Varma

Members of the Board of Directors 31 December 2015

Berndt Brunow

Chairman

b. 1950, B.Sc. (Econ.)

Chairman of the Board of Oy Karl Fazer Ab; member of Varma’s Board of Directors since 2015, term expires in 2016

Chairman of the Boards of Lemminkäinen Corporation and Oy C.E. Lindgren Ab, Vice Chairman of the Board of UPM-Kymmene Corporation; member of the Board of Hartwall Capital Ltd.

Jari Paasikivi

Deputy Chairman

b. 1954, M.Sc. (Econ.)

President & CEO, Oras Invest Oy; member of Varma’s Board of Directors since 2014, term expires in 2016

Chairman of the Boards of Directors of Kemira Oyj, Oras Ltd and Tikkurila Oyj.*

Antti Palola

Deputy Chairman

b. 1959, Sea Captain

President, Finnish Confederation of Professionals STTK; member of Varma’s Board of Directors since 2014, term expires in 2018

Member of the Economic Council; and member of the Boards of the Council of Nordic Trade Unions PAY and the European Trade Union Confederation ETUC; member of the Representatives of the Finnish Centre for Pensions; member of the Supervisory Boards of Kaleva Mutual Insurance Company, the Unemployment Insurance Fund and the Education Fund.

Riku Aalto

b. 1965, M.Sc. (Admin.)

President, Finnish Metalworkers’ Union; member of Varma’s Board of Directors since 2012, term expires in 2017

Chairman of the Board of VVO Group; member of the Boards of the Central Organisation of Finnish Trade Unions SAK and VR Group; and member of the Supervisory Board of the Unemployment Insurance Fund.

Mikael Aro

b. 1965, eMBA

President & CEO, VR Group Ltd., member of Varma’s Board of Directors since 2010, term expires in 2018

Deputy Chairman of the boards of Kesko and the East Office of Finnish Industries; member of the boards of the Confederation of Finnish Industries EK, the Finnish National Theatre, and the Service Sector Employers PALTA; and member of the Board of Trustees of the Savonlinna Opera Festival Patrons’ Association.*

Johanna Ikäheimo

b. 1968, M.Sc. (Admin.)

Chairman of the Board of Lappset Group Ltd; member of Varma’s Board of Directors since 2009, term expires in 2016

Chairman of the Board of FEPI - Federation of the European Play Industry, Vice Chairman of the Confederation of Finnish Industries EK, and Chairman of EK’s Delegation of Entrepreneurs.*

Ari Kaperi

b. 1960, M.Sc. (Econ.)

Head of Risk Management, Nordea Bank AB (publ); member of Varma’s Board of Directors since 2010, term expires in 2018

Deputy Chairman of the Board of the Federation of Finnish Financial Services; member of the Supervisory Boards of the Finnish Business and Policy Forum EVA and the ETLA Research Institute of the Finnish Economy; and member of the Board of the Foundation for Economic Education.*

Jyri Luomakoski

b. 1967, MBA

President & CEO, Uponor Corporation; member of Varma’s Board of Directors since 2015, term expires in 2017.

Member of the Boards of the Association of the European Heating Industry (EHI), the European Plastic Pipes and Fittings Association and Procurator Holding Oy.*

Petri Niemisvirta

b. 1970, LL.M.

CEO of Mandatum Life Insurance Company Limited, member of Varma’s Board of Directors since 2014, term expires in 2017

Chairman of the Board of Kaleva Mutual Insurance Company; Deputy Chairman of the Board of Alma Media Corporation; member of the Boards of the Finland Chamber of Commerce and BenCo Insurance Holding B.V. (Netherlands); and Chairman of the Economy and Tax Committee of the Confederation of Finnish Industries EK and the Life Insurance Executive Committee of FFI, the Federation of Finnish Financial Services.*

Ilkka Oksala

b. 1965, LL.M.

Director of the Confederation of Finnish Industries EK, member of Varma’s Board of Directors since 2015, term expires in 2018.

Member of the Boards of the Finnish Centre for Pensions, the Federation of Accident Insurance Institutions (TVL) and the Social Insurance Institution (Kela).

Kai Telanne

b. 1964, M.Sc. (Econ.)

President & CEO, Alma Media Corporation; member of Varma’s Board of Directors since 2009, term expires in 2017

Chairman of the Board of Talentum Oyj and member of the Board of Teleste Oyj.*

Veli-Matti Töyrylä

b. 1953, B.Sc. (Econ.)

Member of Varma’s Board of Directors since 2011, term expires in 2016

Chairman of the Board of the Kaute Foundation; member of the pension working group of the Confederation of Unions for Academic Professionals Akava; and Chairman of the Executive Committee of Investments of the Finnish Business School Graduates.

Deputy members

Eija Hietanen

b. 1961, M. Soc. Sc.

Administrative Director, Central Organisation of Finnish Trade Unions (SAK); deputy member of Varma’s Board of Directors since 12 March 2015, term expires in 2016

Member of the Boards of the Labour Institute for Economic Research, Kansan Sivistysrahasto and the Trade Union Solidarity Centre of Finland SASK; member of the Supervisory Board of Finnfund and of the Council of the Finnish Work Environment Fund.

Mikko Ketonen

b. 1945, B.Sc. (Econ.)

Deputy member of Varma’s Board of Directors since 1998, term expires in 2016

Chairman of the Board, TS Group.*

Liisa Leino

b. 1960, M.A. (Educ.)

Chairman of the Board and Managing Director, Leinovalu Oy; deputy member of Varma’s Board of Directors since 2011, term expires in 2016

Member of the Boards of Metsä Board Corporation, Elomatic Oy, Cadmatic Oy and the Federation of Finnish Technology Industries; and member of the Supervisory Boards of the Finnish Business and Policy Forum EVA and ETLA, the Research Institute of the Finnish Economy.*

Arto Kuusiola served as deputy member of Varma’s Board until 11 March 2015.

Those marked with * in the list of Board members are members of the executive management of important client companies of Varma; the other members are independent for the purposes of the Finnish Corporate Governance Code (Recommendation 15).