Debt Investor Presentation Q1/2020 OP Financial Group and issuing entities OP Corporate plc and OP Mortgage Bank www.op.fi/debtinvestors

Some information related to capital adequacy has been moved from the Interim Report to the Capital Adequacy Report Q1/2020 onwards. OP published the quarterly Capital Adequacy Report for 31 March 2020 on 5 May 2020. Hence, slide 43 of this presentation has been updated afterwards. © 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 57 Appendix TransparencyOPMB Cover Asset PoolECBC Template Harmonised & PMrgg Bank OP Mortgage OP Financial Group OP Financial ins economy Finnish OP’s measures amid thecoronavirus crisis(COVID-19) OP Financial Group in brief OP Financial rdtrtns iudt and funding Credit ratings, liquidity quality asset and performance financial Capitalisation, CR programme activities anddevelopment advantages Strategy, competitive andmarket shares liability joint Structure, 92 76 51 23 10 7 4 3 OP Financial Group in brief © OP 35.5% 39.2%33.6% 26.4% YE2019 in Loans share Market MARKET LEADER INFINLAND tedMr2020 at end-Mar CET1 ratio 17.7% ooeaieOPFinancialGroup Co-operative SOLID CAPITAL POSITION tedMr2020 at end-Mar €147 bn TOTAL ASSETS EARNINGS BEFORE EARNINGS TAX TOTAL ASSETS YE2019 in Deposits share Market tedMr2020 at end-Mar Totalratio capital 19.0% Q1/20) eliminations, (excl. group Insurance YE2018 Insurance in Non-life share Market tedMr2020 at end-Mar Leverage ratio 8.1% YE2018 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 5 © OP anPLln items line Main P&L (+12%) €518 mn Total expenses (-16%) €662 mn Total income (-34%) €129 mn Group EBT Key financialsQ1/2020 Development cost impact Personnel costs income Net investment and fees Net commissions income Net insurance NII EBT operations Other Insurance EBT EBT banking Corporate EBT Retail banking 39m (+9%) €319 mn 5 n(-33%) €59 mn 28m (+6%) €208 mn 8m (-85%) €8 mn 5 n(+963%) €57 mn 11m (+21%) €131 mn -4 n(-196%) €-140 mn 1 n(-76%) €14 mn 5 n(40) €50 mn 24m (+5%) €244 mn 7. n(-12%) €73.3 bn management under Assets (+4%) €367 mn (y-on-y growth) revenue Insurance premium (+1%) €64.8 bn Deposits, total (+2%) €93.0 bn Loans, total (+3%) €9.5 bn loans company Housing (+1%) €22.8 bn loans Corporate (+0%) €39.6 bn Home loans (Q1/20growth) Volumes in 2019. at as about thesamelevel 2020 were expected to be Previously, the EBTfor than in2019. expected to belower for 2020 are earnings before tax OP Group’sFinancial credit risk outlook. and investments the the income from pandemic weakens by thecoronavirus uncertainty caused The exceptional Outlook 2020 6 OP’s measures amid the coronavirus crisis (COVID-19) 8 OP takes responsibility in the middle of coronavirus crisis Supportive actions for private and corporate customers

Home loan repayment SME loan Corporate loans of Payment time Adjustments to holidays up to 12 repayment holidays max. €1 mn flexibility for rent payments and months, free of charge up to 6 months, 80%-guaranteed by corporate rent reliefs for free of charge state-owned customers’ commercial real 78,000 applications by financing company insurance bills estate mid-April 2020 14,000 Finnvera applications for Pohjola Insurance Offered by OP Real Support for senior repayment holidays 40% of Finnvera’s Ltd is companies’ Estate Asset citizens and other high- and repayment guarantee portfolio risk management Management Ltd risk groups in running schedule for loans granted partner during to its rental banking & insurance modifications by OP member difficult times, too locations errands by mid-April 2020 cooperative by 9 April 2020 Separate service hours and dedicated telephone line 9 OP takes responsibility in the middle of coronavirus crisis Supportive actions for employees, healthcare sector and society

OP supports and OP is part of Pohjola Hospital OP postpones OP digitally recommendates private sector donates its payment of teaches financial remote working for company coalition personnel’s work €97 mn interest literacy to young its employees aiming to increase contribution for on profit shares people when possible COVID-19 testing public healthcare (for 2019) until capacity in 1 Oct 2020 Way to support Employees’ health 50-100 employees teachers in their and security are 18,000 tests eg. to track COVID- In line with the remote teaching key priorities for in cooperation with 19 infection chains ECB and FIN-FSA environment and business continuity private healthcare and help in other recommendations help young people player Mehiläinen critical tasks aiming to support manage their and its South banks’ lending personal finances Korean cooperation capacity (3,300 children laboratory reached) Finnish economy 11 Three scenarios for the Finnish economy

1. Baseline scenario: a deep dive but quite rapid recovery – 50% probability • The epidemy and the Government’s restrictive measures are more or less over in 3-6 months and the economy starts to recover after that. • A deep decline in the GDP which causes an increase in unemployment, the profits of the firms will decline as well as investments, bankruptcies increase. The debt levels of firms will increase but in a reasonable manner.

