OP Mortgage Bank PART A CONTRACTUAL TERMS

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1 OP Mortgage Bank Issue of 1,000,000,000 Covered Notes due 11 July 2018 under the 10,000,000,000 Euro Medium Term Covered Note Programme (under the Covered Bond Act (Laki kiinnitysluottopankkitoiminnasta 688/2010)) 7 July 2011 PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 12 November 2010 which, as supplemented by a supplement to the Base Prospectus dated 17 March 2011 (the First Supplement) and a supplement to the Base Prospectus dated 2 June 2011 (the Second Supplement and, together with the First Supplement, the Supplements), constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus, as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus, as so supplemented. The Base Prospectus and the Supplements are available for viewing at and copies may be obtained during normal business hours from the registered office of the Issuer and the specified offices of the Paying Agents for the time being in London and Luxembourg. In addition, copies of the Base Prospectus and the Supplements will be available on the website of the Regulatory News Service operated by the London Stock Exchange plc, at 1. Issuer: OP Mortgage Bank 2. (a) Series Number: 2 (b) Tranche Number: 1 3. Specified Currency or Currencies: euro 4. Aggregate Nominal Amount: (a) Series: 1,000,000,000 (b) Tranche: 1,000,000, Issue Price: per cent. of the Aggregate Nominal Amount 6. (a) Specified Denominations: 100,000 and integral multiples of 1,000 in excess thereof up to and including 199,000. No Notes in definitive form will be issued with a denomination above 199,000 (b) Calculation Amount: 1, Issue Date: 11 July Interest Commencement Date: (a) (b) Period to (and including) Maturity Date: Period from (but excluding) Maturity Date to (and including) Final Extended Maturity Date: Issue Date Maturity Date

2 9. Maturity Date: 11 July Final Extended Maturity Date: 11 July Interest Basis: (a) (b) Period to (and including) Maturity Date: Period from (but excluding) Maturity Date to (and including) Final Extended Maturity Date: 3.50 per cent. Fixed Rate payable annually (further particulars specified below) 1 month euro EURIBOR plus 0.48 per cent. per annum payable monthly (further particulars specified below) 12. Redemption/Payment Basis: Redemption at par 13. Change of Interest Basis or Redemption/Payment Basis: 14. Put/Call Options: 15. Date Board approval for issuance of Notes obtained: 16. Method of distribution: Syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 17. Fixed Rate Note Provisions (a) Period to (and including) Maturity Date: Applicable (i) Rate(s) of Interest: 3.50 per cent, per annum payable annually in arrear (ii) Interest Payment Date(s): 11 July in each year up to and including the Maturity Date, commencing on 11 July For the avoidance of doubt, the Interest Payment Date shall be unadjusted for the purposes of calculating any interest amount. (iii) Fixed Coupon Amount(s): per Calculation Amount (iv) Broken Amount(s): (v) Day Count Fraction: Actual/Actual (ICMA) (vi) Determination Date(s): 11 July in each year (vii) Other terms relating to the method of calculating interest for Fixed Rate Notes: None (b) Period from (but excluding) Maturity Date to (and including) Final Extended Maturity Date: 18. Floating Rate Note Provisions: (a) Period to (and including) Maturity Date:

3 (b) Period from (but excluding) Maturity Date to (and including) Final Extended Maturity Date: Applicable (i) Interest Payment Dates: 11 th day of each month from (but excluding) the Maturity Date to (and including) the earlier of (i) the date on which the Notes are redeemed in full and (ii) the Final Extended Maturity Date. (ii) Business Day Convention: Modified Following Business Day Convention (iii) Additional Business Centre(s): (iv) (v) (vi) Manner in which the Rate of Interest and Interest Amount is to be determined: Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent): Screen Rate Determination: Screen Rate Determination Not applicable Reference Rate: 1 month euro EURIBOR Interest Determination Date(s): The second day on which the TARGET2 System is open prior to the start of each Interest Period Relevant Screen Page: Reuters Page EURIBOR 01 (or any successor page) (vii) ISDA Determination: Not applicable (viii) Margin(s): per cent. per annum (ix) Minimum Rate of Interest: Not applicable (x) Maximum Rate of Interest: Not applicable (xi) Day Count Fraction: Actual/360 (xii) Fallback provisions, rounding provisions and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions: Not applicable 19. Zero Coupon Note Provisions 20. Index Linked Interest Note Provisions 21. Dual Currency Interest Note Provisions PROVISIONS RELATING TO REDEMPTION 22. Issuer Call: 23. Investor Put: 24. Final Redemption Amount of each Note: 1,000 per Calculation Amount 25. Early Redemption Amount of each Note 1,000 per Calculation Amount

