OKO Bank Presentation. Finnish Economy Finnish Financial Industry OP Bank Group OKO Bank Funding Strategy

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1 OKO Bank Presentation I II III IV V Finnish Economy Finnish Financial Industry OP Bank Group OKO Bank Funding Strategy 1

2 I Finnish Economy 2

3 Nordic countries in a nutshell Iceland Population: 0.3 million Memberships: OECD, NATO Norway Population: 4.5 million Memberships: OECD, NATO Sweden Population: 8.9 million Memberships: EU, OECD Finland Population: 5.2 million Memberships: EU, EURO, OECD Denmark Population: 5.4 million Memberships: EU, OECD, NATO Picture: The Nordic Book - A Professional Introduction of the Nordic Countries 3

4 % Change in GDP volume United States -2 EMU countries -4 Finland -6 Source: OECD f 08f OPK/Strat.suunn./at/BKThuoltomaat(v)

5 20 Trade balance and current account in Finland 12-month moving total EUR billion 15 Trade balance 10 5 Current account 0-5 OPK/Strat.suunn./at/Vaihtotase Source: Bank of Finland f 08f

6 5 4 % * except US Harmonized index* of consumer prices annual change US EMU countries Finland -1 Source: EcoWin OPK/Strat.suunn./at/Kuinmaat

7 20 % Unemployment rate in Finland OPK/Strat.suunn./at/Startel3 Source: Statistics Finland

8 II Finnish Financial Industry 8

9 Market shares in the Finnish banking market June 30, 2007 % 35 Loans % 40 Deposits Nordea* * OP Bank Group Danske Bank* Handelsbanken Savings Banks Aktia Savings Bank Other 0 Nordea* * OP Bank Group Danske Bank* Savings Banks Local Cooper. Banks Aktia Savings Bank Other OPK/Strat.suunn./mm/Suurimmat toimijat

10 Customer market share in SMEs *) Principal bank 60 % 55 % 50 % 40 % 39 % 39 % 34 % 30 % 20 % 10 % 0 % 9 % 7 % 7 % 4 % 0 % 1996 (n=1000) 2006 (n=2012) 4 % Nordea OP Bank Group Sampo Bank Savings Banks' Association /Aktia Local Co-operative Banks Association Nationwide study of small and medium-sized enterprises Tietoykkönen Oy ( ) Add Value Oy ( ) *) The market share of the number of customers 10

11 % 35 Mutual fund companies market shares Nordea OPK/Strat.suunn./mm/rahoyhtmo OP Bank Group Source: Finnish Association of Mutual Funds Sampo Gyllenberg Evli FIM Others

12 % 30 Market shares in life insurance assets / Nordea OPK/Strat.suunn./mm/VakSäästötAikasarjaa Sampo Life, Kaleva Source: Federation of Finnish Financial Services OP Life Assurance Company +Pohjola Life Suomi Tapiola Group Others

13 Market shares in life insurance Gross premiums written % 30 28,3 27, , ,5 6,2 8,8 0 OP Bank Group Nordea Sampo * Tapiola Skandia Others * Sampo Life and Kaleva 13

14 30 25 % 27,6 Market shares of non-life insurance premiums written 2006 Domestic direct insurance 26,3 Source: Federation of Finnish Financial Services 20 20, ,4 8,6 6,6 5 0 If Pohjola* Tapiola** Fennia Local Insurance Group*** * Pohjola Non-Life, A-Insurance and Eurooppalainen ** incl. Turva *** incl. Palonvara Other 14

15 III OP Bank Group Structure, strategies and financial performance 15

16 The Structure of OP Bank Group and OKO Bank Group Mutual Funds Retail Bank in in Helsinki area Life Insurance Other OP Bank Group Central Cooperative OKO Bank 231 Member Cooperative Banks Banking and Investment Services Non-life Insurance Corporate Banking Capital Markets Group Treasury Asset Management Private Customers Corporate Customers Baltic Legal structure: OP Bank Group has joint and several liability for each others commitments. 16

