This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding.To the members of OP Cooperative

Auditor's Report

To the members of OP Cooperative

We have audited the consolidated financial statements and the Report by the Executive Board for the year ended on 31 December 2015 of the amalgamation of OP Financial Group pursuant to the Act on the Amalgamation of Deposit Banks. The financial statements comprise the consolidated balance sheet, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement and notes to the financial statements.

The Responsibility of the Executive Board and the President of OP Cooperative

The Executive Board and the President of OP Cooperative are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU in a manner explained in more detail in the notes to the financial statements, as well as for the preparation of the Report by the Executive Board that give a true and fair view in accordance with the laws and regulations governing the preparation of the report of the Board of Directors in Finland.

Auditor’s Responsibility

Our responsibility is to express an opinion on the consolidated financial statements and on the Report by the Executive Board based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. We conducted our audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and the Report by the Executive Board are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the Report by the Executive Board. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements and Report by the Executive Board that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the Report by the Executive Board. In carrying out the audit, we also acquainted ourselves with the financial statement policies adopted by the Group’s member institutions, as well as the auditors’ reports submitted for the audit of the OP Financial Group’s consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion on the Consolidated Financial Statements

In our opinion, the consolidated financial statements give a true and fair view of the financial position, financial performance, and cash flows of OP Financial Group in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

Opinion on the Report by the Executive Board

In our opinion, the Report by the Executive Board gives a true and fair view of OP Financial Group’s financial performance and financial position in accordance with the laws and regulations governing the preparation of the report of the Board of Directors in Finland. The information in the Report by the Executive Board is consistent with the information in the consolidated financial statements.

Helsinki, 11 February 2016

KPMG OY AB

 

Raija-Leena Hankonen
Authorized Public Accountant