017 2017 09Fbur 12 n1 r m/s+10bps 10yrs €1.25bn June €1bn February 2018 €1bn November 2019 January 2019 Month 2020 Year 1bn €1 €1 bn €1 bn rate Interest Maturity Amount r m/s-4bps 7 yrs 10 yrs m/s +1 bps m/s+1 10 yrs 5.25 yrs m/s -13 -13 bps m/s bps m/s-2 yrs 5.25 yrs 7.25 r m/s +3 bps m/s+3bps 7 yrs yrs 8.25 41 © OP PMrgg Bank OP Mortgage © OP c nMrgg Credit Bank Operations onMortgage Act of the Highlights Ÿ Ÿ Ÿ Ÿ Ÿ Ÿ according to FIN-FSA regulations, Cover shallnotbeincluded inthe Pool that Assets (overmust non-performing be bookedas 90 days inarrears), RegulatedFSA byFinnish and ECB bankruptcy oftheissuer Continuity ofCover Pooland Covered event Bondsinthe of liquidationand requirement of 2% Over-collateralisation Tight LTV restrictions oneligibleassets(70%LTV onhomeloans) Segregation ofassets in Covered Register Ÿ tOM,nnpromn on ee€86m at YE2019 mn loanswere €18.6 non-performing At OPMB, 43 © OP Ÿ Ÿ & liability OPMB Joint PMrgg Bank (OPMB) OP Mortgage Ÿ Ÿ Ÿ Ÿ Ÿ OPMB inbrief ECBC Covered BondLabel qualifies for the bondprogramme Covered Coveredbond ratings: AAA (S&P), OP member cooperative banks bank andSpecial-purpose a fundingvehicle for the Groupof OP issuing Financial entity bond Covered of OP Cooperative 100% ownedsubsidiary receive what is due to them before allother creditors However, since assets in OPMB’s Cover Asset Pool arering-fenced, thenoteholdershave theright to Banks of Deposit on the onthe Act based Amalgamation fullyOPMB benefitsfrom thejoint Cooperativeliability amongOP and themember credit institutions, Aaa (Moody’s) edmr bu h CCscvrdbn ae at label bond covered www.coveredbondlabel.com ECBC’s the about Read more 44 © OP Standard & Poor’s: AAA (Stable) &Poor’s:Standard AAA rating buffers Bank’s OP Mortgage Ÿ Ÿ Ÿ MortgageBank, 17 September 2019 Source: Standard & Poor’s Global RatingsEurope Limited, Transaction Update: OP severity loss ** Weighted-average frequency foreclosure * Weighted-average e crs(sa 0Jn 2019) at 30 (as June Key scores uplift based ofcollateral notches 2 unused support ofjurisdictional notches 3 unused Ÿ Ÿ Ÿ Ÿ Ÿ WALS**: 7.23% WAFF*: 17.87% with rating:AAA 2.5% commensurate (OC) Enhancement Credit Target Credit Enhancement: 4.96% Credit Enhancement: 29.61% Available od’:Aa(Stable) Moody’s: Aaa Ÿ Ÿ ak otaeCvrdBonds 2, 27November2019 Covered Bank, Mortgage Source: Service Moody’sLtd, PerformanceInvestors Overview,OP Mortgage assessment risk Counterparty **** indicator payment *** Timely e crs(sa 0Sp2019) (asat30Sep Key scores 5notches TPI*** Leeway Ÿ Ÿ Ÿ Ÿ cp5.0%) (cap post-haircut: 3.4% Score Collateral Probable-High TPI: = Aa1 +1notch CR-A CB Anchor: CR-A****: Aa2(cr) 45 © OP * Basic lending criteria for the Group are set by OP Cooperative. OP Mortgage Bank has additional loan selection and cover pool eligibility criteria. eligibility pool cover and selection loan additional has Bank Mortgage OP Cooperative. OP by set are Group the for criteria lending * Basic Operating model androles COOPERATIVE BORROWER MORTGAGE OP MEMBER Loan origination Loan BANKS Servicing intermediary loan process Collateral is transferred cover pool to OPMB to Legal affairs etc. Legal affairs & Compliance via OP COOPERATIVE ikmanagement Risk Swap counterparty (interest rate risk risk management) (interest rate counterparty Swap Accounting OP MORTGAGE BANK OP CORPORATE BANK PLC Pool managementand analysis Short-term funding provider Legal issues/capital markets Legal issues/capital Investor reporting Loan selection* Bond issuing Product and service development OP SERVICESLTD Tsrieproduction IT service Support functions Support programme under the Issues OP CUSTOMER SERVICES LTD Support functions Support Debt collection INVESTORS DEBT 46 © OP nemdayloans Intermediary Ÿ Ÿ Ÿ The Finnish Covered Bond Act (2010)enables granting intermediaryloans The intermediary loan contract ismadebetween the member cooperative bank and OPMB as long as intermediary loan expires loan process, they as serve collateral for the covered bonds for the benefit of the noteholders