Instabank | CEO Robert Berg 09:50 Easybank | CEO Oddbjørn Berentsen 10:10 Brabank | CEO Bent Gjendem

Invitasjon | Torsdag 5. september INVESTORDAG Nordiske Utfordrerbanker

SpareBank 1 Markets har gleden av å invitere deg til vår femte Investordag for Nordiske Utfordrerbanker, torsdag 5. September 2019.

Program* 08:30 Registrering & lett frokost 09:00 Velkommen | Stein Husby, CEO SpareBank 1 Markets Nordic Consumer Banks 09:10 Kraft Bank | CEO Svein Ivar Førland 09:30 InstaBank | CEO Robert Berg 09:50 Easybank | CEO Oddbjørn Berentsen 10:10 BRAbank | CEO Bent Gjendem

10:30 Kaffepause 10:50 Komplett Bank | CEO Jan Haglund 11:10 TF Bank | CEO Mattias Carlsson

Commercial Banks 11:30 Aprila Bank | CEO Halvor Lande 11:45 Avida Finans | CEO Tord Topsholm 12:00 Maritime & Merchant Bank | CEO Halvor Sveen 12:15 Pareto Bank | CEO Tiril Villum og CFO Erling Mork 12:30 Oppsummering | Odd Weidel, Aksjeanalytiker SpareBank 1 Markets * Merk at det kan forekomme endringer i programmet

Dato: Torsdag 5. september 2019 Tid: 09:00-12:45 Sted: Nationaltheatret Konferansesenter (KS Agenda), Haakon VIIs gt 9 Meeting room: Nordkapp RSVP: [email protected]

Velkommen! Velkommen – Investordag nordiske utfordrerbanker 5. september 2019

1 Ledende investeringsbank med et bredt produkt- og tjenestetilbud…

1 2 Egenkapital Rådgivning

• Børsnoteringer, emisjoner • Fusjoner og oppkjøp og andre plasseringer • Verdivurderinger og annen • Aksjebord finansiell rådgivning

6 3 Kapitalforvaltning Fremmedkapital

• Aktiv forvaltning • Høyrenteobligasjoner og andre rentepapirer • 5.000 aktive kunder og ~17 milliarder under forvaltning • Obligasjonsbord

5 4 Analyse Renter og valuta

• Aksje- og kredittanalyse • Sikring, trading, finansiell Kjerne • ~ 20 analytikere med risikoanalyse og Kundebase dekning av 200+ selskaper E-handelsplattform

SB1M med komplett produktpalett og ∼150 ansatte

2 …med et høy aktivitetsnivå innenfor alle forretningsområder…

IPO IPO IPO IPO IPO IPO IPO IPO June 2019 June 2019 October 2018 June 2018 March 2018 November 2017 October 2017 NOK 506,000,000 NOK 362,000,000 NOK 542,000,000 USD 225,000,000 NOK 1,400,000,000 NOK 750,000,000 NOK 400,000,000

ECM Private placement Private placement Private placement Private placement Private placement Rights issue Private placement (Listed) May 2019 April 2019 April 2019 April 2019 January 2019 December 2018 November 2017 SEK NOK 324,000,000 NOK 93,000,000 NOK 250,000,000 NOK 170,000,000 NOK 463,000,000 NOK 246,000,000 1,270,000,000

ECM Private placement Private placement Private placement Private placement Block sale of shares Private placement Private placement (Not listed) June 2019 June 2019 May 2019 February 2019 February 2019 October 2018 September 2018 NOK 230,000,000 NOK 102,000,000 NOK 150,000,000 NOK 150,000,000 NOK 180,000,000 NOK 100,000,000 NOK 110,000,000

Acquisition of Oslo Børs Merger with Hafslund Asset and cash swap for M&A and project finance Minority stake in Scatec Merger of non-life Acquisition of VPS M&A E-CO 16% own shares of 1.5 TWh wind portfolio Solar insurance seismic fleet Ongoing July 2019 June 2019 January 2019 November 2018 September 2018 August 2018 SEK 14,500,000,000 NOK 6,790,000,000 Undisclosed NOK 700,000,000 NOK 19,750,000,000 USD 689,000,000

HAVILAFJOR Ekornes QM Holding AS D DCM Unsecured bond Unsecured bond Secured bond Tap issue Unsecured bond Tap issue Private debt August 2019 May 2019 March 2019 March 2019 February 2019 January 2019 December 2018 NOK 800,000,000 USD 400,000,000 NOK 2,000,000,000 USD 100,000,000 USD 100,000,000 NOK 250,000,000 SEK 600,000,000

IG Unsecured bond Unsecured bond Unsecured bond Unsecured bond Unsecured bond Unsecured bond Unsecured bond June 2019 May 2019 May 2019 April 2019 March 2019 February 2019 January 2019 NOK 400,000,000 NOK 400,000,000 NOK 500,000,000 NOK 2,000,000,000 NOK 400,000,000 NOK 800,000,000 NOK 400,000,000

i) Selected issues ii) Figures are rounded for simplicity

3 …og en sterk distribusjonsevne mot både institusjonelle og private investorer

Utvalgte nyere transaksjoner med respektive allokeringer

Tilgang til mer enn 1500

Private placement Private placement Private placement Private placement IPO investorer globalt NOK 93m NOK 250m NOK 463m USD 30m NOK 362m #1 #1 #1 #1 #1 (53%) (44%) (52%) (73%) (52%)

25+ meglere rettet mot institusjonelle investorer

Private placement Private placement Private placement IPO IPO

NOK 150m NOK 759m SEK 1,270m NOK 1,400m NOK 2,300m #1 #1 #1 #1 #1 (63%) (31%) (46%) (54%) (43%) 3 regionale meglerbord

Source: Dealogic *Excluding investors that were wall-crossed before the transaction 4 SB1M har et toppranket analyseteam innenfor Bank og finans… Utvalgte analytikere

Harald Magnus Andreassen Sjeføkonom #1 Bank Makro • Rangert som #1 i makro i 15 påfølgende år med klar margin og Finans • Mer enn 20års erfaring med analyse • Nils C. Øyen • Odd Weidell Toppranket analytiker Analytiker Peter Hermanrud • Mer enn 15 års erfaring • Mer enn 15 års fartstid Sjefstrateg fra bank og finans fra bank og finans #1 • Rangert #1 i strategi i 15 påfølgende år Strategi med klar margin • Mer enn 25 års erfaring med analyse og kapitalforvaltning

Kristian Semmen Pål Ringholm Market Sjef kredittanalyse maker • Mer enn 20 års erfaring #1 fra analyse og kapitalforvaltning Kreditt • Rangert #1 i kredit, top rangert i et 10 år • 20 års erfaring fra bank og finans

Dekker 28 banker, 200+ selskaper totalt

5 …og har en betydelig aktivitet innenfor bank og finans… Utvalgte EK-transaksjoner (totalt hentet > 5.000 MNOK i egenkapital siden starten av 2017)

Bid for Oslo Børs VPS Redistribution of shares Merger of non-life Merger in BN Bank and SB1 Private placement Merger insurance operations Næringskreditt Financial Adviser to Adviser to Euronext Adviser to BRABank Sole adviser Financial Adviser to SB1 JLM & Bookrunner SMN

Ongoing 2019 2019 November 2018 2019 2019

NOK 6,790,000,000 Undisclosed NOK 1,200,000,000 NOK 700,000,000 NOK 39,000,000 Undisclosed

Private placement Private Placement IPO Block Trade Private Placement Block Trade

JLM and Bookrunner JLM & Bookrunner JLM & Bookrunner JLM & Bookrunner JLM & Bookrunner Sole Bookrunner

October 2018 June 2018 May 2018 May 2018 March 2018 January 2018

NOK 525,000,000 NOK 195,000,000 NOK 62,000,000 NOK 138,000,000 NOK 100,000,000 NOK 300,000,000

IPO Private Placement and Acquisition of Bank 1 IPO Merger Private Placement IPO Oslo Akershus AS

Global Coordinator and Sole Global Coordinator Financial Adviser to the Financial Adviser to JLM & Bookrunner Manager Bookrunner and Bookrunner parties Sparebanken Hedmark September 2017 June 2017 April 2017 December 2016 June 2016 January 2016

NOK 120,000,000 NOK 2,300,000,000 NOK 275,000,000 NOK 860,000,000 NOK 340,000,000 NOK 3,190,000,000

6 …og er i tillegg en av de ledende aktørene på utstedelse av ansvarlig kapital Utvalgte transaksjoner ansvarlige lån og fondsobligasjoner

Volum 2018-YTD:

Boligkreditt Tier 1: NOK 1,529 mrd – 870 mill

Tier 2: NOK 2,620 mrd – 1,005 mrd

22 % markedsandel i 2018-YTD

7 Utfordrerbankene har ulik lønnsomhet og skala…

Utvikling i 4Q rullerende ROE, forbrukslånbanker Utvikling i 4Q rullerende ROE, forretningsbanker

8 Kilde: Selskapsinformasjon og SB1 Markets 8 …noe som reflekteres i bankenes verdsettelse…

1Y Total shareholder return (%) P/B, 2Q19 rapportert

9 Kilde: Selskapsinformasjon og SB1 Markets 9 …og sentrale tema for forbrukslånsbankene er blant annet følgende Mens de kommersielle nisjebankene ikke har de samme utfordringene

1 • Gjeldsregisteret • Norske vs. utenlandske Regulatoriske kapitalkrav rammebetingelser • «Forsvarsskatt» i Sverige 2 5 Markeds- og Konsolidering kundedynamikk • Naturlig å forvente betydelige dynamikk i sektoren fremover • Etterspørsel etter • Kritisk masse • Samtidig vil sektoren være mer forbrukslån • Regulatorisk «moden» når «støvet legger seg» • Mislighold og tap arbitrasje • «Emigrasjon»

3 4 • Tapsnivåer • Lønnsomhet i Kapitalkrav sektoren • Kritisk masse og Kapital • Effekter IFRS 9 selvfinansierende evne • Negativt sentiment

10 SpareBank 1 Markets har gleden av å invitere deg til vår femte Investordag for Nordiske Utfordrerbanker, torsdag 5. September 2019.

10:30 Kaffepause 10:50 Komplett Bank | CEO Jan Haglund 11:10 TF Bank | CEO Mattias Carlsson

Dato: Torsdag 5. september 2019 Tid: 09:00-12:45 Sted: Nationaltheatret Konferansesenter (KS Agenda), Haakon VIIs gt 9 Meeting room: Nordkapp RSVP: [email protected]

Velkommen! kraftbank.no

Seminar utfordrerbanker, SpareBank1 Markets Oslo 05.09.2019 Svein Ivar Førland (CEO) Kraft Bank er ikke en forbrukslånsbank!

Kraft Bank

hjelper folk som har økonomiske utfordringer.

Vi tilbyr en grundig økonomisk gjennomgang for å finne en løsning som er bedre for kunden.

Kraft Bank behandler alle kunder med respekt.

2 kraftbank.no Kort om Kraft Bank ASA

Gjelden er for høy i mange norske husholdninger Gjeldsveksten innen forbrukslån de siste årene gir kunder problemer Forretningside Bank for privatkunder som ikke kvalifiserer for lån i tradisjonelle banker Kun to produkt, utlån og innskudd

Overtegnet emisjon i februar 2018 Oppstart Etablert 29. mai 2018 Notert på NOTC fra 30. mai 2018 (KRAB)

Gjør en grundig økonomisk gjennomgang for å finne en bedre løsning Tilbyr refinansiering og tett oppfølging for kunden Spesialbank Refinansierer både sikret og usikret gjeld Erfarne rådgivere innen kreditt og privatøkonomi

Hjelper kunden å komme tilbake i balansert økonomisk situasjon Ikke livsløpsbank Mål om at kunden skal tilbake til tradisjonell bank

3 kraftbank.no Hovedpunkter 2. kvartal 2019

Første kvartal med positivt resultat

. Netto utlånsvekst var 166 millioner kroner

. Utlån til kunder var 712 millioner kroner per 30. juni 2019

. Resultat etter skatt var 0,13 millioner kroner

. Ren kjernekapitaldekning var 61 %

4 kraftbank.no Volum Nysalg og geografisk fordeling 30.06.2019

5 kraftbank.no Utlånstype og pant Av utbetalte lån siden oppstart

6 kraftbank.no Utvikling resultat og inntekter

7 kraftbank.no Etablering av banken

Svært lav investering for oppstart av banken, inkludert alle system:

• Rask etablering • Kostnadseffektiv etablering • Ansatte med svært høy kompetanse • Tidlig lønnsomhet

Drift:

• Stor grad av manuell analyse av kunder frem til innvilgelse • Deretter automatisert produksjonssystem

8 kraftbank.no Bankens infrastruktur Kjernesystem gir svært effektiv API integrasjon og produksjon

A P I

9 kraftbank.no Fremover

Uendret målsetning for utlån ved årsslutt 2019 på i overkant av 900 millioner kroner

Banken forventer økt vekst og lønnsomhet for tredje og fjerde kvartal 2019

10 kraftbank.no Takk for oss!

kraftbank.no Instabank

Sp1 Markets seminar September 5th 2019

www.instabank.noinstabank.no Important information and disclaimer

THIS PRESENTATION (THE “PRESENTATION”) HAS BEEN PRODUCED BY INSTABANK ASA (THE “COMPANY” OR “INSTABANK”), SOLELY FOR USE AT THE PRESENTATION TO INVESTORS AND IS STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. TO THE BEST OF THE KNOWLEDGE OF THE COMPANY AND ITS BOARD OF DIRECTORS, THE INFORMATION CONTAINED IN THIS PRESENTATION IS IN ALL MATERIAL RESPECT IN ACCORDANCE WITH THE FACTS AS OF THE DATE HEREOF, AND CONTAINS NO MATERIAL OMISSIONS LIKELY TO AFFECT ITS IMPORT.

THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES. FORWARDLOOKING STATEMENTS CONCERN FUTURE CIRCUMSTANCES AND RESULTS AND OTHER STATEMENTS THAT ARE NOT HISTORICAL FACTS, SOMETIMES IDENTIFIED BY THE WORDS “BELIEVES”, EXPECTS”, “PREDICTS”, “INTENDS”, “PROJECTS”, “PLANS”, “ESTIMATES”, “AIMS”, “FORESEES”, “ANTICIPATES”, “TARGETS”, AND SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR CITED FROM THIRD PARTY SOURCES ARE SOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. NONE OF THE COMPANY OR ANY OF THEIR PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON’S OFFICERS OR EMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD- LOOKING STATEMENTS ARE FREE FROM ERRORS NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS PRESENTATION OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS. THE COMPANY ASSUMES NO OBLIGATION, EXCEPT AS REQUIRED BY LAW, TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR TO CONFORM THESE FORWARD-LOOKING STATEMENTS TO OUR ACTUAL RESULTS.

AN INVESTMENT IN THE COMPANY INVOLVES INHERENT RISKS AND IS SUITABLE ONLY FOR INVESTORS WHO UNDERSTAND THE RISKS ASSOCIATED WITH THIS TYPE OF INVESTMENT AND WHO CAN AFFORD A LOSS OF ALL OR PART OF THE INVESTMENT. SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, ITS DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

NO REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, ANY INFORMATION, INCLUDING PROJECTIONS, ESTIMATES, TARGETS AND OPINIONS, CONTAINED HEREIN, AND NO LIABILITY WHATSOEVER IS ACCEPTED AS TO ANY ERRORS, OMISSIONS OR MISSTATEMENTS CONTAINED HEREIN, AND, ACCORDINGLY, NONE OF THE COMPANY OR ANY OF THEIR PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON’S OFFICERS OR EMPLOYEES ACCEPTS ANY LIABILITY WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS DOCUMENT.

THERE MAY HAVE BEEN CHANGES IN MATTERS WHICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION. BY ATTENDING OR RECEIVING THIS PRESENTATION, YOU ACKNOWLEDGE THAT YOU WILL BE SOLELY RESPONSIBLE FOR FORMING YOUR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY.

THIS PRESENTATION SPEAKS AS OF 31 DECEMBER 2016. NEITHER THE DELIVERY OF THIS PRESENTATION NOR ANY FURTHER DISCUSSIONS OF THE COMPANY WITH ANY OF THE RECIPIENTS SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE SUCH DATE. Key highlights Q2-19

Improved credit quality Changes in credit assessment over the past year and improved pre-  collection processes have had a positive impact on share of loans past due, resulting in decreased loan losses in the quarter

Operational focus  Strong operational focus on adapting to the new consumer finance by-law and both deliver and utilise data from the debt registers

Record high Q2 net profit of 12.7 MNOK  Losses on loans came down to 15.7 MNOK or 2.4 % of gross loan balance

Net loan growth of 13 MNOK Finland performed well with a net loan growth of 92 MNOK, net loans in  Norway decreased by 99 MNOK, while net loans in Sweden grew by 21 MNOK

3 Product portfolio

Unsecured consumer loans Deposit accounts Point of sales financing

KEY METRICS KEY METRICS Credit cards

NOK 2,618m NOK 2,935m INSTORE Direct Financing in net loans in deposits Mobile – QR code UPGRADE 27,046 8,125 Hybrid leasing customers customers Cards NOK 97k NOK 361k Invoice in avg. loan size avg. deposit size ONLINE “Handlekonto” 13,0 % 1.93 % (NO) / 0,8 % avg. loan yield (FI) / 0,9 % (SE) Deferred payment

4 DRAFT Distribution channels

Brand distribution Agent distribution Partner distribution

+ potential new partners

Brand Agent Partner distribution distribution distribution volume 27 % volume 63 % volume 10 % as of Q2-19 as of Q2-19 as of Q2-19

DRAFT5 Multicountry operational platform

▪ Instabank’s multicountry operational platform is set up ▪ The advantages of operating in three countries are the to handle significantly higher volumes in all three ability focus efforts where the best margins, most countries without further investments or an increase in profitable growth can be achieved as well as benefit fixed costs. from differences in regulations and capital requirements ▪ The operation in all countries are run from one office in Oslo, cross border operations don’t require ▪ More countries to follow, but first after leveraging employees on the ground economic of scale of current footprint

Loans Q4 16 Loans Q4 17 Loans Q4 18 Deposits Q4 16 Deposits Q3 18 Deposits Q1 19 6 MNOK Net loan balance loan Net growth balance MNOK Q2-18

158 266 108 Finland Q3-18

201 376 175 Norway Q4-18

201 271 70 Sweden Q1-19

148 123 -50 25 Total Q2-19 91 -100 13 21 Net loan development Net loans customers loans Net to MNOK 1 200 1 700 1 200 2 700 2 200 3 ( 300) ( 200 700 Q2-18 1 8351 1 581 Norway Q3-18 2 2112 1 756 455 Finland Q4-18 2 4822 1 826 655 Q1-19 Sweden 2 6052 1 776 803 25 Q2-19 2 6182 Serie3 1 676 895 47 Key Key comments approach Slow Sweden margin 19 March from and partly result of compared to the previous Net loan Finland operativeregister was by manual processes Sales decreased Norway - law was effective law growth over volume a agreement flowforward operative balance growth entering as as a from from the new a a result of new May 15 May 1 result st decreased market a priority of a priorityof quarter, partly of th July until of introduction of introductionof consumer consumer a the debt in 7 cautious Q2/19 as as a Funding cost and yields

Development in funding cost and yields Key comments

12,9 % 13,0 % 13,1 % 13,0 % 13,0 % ▪ Attractive interest rate, affected by mix of products, distribution channel, and risk assessment ▪ Interest rate on deposits decreased as deposit mix changed in favor of EUR and SEK deposits at lower deposit rate than in Norway 1,9 % 2,0 % 1,8 % 1,61,7 % 1,6 % ▪ Liquidity yield up in 2019 compared to last year 1,3 %

0,9 % 0,9 % 0,6 %

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Liquidity yield Interest rate deposits Yield - loan customers

8 Solid profit development

Net profit before tax Key comments

MNOK • Instabank has been operative for three years this September and have a history of increased profit quarter by quarter, except for Q1-19 profit affected by a one-time 12,8 10,4 8,9 9,3 adjustment of 5 MNOK in loan loss provisions 5,4 4,4 2,9 3,8 ▪ As volume growth has decreased over the two last 1,6 quarters, the main focus in the near future is to continue the growth in profits: -4,2 ▪ Volume growth based on access to capital at an acceptable cost, growth capacity from capital

-14,2 surplus and profit generation ▪ Operation efficiency and cost control Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 ▪ Credit risk and processes ▪ Improving margins

9 Total income

Total income detailed Total income

MNOK 0,7 1,9 3,2 MNOK 1,7 8,8 8,6 7,8 2,8 58,3 58,3 10,3 52,3 54,3 8,3 44,8

70,2 73,5 74,5 60,1 49,9

-10,2 -11,9 -14,5 -13,5 -13,4 -6,1 -7,8 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 -11,0 -12,2 -13,8 Key comments Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Interest Income Interest expenses ▪ Decreased interest expenses as deposits mix have shifted Income commissions and fees Expenses commissions and fees Net gains/loss on forex and securities in favor of Finland and Sweden at lover deposits rate ▪ Increase in expenses commissions and fees a result of periodised agent commissions

10 Operating expenses

Operating expenses detailed Key comments

MNOK 31,9 30,4 29,8 26,0 1,3 26,4 2,2 2,7 ▪ Operating expenses reduced from previous quarter 1,1 8,7 1,5 10,1 6,3 8,3 10,2 mainly as a result of less marketing spend 6,3 10,2 12,0 6,7 4,5 11,4 10,3 ▪ As in the previous quarter, Q2-19 administrative costs 7,1 6,9 7,9 1,4 1,6 1,9 2,0 2,2 include one off advisory costs of approximately 1.5 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 MNOK Depreciation and amortisation Other administrative expenses Direct marketing costs Salary and other personell expenses Other expenses Cost/income ratio

58% 58% 55% 49% 51% 44% 43% 35% 35% 36%

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 11 Cost/ income ratio Cost ex marketing/ income ratio Credit risk developing well

Impairment losses Key comments 30 MNOK 10,0 % 22,0 17,5 20 15,8 12,6 Impairment losses and loans past due developed well in Q2 9,8 5,0 % 10 3,0 % 3,4 % 2,3 % 2,4 % 2,4 % ▪ Seasonal effects as a result of customers having better 0 0,0 % liquidity by the end of the quarter Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Impairment losses Losses on loans % of avg. gross lending (annualised) ▪ Introduction of new payment methods for Norwegian customers Past due days at end of quarter ▪ Decreased credit risk as a result of credit assessment 45,0 %% of gross lending 2,6 % 2,8 % 2,5 % 2,1 % changes over the last year. 1,8 % 35,0 % 1,7 % 31,4 % 31,2 % 1,5 % 27,9 % 27,3 % 23,7 % 6,8 % 7,7 % 25,0 % 6,0 % 0,5 % 1,2 % 0,8 % 8,4 % 5,9 % 1,3 % 4,3 % 4,5 % 3,6 % 1,2 % 1,2 % -0,5 % 15,0 % 3,2 % 3,3 %

19,1 % 18,2 % -1,5 % 17,0 % 14,4 % 5,0 % 13,4 % -2,5 % -5,0 % Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 -3,5 % 12 1-30 days 31-60 days 61-90 days >90 days Loan loss provisions Capital adequacy

Developments in capital adequacy ratios Key comments

23,7 % 23,7 % 22,8 % 22,7 % • Total capital ratio was 23,7 % by the end of Q2, 2,7 % 21,6 % 1,7 % 1,7 % 2,0 % 1,7 % 1,1 % 1,0 % above the regulatory capital requirement of 21 % 1,5 % 2,0 % 1,1 % 1,3 % • Instabank is committed to continuing its profitable growth story, but the cost of capital may limit growth short term

19,8 % 21,0 % 21,0 % 19,3 % 18,3 % • As of Q2-19 the bank has excess total capital representing a growth capacity in net loans of > 300 MNOK

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

CET1 T1 T2

13 Outlook

▪ Presence in three countries gives Instabank the strategic opportunity to focus its Updated outlook for growth efforts where the most profitable growth can be achieved. and net loans (MNOK) Profitability and scalability ▪ The business setup is able to handle significantly higher volumes in all three countries without further investments or an increase in fixed costs 2016 2017 2018 2019 Total growth 190 1,128 1,163 250-300 ▪ The bank considers Finland and Sweden to represent the best growth opportunities going forward, while volumes in Norway are expected to remain at current levels or decrease slightly. Growth limited short term 2016 2017 2018 2019 ▪ Instabank is committed to continuing its profitable growth story, but the current cost of Net loans capital limits growth short term, thus we have updated the outlook for net loan growth in 190 1,318 2,482 2,750-2,800 2019 to 250-300 MNOK

= CONTINUED PROFITABLE GROWTH ▪ The new consumer finance by-law was introduced on the 15th of May 2019 and the market is now characterised by competition on more equal terms, except for the capital Regulatory risk reduced requirement gap between Norwegian and foreign banks operating in Norway. ▪ The debt register is expected to reduce the number of fraudulent applications and to provide more informed and accurate credit assessments of loan applicants.

