Morgan Stanley Financial Services Conference

Group CEO and President, Björn Wahlroos April 1st, 2009 Sampo Group’s History

The 21st century in Sampo Group has been reflected by several structural changes. Sampo Group took its current form in February 2007, when the divestment of Sampo Bank Group to A/S was closed. The timeline below outline the largest changes in Sampo Group during the 21st century

2000 2001 2002 2003 2004 2005 2006 2007 2008

Sampo Insurance Mandatum Bank joins 2002 Sampo’s P&C insurance Sampo Group divests Following the transaction, Sampo received Company and Leonia the Group, and the operations are merged with If. Sampo Bank Group Sampo’s business areas are approval to increase merge into the Sampo- Group’s name is Following the transaction, to Danske Bank A/S. P&C insurance and life its ownership in Leonia financial services shortened to Sampo. Sampo owns 38 per cent of insurance. In addition, beyond 10% group. The Group’s If’s stock. Sampo plc has investment in February 2008. business areas are long- assets of approximately Eur term savings (life insurance, 2004 If becomes fully owned 5 billion. Currently, Sampo asset management and by Sampo. Following the holds ca. 15% of mutual funds), banking, share transaction, Sampo has Nordea investment banking, and three core businesses: P&C P&C insurance. insurance, banking and long- term savings.

2 1 April 2009 Sampo Group Business Mix

Profit before tax FY 2008 Comments • If P&C is the largest contributor to Group Holding pre tax profits 21 % –In 2008 the P&C insurance business generated EUR 549m in pre tax profits –If is the largest P&C insurer in the Nordics with significant market shares in , and Life insurance • Mandatum Life generated 16% of Group pre 16 % P&C tax profit insurance 63 % – Mandatum Life contributed with EUR 140m in pre tax profit in FY 2008 – Mandatum Life is a leading life and pension insurer in Finland • The holding company pre tax profit was EUR 180m in FY 2008

3 1 April 2009 Sampo Group’s net asset value per share and cumulative dividends

EUR 15.49 16

14 11.48 12 10.01 10 7.87 8 6.16 6

4

2

0 12/2004 12/2005 12/2006 12/2007 12/2008

4 1 April 2009 Changes in Group NAV, year 2008

EURm 8,000

7,000 -2,681 6,000

-249 5,000 675 -853 6 4,000 7,748

3,000 4,647 2,000

1,000

0 Group NAV Change in Currency Profit for Dividends Other Group NAV 1 Jan 2008 FVR changes the year and share 31 Dec 2008 (SEK) buy-backs 5 1 April 2009 Sampo Group Investments at YE 2008

Allocation of investment assets, Sampo Group, If P&C, Mandatum Life and Sampo plc

Sampo Group, EUR 16,502 million IF P&C, EUR 8,956 million Mandatum Life, EUR 4,728 million Sampo plc, EUR 2,818 million

Fixed income 80.2% Fixed income 77.7% Fixed income 39.0% Equities, Nordea 9.7% Fixed income 94.5% Equities 12.3% Equities, Nordea 56.0% Equities, other 6.7% Equities 4.9% Private equity 4.7% Equities, other 3.8% Private equity 0.2% Private equity 1.6% Real estate 3.3% Private equity 0.7% Real estate 0.4% Real estate 1.2% Hedge funds 2.0% Real estate 0.5% Hedge funds 0.6%

6 1 April 2009 Group economic capital and solvency 2008 According to Solvency II (99.5% percentile results)

EURm 4,500 4,023 Liability side adjustments, 328 If and Mandatum Life 243

3,452 Excess 3,000 capital Sampo Group EUR 2,128m

280 534 1,895 1,500 692

949

0 P&C Life Holding Diversif. Group Adj. Group Economic Solv. Capital Capital 7 1 April 2009 Major Nordic P&C insurance players

Nordic P&C GWP 2008 Bn SEK If 39.0 TrygVesta 22.8 Gjensidige 20.4 Codan 19.4 Länsförsäkringar 17.4 Topdanmark 11.6 Pohjola 9.5 Folksam 8.1 Tapiola 6.2 Alm brand 6.2 Sparebank1 4.7 Fennia 3.3