Once the mortgage loans are registered intheOP MB Covered Bond Register via intermediary Ÿ Ÿ Ÿ Ÿ Ÿ issuance process The member cooperative banks are granted the opportunityto indirectlyparticipate in the covered bond OPMB monitor’sOPMB of the theadequacyloans daily collateralin thecover pool loans as forand the mortgage loans, acceptsthe maturitysubscribes that of theintermediary OPMB The member cooperativebank commits to preserving adequate intermediaryloan worthy loan portfolio contractingphase of the loan intermediary The amount of loan, interest margin/fixed interest rate andof maturitythe loan areindicative duringthe Intermediaryloans arethe way for the member cooperativebanks to utilize OPMB 47 © OP OPMB Cover Asset Pool Characteristics under the Finnish Act on Mortgage Credit Mortgage Banks680/2010 under theFinnish Acton Coveredafter 1 issuedbonds 2010, Aug © OP oe se ola t31December 2019 Cover Asset Poolat as Main Features ofOPMortgage Bank’s • • • • • • • • Totalbillion covered amount of issuedEUR 11.885 bonds risk rate interest mitigate to order in place in agreements Hedging Variableinterest loans rates:all of over 98% No loansoverdays 60 in arrears ongoing Average approximatelyloan sizeof EUR 51,600 Weighted Average indexed LTV of46% Currentbillion 14.6 balance EUR Collateralizedmortgages by Finnish 49 © OP on ysize by Loans Characteristics Pool CoverOPMB Asset 50 © OP on yLTV by Loans Characteristics Pool CoverOPMB Asset • • • • 22.1% Eligible only Over-collateralisation indexed LTV of46% Weighted average EUR 14.5billion assets Eligible Cover Pool billion Total assets EUR14.6 51 © OP PBCvrAstPo Characteristics Pool CoverOPMB Asset on yoiiainyear origination by Loans 52 © OP on ymaturity by Loans Characteristics Pool CoverOPMB Asset 53 © OP egahcldistribution Geographical Characteristics Pool CoverOPMB Asset 6 5 4 3 2 1 Western Finland Åland Lapland Oulu region Eastern Finland Southern Finland 54 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 55 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 56 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 57 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 58 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 59 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 60 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 61 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 62 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 63 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 64 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 65 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 e 2019 (HTT) as at 31 Dec Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 66 © OP Appendix © OP ore PGrpr n rsnaino xotidsr’ cnmcipcsinFinland, 28 November impacts 2018 economic industry’s onExport and presentation Source: KPMG report total employees 43%of Impacting in 2017 >1mn effect Employment investments €6 bn business operations, continuing €213 bn in2017 bn €219 turnover industry Export fishery & and Agriculture, forestry trade storage, & on Transportation Wholesaleretail & seen effects indirect Largest economy onthe Finnish widely impacts industry Export total tax accrual total Generating 29% of in 2017 €28bn effect accrual Tax increase total GDP value Creating 46% of in2017 bn in GDP€90 Value increase 68 © OP ore ael rpryO elEtt aktFnad(uun2019) Finland Market (Autumn Real Estate Property Oy – Source: Catella submarkets. in other 0.1-0.7%and points CBD agreementsHelsinki approx. in the currentlydecreaseyields points by 0.1–0.5%leaselong renovations. Particularly yieldwithout agreementinitial and lease 5–7-year tenant, needed, stable one newer renovations building major medium-sized without area, good industrial premises: premises a located Ordinary in Logistics/Industrial renovations. without yield initial and leaseagreements 3–5-year tenants, anchor rentability, stable good CBD premises: Modern with Office premises the or renovated renovations. in yieldwithout initial agreementand