▪ Market conditions have changed considerably in Norway over last year and Instabank will continue driving innovation in the sector as we have done with POS financing Product innovation ▪ We believe mass distribution of generic consumer loans competing on interest rate only is history in Norway and that competing on other factors in the future is key

14 DRAFT Appendix Key figures Q2-2019

 Net profit before tax of 12.8 MNOK + 43 % vs Q2-18  Total income of 61.1 MNOK + 30 % vs Q2-18  Losses on loans 2.4 % vs 2.3 % Q2-18  Quarterly growth in net loans of 13 MNOK - 95 % vs Q2-18  Outstanding net loans of 2,618 MNOK + 43 % vs Q2-18  Total equity of 539 MNOK + 52 % vs Q2-18  Return on Equity of 7.2 % vs 8.4 % in Q2-18

15 Financial summary

P&L (NOK ‘000) Balance sheet (NOK ‘000)

Items Q2-19 Q1-19 FY 2018 Q4-18 Q3-18 Q2-18 Items Q2-19 Q1-19 Q4-18 Q3-18 Q2-18 Operating income Assets Interest income 74 466 73 351 222 546 70 207 60 090 49 926 Loans and deposits with credit institutions 185 466 150 497 142 298 145 110 116 521 Interest expenses 13 376 13 470 46 344 14 472 11 931 10 231 Loans to customers 2 617 991 2 604 823 2 481 880 2 210 903 1 834 682 Net interest income 61 090 59 881 176 202 55 735 48 159 39 695 Certificates and bonds 640 642 488 971 647 128 595 383 349 391 Deferred tax assets - - 89 1 722 4 055 Net commission fees and other income -2 742 -1 563 13 230 -1 475 4 187 5 099 Other intangible assets 28 962 29 438 27 339 25 516 22 613 Total income 58 348 58 317 189 4320 54 261 52 346 44 793 Fixed assets 777 912 1 035 1 031 1 066 Operating expenses Other receivables, of which: 101 665 104 737 115 692 80 360 65 972 Salary and other personnel expenses 10 248 10 069 30 871 8 304 8 652 6 287 - prepaid agent commissions 94 379 92 027 86 381 74 098 57 823 Other administrative expenses, of which 14 719 17 667 66 153 14 584 18 858 17 251 Total assets 3 575 503 3 379 379 3 415 461 3 060 024 2 394 299 - direct marketing cost 4 513 6 303 38 330 6 695 11 971 10 178 Liabilities Depreciation and amortisation 2 157 2 027 6 138 1 923 1 557 1 415 Deposits from and debt to customers 2 934 575 2 751 149 2 832 361 2 546 928 1 944 615 Other expenses 2 695 2 174 5 085 1 548 1 345 1 067 Other debts 23 171 19 941 14 313 24 844 18 896 Total operating expenses 29 818 31 937 108 246 26 358 30 413 26 019 Accrued expenses and liabilities 13 631 14 070 20 056 12 954 11 466 Losses on loans 15 772 21 972 47 189 17 540 12 600 9 831 Subordinated capital 40 000 40 000 40 000 40 000 40 000 Tier 1 Capital 25 000 25 000 25 000 25 000 25 000 Operating (loss)/profit before tax 12 757 4 408 33 996 10 363 9 333 8 943 Total liabilities 3 036 377 2 850 160 2 931 729 2 649 726 2 039 977 Tax 3 121 1 102 7 945 2 038 2 333 2 235 Equity Profit/loss after tax 9 636 3 306 26 051 8 326 7 000 6 708 Share capital 510 834 510 834 468 651 402 717 354 161 Retained earnings 28 291 18 385 15 081 7 581 161 Total equity 539 125 529 219 483 732 410 298 354 322 Total liabilities and equity 3 575 503 3 379 379 3 415 461 3 060 024 2 394 299

16 Share price and ownership

Top 20 shareholders as of 03.09.2019 Share price development since OTC listing in October 2016

# Shareholders # of shares % Share price (NOK) 1 KISTEFOS AS 83 126 568 25,0% 2 HODNE INVEST AS 28 054 360 8,4% 3 VELDE HOLDING AS 23 775 000 7,1% 4 BIRKELUNDEN INVESTERINGSSELSKAP AS 18 305 911 5,5% 5 KAKB 2 AS 12 612 021 3,8% 6 HJELLEGJERDE INVEST AS 9 044 000 2,7% 7 KRISTIAN FALNES AS 9 000 000 2,7% 7 LEIKVOLLBAKKEN AS 8 500 000 2,6% 9 MOROAND AS 8 500 000 2,6% 10 APOLLO ASSET LIMITED 6 562 741 2,0% 11 NYE IDE HOLDING AS 6 276 000 1,9% 12 ALTO HOLDING AS 5 900 000 1,8% 13 SONSINVEST AS 5 108 195 1,5% 14 ENZIAN AS 5 000 000 1,5% 15 LEIRIN HOLDING AS 4 333 333 1,3% 16 CAHE FINANS AS 3 500 000 1,1% 17 VELDE EIENDOM INVEST AS 3 050 000 0,9% 18 GRUNNFJELLET AS 3 010 000 0,9% 19 VENADIS FORVALTNING AS 3 000 000 0,9% 20 MAGDALENA HOLDING AS 2 807 500 0,8% Sum Top20 249 465 629 75,0% Other shareholders 83 176 410 25,0% Total 332 642 039 100,0%

Position Name # of shares % of total CEO Robert Berg (Sonsinvest AS) 5 108 195 1,5 % CRO Eivind Sverdrup (Leirin Holding AS) 4 343 833 1,3 % CMO Lauren Pedersen 610 871 0,2 % CTO Farzad Jalily 675 757 0,2 % Sum management 10 738 656 3,2 % Other employees 1 789 522 0,5 % Board members 2 150 000 0,6 % Total 14 678 178 4,4 % 17 Thank You

www.instabank.noinstabank.no Investordag - Nordiske utfordrerbanker

Oddbjørn Berentsen (CEO) – Lars Petter Ulveseth (CBD)

| 5 September 2019 | Disclaimer

This Presentation from Easybank ASA ("Easybank" or the "Company") includes among other things forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believe”, “may”, “will”, “should”, “would be”, “expect” or “anticipate” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither Easybank nor any of its officers or employees provides any assurance as to the correctness of such forward-looking information and statements. The Company does not intend, and assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results.

By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of Easybank and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of Easybank’s business and the securities issued by Easybank.

This Presentation speaks as of 15 August 2019. Neither the delivery of this Presentation nor any further discussions of Easybank with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of Easybank since such date.

2 Table of contents

I Highlights and development

II Product expansion

III Priorities going forward

3 Easybank in brief

Key highlights and developments Key figures

Based on a bank founded in 2003 – rebranded to Easybank and (in MNOK) 2016 2017 2018 H1- 19 1 raised new equity in March 2016 and March 2018 Interest income 58,9 155,4 279,2 170,4 2 New strategy from 2016 involving new management and Board of Directors in addition to significant changes in the shareholder base PBT* -23,3 15,6 73,4 44,2

3 Successful turnaround completed and listed on NOTC November 2016. Break- even Q1 2017 after 3 quarters with new business concept ROE* -7,5% 3,4% 13,5% 13,0%

4 Gross lending of NOK 2.840 million (Q2 2019), PBT NOK 73 million in 2018 EPS* -0,46 0,30 1,33 1,42

Equity of NOK 532 million, book value of equity per share NOK 11,24 Cost/Income 104% 56,5% 32,4% 28,5% 5 CET1 Capital ratio of 20,2% (including YTD profit)

Forward- flow agreement with Kredinor for non-performing loans with Total loans 991 1 781 2 614 2 840 6 option to extend throughout 2023 with same (favorable) conditions as Consumer loans 447 1 374 2 308 2 589 the initial agreement from July 2017

7 Focus on strengthening digital niche bank capabilities in B2C and B2B with strong partnerships (PBT: Profit before tax, ROE: Return On Equity, EPS: Earnings per share, Total loans = Gross loans)

4 Total income & profit before tax Strong revenue and profit development

Total income Profit before tax

NOK million NOK million

5 Leveraging core competencies Easybank competitive edge

Volume and process automation niche Analytics Transaction Volumes

Our market niche: High volumes and opportunities for high level of process automation ▪ Effective analytics is a key part of our strategy ▪ Easybank has spent considerable resources establishing leading in- house analytics infrastructure ▪ In-house data warehouse with billions of data points provides ample portfolio insight ▪ State of the art tools are used to monitor in real-time, as well as retrospective analytics ▪ Risk and price evaluations in integrated model allows for higher automation rates while optimizing risk/reward ratios across segments Process Automation level

Using Consumer Finance experience and mindset to target B2B niches through partnerships

6 Expanding product mix Strengthening digital niche bank capabilities in two segments

B2C B2B

Current products Current products

Consumer Car Savings SME loans loans accounts Loans

Current Savings Rental accounts accounts deposit accounts

Future product focus Future product focus

Automated Consumer Sales Automated SME Sales invoice loans finance invoice Credit finance purchase purchase Rental Current Savings Savings SME deposit accounts accounts accounts Loans accounts

Increased diversification by targeting two strong balancing segments (B2C & B2B)

7 Broad partnership development Strategic partner agreements in place to support expansion

PRODUCT PORTFOLIO PARTNERSHIPS

B2C

Automated Consumer invoice loans purchase Invoice purchase B2B/B2C, sales Sales Current Invoice purchase B2C and sales finance finance accounts finance and SME deposit solutions in health sector Savings Rental Expanding Invoice Sales Savings Invoice Sales accounts deposit purchase finance accounts purchase finance accounts product portfolio B2B together with

Automated SME partners invoice Credit purchase Rental deposit accounts and Dialogue with additional potential Sales loan solutions SME Loans partners to strengthen distribution finance Rental Rental deposit deposit Savings accounts accounts guarantees

New products and partners bring strong synergies to Easybank

8 Priorities Key focus going forward

Competitive Execute B2B ROE strategy

Develop B2C Navigate in new channel regulatory landscape

Overview Good profitability and competitive C/I

Gross lending Income and interest margin OPEX and C/I ratio

Profit after tax and ROE Losses and loss ratio Equity and CET-1 ratio *

All numbers in NOK million * CET-1 ratio for Q2-18, Q3-18 and Q1-19 excludes YTD profit Shareholders Strong and supportive shareholder base

Top 30 shareholders as of 8 August 2019 • 436 shareholders as of 8 August 2019 # Investor Shares Shares % 1 Skagerrak Sparebank 4 409 380 9,3% • The EASY share was registered on NOTC on 15 November 2016. 2 Verdipapirfondet Alfred Berg Norge 3 344 349 7,1% • Management holds a total of 2,589,357 shares, corresponding to 5.5% of 3 Fondsavanse AS 3 072 986 6,5% shares outstanding 4 Umico - Gruppen AS 2 618 779 5,5% 5 Ladegaard AS 2 336 032 4,9% • Members of the board represents a total of 2,658,305 shares, corresponding 6 Hjellegjerde Invest AS 1 937 544 4,1% to 5.6% of shares outstanding 7 Nordic Private Equity AS 1 669 205 3,5% • Current market capitalization of approx. MNOK 420 8 Lindbank AS 1 655 985 3,5% 9 MP Pensjon PK 1 458 738 3,1% 10 Shelter AS 1 392 727 2,9% 11 Jenssen & Co AS 1 287 879 2,7% 12 Krogsrud Invest AS 1 250 000 2,6% 13 Jolly Roger AS 1 145 630 2,4% 14 Independent Oil & Resources Plc 900 000 1,9% 15 Byholt AS 767 159 1,6% 16 Whitetail Webservice Ltd 705 009 1,5% 17 Trippel-L AS 606 118 1,3% 18 Juul-Vadem Holding AS 531 678 1,1% 19 Jaras Invest AS 440 909 0,9% 20 Hildegunn Hodne Ulltveit-Moe 400 222 0,8% 21 B Finans AS 400 000 0,8% 22 HHG Invest AS 400 000 0,8% 23 Altitude Capital AS 370 736 0,8% 24 Motor-Trade Eiendom og Finans AS 365 878 0,8% 25 Lindbak Gruppen AS 364 045 0,8% 26 Conta Group As 347 368 0,7% 27 Wist Holding AS 338 000 0,7% 28 Truls AS 310 000 0,7% 29 Arild Hestås Invest AS 301 250 0,6% 30 Autobahn AS 287 584 0,6% Total top 30 35 415 190 74,7% Other 11 982 000 25,3% Grand total 47 397 190 100,0% 12 Income statement