2. A long-lasting recession – 40% probability • Similar dynamics that occurred in the Euro Crisis in 2010. Structural changes will happen in the economy which cause a slow and long-lasting recovery. • The epidemy is hard to control and it will occur again during the next winter. • The loss of income will be covered by taking loans but debt levels are increasing significantly. This causes a balance sheet recession, i.e. investments are postponed when the debt levels are reduced. • Unemployment and bankruptcies increase significantly.

3. Short-lived and temporary decline in the GDP – 10% probability • A short-lived but a deep contraction in the GDP. However, the economy will recover rapidly by utilizing stimulus provided by fiscal and monetary policies. • The epidemy is taken under control rapidly and the debt levels increase only moderately. • The fluctuations in the GDP are similar to those caused by seasonal matters. 12 Scenarios and previous crises in Finland

• The epidemy causes a deep decline in the GDP: Finnish GDP will decline from 6 to 10 percent in H1/2020 • The recovery will depend on when the epidemy is under control: • If the epidemy is under control during the summer, the economy will reach the beforehand forecasted path by the end of this year or in the beginning of next year • However, if the epidemy will be long-lasting, the economic dynamics will resemble the dynamics of Financial and Euro Crises • The dynamics of the 1990’s recession seem unlikely 13 Outcome of the three different scenarios

GDP growth in Finland, % • As of now, it seems probable that the Finnish economy is set to contract sharply OP’s this year, GDP falling by 10% on the forecast Long- Short-lived previous year in Q2/20. On average, GDP is 4 Mar Baseline lasting decline in likely to shrink by 4-6% in 2020. 2020 scenario recession the GDP • The next year growth rate is depending on the depth of the recession and assumptions 2019 1,0 1,0 1,0 1,0 on the recovery: 2020 0,0 -4,2 -5,9 -2,5 • In the baseline and the short-lived decline scenarios the level of GDP will reach the level 2021 0,5 4,8 2,1 3,0 anticipated in the forecast. • In the long-lasting recession scenario the level of GDP will not reach the level forecasted beforehand. 14 Economic response to the coronavirus crisis in Finland Finland (GDP €240 bn) Sum (€ bn) Share of GDP

Guarantees and loans 10.90 4.5 % Expenditure, taxes and disbursements for companies 5.46 2.3 % Expenditure, taxes and disbursements for households 0.37 0.2 % Other expenditure 2.07 0.9 %

Postponement of taxes and payments* 3.00 1.3 % Pension insurance contribution cuts 0.91 0.4 % Business Finland's subsidies 0.80 0.3 % ELY** Centres' and municipalities' funding for small enterprises and entrepreneurs 0.65 0.3 % Rural areas and fishing industry 0.04 0.0 % Culture and sports 0.06 0.0 % Temporary changes in unemployment benefits 0.27 0.1 % Parental benefits 0.09 0.0 %

Supplementary budget for healthcare 0.27 0.1 % Protective equipment 0.60 0.3 % For municipalities 1.00 0.4 % Other support measures 0.20 0.1 %

* Finnish Government's estimate between €3.0-4.5 bn ** Centre for Economic Development, Transport and the Environment

Source: Pellervo Economic Research PTT Recession inevitable in Finland in 2020f – Exceptional 15 uncertainty in the economic outlook due to coronavirus crisis Service exports to fall Consumer confidence in 2020f due to the falling due to the decline in global trade coronavirus crisis GDP change, % and world economy

Coronavirus crisis will Goods exports decreasing due have negative impact to the coronavirus crisis and on the employment majority of the economies rate in 2020f globally facing recession