year lease tenant, 3–5- domestic district or well-known international (CBD),criteria: are Retailpremises:rents. central business premisesinthe Street following are gross retail Rents on level yields andbased Rental levels omrilra saemarket in Finland estate Commercial real investment market at at YE2018 market investment Professional property investorinquiries, annual reports, KTI estimates 2019); (Spring Market Overview Source: KTI – €69.5 bn 69 © OP ru tutr nl ao subsidiaries incl.major Group structure JOINT LIABILITY:OP Cooperative and OP Financial Group member credit institutions in belonging the of scope joint liability marked with orangecolor. were transferred to OPCustody Ltdon 1November 2019. 7) Was transferred from OP Cooperative to OP Corporate Bank plc’s full ownership on 31 August2019. OP Corporate Bank’scustody 6) Planned be mergedandto into Pohjola clearingInsurance 31March 2020 Ltdon business and its custodian business merged intoCompany OPCard 30November2019 Plc on 5) Was mergedinto Pohjola OctoberInsuranceon 31 2019 Ltd 4) Was 3) OP Cooperative’s control 2/3 2) Planned to betransferred withits subsidiaries from OP Corporate Bank 100% plc to OPCooperative’s direct ownership ownership in the1) OP future Cooperative’s • • • • banks) cooperative (Member PMrgg Bank OP Mortgage OP Card Company Plc Bank Cooperative Area Helsinki RETAIL BANKING 3) 2.0 million owner-customers,ofwhich90% households 1) 4 PFnnilGopmme oprtv banks cooperative 147 OP Financial Group member 1) CORPORATE BANKING • • • • Ltd OP Property Management Company Ltd Company Management OP Fund Ltd Management OP Asset (Banking) Bankplc OP Corporate • • • UAB OP Finance OP UAB OP FinanceSIA OP FinanceAS 1) 1) OP COOPERATIVE 1) 1) • • • Company Ltd Company OP Life Assurance A-Insurance Ltd A-Insurance Pohjola Insurance Ltd Insurance Pohjola • • ojl optlLtd Hospital Pohjola Ltd Company Insurance Eurooppalainen INSURANCE 4) 1) 6) 2) • • • • • • OTHER OPERATIONS (Treasury) OP CorporateBank plc PCsoyLtd OP Custody Oy Finland Checkout OP Services Ltd ioWle Oy Pivo Wallet 1), 5) Services Ltd OP Customer 1) 7) 1) 1) 1) slimmer. cost structure and makes the management simplifies group structure, streamlines the consolidated cooperative Group’s central OP Financial restructuring of The legal 70 © OP Psnwsrtgctresetrdintoforce 1 on 2020 Jan entered targets strategic new OP’s experience of OP. NPS can range between -100 and +100. and -100 between range NPScan of OP. experience customer overall the gauges brand the for NPS ofrecommendation. likelihood measures Score (NPS)that the NetPromoter based on is (CX) metric * OP’s experiencecustomer customers) corporate (private&NPS* Brand CET1 ratio bonuses) OP (excl. ROE INDICATOR 30 in 2025 30 determined To be 8% in 2025 8% in TARGET 26 95 05 20.1% 20.5% 19.5% .%81 9.3% 8.1% 7.1% 0921 2017 2018 2019 23 22 least at thelevel of AA-/Aa3. In OP Financialaddition, Group’s credit rating target is at the1 (in 2020 March asof pps by 1.3 ratio new definition of default is estimatedto decrease CET1 models(TRIM).Plannedimplementation ofthe (IRBA) due to supervisor ECB’s targeted review of internal end of and 2020 the if obligations,any, imposedbythe Act on Credit that Institutionswill enter into force at the environment include the supervisory amendments to the most significant open changes inthe regulatory and have become clear. In OPFinancialGroup’s view, the effects oftheenvironment regulatory and supervisory The target CET1 ratiowill bedetermined later after the st phase). 71 © OP oa.Gnieycoetocustomers. close Genuinely local. oain o hrtbepurposes. for charitable Donations ooeaiemnst ins and mindset. Finnish Co-operative financial prosperity, safety and wellbeing We promote our owner-customers' andoperating environment's sustainable mission: company formand onco-operative Based rationale Owner-customership olcieeprecsandevents. experiences Collective omnt n oit impacts. andsociety community ins ot,ln itr and roots, long history Finnish Pondb t customers. its by OP owned olcievalues.Positive collective omnt spirit Community Ownership OWNERSHIP COMMUNITY