Full year (Amounts in thousands) Q2 2019 Q2 2018 1H 2019 1H 2018 2018 Interest income 86 296 65 615 170 359 124 158 279 244 Interest expense -15 870 -11 302 -31 289 -22 517 -49 013 Net interest income 70 427 54 313 139 069 101 641 230 231 Comission and fee income 11 649 11 196 24 000 24 290 47 879 Comission and fee expenses -14 402 -9 988 -29 163 -19 025 -44 797 Net change in value on securities and currency 1 313 191 2 992 515 1 002 Other income 107 35 107 35 39 Net other income -1 332 1 433 -2 063 5 815 4 123 Total income 69 094 55 747 137 006 107 456 234 354 Salary and other personell expenses -7 713 -7 627 -15 630 -14 331 -29 731 Other administrative expenses -8 643 -8 894 -16 144 -16 725 -33 055 - of which marketing expences -2 637 -3 992 -5 531 -7 721 -15 243 Depreciation -1 459 -1 205 -2 857 -2 369 -4 906 Other expenses -1 952 -2 330 -4 380 -4 373 -8 312 Total operating expenses -19 767 -20 055 -39 010 -37 797 -76 004 Profit before loan losses 49 327 35 692 97 996 69 659 158 350 Loan losses -27 826 -18 431 -53 756 -37 381 -84 982 Profit before tax 21 501 17 261 44 240 32 278 73 369 Tax -5 375 -4 415 -11 060 -8 267 -17 831 Profit after tax 16 126 12 846 33 180 24 012 55 538

13 Balance sheet

(Amounts in thousands) 30.06.2019 31.12.2018 30.06.2018 Assets Cash and deposits with the central bank 54 039 53 868 53 733 Loans and deposits with credit institutions 223 925 106 972 160 748 Loans to customers 2 840 056 2 613 783 2 194 148 - Loan impairment -85 233 -67 403 -58 961 Certificates and bonds 0 169 249 209 900 Shares and other securities 352 647 229 703 54 395 Shareholding in group companies 11 148 192 192 Deferred tax asset 0 2 165 11 927 Other intangible assets 20 834 20 549 20 522 Fixed assets 1 028 1 085 1 244 Other assets 2 000 523 276 Other receivables 77 884 77 001 101 646 - of which agent commisions 71 096 69 812 62 562 Total assets 3 498 330 3 207 686 2 749 768 Equity and liabilities Deposits from customers 2 842 277 2 601 841 2 179 508 Other liabilities 30 998 26 881 21 202 Accrued expenses and deferred revenue 17 532 14 393 16 564 Tier 1 and tier 2 capital bond 75 000 75 000 75 000 Total liabilities 2 965 807 2 718 114 2 292 274 Share capital 331 663 324 326 324 326 Share premium reserve 127 080 124 510 124 510 Other paid-in equity 6 990 6 577 6 025 Other equity 66 790 34 160 2 633 Total equity 532 522 489 572 457 494 Total equity and liabilities 3 498 330 3 207 686 2 749 768

14 A well positioned and highly efficient consumer loan bank

1 A well established consumer loan bank in 4 years

Presence Net lending and deposit Product history NOK (million) Founded 5000 2015 Consumer loans 4000 2016 3000 Consumer loans 2017 2000

1000 2018 Credit cards

0 Q1'16 Q3'16 Q1'17 Q3'17 Q1'18 Q3'18 Q1'19 Consumer loans 2019 Net lending Deposit Credit Cards Offers a highly efficient and scalable business model enabling both geographical and product expansion

Core banking Platform

24/7 customer experience platform

Consumer credit Credit Checkout financing and deposit accounts cards (Optional) Financial Highlights

• Significant milestones reached during H1 2019 Net Loans* NOK million • Merger completed 4 537 3 960 3 682 3 178 3 400 • Rebranding to BRAbank and IT integration on track 2 859 • Successful launch of consumer finance offerings in Sweden • Equity injection of NOK 37 million completed in July • Financial results affected by significant one-offs Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 • Capital base strengthened in Q3 Profit after tax NOK million • Private placement of NOK 35 million 4,5 5,3 0,6 • Subscription price NOK 1.25 • Subject to approval by extraordinary general meeting 16 -6,0 -11,0 September -18,9 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019

Note (*): All figures in the presentation are restated IFRS figures unless otherwise stated 4 5 Norway: Focus on compliance and regulations

Norway: Gross loans and annualized loan yield • Reduced growth due to: 2 750 16,0 % 14,4 % 14,4 % 14,4 % 14,3 % 14,1 % 14,1 % • Stricter regulations than anticipated 2 700 14,0 % 2 697 2 676 2 679 • Focus on being compliant 2 650 2 665 12,0 % • Fewer applicants qualify for a loan 2 600 2 609 10,0 %

• Some agents still not compliant with new regulations 2 550 • Applications are rejected 8,0 % 2 500 • Introduction of debt register 6,0 % 2 450 Fewer applicants qualify for a loan 2 444 • 4,0 % 2 400 • Reduced loan losses long term 2 350 2,0 % • Further development of efficient credit routines in accordance with regulations 2 300 0,0 % Q1 Q2 Q3 Q4 Q1 Q2* 2018 2019 Note(*): Q2 2019 figures excluding former BRAbank 6 Debt register in Norway launched in Q2 19

Debt register

New customers Existing customers

• Debt register data are typically strong predictors of credit • Uncertain short term effect - depends on many factors risk • Default rates may temporarily increase as high risk • BRAbank with solid experience using debt register data in borrowers will find it increasingly difficult to refinance Finland • Otherwise limited effects on the existing loan book • Expect long term positive effects on profitability • Can collect data on existing customer for scorecard • Improved risk selection for new underwritings development, however only a snapshot of current debt • Somewhat reduced approval rates as high risk customers (as opposed to historical records) will be available are rejected

7 Finland: Improved risk selection and solid market outlook

Finland: Gross loans and annualized loan yield • BRAbank’s own scorecard implemented 2 000 14,0 % 12,8 % 12,8 % 12,8 % 12,6 % 12,3 % 12,2 % • Risk reduction for new vintages expected 1 800 1 776 12,0 % • Initial focus on developing own IT-systems pays off 1 600 1 565 1 400 10,0 % • Focus on risk-adjusted margins 1 200 1 287 • Finland increasingly important going forward 8,0 % 1 000 989 • Interest cap 20 per cent in force from September 2019 6,0 % 800 • No direct impact expected 796 600 4,0 % 598 400 2,0 % 200

0 0,0 % Q1 Q2 Q3 Q4 Q1 Q2 2018 2019

8 Sweden: Successful launch in exciting market

• BRAbank’s consumer finance offering well received • Significant customer interest and inquiries • Competitive marked • Easy access to customer data and established debt register • Same market approach as in Finland • Soft launch with few agents • Learning from customer data and adjust credit models accordingly • Swedish market about twice the size of Finland and Norway

9 Integration process according to plan

• New BRAbank successfully launched High level timeline of merger

• Branding January Public announcement Monobank and BRAbank to combine • Distribution February

• IT-systems March General assembly Approval • Oslo office will be closed down in H2 19 April FSA approval • Total integration cost NOK 40-50 million May June • NOK 9 million booked in Q2 19 New BRAbank launched July Merger complete • Rest will be booked in H2 19 August Organisation adjusted September Agreements entered with all employees

• Strong efficient organisation established! October Close down Oslo office November Alignment of credit systems

December Integration completed 10 BRAbank is meeting the new reality as a digital consumer bank creating next level customer experiences

The best customer experience on core banking services Disclaimer

This presentation (the “Presentation”) has been produced by BRAbank ASA (the “Company”, the “Bank”, “BRAbank” or “BRA”), solely for use at the presentation to investors and is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import.

This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward- looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWSAND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.

This Presentation speaks as of 5 September2019. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

12 BRAbank ASA, Starvhusgaten 4, 5014 Bergen 55 96 10 00 • brabank.no SpareBank 1 Markets – Investordag Nordiske Utfordrerbanker 2019-09-05 A Nordic specialised consumer finance bank

• Offering flexible consumer financing solutions to customers across the Nordics • 230,000 customers across four product areas in Norway, Sweden and Finland • Strategic partnership with Komplett Group, largest e-commerce company in the Nordics • Multichannel distribution via own websites and agents • Digital and scalable, low-cost operations • Robust balance sheet, well capitalised enabling further value creation • Founded in 2014, listed on Oslo Stock Exchange in 2017

Consumer loans Credit cards Point-of-sales finance Deposit accounts

74,400 customers 51,700 customers 84,300 customers 19,800 customers NOK 6.928 billion net loans NOK 794 million net loans NOK 372 million net loans NOK 8.432 billion deposits

2019 Q2 figures

2 Challenging regulatory environment has impacted valuation

Relative share performance vs. peers Increased regulation 70% • Consumer lending regulation, debt register and 45% increased capital requirements 20%

-5% FSA site visit and subsequent report -30% • Several shortcomings and improvement areas found at -55% -53.4% Komplett Bank -80% • Received NOK 18 million AML fee in July, 2019 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Resurs Holding AB TF Bank AB Collector AB BRAbank ASA • Significant organisational and procedural improvements Easybank ASA Instabank ASA Bank Norwegian Komplett Bank ASA implemented to address shortcomings

Company MCAP mill Share price Revenue growth P/Book P/E adj ROE Negative share price development NOK 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 Komplett Bank 1,608 8.8 17% 11% 8% 0.8 0.7 0.7 5.4 4.3 4.1 17% 18% 17% • Negative share price development for the Norwegian Bank Norwegian 12,961 69.4 8% 8% 6% 1.5 1.3 1.2 6.8 6.5 6.2 24% 21% 20% Resurs Holding 9,888 53.2 7% 10% 8% 1.5 1.4 1.3 8.6 7.8 7.2 18% 18% 19% sector in general and Komplett Bank, specifically Monobank 673 1.4 26% 24% 8% 0.8 0.7 0.7 15.2 14.4 12.0 1% 6% 6% Instabank 336 1.1 30% 18% 10% 0.7 0.6 0.6 8.5 6.5 5.1 8% 9% 10% Easybank 403 8.5 23% 4% 4% n.a. n.a. n.a. 5.9 5.8 3.9 13% 12% 15% TF Bank 2,238 112.0 22% 25% 17% 3.0 2.4 1.9 11.0 8.7 7.3 31% 31% 29%

High 12,961 112.0 30% 25% 17% 3.0 2.4 1.9 15.2 14.4 12.0 31% 31% 29% Median 1,456 30.9 22% 14% 8% 1.5 1.3 1.2 8.5 7.1 6.7 15% 15% 17% Low 336 1.1 7% 4% 4% 0.7 0.6 0.6 5.9 5.8 3.9 1% 6% 6%

3 Core focus 2019 has been to address shortcomings found by the FSA

In its report on 10 May 2019, the FSA identified several areas of improvement and shortcomings, including the Banks anti-money laundering (AML) procedures. No money laundering activities or attempted money laundering activities were identified in the inspection.

