Investor presentation
SPAREBANKEN VEST / SPAREBANKEN VEST BOLIGKREDITT AS
FEBRUARY 2021 Why invest in Sparebanken Vest?
Low risk and complexity
At the forefront of digital developments
Customer dividend attractive for investors
Strong ESG focus
Strong performance culture
Leading in terms of ROE – target 12 % Sparebanken Vest
3 Sparebanken Vest and the region Norway
Third biggest savings bank in Norway
• Established in 1823 and listed on the Oslo stock exchange since 1995 • Head office in Bergen. 33 branch offices and 747 full-time equivalents • Diversified product portfolio. Biggest shareholder in Frende Forsikring (insurance) and Market areas Brage Finans (leasing) Market shares1 • Several digital initiatives, like the first Norwegian mobile-only banking concept, Bulder Bank • NOK 225 bill. in assets under management, approx. 283,000 retail customers and 13,000 corporate customers • 75 % of lending in the retail market • Long-term ROE target of 12 % Vestland Home market 28.3% Oslo • Approx. 1.1 million inhabitants, corresponding to 21 % of the Norwegian population Bergen • Bergen and Stavanger are among the three largest markets in Norway Rogaland • Important industries: Aquaculture and fisheries, public services, Oil and gas, and other Stavanger industry 6.7% • The Bulder Bank concept signals the launch of Norway’s first mobile-only banking concept 4 SPAREBANKEN VEST 1) Market share (capital) in the retail market Source: Statistics Norway
C1 - Public Natixis Our value proposal stands firm in uncertain times
A personal ‘signature’ Simple digital services Social commitment to Western Customer dividend Norway A bank with low complexity
Corporate market Retail market 25% of total lending 75% of total lending NOK 44.9 bill. in loans NOK 137.8 bill. in loans 13,100 customers 283,100 customers Diversified portfolio Includes Bulder Bank
100% ownership 41.4% holding Estate agency 49.99% holding 32.2% ROE in 2020 125 FTEs Leasing and financing Mainly general insurance Important for loans Gross portfolio of NOK 14.2 billion
6 Norway’s best mobile banking solution since 2016 Record score of 4.7
Sparebanken Vest 4,7
SPBK Sogn og Fjordane 4,6
SpareBank 1 4,6
DNB 4,5
Sbanken 4,5
Danske Bank 4,4
Handelsbanken 4,2
Nordea 3,6
7 SPAREBANKEN VEST Average customer rating in App Store (iPhone) and Google Play (Android). Figures from 19 January 2021 We are redefining banking – and beginning with mortgages
Fra Sparebanken Vest
Upscale nationally to an attractive Potential for significant value Significant development synergies mobile phone platform creation
C1 - Public Natixis 2020: 12.3% return on equity and sound capital adequacy
Income Net interest income NOK 3,104 (3,118) mill. driven by a lower interest rate environment and competitive market
Strong cost development of NOK 1,448 (1,523) mill. driven by strong discipline and continued focus on costs. Costs Cost to income ratio of 36.3% (37.1%)
Write-downs Total recognised write-downs of NOK 448 (52) mill. for the year. 58% are model-based provisions
Profit NOK 2,392 (2,594) mill. before tax, ROE 12.3 (13.5) %. Excl. non-recurring effects: 10.5 %
CET1 ratio Sound CET1 ratio of 18.0 (17.5) % meets regulatory capital requirement of 14.2 % by a good margin
C1 - Public Natixis Reduced costs and considerable shift in cost structure
Cost development past eight years* Cost development Q4 2020**
18 %
Costs excl. IT
IT*
-6 % 1.305 1,268 407 369 MNOK MNOK MNOK MNOK
2012 2020 Q4 2019 Q4 2020
* Parent bank + SPV Boligkreditt, adjusted for non-recurring effects and bonus. IT costs are the total costs of IT in the parent bank, including payroll expenses, external fees, ICT costs and other operating costs. 10 ** Cost development for the Group, including the Bulder Bank concept: NOK 18.6 mill. in Q4 2020 and NOK 10.9 mill. in Q4 2019 Low losses over time
0,4 % 200 183 0,34% 170 180 • Conservative choices and good banking over time 0,4 % limit risk of losses in challenging times 160 147 160 0,3 % 136 • High proportion of retail customers 130 140 0,25% 0,3 % 113 119 • Diversified corporate market portfolio 0,25% 120 • Moderate losses even in challenging times – loss 0,2 % 100 0,14% 80
of NOK 104 mill. in the quarter, of which only 0,2 % Gross lending (billion)Grosslending NOK 9 mill. are individual losses 60 Losses as %ofaslendingLossesgross 0,1 % 40 0,03% 0,02% 0,1 % 0,03% 20 0,00% 0,0 % - 2013 2014 2015 2016 2017 2018 2019 2020
