CORPORATE GOVERNANCE STATEMENT

The Corporate Governance Statement has been prepared in accordance with Section A (Corporate Governance Reporting) of the Finnish Corporate Governance Code 2015. The Corporate Governance Statement is presented separately from the company’s Report on Operations.

Ilmarinen mainly complies with the Corporate Governance Code even though Ilmarinen is not a listed company as referred to in the Corporate Governance Code. Legislation governing pension insurance companies obligates pension insurance companies to depart from some of the recommendations of the Corporate Governance Code, and these departures have been described in Ilmarinen’s Corporate Governance Statement.

Ilmarinen publishes the Corporate Governance Statement only in Finnish.

The Finnish language versions of the Corporate Governance Statement can be found here.

The Corporate Governance Code 2010 is available on the Securities Market Association’s website www.cgfinland.fi.

See also Report on Operations and Financial Statements.