4 payable on redemption for taxation reasons and/or the method of calculating the same (if required or if different from that set out in Condition 6.6): GENERAL PROVISIONS APPLICABLE TO THE NOTES 26. Form of Notes: (a) Form: Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes only upon an Exchange Event (b) New Global Note: Yes 27. Additional Financial Centre(s) or other special provisions relating to Payment Days: 28. Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature): 29. Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: No 30. Details relating to Instalment Notes: (a) Instalment Amount(s): (b) Instalment Date(s): 31. Redenomination applicable: Redenomination not applicable 32. Other final terms: DISTRIBUTION 33. (a) If syndicated, names of Joint Lead Managers: Barclays Bank PLC Bockenheimer Landstrasse Frankfurt Germany BNP Paribas 10 Harewood Avenue London NW1 6AA United Kingdom HSBC France 103, avenue des Champs Elysees Paris France

5 Pohjola Bank plc Teollisuuskatu 1 b FIN Helsinki Finland UBS Limited 1 Finsbury Avenue London EC2M 2PP United Kingdom (b) Date of Subscription Agreement: 7 July 2011 (c) Stabilising Manager(s) (if any): 34. If non-syndicated, name of relevant Dealer: 35. U.S. Selling Restrictions: Reg S Category 2; TEFRA D 36. Additional selling restrictions: PURPOSE OF FINAL TERMS These Final Terms comprise the final terms required for issue and admission to trading on the London Stock Exchange s regulated market and listing on the Official List of the UK Listing Authority of the Notes described herein pursuant to the 10,000,000,000 Euro Medium Term Covered Note Programme of OP Mortgage Bank.

6 RESPONSIBILITY The Issuer accepts responsibility for the information contained in these Final Terms. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, no facts have been omitted which would render the reproduced information inaccurate or misleading. Signed on behalf of the Issuer: By:.. Duly authorised By:.. Duly authorised

7 1. LISTING AND ADMISSION TO TRADING PART B OTHER INFORMATION (a) Listing and Admission to trading: Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the London Stock Exchange s regulated market and listing on the Official List of the UK Listing Authority with effect from 11 July (b) Estimate of total expenses related to admission to trading: 3, RATINGS Ratings: The Notes to be issued have been rated: Moody s: Aaa S&P: AAA Each of Standard & Poor's Rating Services, and Moody's Investors Service Ltd. is established in the European Union and has applied for registration under Regulation (EU) No 1060/2009, although notification of the corresponding registration decision has not yet been provided by the relevant competent authority. A rating is not a recommendation to buy, hold or sell securities and may be subject to suspension or withdrawal at any time 3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE Save for any fees payable to the Dealers, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. 4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES (a) Reasons for the offer The net proceeds from the issue of Covered Bonds will be applied by the Issuer for its general corporate purposes. (b) Estimated net proceeds: 991,640,000 (c) Estimated total expenses: 3, YIELD (Fixed Rate Notes only) Indication of yield: The yield is calculated at the Issue Date on the basis of the Issue price. It is not an indication of future yield per cent. per annum 8. OPERATIONAL INFORMATION (a) ISIN Code: XS (b) Common Code:

8 (c) Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking, societe anonyme and the relevant identification number(s): (d) Delivery: Delivery against payment (e) (f) Names and addresses of additional Paying Agent(s) (if any): Intended to be held in a manner which would allow Eurosystem eligibility: Yes Note that the designation yes simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.

PART A CONTRACTUAL TERMS

PART A CONTRACTUAL TERMS Final terms dated 9 March 2017 OP Mortgage Bank Issue of 1,000,000,000 0.250 per cent. Covered Notes due 13 March 2024 under the 15,000,000,000 Euro Medium Term Covered Note Programme (under the Covered