ASPECT ASPECT I I INFLUENCING FINANCIAL ASPECT ASPECT rdc n evc development. and service product in voting. Participation assembly bank community. OP cooperative customer owner- Local decision-making. bank’s own onyour Influencing to influence Opportunity partners. OP’s from Benefits services. OP renewing channels. Constantly Best service services. investment banking, insurance, saving andfrom benefits and Discounts OP bonuses. benefits Financial 72 Daily Banking: Accounts, Cards, Payments, Balance in personal finances iroPyet–Real-time P2P money transfers Payment with – mobile number Siirto

© OP users) (>1 mn 2019 autumn in lists code key to replace Key Mobile eetdvlpet ihndgtlchannels digital within developments Recent Investments: Trading in equities andmutual funds, Non-life insurance: Loss reports,Policy details, Investment details, Market monitoring Loans: Loan details, Financing options Fingerprint authentication Travel insurance cards OP Mobile OP App loans, daily banking, invoicing and monitoring receivables for corporate customers’ corporate for Mobile Key (>70% Key (>70% of Mobile customers using) OP Business Mobile App Accessible web service providing basic providing service web Accessible defects, available atsaavutettava.op.fi available defects, unable to use eg. the op.fi service or service the op.fi eg. touse unable banking services tothose who are OP Mobile App due to vision due to or OP MobileApp challenges or other functional orother challenges hearing impairments, motoric impairments, hearing OP Accessible OP bank and website at op.fi Re-designed internet Re-designed New customership Internet Bank Internet Mobile Key Mobile digitally OP.fi transactions and OP Cashier for corporate for customers’ io21-9rnwl iocnue on iofacial consumer loan, Pivo 2018-19 renewal:Pivo Pivo iroadPv amn utn twbhp enabling payment buttons at webshops andPivo Siirto payment sales App Siirto Payment and Pivo P2P – Real-time money Real-time – P2P Pivo and Payment Siirto payment pilot, services & benefits from partners from & benefits services pilot, payment purchases without key code list or card’s PIN card’s or list code key without purchases iowearable payment solutions Pivo transfers with mobile number mobile with transfers ioMobileWallet App Pivo Contactless payment for banking customers chatbot service OP neato n hrn expertise and sharing interaction oilmdacanl & mediachannels Social for customer service, employee service, customer for op.media pnn application Opening xenldevelopers external OP Developer programming nefcsfor interfaces platform 73 © OP Health and wellbeing business • clinic activities and sports 2019: Strategic focus on orthopaedics • • • 2013–15: Launching the hospital concept • Expansion to 2016–18: university cities hospital • • of 1June 2019 Ltdas Hospital toPohjola name its changed Ltd Health Pohjola resulting to incomparablecustomer satisfaction Faster claims handlingprocess care chain andmoreefficient customers healthcare private and occupational services, examinations, surgery and rehabilitationservices to Innovativeand specialhealthcare conceptofbasichealthcare First Pohjola Health hospital was opened inHelsinki (2013) (2016), in Oulu (2017), in Kuopio(2017) and inTurku (2018) Tampere in opened were hospitals Health Pohjola 4 more healthcare services Pohjola Hospitals will give up on basic healthcareand special as previously anticipated centres anymedical open not and will 2019) June (1 Mehiläinen to services healthcare occupational its Ltdsold Hospital Pohjola Pohjola Hospital oieApand Mobile App Pohjola Health 97 Advisor customers surgeryamong NPS 2019 Finland across Pohjola Hospitals 74 © OP performance entities’ ESGrating issuing and its OP’s ore eo,Jn 2017 Source: Oekom,June Source: Sustainalytics, 2018 Source: Sustainalytics, 2018 September Sustainalytics, Source: (Total: 100) (Total: vial sa pi 2017 at April as available themes on above