After receiving the preliminary report in December 2018, Komplett Bank has taken significant measures to address all shortcomings covered in the report. Measures include, but are not limited to:

Organisation AML Other

‐ Complete re-structuring of the management ‐ Reviewed and updated overall risk ‐ Launched new annuity loan product in team assessment for the Bank Norway ‐ Implemented Risk and Audit Committee, ‐ Reviewed all policies and procedures relating ‐ Updated amortisation schedule for credit Internal Audit function and dedicated to AML, including onboarding and transaction cards Norway Compliance and Risk Control function monitoring processes ‐ Implemented new consumer lending ‐ Reviewed and changed all aspects of AML ‐ Implemented new AML training programme regulations organisation; responsibilities, reporting and for all employees ‐ Implemented consent-based loan application staff (SBL) and debt register

The FSA has requested that Komplett Bank reports on progress by 1 October 2019 Komplett Bank will have completed all required actions identified by the FSA by that time

4 Continued strong financials despite recent challenges

Total income (NOK million) Profit after Tax Regulatory capital structure (%)

23,4% 22,7% 21,7% 0,8% 296 295 0,6% 283 2,0% 96,9 270 2,0% 92,2 1,5% 87,6 1,5% 245 1,0 % 79,4 220 75,1 76,4 208 72,9 71,5

181 18,0 173 56,8 148 52,0 22,0 % 18,2 % 18,2 %

Total capital Targeted capital Reported ratios requirement as of Q2 2019 as of Q2 2019 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 as of Q2 2019 Adj. for AML admin fee Adj. for NPL sale CET1 Mgmt buffer AT1 T2

5 Most profitable Nordic consumer finance bank in 2018 in terms of ROA

Total assets 2018 (NOK million) Profit after tax 2018 (NOK million) Return on Assets 2018 (%)*

#1 #1 Komplett Bank 4,1% #2 #2 #2 #3 #3 #3 #4 #4 #4 #5 #5 #5 #6 #6 #6 #7 #7 #7 #8 Komplett Bank 331 #8 #9 #9 #9 #10 #10 #10 Komplett Bank 9 661 #11 #11 #12 #12 #12 #13 #13 #13 #14 #14 #14 #15 #15 #15 #16 #16 #16 #17 #17 #17 #18 #18 #18 #19 #19 #19 #20 #20 #20 #21 #21 #21 #22 #22 #22 #23 #23 #23 #24 #24 #24 #25 #25 #25

*ROA = Profit after tax / average assets 6 Going forward, focus will again shift to building our business

Total net loans (NOK million) Distribution of net loans end of Q2 2019 19% growth 9 000 Loans Sweden

Point-of-sales finance 8 000 Thousands Loans Norway Loans Finland 5 % 7 000 10 % Credit cards Loans Finland Loans Norway 6 000 9 % Loans Sweden 51 % 5 000 Credit cards 4 000 26 % Point-of-sales finance 3 000

2 000

1 000

0 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

7 Building a diversified platform for value creation across the Nordics

Komplett Bank follows a Komplett Bank’s strategic roadmap product-wise and Consumer Credit Point-of-sales Deposit geographical expansion loans cards finance accounts strategy to ensure: March November September March 2014 2015 2017 2014 Reduced business risk February Q2 TBD TBD Economies of scale 2017 2019

March Q1 June H2 Sustainable and profitable 2018 2019 2018 2019 growth and value creation Q4 2018 TBD TBD TBD (EUR)

8 Focused on creating shareholder value

CET1 capital ratio target of 19.2% Capital adequacy Comprised of regulatory CET1 requirement of 18.2% + 1.0% management buffer

Above 20% return on equity Return on Equity Excluding non-recurring items Komplett Bank expects to meet the ROE target for 2019

Excess capital not deployed for growth purposes will be Dividend Policy distributed to shareholders

9 Appendix Q2 Financials

10 Highlights of the quarter

Q2 2019 Growth NOK million Growth Q/Q Growth Y/Y • Net loan growth of NOK 187 million, NOK 408 million adjusted for NPL sales and FX effects Net loan growth 187.4 2% 19% • Loans in Finland experienced strong growth while growth in Sweden remained at a stable good level Total income 295.2 4% 21% • Loan growth in Norway impacted by new regulations Profit after tax 61.4 -20% -30% Profitability Earnings per share* NOK 0.33 -23% -34% • Total Income of NOK 295 million, up from NOK 283 million compared to Q1 2019 • Profit after tax of NOK 61.4 million heavily impacted by non-recurring costs and AML fee ‐ NOK 11 million in non-recurring costs from regulatory changes and strategic projects ‐ NOK 18 million AML administrative fee from the Norwegian FSA LTM • Loan loss ratio was 3.9%, up from 3.7% compared to Q1 2019 • ROE* and ROA* adjusted for AML fee was 18.6% and 3.1% NOK million Net loan growth 1,289 Capital adequacy Total income 1,144 • Komplett Bank remains well capitalised with CET1 ratio of 22.0% compared to 21.8% in Q1 2019, above the financial target of 19.2% Profit after tax 310 Earnings per share* NOK 1.75

* ROE = 4 x Profit after tax in the quarter / (quarterly average total equity – average AT1 capital). ROA = 4 x Profit after tax in the quarter / quarterly average assets Earnings per share = (Profit After Tax – payment to AT1 capital investors)/ Average number of shares in period 11 Regulatory update - Strengthening the organisation

New organisation as of June, 2019

Risk and Audit Board Internal Audit Committee • Complete re-structuring of the management team • Clarified roles and responsibilities to ensure accountability Compliance & CEO • Risk Control Implemented a Board Risk & Audit committee • Established an Internal Audit function Credit Risk & • Created a new, dedicated Compliance and Risk Control function Finance Collections • Appointed COO as AML responsible (Hvitvaskingsansvarlig) • Established a separate AML team, reporting directly to the COO IT, Marketing & Operations Business Dev. • Strengthened the AML team with additional staff • Recruited a dedicated AML officer to the legal department Product Directors HR & Legal Loans, Cards & POS

12 Regulatory update – Measures taken to address shortcomings

After receiving the preliminary report in December 2018, Komplett Bank has taken significant measures to address all shortcomings covered in the report. Measures include, but are not limited to:

Changes relating to AML Changes relating to other areas

‐ Reviewed and updated overall risk assessment for the Bank ‐ Separated 1st, 2nd and 3rd line functions ‐ Reviewed all policies and procedures relating to AML, including ‐ Launched new annuity loan product in Norway onboarding and transaction monitoring processes ‐ Updated amortisation schedule for credit cards Norway ‐ Daily screening of all transactions involving high-risk customers ‐ Implemented new consumer lending regulations ‐ Established new reporting structure to management and the ‐ Updated planning and ICAAP processes to reflect the use of Forward Board of Directors Flow contracts ‐ Implemented new AML training programme for all employees ‐ Implemented consent-based loan application (SBL) and debt register

The FSA has requested that Komplett Bank reports on progress by 1 October 2019 Komplett Bank will have completed all required actions identified by the FSA by that time

13 Continued growth in Finland and Sweden

Growth in net loans (NOK million) Net loan growth distribution (NOK million)

260 19Q1 19Q2 886 166 92 113 23 8

-36 -18 663 655

595 -187 -174 570 Loans Norway Loans Finland Loans Sweden Credit cards Point-of-sales 515 finance 453 403 393 376 389 Impact of currency changes and forward flow in Q2 2019 (NOK million) 360 328 326 Loans Loans Loans Credit Point-of-sales Total Norway Finland Sweden cards finance 242 249 Currency (FX) change - -7 9 0 1 3 187 Forward flow (FF) sales* -178 - - -45 - -223

59 Q2’19 adj. loan growth 4 267 104 26 7 408

Q1’19 adj. loan growth -4 146 165 34 23 364 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

* Loans Norway and Credit cards shown gross of loans sold in the quarter as part of the Bank’s forward flow agreement 14 Lending growth in Sweden and Finland drives portfolio diversification

Total net loans (NOK million) Distribution of net loans end of Q2 2019 19% growth 9 000 Loans Sweden

2 000

1 000

0 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

15 Increase in income and customer base

Total income (NOK million) Number of customers (thousands) 21% growth 230 Loans Sweden 214 5 296 295 Point-of-sales finance 209 283 4 270 3 Loans Finland 179 245 84 Credit cards 2 77 220 153 75 208 Loans Norway 1 50 181 129 173 Deposit customers 29 1 22 110 13 19 20 148 14 17 98 20 12 94 10 82 8 52 6 48 50 51 2 48 43 47 38 39 35

47 50 50 49 45 47 50 39 42 42 20 7 7 8 8 9 11 12 13 14 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

230,000 customers at the end of Q2 2019. The forward flow agreement affects number of customers for Loans Norway and Credit cards from Q2 2018.

16 Costs impacted by AML fee and non-recurring items

Operational expenses (NOK million) and cost ratios* (%)

140 70%

• OPEX NOK 128 million (Q1 2019: NOK 108 million) 120 60% AML admin fee • NOK 18 million one-off AML administrative fee Marketing 100 50% • Non-recurring costs of NOK 11 million, in line with Other expectations

80 40% Depreciation ‐ External support related to implementation work following the FSA report Admin ‐ External support in investigating strategic opportunities 60 30% Personnel • Cost/income (C/I) ratio*: 37.3% (38.3%) 40 20% Cost/income ex marketing* ‐ Including AML fee: 43.4% * Cost/income* • C/I excl. marketing expenses : 29.3% (28.1%) 20 10% ‐ Including AML fee: 35.4%

0 0% 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

* C/I ratios adj. for NOK 18 million AML administrative fee in Q2 2019 17 Stable past-due days and loan loss ratio

Past due (days) at end of quarter Quarterly loan loss ratio (LLR)** (%)

20% 70% 4,7 % 18% IAS 39 IFRS 9 IAS 39 IFRS 9 60% 16% 3,9 % 3,9 % 3,8 % 3,7 % 14% 50% 3,6 % 3,7 % 3,3 % 12% Q3 2017 adj. for 40% NPL one-off sale 2,9 % 10% 30% 8%

6% 20% 4% 10% 2%

0% 0% 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

PD 31-60 PD 61-90 PD 90 + Coverage Ratio* • IFRS 9 Accounting standard contributes to volatility in losses on loans ‐ Q1 2018 and Q2 2018 were impacted by positive IFRS 9 effects ‐ Q3 2018 was impacted by negative IFRS 9 effects • Q3 2017 LLR was adjusted to remove one-off effect from sale of NPL portfolio

*Coverage ratio = total impairments of loans/ gross defaulted loans **LLR = Quarterly losses on loans / Average net loans over the period 18 Losses on loans impacted by parameter updates in the quarter

Break-down of Q2 2019 losses on loans Model parameter updates

Credit conversion factor (CCF) • CCF estimates how much of unused credit limits will be drawn by a customer in the future • Based on historical data analysis, the CCF estimate used in stage 1 has been found to be too prudent • CCF adjustments made in Q2 2019 resulted in a NOK 25 million positive effect

Loss given default (LGD) • The LGD parameter for the Norwegian loan portfolio (excl. POS) has been increased to reflect forward flow market conditions • The parameter change resulted in a negative effect of NOK 29 million Break-down of Q1 2019 losses on loans • If no new forward flow contract is entered into, approximately Model the same negative effect is expected in H2 2019 parameter Stage 1 Stage 2 Stage 3 Other* updates Total 9.8 1.3 15.6 43.8 1.9 72.3

*Other comprises of realised losses on loans, including deceased customers, fraud and effects arising from derecognising loans sold as part of the Bank’s forward flow agreement or other NPL sales 19 Quarterly profitability negatively affected by non-recurring costs and AML administrative fee

Profit after tax (NOK million) Annualised ROE* (%)

Adj. for AML admin fee 96,9 Adj. for NPL sale 92,2 87,6

79,4 29,7 % 30,0 % 30,2 % 75,1 76,4 72,9 71,5 26,1 % 25,9 % 25,4 % 18,0 56,8 21,4 % 20,9 % 20,5 % 52,0 20,3 %

18,8 % 18,6 %

17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2

• ROE in graph adjusted for NPL sale in Q3 2017 and AML admin fee in Q2 2019 • Adj. for non-recurring costs, Q2 2019 ROE was 20.5% (Q1 2019: 20.3%)

*ROE = 4 x Profit after tax in the quarter / (quarterly average total equity – quarterly average AT1 capital) 20 Stable yields and funding costs

Yields (%) Lending

25% • Stable yields for consumer loans and credit cards across the different markets • High yield for Point-of-sales finance driven by commission 20,7 % 20% income

Funding 15% 15,1 % • More diversified funding from deposits ‐ As of Q2 2019 EUR 198 million in EUR denominated deposits, 10% increased by EUR 179 million in the quarter. ‐ Cost of EUR deposits approximately half of Norwegian level ‐ Deposits in NOK decreased by NOK 585 million in Q2 2019 5% • Senior unsecured bond settled in the beginning of July 2019 1,8 % 1,0 % 0% Placements 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 • Available funds are placed in liquid assets with low risk, dominated by bank deposits, government securities and covered Yield - credit cards Yield - loans Yield - deposits Yield - liquidity bonds

21 Well capitalised with solid profitability and capacity for AT1 and T2

Regulatory capital structure (%)