Fixed investments Unemployment rate decreasing due to 7.5-8.0% in 2020f companies’ muted investment demand for 4-6% decline in 2020f construction, machines & Households’ savings equipment and R&D ratio increasing while debt ratio stabilising Residential construction Low interest rate environment turning into a fairly clear and moderate inflation Government debt to decline – coronavirus crisis (1.1-1.3% in 2020f) GDP ratio increasing will accelerate the decline sharply in 2020f © OP © OP commodity group Balanced structure goodsexports by ore arbn,FnihCustomsSource: Macrobond, Finnish 2008–19 group commodity by exports Goods aetvalues: Q4/2019 Latest Source: Macrobond, OP od xot rud2/3of around exports Goods ins exports Finnish exports from derives of GDP 40% around – economy driven exports- is an Finland 16 © 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 * 2000-19 countries exports goods largest Finland’s and to Euro 60.1% 2019 Area in 37.8% countries to EUmember exports Goods structureDiversified exports goods bycountry Jn21–a 00 2mhmvn avg) moving (Jan 2019–Jan 2020,12mth partners trading biggest Finland’s 34.3%* countries: Other 17 © OP iln’ evc xot yitem2015–19 by exports service Finland’s industry eg.forest for 13% while accounted products exports 11%oftotal for around accounted In 2019,IT services structure exports Service rather stable 2019 area by exports service Finland’s 18 © OP coronavirus crisis Unemployment rate risingdueto the 6.7 2019 7.5–8.0 2020f 7.4–8.0 2021f pandemic coronavirus the by caused recession tothe due in2020 declines Employment 19 © OP nFnad h ooaiu rsswl i h osn aktadaeaehouseprices market and in2020 average housing to decrease the estimated hit will crisis coronavirus In Finland, the aetvalues: Q4/2019 Latest Average houseprices and households’ debt aetvalues: 2019 Latest 20 © OP ore:Saitc Finland, of Bank RAKLI Finland,ry Statistics Sources: 2020 15 April Updated: Ÿ Ÿ Ÿ Ÿ Ÿ market housing Finnish of Characteristics marketFinnish housing isstable +.%yoy rlmnr information) min2019 y-o-y, (+0.9% preliminary 2,091 €/sq dwelling of anold price Average Ownership ratio 63% at YE2018 nFbur 2020 in rates February interest tovariable tied loans 98% of home 2020 inFebruary 8months 20 years loan home ofa new maturity Average market housing Fully-amortizing Ÿ Ÿ Ÿ Ÿ ,0 /qmi etof Finland (-0.6%) minrest 1,608 €/sq minHelsinki Metropolitan Area (+2.4%) 3,736 €/sq investors, 20% professional investors) 50% privately financed/non-subsidized (of which30% private and around municipalities/subsidized 50% around market: Rental n2 er’mtrt atOP years’ maturity 25 in rate 6%interest with Stress-tested average netincome Change innominal house prices inrelation to 21 © OP nErpa comparison in European economy andbalanced Finland iswealthy ** Negative outlook ** Negative outlook * Positive Greece Italy Portugal Spain Ireland Belgium France Finland Austria Netherlands Germany April15 2020 European countries ofselected ratings credit sovereign Long-term B1 Baa3 Baa3* Baa1 A2 Aa3 Aa2 Aa1 Aa1 Aaa S&P Aaa Moody's Sources: Rating agencies' websites BB-* BBB** BBB* A AA- AA AA AA+ AA+ AAA AAA BB* BBB** BBB* A- A+ AA-** AA AA+ AA+* AAA AAA Fitch 22 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 • • ic.O oprt Bank) OP Corporate (incl. CORPORATE BANKING CORPORATE fETgnrtdi 12 ec.gopeliminations) group (excl. inQ1/20 generated % ofEBT 4 Pmme oprtv banks cooperative 142 OPmember elhmanagement Wealth Baltics) (incl. banking Corporate 2.0 million owner-customers 2.0 million OP COOPERATIVE • • • • Health & wellbeing & Health Life insurance Non-life insurance customers Corporate & Private INSURANCE • • • 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 24 © 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 ), 25 © OP ore ako iln LasandDeposits) andFinance Finland(Non-life and LifeInsurance) Finland(Loans Bankof Source: During its history of more than 100years, OP has steadily increased its market share in loans and deposits OP istheleadingfinancialgroupin Finland Non-life Insurance, YE2018 (Finland: €4.3 bn) YE2018 (Finland: Insurance, Non-life bn) €247.7 Loans, YE2019(Finland: Finnish directinsurance writtenpremiums under of Market share loans: Corporate 40.3% 39.5% loans: Home at YE2019 OP’s market share Life Insurance, YE2018 (Finland: €4.3 bn) €4.3 (Finland: YE2018 Life Insurance, bn) €164.8 YE2019(Finland: Deposits, written gross premiums of Market share 26 © OP • • • • • • vision ofthe Key elements • • • • process strategy Continuous attractive services group financial inFinland OP’s visionisto betheleadingandmost Trusted and responsible expert Present where our customersare #1 choice for our customersand partners and innovator in the financial sector Pioneer employer Attractive performance Leading market strongposition, financial planning strategic duringannual prioritiesaffirmed Indicators for measuring implementationof priorities Annually specified strategic operating modelevaluation environment and Systematic operating implementation Constant assessment,reshaping and taei roiisfor 2020 Strategic priorities 27 © OP Psnwsrtgctresetrdintoforce 1 on 2020 Jan entered targets strategic new OP’s recommendation. NPS for the brand gauges the overall customer experience of OP. NPS can range between -100 and +100. and -100 between range NPScan OP. of experience customer overall the gauges brand for the NPS recommendation. of