Gross lending Losses as % of gross lending
11 58 % of losses in 2020 are model-based provisions
Individual and model-based provisions Losses in 2020 are primarily model-based
60,3
77,2 Individual based provisions 27,1 42 % Model-based 95,3 provisions 2,2 58 % 82,5
48,1 48,5 33,8
9,0 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
Individual Model
12 The bank has good liquidity and well-diversified maturity structure
Maturity structure senior and covered bonds • Liquidity portfolio: Large and liquid (NOK billion) • Approx. NOK 30 billion
• LCR* well above requirement at 173% as of Q4 2020
• 53% of financing with remaining term to maturity of more than 3 years
• Sparebanken Vest Boligkreditt issued its first green covered bond, EUR 500 mill., in July 2020
• An additional EUR 500 mill. covered bond financing was raised in September 2020, at historically favorable terms
• The bank raised a total of NOK 1,850 mill. in Tier 3 bonds in 2020 to meet the bank’s MREL requirement
13 SPAREBANKEN VEST * LCR – Liquidity Coverage Rate: liquid assets divided by net liquidity output over a 30-day serious stress scenario. Regulatory capital requirements met by a good margin
CET1 ratio Leverage Ratio
18,1 % 18,0 % 17,8 % 17,5 % 17,3 % 7,4 % 7,0 % 7,0 % 6,9 % 7,0 %
Requirement 14.2% Requirement 5 %
Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
14 * Current requirement: 14.2%, the requirement was 12.7% in Q1, Q2 and Q3. Conservative loan book dominated by retail mortgages 99% of lending to the retail market consists of housing loans
Low risk, loans with good security Geographical distribution in a region we know well
Rest of Norway Abroad 0,3 % RealEiendomsdrift Estate 8,5 % 8% ShippingUtenriks andsjøfart Offshore og Rogaland transport 17,8 % 4% BuildingBygge- ogand Retail Corporate Constructionanleggsvirksomhet 25% 3% 75% AgricultureJord-, skogbruk and Forestry og 3% fiskeri 2% ServicesTjenesteytende Vestland 4% virksomhet 73,4 % OtherAnnen Corporate bedriftsmarked Low risk in the retail market portfolio 94,6 % of lending portfolio with LTV under 70 %
Lending broken down by LTV ratio¹ Moderate development in house prices in the bank’s home market²
160 93,5 % 94,6 % Oslo +52% 150
140
130
120 Bergen +20% Vestland (excl. Bergen) +17%
110 Rogaland (excl. Stavanger +6%) 100 Stavanger -2%
90 5,3 % 4,5 % 1,2 % 0,9 % 80 LTV <= 70 % 70 - 85 % LTV > 85 % 2014 2015 2016 2017 2018 2019 2020
Q4 2019 Q4 2020
1) Only the part of a loan that exceeds the LTV threshold is shown in a higher LTV interval 16 2) Statistics Norway (Q4 2014–Q4 2020) Limited COVID-19 impact on the retail market portfolio - significant reduction in loan relief on housing loans over time
Active instalment-free periods in the retail market portfolio1) • The volume of instalment-free housing loans has decreased considerably since the first months of the Covid-19 pandemic • The bank has stayed in close contact with customers who have applied for loan relief due to being laid off • Good servicing ability, also on loans for which payment holiday has been granted • Avg LTV on instalment-free loans is largely on a par with the rest of the portfolio • About 85% of payment holiday periods are for less than three months, about two-thirds of payment holidays are granted for one month
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1) Includes short term instalment-free periods granted after payment of the loan Quicker recovery from impact
of COVID-19 than previously Approx. NOK 2.3 bill., corresponding to approx. 4% of the CM portfolio¹, affected anticipated by the crisis 10% Moderately affected by COVID-19: Decrease of NOK 0.3 bill. (NOK 5.4 bill.) • Primarily companies engaged in the hotel industry or shipping and certain real estate companies • They have greater leeway due to liquidity buffers or lower LTV ratio • Typically solid owners willing and able to raise new capital NOK 3.0 bill. 6% Severely affected by COVID-19: Increase NOK 0.1 billion (NOK 3.1 bill.) 5% • Primarily companies in tourism, restaurants and certain real estate companies NOK (2.6 bill.) 4% (NOK 2.3 bill.) • These are commitments that may have difficulties meeting loan terms NOK 1.4 bill. due to COVID-19 NOK 1.0 bill. NOK 1.1 bill. NOK 0.8 bill. • The main challenge is liquidity. Most of the customers have been helped by support schemes/loan relief NOK 0.4 bill. NOK 0.3 bill. NOK 0.4 bill.
