Pohjola Pankki Oyj - Company Announcement

Pohjola Bank plc to Specify Non-recurring Expenses in 2011 Pre-tax Earnings

Pohjola Bank plc
STOCK EXCHANGE RELEASE
15 December 2011 at 5.45 pm

Pohjola Bank plc to Specify Non-recurring Expenses in 2011 Pre-tax Earnings

In its Interim Report Q1-3 issued on 2 November 2011, Pohjola Bank plc reported
that consolidated earnings before tax for the fourth quarter would be eroded by
higher technical provisions due to the changed mortality model and a decrease in
the discount rate.

Within Non-life Insurance, the discount rate for technical provisions related to
pension liabilities will be reduced by 0.2 percentage points from 3.5% to 3.3%,
lowering consolidated earnings before tax by approximately EUR 35 million. The
changed mortality model will increase Non-life Insurance technical provisions by
around EUR 30 million. The combined non-cashflow-based, non-recurring expenses
will reduce consolidated pre-tax earnings by roughly EUR 65 million. These non-
recurring expenses will have no impact on the Non-life Insurance operating
combined ratio. Pohjola will recognise these amounts in its financial statements
on 31 December 2011.

Pohjola keep its earnings estimate unchanged announced in the Q1-3 Interim
Report, whereby consolidated earnings before these non-recurring items and tax
are expected to be at somewhat the same level in 2011 as in 2010.

Pohjola Bank plc

Carina Geber-Teir
Chief Communications Officer

FOR MORE INFORMATION, PLEASE CONTACT
Vesa Aho, CFO, tel. +358 (0)10 252 2336
Carina Geber-Teir, Chief Communications, Officer, tel. +358 (0)10 252 8394

DISTRIBUTION
NASDAQ OMX Helsinki LTD
LSE London Stock Exchange
SIX Swiss Exchange
Major media
pohjola.fi and op.fi

Pohjola Bank plc is a Finnish financial services group which provides its
customers with banking, non-life insurance and asset management services. Our
mission is to promote the prosperity, security and wellbeing of our customers.
Profitable growth and an increase in company value form our key objectives.
Pohjola Group serves corporate customers in Finland and abroad by providing an
extensive range of financial, investment, cash-management and non-life insurance
services. We offer non-life insurance and private banking services to corporate
customers. Pohjola Series A shares have been listed on the Large Cap List of the
NASDAQ OMX Helsinki since 1989. The number of shareholders totals around
35,000. Pohjola's consolidated earnings before tax came to 308 million euros in
2010 and the balance sheet total amounted to 36 billion euros on 31 December
2010. Pohjola is part of OP-Pohjola Group, the leading financial services group
in Finland which has over four million customers.

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