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F Notes on personnel and management
                   
F1 Number of employees
                   
            Finnvera Group Finnvera plc
(Number)           31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014
Number of employees              
- Permanent full-time   358 349 344 336
- Permanent part-time   10 22 10 22
- Temporary   28 23 27 18
Total   396 394 381 376
Personnel as person-years   378 378 366 361
                   
                   
F2 Key management personnel in the Group
                   
In the Group, key management personnel are members of the parent company Board of Directors, members of the Supervisory Board, CEO Pauli Heikkilä, Executive Vice President Topi Vesteri as well as the Management Group, which is comprised of the CEO and Executive Vice President, along with: Jussi Haarasilta, Ulla Hagman, Risto Huopaniemi, Katja Keitaanniemi, Tarja Svarström and Merja Välimäki (since 1 October 2015). Other members in the Management Group in 2015 were Hannu Puhakka and Kari Villikka (until 30 September 2015).
 
The key persons have no reportable business transactions with companies included in the Group.
                   
                   
F3 Key personnel benefit expenses
                   
The table below shows the employment benefits received by key management personnel. The employment benefits shown are performance-based. Employee benefits include the bonus corresponding to one month’s total remuneration paid to the Chief Executive Officer and the other members of the Management Group in 2015. Post-employment benefits are dealt with as voluntary pension plans, which include both defined contribution and defined benefit pension plans.
              Finnvera Group
(EUR 1,000)             31 Dec 2015   31 Dec 2014
Salaries and other short-term employee benefits       1,615   1,811
Supplementary pension commitments       149   185
Remuneration of the Board of Directors and Supervisory Board members     205   219
Total             1,969   2,215
The CEO belongs to the defined contribution pension plan, whose retirement age is 63 years. The group supplementary pension plan was changed from defined benefit to defined contribution as of 1 January 2013. The target retirement salary for the CEO is 66% starting at 63 years of age and the supplementary pension with a fixed 11.47 per cent bonus and other performance-based salary items deducted from the earnings-related pension insurance (TyEL).
 
The Executive Vice President belongs to the defined benefit pension plan, which offers eligibility for retirement at 60 years of age. Therefore, the target pension is 60 per cent of the average yearly earnings over the previous five years. Lowering the retirement age from the statutory retirement age is done with a defined benefit supplementary pension.
 
The period of notice for the CEO is six months, in addition to which the CEO will receive termination benefits equivalent to 18 months' salary if the company terminates their employment. The period of notice for the Executive Vice President is six months, in addition to which the Executive Vice President will receive termination benefits equivalent to 12 months' salary if the company terminates their employment.
 
The monthly remuneration for members of the Board of Directors is: EUR 1,500 for the chairman, EUR 850 for the deputy chairman, EUR 850 for the chairman of a Board committee, and EUR 700 for members. The attendance allowance is EUR 500/meeting.
 
The attendance allowance for members of the Supervisory Board are: EUR 800/meeting for the chairman, EUR 600/meeting for the deputy chairman and 500/meeting for members.
                   
                   
F4 Salaries, remuneration and pension commitments for the key personnel
                   
        Finnvera Group
        31 Dec 2015 31 Dec 2014
          Pension commitments   Pension commitments
(EUR 1,000)       Salaries and remune-rations Voluntary Statutory Salaries
and remune-
rations
Voluntary Statutory
Management salaries and remuneratios as well as applicable pension commitments            
CEO Pauli Heikkilä 346 35 59 339 35 60
Executive Vice President Topi Vesteri 262 71 44 258 66 46
Other members of the Management Group 1,007 43 170 1,214 80 215
Members of the Board of Directors:            
Markku Pohjola, chairman 29 No - 30 No -
Pekka Timonen, I deputy chairman 22 No - 22 No -
Marianna Uotinen, II deputy chairman 20 No - 0 0 -
Kirsi Komi, member 20 No - 22 No -
Vesa Luhtanen, member until 30 April 2015 6 No - 18 No -
Pirkko Rantanen-Kervinen, member 18 No - 20 No -
Risto Paaermaa, member until 30 April 2015 6 No - 21 No -
Harri Sailas, member since 1 May 2015 13 No        
Antti Zitting, member since 1 May 2015 13 No        
Members of the Supervisory Board (total) 58 No - 64 No -
                   
F5 Defined benefit pension plans
 
The Group has several defined benefit group pension insurance plans, which cover personnel who transferred to Finnvera from previous organisations, and supplementary pension insurance plans for Management Group members and Regional Directors appointed before 2 April 2009. At the end of the year, there were 132 people covered by the plans. When a person resigns or retires, the insurance is changed to a defined contribution plan, because paid-up policies and pensions are increased by a credit issued by the insurance provider.
 
The plans are funded with annual contributions paid to the insurance company and based on actuarial calculations. The plans are subject to local tax and other legislation
 
The obligation is shown as the pledge made to all insurees and the asset is shown as the share of this obligation assumed by the insurance provider. The amount of assets is calculated using the same discount interest rate as an equivalent obligation. As a result, the risk posed by changes in the discounted interest rate only affects the net liabilities. A hypothetical 0.25% increase in salary would increase the obligation 1.4% (1.2%) and, correspondingly, an equivalent decrease would have the opposite effect.
 
Balance sheet items arising from the defined benefit:
            Finnvera Group
(EUR 1,000)           31 Dec 2015 31 Dec 2014
Pension obligation          
Present value of funded obligations 1 Jan     3,674   3,079
Unrecognised actuarial gains or losses   317   279  
Interest on obligation   63   92  
Effect of fulfilling the plan and reducing the obligation   -85   -139  
Revaluation of defined benefit pension plans          
- Caused by changes in financial assumptions   -247   773  
- Caused by changes in demographic assumptions   160   0  
- Based on experience   -28 180 -409 596
Present value of funded obligations 31 Dec     3,854   3,674
Fair value of assets          
Fair value of plan assets 1 Jan     4,203   3,565
Interest income on assets   73   109  
Effect of fulfilling the obligation   -85   -139  
Return on plan assets, excluding items contained in interest expenses or income   -106   823  
Contributions paid to the plan   -247 -365 -155 638
Fair value of plan assets 31 Dec     3,838   4,203
Net liabilities (difference between obligations and assets)     16   -528
Consolidated statement of comprehensive income – pension costs          
Unrecognised actuarial gains or losses     317   279
Effect of fulfilling the obligation     0   0
Net interest expenses     -10   -17
Consolidated income statement defined benefit pension costs     307   262
Items resulting from revaluation     -9   -459
                   
The net liabilities of the Group's defined benefits have changed during the financial period as follows:
              Finnvera Group
(EUR 1,000)             31 Dec 2015   31 Dec 2014
Defined benefit net liabilities          
Pension debt (+) /Pension receivable (-) 1 Jan     -528   -486
Expenses recognised in the income statement     307   262
Paid pension contributions     247   155
Other items recognised in the consolidated statement of comprehensive income     -9   -459
Pension debt (+)/Pension receivable (-) 31 Dec     16   -528
The plan assets include 100% qualifying insurance policies.
                   
              Finnvera Group
Actuarial assumptions     31 Dec 2015   31 Dec 2014
Discount rate     2,20%   1,70%
Future salary increases     2,00%   2,40%
Future pension increases     1,65%   1,20%
                   
Based on the weighted average, the duration of the obligation is 17.2 years. Finnvera expected to pay EUR 50,000 towards defined benefit plans in 2016.
The Finnish Parliament has approved a pension reform that will enter into force in 2017. It has not yet been charted how this will affect the pension arrangements.
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