NOK 1.4 bill. NOK 1.3 bill. NOK 1.2 bill. NOK 1.1 bill. Severely affected by the fall in oil prices. Decrease of NOK 0.1 bill. due to redemption. • This is mainly the offshore portfolio Q1 2020 Q2 2020 Q3 2020 Q4 2020 • The situation is stable in relation to the previous quarter
18 1) CM portfolio: NOK 53 bill.. in commitments The bank's goal is to be a leader in sustainable business practices and also in the openness and thoroughness of our sustainability reporting
MSCI
✓ ESG rating: AA
ISS Oekom
✓ C ✓ Prime
Sustainalytics
✓ ESG risk rating: 20.8.
19 SPAREBANKEN VEST Aggressive targets for climate risk and sustainability
• In 2019, Sparebanken Vest adopted a sustainability strategy that affects all areas of the bank • Cut own climate footprint in half by 2025 from 2018 • Requirements for climate neutrality at all our suppliers and major sponsorships • Framework for green bonds • Measurement of the carbon footprint in the portfolio within shipping /marine sector, small power plants and construction/real estate. This represents almost 70% of the bank's corporate portfolio • Sustainable product framework to steer our lending activities towards impactful activities and reaching our industry specific goals
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C1 - Public Natixis We start with ourselves and our suppliers
Cut own emissions in half by 2025 Our own emissions • Our goal is to cut our own emissions in half from -147 2018 to 2025 (147 tonnes of CO2) tonn CO2 • We reached the target in 2020 – 173 tonnes CO2 was reduced in 2019-2020 due to a range of initiatives within transport, waste and energy. And help from Covid-19... Climate neutrality requirements for all suppliers • In the fall of 2019, 103 suppliers received the requirement to be climate neutral by the end of 2020 Transport Waste Energy • By now 99 have replied that they are,or commited to become, climate neutral. 84 as a direct cause of SPV's requirement. Powerful domino effect
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C1 - Public Natixis Sustainable product framework
▪ We have established a sustainable product framework for the industries ▪ Property ▪ Renewable energy ▪ Transport/Shipping ▪ Fisheries and aquaculture ▪ The framework is a tool for managing the portfolio in accordance with long-term industry targets and for the development of sustainable loans and products, based on: ▪ Green bond principles ▪ Sustainable loans based on customer’s ESG rating or defined KPIs ▪ Launched in June
SPAREBANKEN VEST Industry-specific targets for our portfolio
Commercial property Small-scale power Proportion of loans for commercial property Highlighting the bank’s practices and the green meeting the current criteria for green bonds shall profile of Norwegian small-scale power production be increased from about 10% to 30% during the period 1 Jan. 2020 to 31 Dec. 2022.
Fisheries and fish processing Shipping
Proportion of loans for fisheries and fish Carbon intensity: CO2 emissions per transport unit processing defined as ‘green maritime’* shall be shall be reduced by at least 15% by 2023, and by at increased from about 14% to 50% by 31 Dec. least 50% by 2030 (measured against 2019 2025. figures). By 2023, at least 75% of our portfolio (measured as Aquaculture proportion of loans) shall consist of vessels performing on average or better in their Proportion of loans for the aquaculture industry segment/group. defined as ‘green technology’ shall be increased to 50% by 31 Dec. 2025. Customer/project requirements covered by the bank’s industry policy for Shipping.
SPAREBANKEN VEST Green products and sustainable customer advice in the retail market
Green housing loans Green funds Proportion of new housing loan customers Number of green funds increased by 200% in 2020, opting for green housing loans shall be and aim for at least half of our funds to be increased by 30% during the period 1 Jan. classified as green by 2023. 2020 to 31 Dec. 2021.