likelihood measures Score (NPS)that Net Promoter onthe is based metric (CX) experiencecustomer * OP’s Credit rating customers) corporate & (private NPS* Brand CET1 ratio bonuses) (excl. OP ROE Indicator AA-/Aa3 of level at the At least 30 in2025 management buffer +400bps requirement capital ratio Min. CET1 8% in2025 Target A/a A/a A/a AA-/Aa3 AA-/Aa3 AA-/Aa3 AA-/Aa3 23 17.7% 4.7% 1Mr22 2019 2020 31 Mar 26 19.5% 7.1% 23 20.5% 8.1% 2018 22 20.1% 9.3% 2017 28 © 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 €32 mn fees management service andwealth banking to €33 mn OPBonuses** accrued €65 mn Owner-customer* benefits in Q1/20 €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 3.25% in 2020) (target Shares Profit on returns accrued €24 mn Shares inProfit investments €2.9 bn mutual funds free of charge of free funds mutual ofmost andtrading ofselling, buying benefit €2 mn policies insurance non-life on discounts loyalty €17 mn banking ondaily discounts €8 mn ic 2005 since +81% in Q1/20 +4,000 owner-customers 2 mn non-life insurancecustomerships, mn Successful integrationof and banking OP customers of number of total 33% 2020 at end-Mar customers insurance and non-life banking combined 1.3 mn*** 29 © OP in Q1/20 (74) total development expenditure operations €82 mn €2 bn development investments during– 2016–2020 inOP’s areas Key development • • • • • • Insurance Customers • • • • • Group Digital Pohjola Hospital mobile app mobile Hospital Pohjola Digital Insurance detection core platformrenewal andfraud analysis risk Improved Improved products and services for partners management in handling claims AI utilisation andimproved businessprocess purchasepaths for private customers digital New online eg. and services mobile PSD2, IFRS9) (eg.AML, development Regulation-driven models partnership andnew Banking: APIs Open etc. chain,robotics data, block AI, analytics, big design, New competencies service for UX/UI, digitisation processAgile automation and service ICT architecture and data warehousingrenewal • • • Customers Institutional & Banking: Corporate • • • • • • Banking: Private &SMECustomers i-asin2019) in2018and by mid-caps caps large by inFinland (selected bank best Bank the OPCorporate Bankingsurveys; Corporate inNPS andProspera’s shows service customer Successful management and asset payments,financing within renewals Platform andprocesses offering service to corporate Improvements management Core systemrenewal in card businessand wealth bank clerks work desk and new phone handling systemfor Digital Real-time paymentsand payment platformrenewal Digital platformsfor real estate businessand home sales Renewal of loan origination process(incl. collateral mgmt) >75% ofhomeloans forapplied in digital channels Digital homeloan process& automated decision-making: 30 © OP oisaduesi Psdgtlchannels digital inOP’s and users Logins Digital service channelsactively utilizedamid the coronaviruscrisis active users inOP’s digital channels Around 1.8 mn 0.1 mn 1.4 mn OP Business Mobile app OP Mobile +65% +43% oisinQ1/20 logins oisinQ1/20 logins 95 mn 4 mn app reg. users reg. users y-on-y y-on-y internet bank 1.9 mn Pivo Mobile 1 mn altapp Wallet -17% oisinQ1/20 logins oisinQ1/20 logins +5% 22 mn 11 mn Op.fi reg. users y-on-y y-on-y reg. users Monthly logins to OP Mobile app vs. Op.fi internet bank internet Op.fi vs. app to OPMobile logins Monthly channel: mainservice isOP’s app OP Mobile • • OP’s Mobile Key enables authenticationin multiple digital channels 70%made by ofauthentications using Mobile Key activeusers 1.1 mn 31 © OP presence oflocal role the changes experience Digital customer utmr hthv ogdi odgtlcanl tlatoc uigteps 30days past the during once at least channels into digital logged have that * Customers fcsoescasfe as classified of customers cieusers*ofOP’s active nonesocrin occur encounters utmrservice customer iia channels digital iia channels digital fO’ private of OP’s >98% 45% oprtv banks cooperative -104 -39 OP member branches 142 351 ic YE2014 since ic YE2014 since 32 © OP published inDec 2019focuses around 4key themes New CRprogramme CR at the core ofOP’s business andstrategy finances and prosperity in all in andprosperity finances management personal of eipoefinancial improve We ieayinFinland literacy Wepromote the age groups. age climate change and adapting and change climate development, andmitigating development, Wefoster sustainable a We support sustainable We support economy to it. security, andcreate wellbeing in Finland. in We promote local We support localvitality We provide jobs, promote physical activity,physical provide and communities economic vitality. and informationand capital We useour intellectual We usecustomer data and interest our customers.of transparently, the best in artificial intelligenceartificial responsibly 33 © OP Pscptlaeuc bv h iiu eurmnsandthe requirements CET1 managementbuffer minimum the above capital adequacy to min.13.9% OP’s totalling – CET1MDA level above bps min.400 for CET1 ratio: Management buffer New target aur 2020. 