17 Joint Responsibility for Liability Joint responsibility within the OP Bank Group is based on the Cooperative Bank Act and the Member Credit Institutions are committed to the joint responsibility in their articles of association (commercial banks) or statutes (Member Cooperative Banks) In the event that a Member Credit Institution or the Central Cooperative is unable to pay any debts owed the other Member Credit Institutions/ Central Cooperative are jointly and severally responsible for paying that debt The outstanding debt is apportioned among the Central Cooperative and the Member Credit Institutions in proportion to their assets as a percentage of the total group assets from the most recently adopted balance sheets The joint responsibility under the cooperative system includes the Central Cooperative and its Member Credit Institutions The Member Cooperative Banks of the OP Bank Group, OKO Bank Plc, Helsinki OP Bank Plc, OP-Kotipankki Oyj and OP Mortgage Bank Insurance companies within the OP Bank Group are not included in the cooperative joint responsibility 17

18 OP Bank Group s vision We are the market leader in all our core business areas and the leading financial services group in Finland. 18

19 % 40 OP Bank Group on the deposit and lending markets* * Up until 12/2002 deposit banks' loans to and deposits placed by Finnish non-mfi's; since 1/2003 MFI's loans to and deposits placed by euro area non-mfi's Market share of lending Market share of deposits OPK/Strat.suunn./mm/talluo1900 Latest value 6/2007

20 OP Bank Group Income statement million Change 1 January to 30 June million % Net interest income Other income Total income Personnel costs Other expenses Total expenses Impairment losses on receivables Returns to owner-members Earnings before tax

21 OP Bank Group Earnings before tax, 12 month moving total FAS million /07 21

22 OP Bank Group Ratios 06/ /2006 Net interest margin, % * Cost/ income ratio, Banking and Investment Services, % Return on equity (ROE), % Return on equity at fair value, % Return on assets (ROA), % Non-performing and zero-interest bearing receivables of loans and guarantees, % Tier 1 ratio, % Capital adequacy ratio, % * Net interest income as a % of average total assets 22

23 OP Bank Group Balance sheet items million 06/ /2006 Total assets Credit stock Non-performing and zero-interest claims Deposits Equity capital

24 OP Bank Group Own funds and capital adequacy million % 24 Tier 2 own funds Capital loans ,3 14,3 14,3 14,0 12,9 12,2 12,4 12,7 12,8 12, Tier 1 own funds excl. capital loans Capital adequacy ratio, % Tier 1 funds/ Riskweighted items, total, % 0 06/ / / / / Deductions of own funds are not included 24

25 Nordic banks: Total capital ratio Danske Bank Nordea Latest data: June 30, 2007 SEB Handelsbanken DnB NOR Swedbank OP Bank Group Sampo Bank %

26 Asset Mix OP Bank Group Loans and leasing assets by sector June 30, 2007 Loans and leasing assets by sector Households: other loans 24 % June 30, 2007 Telecommunications and electronics 2 % Construction 7 % Services 9 % Communication and publishing 2 % Housing associations 11 % Energy 2 % Food industry 3 % Corporates 28 % Others 7 % Wholesale and retail trade 13 % Households: housing loans 48 % Other industry 4 % Forest industry 4 % Metal industry 6 % Transports and traffics 5 % Real-estate activities 25 % 26

27 OP Bank Group Loans and leasing assets by sector Non-performing and Change zero-interest loans million million % Of loans Enterprises and housing companies % % % 64 0,5% Industry % % 53 2 % 12 0,5% Construction % % % 6 0,7% Trade and catering % % % 14 0,8% Real-estate investment % % % 16 0,5% Other enterprises % % % 13 0,5% Housing companies % % % 3 0,2% Finance and insurance 46 0 % 8 0 % ,0% Public sector entities and non-profit organisations % % 67 9 % 1 0,1% Households % % % 102 0,4% Housing loans % % % 48 0,2% Foreign % % % 0 0,0% Other items, net % Total % % % 166 0,4% 27

28 OP Bank Group Corporate loans and leasing assets by industry million Non-performing and zerointerest loans Housing associations % 3 5 % Food industry % 2 3 % Energy % 0 0 % Wholesale and retail trade % % Real-estate activities % % Transports and traffics % 6 9 % Metal industry % 3 5 % Forest industry % 2 4 % Other industry % 2 4 % Others % 1 2 % Services % 8 13 % Construction % 6 9 % Telecommunications and electronics % 1 1 % Communication and publishing % 2 3 % Total % % 28