Green housing upgrades Green deposits We will encourage customers to make efforts We have launched ‘green deposits’, which means to improve their own energy consumption by that Sparebanken guarantees that the deposit will launching ‘Green housing upgrades’. be used for either ‘green loans’ or other projects categorised as green.
SPAREBANKEN VEST Sparebanken Vest Green Mortgage Loan*
What is a green mortgage? Green mortgage loans provides extra favourable loan interest if you have a property in energy class A or B.
What does it mean that the home has energy class A or B? Energy class A means that the dwelling has a heat pump or solar energy. In addition, it has better insulation in windows and walls. A passive house is also within energy class A.
Energy class B is a property with a heat pump or solar energy with highly insulated walls and windows.
25 SPAREBANKEN VEST *as of Nov 12th 2020 Green Mortgages have 35bp lower price compared to second best in our price list
C1 - Public Natixis Green Bond Framework - Structure Overview
Green Bond Framework
Green Senior Bonds Green Covered Bonds Green Buildings Hydropower Green Buildings
• Loans to finance or refinance new or • Hydro power in Norway, limited direct • Loans to finance or refinance new or
existing energy efficient commercial and emissions of less than 100g CO2e / KWh. existing energy efficient residential residential buildings in Norway. buildings in Norway.
New Buildings belonging to the top 15% New Residential Buildings belonging to the most energy-efficient buildings of the local - Run-of-river, small scale hydro power top 15% most energy-efficient buildings of building stock and refurbished buildings plants (maximum generation capacity < the local building stock and refurbished which achieved energy savings of at least 20MW). buildings which achieved energy savings of 30% in comparison to the baseline - Refurbishment or refinancing of existing at least 30% in comparison to the baseline performance of the building before the medium or large hydropower plants. performance of the building before the renovation. renovation. EU Environmental Objective: EU Environmental Objective: EU Environmental Objective: Substantial contribution to Climate Substantial contribution to Climate Substantial contribution to Climate Change Mitigation (1.b). Change Mitigation (1.a). Change Mitigation (1.b).
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C1 - Public Natixis Sparebanken Vest Boligkreditt AS
27 Sparebanken Vest Boligkreditt AS
Market Area Brief information about Sparebanken Vest Boligkreditt
• Wholly owned subsidiary of Sparebanken Vest - and a dedicated covered bond company
• Revolving credit facility provided by Sparebanken Vest to cover payment obligations in covered bonds for a rolling 12 month period less amounts already disbursed under the facility
• Loans transferred to Boligkreditt as true sale on a non-recourse basis
• Cover pool 100 % prime Norwegian residential mortgages
• Covered bonds rated Aaa by Moody’s – three notches “leeway”
• Approval from the Norwegian FSA to report capital according to AIRB methods
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C1 - Public Natixis Eligibility criteria for the cover pool
▪ Employed retail clients and independent self employed individuals
Customer criteria ▪ Resident in Norway ▪ No negative credit history
▪ Probability of default max 1.25%
Credit criteria ▪ Not in arrears ▪ Not delinquent – 31 days or loss write-down
▪ Max LTV 75%
Collateral ▪ Recent valuations (less than 3 months) ▪ Quarterly valuation from independent AVM provider
▪ Primary residences Type of properties ▪ Cooperative housing loans ▪ No holiday homes
▪ Principal repayment loans Type of products ▪ Revolving credits (flexi-loans) ▪ Fixed and variable rate loans
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C1 - Public Natixis Cover Pool (1/2)
Cover pool as of 31.12.2020 Distribution according to LTV (indexed) Total cover pool NOK 109.7 bn
Total loan balance (mortgages) NOK 101.8 bn 35,0% Average loan balance NOK 1,538,474 30,0% No. of loans 66,161 No of borrowers 55,895 25,0% WA seasoning (in months) 42 20,0% WA remaining terms (in months) 285 WA indexed LTV (based on limits) 55.19% 15,0% WA indexed LTV (on drawn amounts) 54,48% 10,0% Variable rates 77.80% Default (Basel) NOK 97 m 5,0%
OC level (eligible) 16.8% 0,0% OC level if house prices drop 20% 11.0% >0 - <=40 >40 - >50 - >60 - >70 - >80 - >90 - >100% % <=50 % <=60 % <=70 % <=80 % <=90 % <=100 % OC level if house prices drop 30% 3.5%
▪ 100% prime Norwegian residential mortgages ▪ Moody’s TPI of “High” ▪ 7.2% substitute assets in the cover pool ▪ Covered Bonds rated Aaa with “leeway” of three notches ▪ 99.9% performing loans ▪ Regulatory minimum OC-requirement: 2.0% ▪ Cover Pool Collateral Score: 5.0%
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C1 - Public Natixis Cover Pool (2/2)
Geographic Distribution Development in Arrears and Indexed LTV
1,0 % 75%
70%
0,8 % 65%
60% 0,6 % Rest of Norway (10.7%) 55% 50% 0,4 % 45%