23,4% 22,7% 21,7% 0,8% 0,6% 2,0% 2,0% 1,5% 1,5% 1,0 % • Komplett Banks CET1 ratio grew to 22.0% in Q2 19 (Q1 19: 21.8%) • Pillar 2 capital requirement of 6.5% results in a total CET1 requirement of 18.2%

22,0 % • Komplett Bank targets a CET1 ratio of 19.2%, which includes a 1.0% 18,2 % 18,2 % management buffer

• At Komplett Bank’s 2019 AGM, the board was authorised to raise up to NOK 400 million in additional Tier 1 or Tier 2 capital

Total capital requirement Targeted capital Reported ratios as of Q2 2019 as of Q2 2019 as of Q2 2019

CET1 Mgmt buffer AT1 T2

Company presentation CORPORATE PROFILE Our Products Our geographical footprint Operating with modern and scalable We serve customers in the Nordics and around the infrastructure offering our retail customers Baltic sea online consumer loans, deposits and credit cards. For retailers we offer leading ecommerce and brick-and-mortar payment solutions

Our DNA The investment case We aim to deliver effortless banking to our We operate in carefully selected niches customers by being reliable, responsible and where we can leverage on our platform straightforward in our dealings with them and expertise to deliver attractive and sustainable risk adjusted growing returns

2 LONG TRACK RECORD OF PROFITABLE GROWTH

Long experience and proven business Strong track record on growth and model profitability

▪ 30 years+ experience from consumer Loan portfolio 5,000 700 finance industry 4,500 600 4,000 ▪ Highly profitable core markets with 3,500 500 3,000 400 proven model for geographical 2,500 2,000 300

expansion into new high-growth SEK million 1,500 200 1,000 markets 100 500 0 0 ▪ Two complementary business segments 1991 2000 2009 2018

in consumer loans and payments Loan portfolio Operating income

3 HIGHLIGHTS JANUARY – JUNE 2019

▪ Strong operating profit growth, +34% ▪ 6 months loan book growth, +26% ▪ Return on equity, 32%* ▪ Signed agreement with Estonia’s largest online retailer Hansapost ▪ Extended existing agreements with several Nordic retailers ▪ New forward flow contracts in several markets ▪ Consumer loans launched in Austria

* LTM and excluding items affecting comparability, 20 MSEK

4 CONSUMER LENDING DIVERSIFIED PORTFOLIO WITH NORDIC BASE At a glance Loan sizes (average) and customer profile ▪ 79 % of the loan portfolio distributed over 7 countries

▪ Product offering tailored for each market Middle income ▪ Marketed through direct channels, own data base and external partners SEK 103,000 Employed ▪ Tenor of loans are typically between 12 and 60 SEK 48,000 months, estimated average maturity of ~24 months Credit worthy ▪ Average loan size on book of SEK ~52,000 SEK 30,000 SEK 41,000 Middle aged ▪ Credit quality keeps improving SEK 37,000

▪ Pilot project in Austria ongoing SEK 36,000

SEK 37,000

5 ECOMMERCE SOLUTIONS NEXT GENERATION PAYMENT SOLUTIONS At a glance Key metrics ▪ Best-in-class white label checkout solution Share of the Amount outstanding with CRM functionality for online retailers – Group’s loan portfolio SEK 1202 million Checkout+ (30 Jun 2019) ▪ Checkout+ allows retailers to offer 21% Loan portfolio growth payments in all Nordic countries through +11% one single integration (Q2’19 vs Q1’19) ▪ Contract with Estonia’s leading online ‒ Digital payment solutions available in the Nordic region, retailer marks breakthrough in new market the Baltics and Poland ▪ Strong deal flow in Q2 supports further ‒ Credit cards available in Norway and Germany growth

6 STRONG LOAN BOOK GROWTH

TF Bank Group Consumer Lending +44% +10%

+11% 6,000 +45% 5,625

5,090 5,000 4,449 4,198 4,000 3,876 Ecommerce Solutions 3,000

+49% +11% SEK SEK million

2,000

1,000

0 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

7 GROWTH AND DIVERSIFICATION ACCORDING TO PLAN

Norway Loan book SEK 1,866m (33%) Change 6M’19: +36 % Finland Strong growth for consumer lending Loan book SEK 1,416m (25%) Change 6M’19: +18% Profitability and steady growth in both segments

Sweden Loan book SEK 693m (12%) Change 6M’19: +5% Focus on profitability and Baltics e-commerce Loan book SEK 1,137m (20%) Change 6M’19: +41% Steady growth and profitability

Poland Loan book SEK 440m (8%) Change 6M’19: +19% Strong growth in ecommerce segment

8 STRONG GROWTH AND LOWER C/I RATIO

Operating income Operating expenses Net loan losses

80 60.0% 60 8.0% 200 189 25.0% 71 176 172 70 66 67 162 63 50.0% 50 61 47 160 153 20.0% 44 60 6.0% 41 40.0% 40 38 36 50 40.1% 17.2% 120 16.7% 16.3% 15.0% 39.0% 38.6% 38.0% 15.6% 37.6% 15.0% 40 30.0% 30 4.0% 4.3% 4.1% 3.9%

3.7%

SEK SEK million SEK million SEK SEK million 80 10.0% 30 3.6% 20.0% 20 20 2.0% 40 5.0% 10.0% 10 10

0 0.0% 0 0.0% 0 0.0% Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

▪ Income Q2-19 vs. Q2-18, +24% ▪ Expenses Q2-19 vs. Q2-18, +16% ▪ Losses Q2-19 vs Q2-18, +24% ‒ Main growth drivers; Norway, the Baltics, ‒ Economies of scale lowers C/I ratio ‒ Higher losses due to loan book growth Ecommerce Solutions ‒ Average number of employees 170 (135) ‒ Product mix lowers loss ratio ‒ Product mix lowers margin

9 STRONG GROWTH FOR OPERATING PROFIT

Operating profit +34% ▪ Operating profit Q2-19 vs. Q2-18 +32% ‒ Higher income from growing loan portfolio ‒ Lower C/I ratio

+32% ▪ Bridge operating profit and earnings per share ‒ Operating profit +32% ‒ Tier 1 capital holders -4% = Earnings per share +28% ▪ Adjusted earnings per share LTM 9,10*

* excluding items affecting comparability, 20 MSEK

10 COST-EFFICIENT AND DIVERSIFIED FUNDING

6,216

Distribution of deposits ▪ Diversified retail deposits

Sweden ‒ Germany (SEK 2.5 billion)

21% ‒ Norway (SEK 1.9 billion)

Germany 40% ‒ Sweden (SEK 1.3 billion) SEK million SEK 9% Finland

‒ Finland (SEK 0.5 billion) 24% 24% of deposits 30% ▪ Better adapted liquidity reserve ‒ Liquidity reserve 24% of deposits Norway ‒ Overnight accounts in Nordic banks

Deposits from Liquidity reserve* ‒ HQLA at central banks the public

*Liquidity reserve consists of Cash at Central Banks (338m), Treasury bills (61m), Loans to credit institutions (1,050m), Shares (22m) and Unused credit facility (33m)

11 DIVERSIFIED CAPITAL STRUCTURE

15,7%

T1+T2 13,8% Headroom ▪ Lower capital ratios during the second quarter T1 11,9% of 2019 Headroom T1+T2 Headroom ▪ Significant headroom to all legal capital T1 T1 requirements (incl. Pillar 2*) CET1 ▪ Internal target: 2.5 % above legal capital CET1 CET1 CET1 requirements (incl. Pillar 2*) ▪ New regulatory capital requirements

* The Pillar 2 requirement should be covered by capital split similarly as for the Pillar 1 requirement, i.e. the Pillar 2 requirement of 0.9 % is split as follows: CET1 capital 0.6 %, T1 capital 0.7 % and total capital 0.9 %.

12 LOOKING AHEAD

▪ Continue to leverage on the platform in Consumer lending ▪ Margin of new sales are expected to stay stable in the coming quarters easing the downward pressure on total portfolio margin ▪ The outlook on underlying credit quality continues to be positive across most products and markets ▪ Strong deal-pipe in Ecommerce solutions supports further growth

13 Q&A Session

14 APPENDIX

15 FINANCIAL TARGETS

Growth TF Bank aims to achieve earnings per share of at least 14.50 SEK in 2020

Efficiency TF Bank aims to achieve a cost/income ratio of below 35% in 2020

Capital structure All capital ratios shall exceed the legal requirement (including pillar 2) by at least 2.5% points

Dividend policy Distribute surplus capital relative to the capital target and the bank’s capital planning

16 Board of Directors

Mari Thjømøe Charlotta Björnberg- Tone Bjørnov Chairman of the Board Paul Board member since 2015 since 2018 Board member since Current commitments: Board member since 2017 Chairman: Filmparken AS, Storyline Studios AS, Norsk Film Kostyme AS, 2017 Current commitments: Board member: BB Bank ASA, Current commitments: Deputy chairman: Saxo Oy Storyline Studios AS, Aqua Bio Chairman: Seilsport Maritimt Board member: Paptic Ltd, Technology ASA, Sparebankstiftelsen Forlag AS GuardianX Technologies Inc Bien, Guard Automation AS, Guard Electro AS, Omsorgsbygg Oslo KF Deputy chairman: Norconsult AS Co-founder: Superskills Board member: Hafslund E-CO Entrepenuer; Anki Rugs AS, Nordic Mining ASA, Scatec Solar ASA, SINTEF Resarch Institute, Ice ASA, Tryg A/S

John Brehmer Bertil Larsson Mattias Carlsson Board member since Board member since Board member since 2010 2007 2008 Current commitments: Current commitments: Current commitments: Chairman: Bank ASA, Avarda Chairman: Mederion AB, Chairman: LåsTeam Sverige AB, Tiberon AB, Zebware AB AB, Avarda Oy, Smedslättens Minso Solutions AB, Minso Holding Tennisbanor Aktiebolag, Qred AB Board member; Consortio AB, Aktiebolaget Borås Tidning, Fashion Holding AB, TFB AB Effektiv Board member: Tronstad Consulting AB Holding AB, Halens Real Board member: Conpera AB, Estate AB Tore G Wärenstams stiftelse, Gota Media AB

17 EXECUTIVE MANAGEMENT TEAM

Mattias Carlsson Mikael Meomuttel CEO CFO, Deputy CEO and Head of Investor Education: MSc, Engineering Physics, Uppsala University. Relations Current commitments: BB Bank ASA (chairman), Avarda AB Education: MSc, Business/Economics and Finance, University (chairman), Avarda Oy (chairman), Smedslättens Tennisbanor of Borås/University of Gothenburg. Aktiebolag (chairman), Qred AB (chairman), and Tronstad At TF Bank since 2009, 2014 deputy CEO and from 2018 also Consulting AB (board member). the Group’s Head of IR. Previously, among other things, been Financial Controller at Consortio Fashion Group AB (CFG). Current commitments: Avarda AB (board member)

Espen Johannesen Mikael Johansson Head of Consumer Lending Head of Ecommerce Solutions Education: Executive M.B.A Management control Norwegian Education: MSc Business Administration and Matemathics School of Economics (NHH), Bachelor of economics, Business Stockholms universitet BI Norwegian School of Management With the Group since 2016 as CEO of Avarda. Previously, At BB Bank since 2010. among other things, at GE Commercial Finance and as CEO of Santander Consumer Bank Sweden. Current commitments: Svenska Bilhandlare AB (chairman) and Sticklinge Management AB (alternate member)

18 Head of countries and functions 1)

Vilma Sool Juho Maanpää Juris Pūce Björn Skytt ▪ Regional manager Head of Finland Head of Latvia CIO Baltics Extensive consumer Before joining TF Bank Before joining TF Bank Head of Estonia finance experience in in 2016, worked for in 2010 worked as 10 years of experience Finland within seven years in integration manager for in the consumer operations Bigbank, serving as ICA Banken and prior finance sector – management, credit country manager in to that as project established and led risk and digital Latvia and Spain and in manager and system Bigbank Swedish marketing. With TF various positions with manager for SKF’s branch. Bank since 2013. credit management financial and treasury services provider systems. Creditreform.

Wojciech Drozd Krzysztof Blach Sarunas Dmukauskas Head of Poland Credit Manager Head of Lithuania Sales leader with 20+ Credit Risk Manager Before joining TF Bank at years of extensive with 15 years of end of 2018, worked for 2 consumer finance and experience in retail years in Mokilizingas as retail banking banking sector. Head of Projects and prior to experience from GE Worked for GE that as a project and product Money Bank Poland Money Bank and manager of Consumer and Bank BPH. BPH Bank in Poland Loans. Led development of holding various various financial service positions and for related IT solutions. KBC Group across Europe.