1 January on intoforce entered that 2.00%) (previously at 2.25% requirement P2Rbuffer Group’s ECB set OPFinancial SREP, the of 2019, as part December In capital. AT1and T2 with also covered is P2Rbuffer Q1/20, since guidance, toECB’s According applied. parallel andthelargeroneis capital buffer requirements are (formerly: 2%). These 0% to buffer risk systemic 2%)and (formerly: to1% O-SIIbuffer cutting by capital requirements OP’s lowered FIN-FSA crisis, the coronavirus the 2020,following In April 34 © OP h aaeetsbs nweg ae nteifraincretyavailable currently information onthe based to knowledge according best estimated management’s were the changes ofthese into force andentry *** Impacts Future changes*** impacting the CET1 ratio CET1 the impacting changes*** Future Sale of Vallila HQ property improved CET1 ratio (+0.2 pps) (+0.2 andpps) growth loanportfolio (-1.3 ratio CET1 weights improved inrisk of Vallila increase property HQ Sale new-DoD-driven by mainly caused Decline 17.7% CET1 ratio • • • (66.8) exposures 69.9% for corporate (17.6) exposures 21.8% for retail weights risk Average • REA €60.7 bn(55.5) terminations) (excl. in CET1 capital €2.9bn shares Profit home loans (TRIM) 12% forOP’s ofapprox.floor April 2019,ECBsetRW In YE2020 until valid is and 2018 January 1 on force into came FIN-FSA’s 15% on residentialRW floor loans mortgage In Feb. 2017, ECB floors retailIn Feb. set RWforOP’s exposures increasein mortgage-backedretail exposure risk weights by declinecaused – by ECB RW floors caused €0.5 bn • • • previously set higherRWfloors onOP’s CET1 ratiodueto effect No further 32.7% for privatecustomer exposures other 15.4% for exposures mortgage-backed 35 © OP togtakrcr ofcapital generation record track Strong oprtv oe hw neut capital inequity shows model ofthe cooperative andstrength generation earnings Robust ai improvement ratio to CET1 andleverage contribute shares andprofit Earnings Minimum level in the draft Minimum levelinthe regulations 3.0% regulations 36 © OP oprsnlaigalNri er behind Nordic peers all leaving comparison inS&PRAC ratio outperformer OP isclear 37 © OP * aeo all Qpoet nrae te prtn noeb €98 mn by operatingincome other increased ofVallila HQ property *** Sale income as net investment as well income net trading Non-life and Life insurance includes from Non-life income and Life insurance. Net investment from net income includes income ** Netinsurance * A temporary exemptionfrom IFRS9 (overlay approach) is applied tosome equity instruments of insurance companies (reportedaccording to IAS39) 2008–20, €mn quarter EBT by EBT for 2020 expected to belower than in2019 ihripimn oso eevbe rddteET–lreycue ytecrnvrscrisis coronavirus the by caused operatingincomeof other sale in onthe Vallilaproperty HQ largely recognised EBT – mn of€98 the A gain capital eroded and onreceivables income loss net investment impairment lower higher while business increased customer from deriving In Q1/20,income Q1/20 vs. Q1/19, €mn *** item*,**, P&Lline by EBT,change y-o-y oa xess+12% Total expenses o a noe-16% Total income 38 © OP OP’s financialperformance bybusiness lineQ1/20 Note 1 of the Interim Report (and Financial Statements 2019) Statements Report (and Financial Interim Note 1of the throughprofit or loss* Groupare eliminationsmainly due recognised to the change in accountingpolicies described in Earnings before tax* before Earnings approach) (overlay exemption Temporary to owner-customers bonuses OP receivables on loss Impairments expensesTotal Other operating expenses Depreciation/amortisation Personnel costs income Total Other operating income incomeNet investment fees and commissions Net incomeNet insurance Net interest income million Q1 earnings EUR 2020, Banking Retail 314 429 190 110 189 230 -51 -57 14 8 8 2 Corporate Banking 153 101 -47 14 87 63 20 35 -5 5 8 9 Insurance -129 114 150 138 59 28 64 14 36 18 -5 0 2 0 operations Other 179 238 103 259 -17 57 33 43 -2 -6 0 2 eliminations Group -176 -186 -175 -169 -16 -9 -1 -6 1 0 0 0 0 6 OP Financial Group -105 -140 129 518 662 151 245 208 107 244 131 319 -60 65 27.2% (26.9) ratio Operating cost Non-life Insurance 57.2% (54.1) ratio C/I Banking Corporate 73.2% (73.0) ratio C/I Retail Banking 78% (59) ratio Group C/I efficiency Cost 39 © OP onprflou y2%inQ1/20 by Loan portfolio up 1Mr2020,% 31 Mar Loanportfolio breakdown, €93.0 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 1Mr22 s 1Dc2019,€bn 2020vs. 31 Dec 31 Mar group, product by Loan portfolio growth +0% +2% +1% +3% +11% +2% 40 © OP n h ooaiu rssafcigcei ikoutlook risk credit affecting DoD crisis new coronavirus to the and the due up onreceivables loss Impairment (€29 mn) crisis coronavirus and the (€44 mn) DoD new the by caused mainly on receivables loss inimpairment Increase portfolio and guarantee (0.01) ofloan 0.11% (11)ie. €105 mn Q1/20: 41 © OP onreceivables loss Impairment €29mn Effect ofthe coronaviruson growth inECLtotalled crisis receivables doubtful 59%(66) of gross receivables forborne Performing portfolio (3.2) 3.6%ofloanandguarantee receivables Doubtful Q1/20 impairmentloss onreceivables €105mn €88 mn 2014 €78 mn 2015 €77 mn 2016 €48 mn 2017 €46 mn 2018 €87 mn 2019 .%(.)t on&gaateportfolio & guarantee to loan (1.1) 1.5% Non-performing obflrcials(gross) Doubtful receivables .