0,2 % 40% 35%
0,0 % 30% Vestland (75.5%) Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 08 09 09 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20
30-60 60-90 90 LTV (RA) Rogaland (13.8%) *
▪ Properties mainly located in the market area of Sparebanken Vest in ▪ Low arrears Western Norway ▪ LTVs calculated based on limit of flexible credit mortgages (i.e. undrawn portion ▪ Western Norway has a very diversified industrial structure included)
31 SPAREBANKEN VEST *Right axis
C1 - Public Natixis Maturity profile – covered bonds as of 31st December 2020
Maturity profile - covered bonds
25 000
20 000
15 000 SEK NOK GBP 10 000 EUR
5 000
- 2021 2022 2023 2024 2025 2026 2027 2028
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C1 - Public Natixis Maturity profile
- Amortisation of mortgages vs. covered bond maturities NOK BN. BN. NOK
▪ The maturity profile of Covered Bonds matches real amortisation in mortgage portfolio in the cover pool
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C1 - Public Natixis Risk management - low risk level
▪ Credit risk framework is set out in separate document stating which loans can be bought ▪ Board resolution required for any change in credit risk framework Credit risk ▪ Framework requirements: maximum risk level (PD), type of property, objective documented LTV threshold and customer requirements ▪ Credit risk managed by IRB standards
▪ Currency risk – 100 % hedged by swaps, open limit of MNOK 25 ▪ Interest rate risk – hedged by swaps if any, limit of MNOK 55 (based on 1 % parallel shift in yield curves) Market risk ▪ No investments/placements in “risky” assets; Norwegian government or high quality fixed income securities (so far only rated Norwegian covered bonds investments)
▪ The law requires positive cash flow from the cover pool to cover bond holders ▪ Soft bullet structure on all covered bonds issued Liquidity risk ▪ Note Purchase Agreement with parent securing that Boligkreditt will be able to meet the next 12 months of maturities at all times
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C1 - Public Natixis Appendix
35 Reported ROE, 2012–2020* - Sparebanken Vest with highest average return on equity
12,1 % 12,2 % 12,3 % 12,4 % 11,7 % 11,4 % 11,6 %
9,2 % 8,7 %
4,7 %
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 SVEG
36 SPAREBANKEN VEST * The selection comprises of SVEG, DNB, NONG, MING, SR, MØRE, SPOG, SOR, HELG, SADG
C1 - Public Natixis 2020: Good cost discipline and strong contributions from associated companies
Net interest income and commission income affected by low interest rates and COVID-19
37 *Ex. one-offs from purchase and sales of real estate
C1 - Public Natixis Manageable offshore portfolio with a loan loss reserve of 25.3%
Low offshore portfolio Low number of customers
• Reduced exposure during the quarter of MRV; 5% Subsea and PSV NOK 115 million, mainly due to the sale Seismic; 5% PSV; 22% Subsea and PSV of one vessel Subsea • Relatively concentrated around Subsea, Subsea a segment that has historically been PSV less affected than other segments, but is now suffering under the lack of contracts NOK 1.1 bill. Subsea (0.6% of gross • No ships in cold lay-up, but increase in lending) Seismic the number of unchartered ships MRV • The bank has not cancelled or 0 200 400 Million NOK converted debt into equity • Provision increased by approx. 3 Subsea; 68% percentage points since the previous Paying full instalments Paying reduced instalments Undergoing restructuring quarter
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C1 - Public Natixis Decrease in potential bad debt and
commitments in default 5,00% Defaults and other potential bad debt 1 800
1 600
4,00% 1 400
Retail market 1 200 • Overall, the quality of the housing loan portfolio is considered good, 3,00% 1 286 1 269 1 000 with a decrease in defaults and other potential bad debt 1 049
• Positive development in defaults in recent quarters 849 800 2,00% 630 • Percentage provided for accounts for 29.6% 600 0,92% 0,90% 0,82% 400 1,00% Corporate market 0,71% 0,61% • Moderate decrease in defaults and other potential bad debt 404 393 412 385 367 200 • A material increase in overdue payments and defaults has still not been observed. Developments monitored closely, focusing on 0,00% - Q419 Q120 Q220 Q320 Q420 affected industries. • Percentage provided for accounts for 73.0%
Retail Corporate Share of gross lending
1) Percentage provided for = Total provision / defaults and other 39 potential bad debt
C1 - Public Natixis Decrease in relief applications in the corporate market portfolio Loan relief CM2
3,4 3,3
• The instalment-free periods are typically short (up to 3 months) 2,1 1,9 1,9 • Gives the bank increased flexibility and greater leeway compared with longer instalment-free periods • Only approx. NOK 0.35 bill. in loans have been granted a loan-free instalment1) period longer than six months
Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020
1) Applies to loan relief granted in 2020.