rating profile recent most Source: Vigeo, the Corporate Governance (C&S) Business Behaviour Involvement Community Human Rights Resources Human Environment S ikRating Score ESG Risk ore SI ac 2019 Source: MSCI,March PsCPSre cr in2019: Score Survey CDP OP’s implemented strategies to mitigate or capitalize or to mitigate strategies implemented understanding ofrisks and opportunities related andopportunities ofrisks understanding advance environmental stewardship; thorough stewardship; environmental advance -(Leadership) A- “Company actions represent best practice to represent best practice actions “Company to climate change; formulated and change; formulated to climate on these risks and opportunities.” on theserisksand Source:CDP (www.cdp.net/en) ore mg ac 2019 Source:Imug, March ore mg ac 2019 Source:Imug, March bonds covered Bank’s Mortgage OP bonds unsecured Bank’s Corporate OP 75 © OP International ESGcommitments OP ishighly committed to CR Incl. voluntary CR principles and standards OECD Guidelinesfor Multinational Enterprises Ltd Commitment by OP AssetManagement Ltd, OPFundManagement Company Ltd and OP Property Management signedin 2009 UN Principles for InvestmentResponsible – (UNPRI) standards, environment and anti-corruption principles 10 human rights,on labour signedin 2011 UN Global Compact initiative – initiatives Measuring the carbon footprint of funds and complying with CDP’s climate change,water andin signed 2015deforestation Montréal Carbon Pledge– responsibility and social issues toenvironmental related risks financingthatmanages Project signedin 2016 Equator Principles – stated inParis Agreement Commitment to monitor lending in accordance withthe principles on sustainable and low-carbon economy,in 2019 signed Collective Commitmentto Climate – Action global warming towell-below 2, strivingfor 1.5 degreesCelsius, inaccordance with theParis Agreement Commitment to alignportfolios to reflect and finance low-carbon, climate-resilient economy required signed in to limit2019 ResponsibleBanking – Finance Initiative FI), forPrinciples (UNEP UN Environment Programme • • • • • • • • • • • • • cooperation & ESG participation Financial Disclosures Climate-related on Force Task The of supporter official Ltd: Management Asset OP cooperation Insurance Ltd & WWF Finland Pohjola cooperation Foundation Insurance Ltd & Compensate Pohjola Initiative Plan) Action Mortgages efficiency (Energy EeMAP CR Working Group of Finance Finland (EACB) Banks Co-operative Association of CR Working Group of the European Finland Charter FIBS Diversity (FIBS) association Society CR networkof the Finnish Business & (CBI) Initiative Partnership agreementwith Climate Bonds Principles Bond Social and Green (ICMA) International Capital Markets Association’s Network CompactNordicGlobal (CLC) Coalition Leadership Climate (FINSIF) Finland’s Sustainable Investment Forum 76 © OP • Banking duringrecent years OP’s CRmeasures • • • • Green corporate loans Green costs and carbon footprint heating companies’ housing to cut with LeaseGreen companies incooperation improvements for housing Financing of energy-saving employment and growth economic tosupport companies and mid-sized EIB for large (€300mn) with programme EIF andguarantee by (€300 mn) guaranteed programmes SME financing exposures corporate within risks ESG analyses to identify ESG to targets ESG performance and conditions(margin) tied Corporateloans withterms • &ALM Treasury • • • • • • Insurance assets to green proceeds allocating and bonds green issuing through financing sustainable toincrease (2018) aiming Green Bond Framework nFb2020 in Feb Green Bond Report published first Bank’s OP Corporate 2019 in Feb (€500 mn) issued bond green first Bank’s OP Corporate parties all to leaves medical by caused losses to minimise chain care Pohjola Hospitals’ rapid change climate by caused impacts Predicting andinjuries losses Preventing safety traffic Promoting • • • • • • Management Wealth eoetto initiatives deforestation and change, water climate of CDP’s