%(.)t on&gaateportfolio & guarantee to loan (2.1) 2.1% Performing 42 © OP €14b t3 a 2020) at 31 Mar (€51.4 bn Corporate exposures (gross value) byPDrange PDclass (IRB)by exposures Credit risk €80b t3 a 2020) at 31 Mar (€58.0 bn rangePD by (gross value) exposures Retail 43 © OP Corporate exposures (IRB, net value) €50.9 bn as at 31 March 2020 at 31March bn as €50.9 (IRB, netvalue) exposures Corporate industry by diversified well Corporate exposures 6Others Food industry 16 Information and communication 15 industry Metal 14 Transportation and storage 13 industry Forest 12 fishing and forestry Agriculture, Other 11 manufacturing 10 9 activities insurance and Financial 8 Energy Construction 7 Services 6 Trade 5 Operating4 of other real estate 3 2 1 Industry No. and equipment (incl. maintenance) machinery of Manufacture estate real residential Renting and operation of 1Dc1 31-Mar-20 31-Dec-19 10.0% 10.1% 10.0% 18.0% 4.1% 1.5% 2.6% 2.4% 2.9% 2.8% 3.9% 3.9% 4.9% 5.9% 8.1% 8.7% 10.0% 10.1% 18.1% 4.2% 1.5% 2.4% 2.4% 2.7% 2.8% 3.6% 3.9% 4.8% 6.8% 8.4% 8.5% 9.9% 44 © OP Funding basedonstrong credit ratings Target:Credit ofAA-/Aa3 rating at leastthelevel pae:1 pi 2020 Updated: 15 April Insurance financial** strength rating Covered* bond rating Svenska AB Handelsbanken Svenska plc Bank OP Corporate Pohjola Insurance Ltd** DNB Bank ASA Finland Ltd** Insurance If P&C PMrgg Bank* OP Mortgage BankAbp A/S AB SEB AB Ln-emdebt (Long-term Moody’s rating) Aa3 Aa2 Aa2 Aa1 Aa3 Aa3 Aa2 Aaa A2 A1 A3 surcredit issuer (Long-term rating) S&P AAA AA- AA+ AA- AA- AA- A+ A+ A+ A+ A Ÿ INSURANCE LTD POHJOLA Ÿ Ÿ OP MORTGAGE BANK Ÿ Ÿ OP CORPORATE BANK PLC Ÿ 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 collateral baseduplift of notches 2 unused support, of jurisdictional notches 3 unused TPI (Timely Payment Indicator) Leeway 5 notches notch) (+1 Support ALAC and notches) (+2 Earnings and Capital (+1 notch), Position Business from Uplifts (+1notch) Support Government and notches) (+2 Loss-Given-Failure from Uplifts 45 © OP Phstelws se nubac ai inNordiccomparison ratio Encumbrance Asset lowest the OP has liquidity and funding positionare good Despite theeffectsof coronavirus pandemic OP’s C s iiu requirement LCR vs. minimum SRv.itra iktolerance risk NSFR vs.internal eotdb h akitself) bank the by reported as (Bank 5ratio EBA Asset to Guidelines Disclosure according Encumbrance banks by reported data from OPFinancial Group,calculated by & calculations Reports Management reports/Risk Source:Banks’ Annual 46 © OP known and predictable paymentknown andpredictable flowsstress andinaliquidity scenario The liquidity buffer is sufficient to cover the needfor short-term funding for 1Mr2020 31 Mar Liquidity buffer by credit rating**, as at €23.3bn 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, € 47 © OP credit institutions (excl. TLTRO III) and Tax liabilities and Tax III) TLTRO (excl. institutions credit Liabilities to liabilities, andother Provisions contracts, Derivative contracts, andinvestment insurance unit-linked from Liabilities liabilities, Insurance include: liabilities Other Other assets include: Assetscovering unit-linked contracts, Derivativecontracts, Intangible assets,PPE, Tax assets, Receivables from credit institutions and other assets on 3,dpst 4 n aktbsdfnig2%o h aac sheet balance 26%ofthe 2020 funding at end-Mar 44%and market-based 63%,deposits €147 bn Loans totaled sheet Balance Financial Group customer. Guarantee Fund compensates amaximum of€100,000 for each OP Deposit The bn. €38.6 guarantee deposit of scope the within Deposits 48 © OP Maturity breakdown of wholesalefunding welldiversified maturity, 31 Mar 2020(€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 GroupOP Financial wherebythe resolution The SRB has confirmed aresolutionstrategy for inQ1/20 issued bond future: €500 mn in the to issuance plans continue and bn €1.2 worth instruments SNP Bankissued OP Corporate In 2019, 2020 31Mar as at ratio was42% set by the authority: OP Financial Group's MREL Group requirementthe clearly fulfilsOP Financial at (RWA) YE2017 assets or 27.3%oftherisk-weighted euros, 13.4 billion Authority set MREL for OP FinancialGroup of In June 2019, the Finnish FinancialStability 49 © OP eoiae iacn ot 50m ihamtrt of ayear. amaturity than with less mn $500 worth financing denominated USD- ECB’s Bank took 2020, OPCorporate In March neue od 2018–20 bonds unsecured senior benchmark OP Corporate Bank plc’s Issued long-termbonds€1.6bninQ1/20(1.9) 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 08May May 2018 2018 50m SP 5 yrs (SNP) mn €500 50m each €500 mn dual-tranche, bn €1 Total mn GBP200 auiyCost Maturity (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 2018–20 bonds covered benchmark Bank’s OP Mortgage 09Fbur 12 n1 r m/s+10bps 10 yrs €1.25bn June €1bn February 2018 €1bn November 2019 January 2019 2020 00April 2020 00April Month 2020 Year €1 bn Placement) (Private €500mn mutMtrt Cost Placement) Maturity (Private €300 mn Amount 7.25 yrs m/s -2 bps m/s-2 yrs 7.25 r m/s +3 bps m/s+3bps 7 yrs yrs 8.25 Eb3 +30 bps 2 yrs r Eb3 +45 bps 8 yrs 50 OP Mortgage Bank © 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 nat DoD to new the increase due YE2019), mn asat 31 Mar2020 (€18.6 At loans were OPMB, non-performing €35.3 mn 52 © 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 53 © 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 otaeCvrdBns2 3Mrh2020 Bonds 2, 13March Covered Bank, Mortgage Source: Service Moody’sLtd, PerformanceInvestors Overview,OP Mortgage assessment risk Counterparty **** indicator payment *** Timely e crs(sa 1Dc2019) (asat31Dec 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) 54 © 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 via Legal affairs & Compliance,Support functions etc. Swap counterparty (interest rate risk risk management) (interest rate counterparty Swap OP MORTGAGE BANK conig