29 OP Bank Group Non-performing and zero-interest loans million Change, % Households Companies Housing corporations and others Total Non-performing loans of loan and guarantee portfolio, % * 0.3 * Percentage points 29

30 Diversified business mix OP Bank Group - Earnings before tax, 1-6/2007 OKO Bank Group - earnings before tax, 1-6/ % 16 % 46 % 54 % 69 % Banking and Investment Services Non-Life Insurance Life Insurance Banking and Investment Services Non-Life Insurance 30

31 IV OKO Bank 31

32 Strategic targets Leading market position ROE 13% Banking and Investment Services: expense / income ratio 40% Non-life Insurance: combined ratio < 94% excl. amortisation on intangible assets related to Pohjola acquisition Measures 32

33 Quarterly key figures 1-3/ / / / March June March June 2007 Earnings before tax, million Return on equity at fair values, % *) 8,5 2,1 13,7 12,2 Tier 1 ratio, % 8,8 8,2 8,0 8,0 Solvency ratio,% 11,7 10,5 12,7 Earnings per share, 0,26 0,21 0,25 0,36 Equity per share, ***) 8,33 8,37 8,65 8,91 *) Return on equity has been calculated at fair values since Income has been annualised 33

34 Financial objectives high profitability the main objective 1-6/ / /2007 Target 30 June Dec June Banking and Investment Services Operative return on equity, % >18 Operative cost/income ratio, % Non-life Insurance Operative return on equity, % > 20 Operative combined ratio, % < 94 Group Return on equity at fair values, % Tier 1 ratio, %

35 Quarterly Income statement million I-3/06 4-6/06 7-9/ /06 1-3/07 4-6/07 Net interest income Impairment losses on receivables Net interest income after impairment losses Net income from non-life insurance Net commissions and fees Net trading income Net investment income Other operating income Total income Personnel costs IT expenses Amortisation on intangible assets from acquisition Other depreciation and amortisation Other expenses Total expenses Share of associates' profits/losses Earnings before tax

36 V Funding Strategy 36

37 Long - term credit ratings *) OKO Bank Danske Bank Nordea DnB NOR Handelsbanken Swedbank SEB Moody's Investors Service Standard & Poor's Fitch Ratings Aa1 AA- AA- Aa1 AA- AA- Aa1 AA- AA- Aa1 A+ - Aa1 AA- AA- Aa1 A+ A+ Aa2 A+ A+ If **) A2 A - Pohjola **) A2 A+ - Finnish Sovereign Aaa AAA AAA *) Long-term funding **) Insurance financial strength Source: Companies' internet pages 8/07

38 Balance sheet Funding billion billion 19% 7% 25% 22.3 billion 7% 9% 9% 9% 41% 24.2 billion 5% 5% 8% 9% 55% 25.1 billion 6% 2% 9% 9% 53% Liabilities to Member Cooperative Banks Liabilities to other financial institutions Liabilities to customers Non-life insurance liabilities Life insurance liabilities Debt securities issued to the public Subordinated liabilities 8 Capital loans % 31 Dec Dec Dec June 2007 Shareholders' equity and minority interests Other items 38

39 OP Bank Group Funding Profile mrd June June 2007 Non-life insurance liabilities Life insurance liabilities Liabilities to financial institutions Liabilities to customers Debt securities issued to the public Other liabilities Equity capital 39

40 OP Bank Group Quarterly loans and deposits billion Loans (excl. loans mediated from Treasury funds) Deposits 10 0 I II III IV/06 I II III IV/07 40

41 Issued Senior Debt by Maturity USD Muut EUR

42 LT2, UT2 and Tier1 by Call date Tier1 Upper tier2 Lower tier

43 Contact persons at OKO Bank for debt investor relations Mr Timo Ritakallio Deputy Chief Executive Officer Head of Banking and Investment Services tel mob Mr Hanno Hirvinen Executive Vice President Head of Group Treasury tel mob

44 44

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