Signature risks andtax carbon,water on projects engagement thematic – globally emissions GHG highest the with companies on listed impact initiative) to engagement 100+ (5yr investor Action inClimate Membership fund impact global and Finnfund OP atAGMs voting proxy Active onOP funds analyses sustainability Quarterly funds ofmutual footprint carbon andmeasuring companies high-carbon of Exclusion • • • • • • practices & OP premises y44%(2018 vs. 2011) down by operations own from Emissions transportation public touse and incentives opportunity work remote by mitigated employees of OP’s footprint Carbon banks cooperative to OP HQ and some member applied WWF FinlandGreen Office system renewable at OP HQ 100% used Energy Property Management of OP buildings and in Hospitals Pohjola HQ, at OP stations power Solar Hospitals Pohjola for OPHQ and LEED Gold certificates 77 78 Green Bond Framework published in 2018

• OP Financial Group published its Green Bond Framework and associated Second Opinion issued by Sustainalytics in 2018 • Eligible sectors for use of proceeds: 1. Renewable Energy 2. Energy Efficiency 3. Green Buildings 4. Pollution Prevention and control 5. Sustainable Land Use 6. Clean Transportation • Currently OP Corporate Bank’s Green Bond register includes corporate loans from sectors 1, 3 and 5 • OP Corporate Bank aims to carry out an ESG analysis on 70% of its corporate exposure in order to seek more assets Documents available at https://www.op.fi/op-financial-group/debt-investors/green-bonds © OP eligible for green bonds 79 Green Bond Report (Feb 2020) Highlights

2 • OP Corporate Bank issued its inaugural Impacts from OP’s first Green Bond €500 million green bond in February 2019 • 328.6 ktCO2e avoided • 864.7 GWh renewable energy generated • Proceeds allocated to Renewable • 271.5 MW renewable energy capacity installed Energy, Green Buildings and Sustainable Land Use 1 • 32 000 m2 of green certified building area • • As of December 2019, the Green Bond 1.2 ktCO2e avoided due to reduced energy register included eligible assets worth consumption €960.8 million (reserve of unallocated • 69 160 hectares of forest under FSC green assets €460.8 million) 1 or PEFC forestry certification

Most relevant UN SDGs:

1 KPMG has verified the allocation of proceeds to eligible loans, and Sustainalytics has reviewed OP’s reporting criteria (incl. impact reporting) 2 © OP for further discussion on the impact methodology, please see OP Corporate Bank’s Green Bond Report published in Feb 2020 at https://www.op.fi/op-financial-group/debt-investors/green-bonds © OP OP aims toOP aims becarbon-neutral by2025 OP committed totake 20 in 2020 climate actions ehl u customers help our We eofrnwfinancing new offer We iiaeteclimate the mitigate obcm wr of aware to become rdcsamn to products aiming hi w climate own their impacts change espotcompanies support We nterpt towards path on their netet towards investments performance-linked oesustainable more cnmcgrowth economic oprt loans corporate lmt change climate hog ESG- through echannel We mitigation espotagriculture support We knowledge of financial of knowledge n oetysectors forestry and mat asdby caused impacts utial future sustainable lmt change climate oad more towards eincrease We 80 © OP of FinancialandInsurance Conglomerates 138% Capital Supervision underthe onthe Adequacy Act • • requirement 100% Statutory minimum below therequiredlevel below from resulting buffersobligations groupcan operate without regulatory the the levelreflects withinwhich of100% solvency FiCo minimum for insurance companies, the for banking and solvency requirement thebufferresult requirementsAs a of RWA of 1 as 2020 Jan on calculated Banking capital requirement14.8% 81 © OP maretls tamdrt level at a moderate loss Impairment portfolio and guarantee of loan 0.09% ie. €87 mn 2019: 82 © OP PFnnilGopserig analysis OP FinancialGroup’s earnings elc h e eeu eonto rcie hscag nacutn oiisapist aac he tm rsne nsie84aswell. onslide to IAS39) according presented (reported companies of insurance approach) instruments equityis applied from IFRS9 (overlay to some exemption *** Atemporary items sheet tobalance applies ** In 2018, a policies non-recurringitemto related restated to were the 2019 and transfer2018 accounting in for of sheets statutory earnings-relatedand balance change pensionstatements income insurance the portfolio decreased practice. This personnelrevenue recognition new reflect the costs byIn addition, €286 equity). mn (under earnings retained Group’s Financial in OP retrospectively adjusted was change of this effect The * In Q4, OP Financial Group adopted an amortisation-basedrevenue recognitionmethod for the customermargin related to a derivative clause attached cap or interestto loans rate with collar. an interestrate annsbfr tax before Earnings Overlay approach*** OP bonuses to owner-customers bonuses OP Impairment loss on receivables Total expenses Other operating expenses ercainaotsto and impairment loss Depreciation/amortisation Personnel costs** Total income Other operating income operating Other e netetincome investment Net Net commissions and fees Net insurance income insurance Net e neetincome Net interest € million 09 2018* 2019* 1 903 3 181 1 241 -105 -249 838 844 278 781 530 936 421 -87 53 1 681 2 885 1 186 -226 959 839 325 517 185 887 566 -46 26 61 1 031 1 768 3 063 2017 1 102 -217 764 246 758 522 879 478 -48 83 1 138 1 567 2 989 2016 1 058 -206 646 160 762 123 390 859 558 -77 1 101 1 520 2 895 2015 1 026 -196 577 162 781 432 855 528 -78 55 83 euno ses(ROA), % Return onassets Return on equity (ROE), % (ROE), equity on Return % ratio, Cost/income Personnel guarantee portfolio, % portfolio, guarantee and loan to receivables Impairmentloss on receivables, €million receivables, Impairmentloss on guarantee portfolio, % portfolio, guarantee and toloan receivables* of non-performing Ratio portfolio, €billion guarantee Loan and aia dqayratio,% Capital adequacy © OP CET1 ratio,% Equity capital, € million million € to customers, Liabilities € million Receivables from customers, Total assets, € million such receivables due to the customer's financial difficulties. financial customer's the to due receivables such to related receivables forborne and risky as classified receivables other due, past 90 days than aremore that receivables to refer receivables * Non-performing )A t1Jnay2014 As at 1 January a) OP Financial Group’s key figures and ratios 4 2 4 9 3 0 3 4 2 5 1 2 0 9 9799 0 83969 91905 99769 100991 110427 124455 133747 137205 140294 147 024 31 Dec 2261 6 2291 2 2101 5 2861 9 32912504 13229 13290 12 856 12356 12130 12 227 12269 12066 12 226 2501 4 1041 3 2 1 2 3 4 6726 6242 36443 7134 56834 41304 7724 60331 49650 7213 65161 50 157 68 142 51163 9324 70683 58220 10 237 75192 60077 11084 78604 65549 11742 82193 66112 12 570 87026 68 289 91 463 )Cr ir1ratio Tier b) Core 2019 0.47 0.09 94.6 21.1 19.5 5.5 60 87 1.1 c c c c c 31 Dec 2018 0.54 0.05 90.0 22.5 20.5 6.5 58 46 1.0 c c c c c 31 Dec 2017 0.60 0.06 84.8 22.5 20.1 8.0 58 48 c c c c c c) January-December 31 Dec 2016 0.71 0.09 81.3 23.1 20.1 9.4 52 77 c c c c c 31 Dec 2015 0.73 10.3 0.10 77.8 22.9 19.5 53 78 c c c c c 31 Dec 2014 0.57 0.12 73.6 7319.8 17.3 5117.1 15.1 8.1 56 88 c c c c c 31 Dec 2013 0.66 0.12 71.0 8.9 62 84 c c c a a c c 31 Dec 2012 0.50 14.1 0.15 67.7 14.1 7.0 63 99 c c c b c c 31 Dec 2011 0.50 14.0 0.16 101 62.8 14.0 6.8 63 c c c b c c 31 Dec 2010 0.53 12.6 0.25 149 59.4 12.8 6.9 59 c c c b c c 84 © OP etIRcontacts Debt © OP please visit OP’s Debt IR website at Forpublications, and other Group’s reports OPFinancial financial andissuing entities’ Debt IRcontacts jaana.mauro(a)op.fi 102528426 +358 Tel. Jaana Mauro Relations Agency Rating IRand Debt IR Officer, lauri.iloniemi(a)op.fi 102523541 +358 Tel. Lauri Iloniemi andALM Treasury of Head www.op.fi/debtinvestors eerikki.holst(a)op.fi 102524455 +358 Tel. Eerikki Holst Relations Agency Rating IRand Debt IR Officer, tom.alanen(a)op.fi 102524705 +358 Tel. Tom Alanen Manager Funding Senior 86