1) Excluding Espen Johannesen, Head of Norway and acting Head of Sweden, as he is also the Head of Consumer Lending and consequently a member of the Executive Management Team as shown on p. 20.

19 Contact

Investor relations Mikael Meomuttel +46 706 26 95 33 [email protected] www.tfbankgroup.com

20 Aprila Bank ASA | Nordic Challenger Banks | 5 September 2019 Our motivation is the creation of meaningful, sustainable jobs for people

Our Mission Make it a lot easier to start and Aprila’s Purposerun businesses for as many Long term Vision people as possible, by • Help people realize • Providing and enabling Enable the their entrepenurial access to capital creation and dreams • Enable small businesses to continuation of • Enable meaningful focus on their mission and one million jobs and sustainable jobs value creation before 2028 • Remove friction that create frustration, limit growth and reduce effiency

2 SMEs are underserved and underfinanced SMEs are the main source of new job creation, innovation & productivity increases in Europe

SMEs are the backbone of the European Economy Market opportunity

TRADITIONAL BANKING # of SMEs 1 22m 192k

RETAIL CORPORATE SME SME SME share of employment 2 65% 60%

Digital, Digital, SME share of value creation 2 Manual Manual 58% 50% Processes automated automated

Pro-active, Re-active, slow, Monthly new lending volume to SMEs in EU28 (EURbn) Customer Self service, Self service, relationship relationship easily available easily available 95 experience banking banking

82 75 67 Competition High High Low Low 83 65 67 61 63 73 60 63 59 58 60 Automated Manual Manual processes Automating 57 54 54 processes processes require high processes where required for justified by loan margins loan margins reflect profitability large loan sizes for profitability manual processes '08 '09 '10 '11 '12 '13 '14 '15 '16 Average new lending (monthly) High Low

Sources: European Banking Authority, The World Bank, NHO, Statistics Norway | | Note 1: EU28: # of companies with 1-250 employees - Norway: # of companies with 1-100 employees | | Note 2: in private sector | | Note 3: EU28 3 We want to solve the basic problems for SMEs first

One stop shop for SMEs Fully integrated solutions

Solve all capital needs Equity and Lending ERP Fix the basic problems CRM Working capital and liquidity E-Commerce management Project Financing Growth Financing Equity solutions Invoice sales Credit lines First product Pay with Aprila

4 Invoice sales: Aprila has already achieved product/market fit Next step is to scale up penetration of this product in the Norwegian SME Market

More than half of our customers would be “very disappointed” if they were not able to use the product

Very Not disappointed 2% A bit

Disappointed 52% 46% 98%

Product/market fit threshold 40% And they prove this by repeating to use the product with stable to increasing frequency 45 Likelihood of an onboarded customer using the product in a given month after onboarding 42 Percent 35 32 34 32 32 30 30 31 30 29 29 29 29 30

0123456 7 8910 11 1213 14

Number of months after onboarding

We are Avida Company presentation What we do • Avida is a diversified lender focusing both on Business and Consumer finance with offices in Finland, Norway and Sweden

• We will only ever do one thing, lend money, and be the best in each of our markets

• We have ambitious plans for building a high growth and high quality Business and Consumer Finance business that will not tail off in growth.

• Avida has a growth target of SEK10bn loan book by 2020 Avida aspiration

To be the preferred supplier of lending to underserved customers Avida

Improve consumer financials by providing loans at a better interest rate

Consumer Finance

Enable businesses to grow by providing lending in a customer friendly way

Business Finance

Achieve investor value that motivates investing in Avida

Investors

3 Avida in short • Established 1983 • Changed name 2010/2011 to Avida Finans • New owners end of 2015 • Regulated by the Swedish FSA • Stock listed on NOTC • ≈ 120 employees • Offices in Stockholm, Oslo & Helsinki • Total loan portfolio SEK 7bn Unique solutions for companies with strong growth • For companies that experiences strong cyclicality in sales, manufacturing and deliveries • Has many customers abroad (100% financing even on these invoices) • Long lead times between manufacturing and shipment of goods • Needs to free up capital to support investments in new areas • Avida is a provider of all-round financing solutions Factoring

Our factoring solutions provide: Stronger operating liquidity • Up to 100% financing of your accounts receivable • Maximizes your gains from using invoices as collateral • Enables faster growth Rationalized administration • Avida prints and sends your invoices • We manage the accounts receivable from day 1 to collection • Comprehensive service, with a single provider Reduced risk • In the case of non-recourse factoring, we assume the risk of credit loss Better key figures • Receivables are subtracted from your working capital, allowing you to reduce your debts and maintain a higher equity ratio Corporate loans

We can also provide our factoring clients with:

• Supplier financing • Purchase order financing • Inventory financing

Through corporate loans we have helped many of our customers through cash flow constrained periods. We understand the diverse challenges associated with periods of low revenue, significant organizational change, acquisitions, high growth and the undertaking of major projects. At Avida we always go the extra mile to find the right solution! Significant investments have been made to facilitate a long term growth journey

First day of SUCCESSFUL SUCCESSFUL SUCCESSFUL Trøim, Midelfart, Ubon trading on the ISSUE OF PLACEMENT OF PLACEMENT OF Partners and Icon Norwegian OTC SUBORDINATED NEW SHARES NEW SHARES acquired 100 % of the market on TIER 2 BOND shares in Avida. - ~SEK90m - 10 April 2017 - ~SEK152m - (ticker: “AVIDA”). - ~SEK250m -

OCTOBER Q4 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q2 2015 2015 2016 2017 2017 2017 2017 2018 2018 2019

SUCCESSFUL SUCCESSFUL SUCCESSFUL SUCCESSFUL SUCCESSFUL ISSUE OF PLACEMENT OF PLACEMENT OF PLACEMENT OF PLACEMENT OF SUBORDINATED NEW SHARES NEW SHARES NEW SHARES NEW SHARES TIER 1 BOND - ~SEK60m - - ~SEK100m - - ~SEK15m - - ~SEK163m - - ~SEK200m - Q2 Financial Highlights Q2 2019 Q1 2019

QoQ growth in net loans of 15% QoQ growth in net loans of 17% Portfolio growth I - Total outstanding loans of SEK7,314m - Total outstanding loans of SEK6,359m

II Net interest margin* Net interest margin of 9.3% Net interest margin of 9.5%

III Cost / Income ratio Cost / Income ratio of 49.2% Cost / Income ratio of 54.1%

IV Loan losses Loan losses of 2.6% & 1.5% excl IFRS9 Loan losses of 2.5% & 1.2% excl IFRS9

Pre-tax profits of SEK26.0m Pre-tax profits of SEK18.4m V Profits before tax Profit before IFRS 9 provisions: SEK 44.0m Profit before IFRS 9 provisions: SEK 37.8m

VI Return on equity ROE of 11% ROE of 7%

Total Capital Ratio of 18.8% & CET1 of 12.1% Total Capital Ratio of 17.2% & CET1 of 12.9% VII Capital Ratio - Total Capital Requirements: 13.1% - Total Capital Requirements: 12.9% - CET1 Requirements: 9.3% - CET1 Requirements: 9.1%

* Net interest margin is excluding sales provisions 9 Continued strong growth

Net interest income* (SEKm) Rolling 12 months profit* (SEKm)

+33% CAGR

CAGR +30% Continued growth in rolling EBT

*Net of sales provisions and interest costs * Adjusted EBT in 2017 Q4 for non-recurring items totalling SEK 12 m

10 Continued positive development in net loans

Net loans to customers (SEKm)

+88% CAGR

Significant volume growth continues during Q2 2019

11 Business Finance – Strong volume growth

Net loans (SEKm)* Net interest income (SEKm)

+168% CAGR

Yield (%) and NIM (%)* Loss ratio (%)**

** Loss ratio is calculated as rolling 4 quarter credit losses divided by average rolling 4 quarter net loans. Note; Disregarding the B2C loans with an accounting policy that results in big fluctuations regarding credit losses in * Net loans, Yield and NIM are excluding sales provisions the P&L, the losses regarding Business Finance are close to zero.

12 Key balance sheet figures

Key ratios Liquidity (SEKm)

Average ~SEK 70,000 outstanding loan size

LCR 135%

Deposit ratio 97%

Funding (SEKm) and deposit ratio (%) Total equity (SEKm) & Capital ratios (%)

13 Financial targets

. Significant growth opportunity; realistic target of SEK10 bn loan book by 2020 by pursuing opportunities in both the consumer I Growth and business segment . Dynamic allocation of capital to products/segments with best risk/reward . Target return on equity of more than 25% in line with industry average II Return on equity . Lower ROE in the short term due to investment in organization and infrastructure, expected to increase in line with volume growth

. Both CET1 ratio and current total capital ratio at least 100bps above regulatory target floor Capital ratios III . Will leverage capital markets for both debt and additional equity to grow intelligently

. Target dividend payout ratio of 35% IV Dividend policy . No dividend payments in short / medium term due to growth focus

14 Continued strong growth Net interest income* (SEKm) Rolling 12 months profit* (SEKm)

+33% CAGR

CAGR +30% Continued growth in rolling EBT

*Net of sales provisions and interest costs * Adjusted EBT in 2017 Q4 for non-recurring items totalling SEK 12 m Nordic footprint – Strong platform for further growth. Diversified across geographies and sectors.

Geographical overview Geographical distribution

NET INTEREST INCOME Avida Footprint • The loan portfolio = Current Office continues to evolve in a diversified shape 27% 41% • Finland has seen the strongest growth from small numbers 32% • Sweden is now less dominant Sweden Norway Finland Key comments

Avida is headquartered in Stockholm and has HELSINKI I centralised key functions such as IT, HR, risk OSLO management and finance

STOCKHOLM Healthy distribution of business between three II geographic markets provides diversification and expansion opportunities

Proven key infrastructure / systems, with support III for simultaneous multi country operations Global presence

We follow our clients wherever their business takes them.

Example: Avida signed a 10m€ factoring deal in Belgium with a Norwegian investor Seasoned and diligent Board of Directors

Geir Olsen – Chairman Christian Bjørnstad – Board Member

• Chairman in Avida since January 2019, • Board Member in Avida since October 2015 Board Member in Avida since August 2016 • Selected experience: Partner in Icon Capital, SEM at McKinsey, • Selected experience: Partner in Ubon Partners, Board Member in VP in Merrill Lynch International, Associate in Credit Suisse First PRA Group, Board Member in Acano, CEO in Aktiv Kapital, VP of Boston, Board member of ECIT, Board member of Malorama Telepresence Sales in Cisco, President of EMEA in Tandberg and Holding and Financial Manager at Aker Mek Verksted. Manager in McKinsey • B. Sc. In Business Administration from University of Denver and • M. Sc. in Economics and Business from Norwegian School of MBA from Kellogg Graduate School of Management Economics

Håkon Fure – Board Member Celina Midelfart – Board Member

• Board Member in Avida since August 2016 • Board Member in Avida since October 2015

• Selected experience: Board Member in Storebrand, Partner in • Selected experience: Owner, CEO, Executive Chairman and Board Magni Partners and Head of Bank and Insurance Research in DNB Member of several companies within the Midelfart conglomerate Markets • B. Sc. in Finance from the London School of Economics as well as • M. Sc. in Finance from Norwegian School of Management (BI) and Stern School of Business at New York University Università Commerciale 'Luigi Bocconi‘ (Milan, Italy) Experienced and hands-on management team

Tord Topsholm Jessica Sparrfeldt Pehr Olofsson Chief Executive Officer and Acting head of Deputy Chief Executive Officer and Head Chief Financial Officer Consumer Finance of Business Finance • Started in Avida August 2018 • Started in Avida April 2018 • Started in Avida March 2017 • Selected experience: CFO Bankgirot, dpt. CFO • Selected experience: CEO in Catella Bank, Head of • Selected experience: Head of Corporate in Collector Klarna, CFO Swedbank Baltic, CFO EnterCard Sales & Service Swedbank, COO EnterCard Bank as well as Head of Products within Corporate • Master of Laws, University of Stockholm • B. Sc. in Electrical Engineering and Economics from the Banking in Marginalen Bank Royal Institute of Technology, Stockholm • Several courses within Business, Strategy, Management and Marketing from IHM Business School, UC Business School and ESI International

