Suomi Mutual sold its Pohjola holding

Suomi Mutual Life Assurance Company (Suomi Mutual) and Ilmarinen Mutual Pension Insurance Company (Ilmarinen) have today, on 12 September 2005, concluded a transaction whereby the companies have sold all their Pohjola shares to OKO Osuuspankkien Keskuspankki Oyj (OKO Bank).

OKO Bank is a significant Finnish commercial bank.

OKO Bank is planning to make a tender offer to other Pohjola shareholders later. The Bank intends to acquire the entire Pohjola stock of shares.

Suomi Mutual will obtain around EUR 1 billion for the sale of its Pohjola holding.

Before finalising the share transaction, certain regulatory approvals by the authorities are still required. According to the agreement, the transaction will be cancelled if these approvals are not obtained.

The transaction will have no impact on the business operations of Suomi Mutual or those of its Baltic and Polish subsidiaries.

OKO Bank will become a strong provider of full-scale financial services on the Finnish market. OKO Bank will continue to fulfil the cooperation agreements signed between Suomi Mutual and Pohjola. Suomi Mutual will also become a significant owner of OKO Bank. Furthermore, Suomi Mutual has the right to name one member to the OKO Bank's Board of Directors.

For further information, please contact Mr Markku Vesterinen, Senior Executive Vice President, tel. +358 10 559 2844 or +358 50 348 3502