ikmanagement, Risk Accounting, OP COOPERATIVE OP CORPORATE BANK PLC Pool managementand analysis Debt collection 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 programme Support functions Support under the Issues INVESTORS DEBT 55 © 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 56 OPMB Cover Asset Pool Characteristics Covered bonds issued after 1 Aug 2010, under the Finnish Act on Mortgage Credit Banks 680/2010 © OP Cover March 2020 of 31 Asset Pool 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 58 © OP on ysize by Loans Characteristics Pool CoverOPMB Asset 59 © OP on yLTV by Loans Characteristics Pool CoverOPMB Asset • • • • 12.1% Eligible only Over-collateralisation indexed LTV of46% Weighted average EUR 14.4billion assets Eligible Cover Pool billion Total assets EUR14.5 60 © OP PBCvrAstPo Characteristics Pool CoverOPMB Asset on yoiiainyear origination by Loans 61 © OP on ymaturity by Loans Characteristics Pool CoverOPMB Asset 62 © OP egahcldistribution Geographical Characteristics Pool CoverOPMB Asset 63 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 64 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 65 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 66 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 67 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 68 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 69 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 70 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 71 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 72 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 73 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 74 © OP ore PMrgg akCvrAstPo,EB amnsdTasaec epae(T)a t3 a 2020 (HTT) as at 31 Mar Template Transparency Pool, ECBC Harmonised Bank Cover Asset Source:OP Mortgage 75 Appendix © 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 77 © 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) 1) 4 PFnnilGopmme oprtv banks cooperative 142 OP Financial Group member 1) CORPORATE BANKING • • • • Management Ltd Management Asset OP Real Estate Company Ltd Company Management OP Fund Ltd Management OP Asset (Banking) Bankplc OP Corporate 2.0 million owner-customers • • • UAB OP Finance OP UAB OP FinanceSIA OP FinanceAS 1) OP COOPERATIVE 1) 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 78 © 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 79 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 80 © OP • clinic activities and sports Strategic2019: focus on orthopaedics • public healthcare amid thecoronavirus crisis 2020:Pohjola Hospital donates its personnel’swork contribution for • • • Launching the2013–15: hospital concept • Expansion to2016–18: university hospital cities • • Health and wellbeing business Pohjola Health Ltd renamed to Pohjola Hospital Ltd as of 1 Jun 2019 incomparable customer incomparable satisfaction Faster care chain and more efficient claims handling process resulting to occupational healthcare customers toprivateand services andrehabilitation examinations, surgery Innovative conceptof and services, healthcarebasic healthcarespecial First Pohjola Health hospital was opened inHelsinki (2013) (2017), in Kuopio(2017) and in Turku (2018) 4 more PohjolaHealth hospitals were opened inTampere (2016), in Oulu services Pohjola Hospitals will give up on basic healthcareand special healthcare previously anticipated as centres anymedical open not and will Jun 2019) (1 Mehiläinen to services healthcare occupational its Ltdsold Hospital Pohjola othercritical tasks totrack COVID-19 infection chains50-100 andhelpin employees eg. Pohjola Hospital oieApand Mobile App Pohjola Health 97 Advisor customers surgeryamong NPS 2019 Finland across Pohjola Hospitals 81 © OP performance entities’ ESGrating issuing and its OP’s ore utiayis etme 2018 September Sustainalytics, Source: Source: ISS Source: ESG 2019 ore ie,tems eetrtn rfl naoethemes 2017 onabove at April as profile available rating recent most the Vigeo, Source: Corporate Governance (C&S) Business Behaviour Involvement Community Human Rights Resources Human Environment S ikRating Score ESG Risk Source:MSCI 2020 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 formulated change; to climate on theserisksandopportunities.” Source:CDP (www.cdp.net/en) ore mg ac 2019 Source:Imug, March ore mg ac 2020 Source:Imug, March bonds covered Bank’s Mortgage OP bonds unsecured Bank’s Corporate OP 82 © OP International ESGcommitments OP ishighly committed to CR Incl. voluntary CR principles and standards OECD Guidelinesfor Multinational Enterprises Ltd Management Commitment by OP AssetManagement Ltd, OPFund Management Company Ltd and OP Real EstateAsset 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 83 © 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 y32%(2019 vs. 2011) down by operations own from Emissions transportation public touse opportunityand incentives work remote by mitigated employees of OP’s footprint Carbon banks cooperative to OP HQ and some member applied WWF FinlandGreen Office system level) Group at (34% OP Financial renewable at OP HQ 100% used Energy Management Asset Real Estate of OP properties and in Hospitals Pohjola HQ, at OP stations power Solar Hospitals Pohjola for OPHQ and LEED Gold certificates 84 85 OP’s 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 86 OP Corporate Bank’s Green Bond Report highlights