Source: National insurance associations, annual reports 8 1 April 2009 Nordic P&C Insurance Market is Resilient

• Experiences from the Swedish economic crisis in 1991-1995 show notable P&C market resilience • Despite steady annual GDP weakening in 1991-1993 the annual GWPs increased and the risk ratio came down 30,000 80 % 25,237 25,925 25,742 24,270 24,910 25,000 70 % 71 % 67 % 20,000 60 % 61 % 60 % 61 % 15,000 50 % 1991 1992 1993 1994 1995 GWP development 1) Risk ratio development 2)

4.0 % 4.0 %

-1.1 % -1.2 % GDP growth -2.1 %

1991 1992 1993 1994 1995

Sources: Swedish central bank, The Swedish Insurance Federation. 1) Gross Written Premiums (GWP) for total market GWP for motor, home and property insurance, 2) Total claims paid for motor, home and property insurance policies. 9 1 April 2009 Mandatum Life Market Share and Technical Reserves

Market share in Finland Technical reserves: traditional vs. unit-linked EURm 40 % 7,000 35 % 6,000 30 % 5,000 25 % 4,000 20 %

15 % 3,000

10 % 2,000

5 % 1,000

0 % 0 2003 2004 2005 2006 2007 2008 2002 2003 2004 2005 2006 2007 2008 All products Unit-linked Guaranteed interest rates Unit-linked

• In 2008 ca. 85% of new life insurance sales came from unit-linked products • Falling asset values reduced the amount of unit-linked technical reserves in 2008

10 1 April 2009 Nordic financial groups’ share price development

Share price development 1 April 2007 – 26 March 2009

128 1.4.2007=100,log.scale,local currency 128 106 Nordea Sampo Topdanmark 106 87 87 72 72 60 60 49 49 41 41 34 34 28 28 23 SEB 23 19 19 16 Storebrand 16 13 13 11 Swedbank 11 9 9 7 7 6 6 5 5 3 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11 12 2007 2008 2009 Source: Reuters Ecowin Source: Reuters EcoWin 11 1 April 2009 Nordea’s rights offering in brief

• Subscription price: EUR 1.81, SEK 20.75, DKK 13.49 • Discount: 44% relative to theoretical ex-rights price • Number of subscription rights per existing ordinary share: 11 • Number of rights entitling to subscription of one new ordinary share: 20 • 13 March 2009 First trading day ex subscription rights • 17 March 2009 Record date to participate in new rights offering • 20 March–31 March Trading in subscription rights (in Finland 20-27 March) • 20 March–3 April 2009 Subscription period • Subscription rights expire without value after 3 April • 8 April 2009 Announcement of preliminary outcome of rights offering • 17 April 2009 Announcement of final outcome of rights offering

12 1 April 2009 Sampo is one of the largest financial groups in the Nordic area measured by market cap

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000

Nordea 16,172 Investor 7,358 Handelsbanken 7,103 Sampo 6,526 S E B 5,668 DnB NOR 4,772 Market Cap 26.3.2009, EURm Danske Bank 4,635 +Pref.shares 26.3.2009 TrygVesta 2,593 Industrivärden 2,050 Swedbank 1,369 689 2,059 Topdanmark 1,259 Storebrand 1,156 Jyske Bank 957 Pohjola Bank 916 Alm.Brand155 13 1 April 2009 Sampo A share listed for 20 years

Share price and total return development 14 January 1988 – 26 March 2009 55 50 45 Total Return 40 Close Price 35 30

EUR 25 20 15 10 5 0

14/01/198814/01/198914/01/199014/01/199114/01/199214/01/199314/01/199414/01/199514/01/199614/01/199714/01/199814/01/199914/01/200014/01/200114/01/200214/01/200314/01/200414/01/200514/01/200614/01/200714/01/200814/01/200914/01/2010 14 1 April 2009 Source: EcoWin, NASDAQ OMX , Sampo Morgan Stanley Financial Services Conference

Group CEO and President, Björn Wahlroos April 4th, 2009