40 2) Excl. loans originally furnished without relief component Norwegian Economy
41 Development in the economy of Western Norway
House prices Labour market Percent
42 SPAREBANKEN VEST Source: Sparebanken Vest / Bloomberg
C1 - Public Natixis Economic conditions
GDP growth Oil price and fx rate
Salmon price Seasonally Adjusted PMI
43
43 SPAREBANKEN VEST Source: Sparebanken Vest / Bloomberg
C1 - Public Natixis Households
Real disposable income Credit growth
Retail sales index CPI growth
44
44 SPAREBANKEN VEST Source: Sparebanken Vest / Bloomberg
C1 - Public Natixis Norwegian economy - International context
GDP Growth Unemployment
45 SPAREBANKEN VEST Source: Sparebanken Vest / Bloomberg
C1 - Public Natixis Investor contacts
Fredrik Skarsvåg CEO, Sparebanken Vest Boligkreditt tel: (+47) 988 57 275 [email protected]
John Hopp Head of treasury, Sparebanken Vest tel: (+47) 450 81 776 [email protected]
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C1 - Public Natixis Disclaimer
This material does not constitute an offering circular in whole or part and you must read the actual offering circular related to the Covered Bond program and the notes which may be
issued from time to time thereunder as referred to in this material (respectively the"Program" and the “Notes”) before making an investment decision. The offering circular for the
Program is available from the Arrangers. You should consult the offering circular for more complete information about Sparebanken Vest Boligkreditt and the Program. The Notes
are not to be offered or sold in any jurisdiction in circumstances in which the distribution of this document or the Notes would be prohibited in such jurisdiction. This document must
not be acted on or relied on by persons who are not eligible to invest in the Notes. Any investment or investment activity to which this communication relates is available only to
person's eligible to invest in the Notes and will be engaged in only with such persons. By electing to receive this transmission, you represent, warrant and agree that you will not
attempt to reproduce or re-transmit the contents of this presentation by any means. By receiving this presentation, each recipient (i) acknowledges that the offering is being made
only outside the United States to non-U.S. persons in reliance upon Regulation S under the U.S. Securities Act Of 1933 and (ii) is deemed to represent that it is not a U.S. person
within the meaning of Regulation S and is not accessing the presentation from a location within the United States.
In addition, institutions mentioned in this material, affiliates, agents, directors, partners and employees may make purchases and/or sales of the Notes as principal or agent or may
act as market maker or provide investment banking or other services in respect of the Program or the Notes which may be issued from time to time thereunder. Sparebanken Vest
Boligkreditt, Sparebanken Vest, the Arrangers and the Dealers and their respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss
or damage of any kind arising out of the use of all or any part of this material. Although the statements of fact in this presentation have been obtained from and are based upon
sources that Sparebanken Vest Boligkreditt believes to be reliable, no representation or warranty, either expressed or implied, is provided in relation to the accuracy,completeness
or reliability of the information contained herein. All opinions and estimates included in this presentation constitute Sparebanken Vest Boligkreditt’s judgement, as of the date of this
presentation and are subject to change without notice and Sparebanken Vest Boligkreditt is not under any obligation to update or keep current the information contained herein. This
presentation is the property of Sparebanken Vest Boligkreditt
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C1 - Public Natixis