2 • OP Corporate Bank issued its inaugural Impacts from OP’s first Green Bond €500 million green bond in Feb 2019 and published the first Green Bond • 328.6 ktCO2e avoided Report in Feb 2020 • 864.7 GWh renewable energy generated • 271.5 MW renewable energy capacity installed • Proceeds allocated to Renewable Energy, Green Buildings and • 32 000 m2 of green certified building area Sustainable Land Use 1 • 1.2 ktCO2e avoided due to reduced energy • As of December 2019, the Green Bond consumption register included eligible assets worth • 69 160 hectares of forest under FSC €960.8 million (reserve of unallocated or PEFC forestry certification green assets €460.8 million) 1 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 to take 20climate in2020 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 87 © OP of FinancialandInsurance Conglomerates 123% 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 (Q2/2020) on calculated Banking capital requirement13.75% 88 © OP PFnnilGopserig analysis OP FinancialGroup’s earnings * A temporary exemptionfrom IFRS9 (overlay approach) is applied tosome equity instruments of insurance companies (reportedaccording to IAS39) tax before Earnings Overlay approach* to owner-customers bonuses OP Impairment loss on receivables Total expenses Other operating expenses loss andimpairment Depreciation/amortisation costs Personnel Total income Other operating income operating Other income investment Net Net commissions and fees Net insurance income insurance Net e neetincome Net interest € million 12 11 0921 0721 2015 2016 2017 2018 2019 Q1/19 Q1/20 -105 -140 129 518 662 151 245 208 107 244 131 319 -60 65 194 465 790 210 197 145 234 109 294 -55 -11 -64 59 9 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 1 102 -217 764 246 758 522 879 478 -48 83 1 138 1 567 2 989 1 058 -206 646 160 762 123 390 859 558 -77 1 101 1 520 2 895 1 026 -196 577 162 781 432 855 528 -78 55 89 Personnel euno ses(O) 0.26 (ROA), % Return on assets euno qiy(O) 3.1 (ROE),% Return onequity Cost/income ratio, % ratio, Cost/income aia dqayrto 902. 252. 312. 7319.8 17.3 22.9 23.1 22.5 22.5 21.1 19.0 ratio, % Capital adequacy qiycptl ilo 2271 7 1721 8 0279347237747146226 726 6242 7134 © O 7724 P 7213 9324 10237 83969 11084 91905 11742 99769 12570 100991 12277 110427 % CET1 ratio, 124455 133747 Equity capital,€ million 137205 million 140294 Liabilities to customers, € 147024 million € customers, 146876 Receivables from Totalassets, million € OP Financial Group’s key figures and ratios )Jan-Mar Jan-Dec d) 1ratio Tier Core c) 2014 As at 1 January b) a) 31 Mar 2281 2 2061 6 2271 3 2361 5 3201 2 12504 13229 13290 12856 12 356 12130 12227 12 269 12066 12226 12 228 9406 8 6126 4 0075 2 1135 5 9604 0 36443 41304 56834 49650 60331 50157 65161 51 163 68142 58220 70 683 60077 75192 65549 78604 66112 82193 68289 87026 69 460 91463 92 989 2020 771. 052. 011. 5117.1 15.1 19.5 20.1 20.1 20.5 19.5 17.7 78 d d d 31 Dec 2019 0.47 5.5 60 c c c 31 Dec 2018 0.54 6.5 58 c c c 31 Dec 2017 0.60 8.0 58 c c c 31 Dec 2016 0.71 9.4 52 c c c 31 Dec 2015 0.73 10.3 53 c c c 31 Dec 2014 0.57 8.1 56 c c c 31 Dec 2013 0.66 8.9 62 c c c a a 31 Dec 2012 0.50 14.1 411. 12.8 14.0 14.1 7.0 63 c c c b 31 Dec 2011 0.50 14.0 6.8 63 c c c b 31 Dec 2010 0.53 12.6 6.9 59 c c c b 90 provisions), % (excl.transitional ratio II Solvency Insurance Life provisions), % transitional (excl. IIratio Solvency Insurance Non-life % ratio, operating combined Insurance Non-life guarantee portfolio, % to and loan receivables Impairment loss on © OP receivables, €million Impairment loss on € billion portfolio, Loan andguarantee OP Financial Group’s key figures and ratios d) Jan-Mar d) c) Jan-Dec 31 Mar 2020 92.7 0.11 105 649. 008. 137. 367. 776. 59.4 62.8 67.7 71.0 73.6 77.8 81.3 84.8 90.0 94.6 96.4 3 4 3 3 2 4 1 2 / / N/A N/A N/A 100 125 149 117 149 146 151 127 176 135 170 132 169 144 137 d d d 31 Dec 2019 92.7 0.09 87 c c c 31 Dec 2018 92.0 0.05 46 c c c 31 Dec 2017 96.1 0.06 48 c c c 31 Dec 2016 87.6 0.09 77 c c c 31 Dec 2015 87.3 0.10 78 c c c 31 Dec 2014 89.4 0.12 88 c c c 31 Dec 2013 86.9 0.12 84 9NANAN/A N/A N/A 99 c c c 31 Dec 2012 90.5 0.15 99 c c c 31 Dec 2011 89.8 0.16 101 c c c 31 Dec 2010 89.7 0.25 149 c c c 91 Debt IR contacts © 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 93