Jenny Larsson Torbjörn Jacobsson Linda Viberg Chief Information Officer Chief Risk Officer Chief HR Officer • Started in Avida February 2018 • Started in Avida June 2017 • Started in Avida February 2017 • Selected experienceI IT Leader GE Europe, IT Programe • Selected experience: CRO, CIO, CFO Marginalen Bank • Selected experience: Head of HR & Finance Svea Director GE Europe • M. Sc. in Business Administration, Stockholm Business Exchange (Svea Ekonomi), HR Manager Svea • M. Sc. in Industrial Engineering from the Royal Institute of School Exchange,¨HR Manager Exchange F. AB Technology, Stockholm • Bachelor of Laws, University of Stockholm

Mikael Hellström Frederick Sheppard Michael Grosche Chief Legal Officer Chief Compliance Officer Head of Communication and IR • Started in Avida August 2018 • Started in Avida September 2016 • Started in Avida September 2017 • Selected experience: Legal Counsel Swedbank, Legal • Selected experience: Legal Counsel at Lindorff • Selected experience: In charge of internal counsel and Senior legal Counsel Nordea Sverige AB & Santander Consumer Bank AS, Legal communication at SEB, Head of digital offerings and • Master of Laws, University of Uppsala Officer at the Swedish Enforcement Authority, Chief Customer insights at Nordea Life and Pension, web Legal Officer at Avida. manger in NCC and JM. • Master of Laws, University of Stockholm • Several courses focusing on communication and project management. Additional courses in investor relations, digital sales and business development. Meet Norsk Gjenvinning

Factoring • 100% financing of all recievibles • Factoring limit of 45 MEUR • Number of invoices: 400 000 per year • Countries: Norway, Sweden

Wins for our client: • Better and easier cash flow planning • Free up capital for other uses such as new acquisitions • Reduced credit loss, collection process is managed by Avida • Improved financial key figures • Reduces AR-management costs Meet Antalis

Factoring • 100% financing of all receivables • Give the target company immediate liquidity • > 400.000 invoices per year

Wins for our client: • Full integration with Antalis ERP system • Fully integrated with Antalis credit insurer • Currency independent, Avida handles all necessary currencies Meet Puumerkki Carve-out deal

Factoring • 100% financing of all receivables • Give the target company immediate liquidity • Mimir does not have to invest in working capital

Wins for our client: • Better and easier cash flow planning • Reduces AR-management costs • Reduced credit loss, collection process is managed by Avida • Improved financial key figures • Frees up capital for other uses such as new acquisitions Let’s get down to business This is what we do STOCKHOLM HELSINKI OSLO Visiting address: Visiting address: Visiting address: Södermalmsallén 36 Linnoitustie 6 b Fredrik Selmersvei 6 Postal address: Postal address: Postal address: Postbox 38101 Linnoitustie 6 b Postbox 6134 Etterstad 100 64 Stockholm 02600 Espoo 0602 Oslo Contact information: Contact information: Contact information: Phone: +46 08-56420100 Phone: +358 7575 0050 Phone: +47 23335000 Email: [email protected] Email: [email protected] Email: [email protected] Maritime & Merchant Bank ASA

Company Presentation

Strictly private and confidential Maritime and Merchant Bank ASA

▪ Extensive knowledge and experience from the shipping and offshore industries Industry Knowledge ▪ Staff with comprehensive industry network

▪ Key employees with banking expertise

Banking Insight ▪ Employees with long maritime banking experience

▪ Lean organisation Efficient and Service Minded ▪ Efficient assessment and credit decision process

Strictly private and confidential 2 Maritime and Merchant Bank ASA at a glance Profitable niche bank within the maritime sector

Product First-priority mortgage - Typically 3-5 year tenor

Small and medium sized ship owners, project arrangers and investors in the shipping Customers industry

Dry bulk Tank RoRo / Line MPP/Heavy Lift

Assets Container Offshore Gas Chemical

Transparent structures Lending Liquid standardized Typically 50% LTV compliant with ocean-going tonnage criteria KYC/AML regulations Max ticket size $19m

Strictly private and confidential Maritime and Merchant Bank ASA at a glance Competent and experienced management

Name and position Description

Halvor Sveen Mr. Sveen holds a Master of Law degree from the University of Oslo. He has extensive management Chief Executive experience within banking and shipping, from companies such as Gjensidige NOR, Grieg Shipping Officer Group and Pareto Bank ASA, as the head of Shipping & Offshore with an assignment to build up a portfolio for the bank within the maritime sector.

Per Ugland Mr. Ugland holds an MBA from the Norwegian School of Economics and has 35 years of experience Head of Credit from DNB. At DNB he served in various managerial positions; as Section Head in the Shipping and Chief Credit Officer Offshore Division, Head of Investor Relations, Head of Group Services, Member and Head of various central Credit Committees as well as being a valuable asset during vital strategic processes.

Lars Fossen Mr. Fossen holds a Bachelor of Business Administration from Norwegian Business School with Compliance and Risk additional education within banking and finance, and is a Certified Internal Auditor. He has extensive Chief Risk and management experience from DNB, Deputy CEO in Toten Sparebank and as an Executive Vice Compliance Officer President in Eika-Gruppen.

Tor Stenumgaard Mr. Stenumgaard holds an MBA and has extensive experience within the interest rate and currency Head of Treasury market from companies such as DNB Markets, Chase Manhattan Bank, ABG Sundal Collier, Chief Financial Swedbank/First Securities and SpareBank1 Markets. Officer

Strictly private and confidential Marine & Merchant Bank ASA Lean organizationThe to bank ensure in brief efficient operations

Shareholders

Audit Board of Committee Directors Risk Committee

Internal Audit

CEO Halvor Sveen

Reporting, Finance, Client Relationship Risk & Compliance Credit Operations & IT Treasury & Accounting Bjørn Sverre Lars Fossen Per Ugland Lars Fossen Tor Stenumgård Ann-Grid Wiik Havsgård

Legal Collateral & Loan Accounting Stian Svennebye Operations Leif Spørck Administration Pia Golberg Kari S. Trondsen Henriette Berg Åse V. Gundersen Regulatory and KYC Collateral & Christopher van Compliance Counsel Loan Execution der Lagen Anjalie Astrup Heber Morten Flood Henrik Rese Bredesen Loan Admin. AML/KYC Analyst KYC/AML Ingrid H. Fougner Maxwell Schrøder Helena Tinde

Loan Admin. Hans Petter Korslund

Strictly private and confidential Maritime and Merchant Bank ASA at a glance Board members with extensive and relevant expertise

Endre Røsjø – Chairman of the Board Karin S. Thorburn – Board member • Dr. Thorburn is Research Chair Professor of Finance at Norwegian School of • Endre Røsjø is a Norwegian investor and industrialist. He has extensive experience Economics (NHH) and Adjunct Full Professor of Finance at The Wharton School of as an active owner and investor in a wide range of fields; shipping, financial sector, property, oil and energy and securities. He is the sole owner and chairman of University of Pennsylvania, USA. Professor Thorburn is a Director of the Board of Pinemont Securities Ltd, a member of LSE, London and Centennial AS in Oslo. He Global LNG Services AB and SEB Investment Management AB, and was previously a is graduated from NHH in Bergen, Norway and holds an MBA from Harvard board member of Nordea Bank Norge ASA. In 2016, she was a member of the Mork- University, Boston, USA. committee, reviewing the portfolio allocation of the Norwegian oil fund. She hold a Ph.D in Financial economics from Stockholm School of Economics. Henning Oldendorff – Board member Magnus Leonard Roth – Board member • Mr. Oldendorff is the owner and Chairman of Egon Oldendorff GmbH & Co KG, a • Mr. Roth has extensive experience within the maritime sector. As a founding owner private German holding company with investments in several areas. Its main of Ocean Trawlers, which became a leading player within the industrial fishing subsidiary is Oldendorff Carriers, a leading international dry bulk operator and industry, he was during the period between 1997 and 2016 the position either as shipowner. After working abroad with shipbrokers in London, New York and San CEO, Director, and Chairman. He is an active investor in Norwegian and Francisco, he returned to Germany in 1980 to become CEO of the company, which international shipping. his father had founded in 1921. Linda Christin Hoff – Board member Arne Blystad – Board member • Ms. Hoff has many years of experience within finance and banking, and is currently the CFO of Pexip AS. Previously she was in the Shipping and Offshore Department • Mr. Blystad owns and operates shipping and investment activities through the of Nordea Bank for 13 years, holding different leading positions in the Oslo, New Blystad Group. He is currently a Director of Arne Blystad AS, Offshore Heavy York and London offices. In the period 2012-2017 she worked in Norske Skog ASA as Transport AS, Blystad Shipholding AS, Spencer Energy AS, Spencer Holding AS and CFO. Ms. Hoff holds a Master of Business and Economy with a Finance major from Spencer Finance Corp Inc. BI Norwegian Business School. Nikolaus Oldendorff – Board member Vibeke Gwendoline Fængsrud – Board member • Ms. Fængsrud is the founder and CEO of House of Math AS, serves as a Director of • Nikolaus Egon Moritz Oldendorff is the owner of Reederei Nord GmbH in the Board of Songa Bulk ASA, and has held various board memberships in Hamburg and has experience from Aker Yards, Bocimar, Maersk Broker and academia. She has published 27 titles on mathematics, and is doing a Master degree Deutsche Schiffsbank before joining Reederei Nord in 2010. He holds a Master of in Mathematics at the University of Oslo, from where she also holds a PPU and a Science, Shipping and Trade from CASS in London. B.Sc equivalent in Mathematics and Physics. Fængsrud also has an Executive B.Sc in International Business and Leadership from BI Norwegian Business School. Ingrid Elvira Leisner– Board member

• Mrs. Leisner has many years of experience as a Board Member and Head of Audit Committee from various boards within sectors such as shipping, pharma and oil. From 2005 to 2007 Mrs. Leisner was the Head of Portfolio Management Electric Power at Statoil Norge AS. She holds a Bachelor of Business degree with honours from the University of Texas in Austin.

Strictly private and confidential Maritime and Merchant Bank ASA at a glance …and economies of scale kicking in

2Q2019 2018 FY

Net Interest Income USD 4.5m USD 10.5m Bilde

Operating Result USD 2.8m USD 1.54m

Profit before tax USD 2.74m USD 1.25m

ROE before tax 12.1% 1.6%

Cost Income Ratio 40% 85%

Loans to customers USD 292m USD 249m

Lending growth (Year 102% 133% on Year)

CET1 % 29.7% 30.1% Maritime and Merchant Bank ASA at a glance Solid and diversified loan book

▪ 50/50 split between domestic and international clients ▪ 48 loans outstanding ▪ 50% LTV Maritime & Merchant Bank ▪ Presence in Greece and agents in Hamburg and ▪ Collateral in 70 vessels ASA’s Portfolio as of ▪ 3-5 years tenor Singapore 30.06.2019 ▪ Loans outstanding USD 292m ▪ Maximum ticket size $19m ▪ International shipping bank - No geographical limits

Average LTV Per Segment as of Latest Valuations Specialized 2.9% 47 % 35 %

Gas 2.2%

Tank 45.7% 45 % 34 %

Container 25.3%

41 % Bulk 23.8% Bulk Container Tank Gas Specialized Financials Key financial figures are steadily improving

Lending and Net Interst Margin Cost/Income 4,0 % 350 2,50 3,7 % 2,16 3,5 % Lending (RHS) Net Interest margin 3,5 % 3,3 % 3,4 % 300 3,1 % 2,00 3,0 % 250 1,72 2,5 % 2,3 % 2,2 % 200 1,50 1,29 1,26 2,0 % 2,0 % 1,7 % 150 1,00 1,5 % 1,00 0,71 1,2 % 0,70 1,0 % 100 0,427 0,50 0,398 0,5 % 50 8,2 36,3 60,0 96,8 128,2 149,8 200,2 249,0 272,2 293,2 0,0 % 0 0,00 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019

Core Equity Tier 1 (CET1) 120,0 % CET1 (%) 15,0 % 12,1 % 100,0 % Requirement ROE before tax 11,1 % 10,0 % 80,0 % 4,5 % 3,5 % 60,0 % 5,0 % 0,2 % 40,0 % 0,0 %

20,0 % -5,0 % -2,3 % -2,8 % -4,5 % -3,8 %

0,0 % -10,0 % -8,6 % Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Financials Key financial figures are steadily improving

Result Before Tax (USDm) Operating Result 3,50 3,00 2,74 2,81 2,45 3,00 2,54 2,50 2,50 2,00 2,00 1,50 1,50 1,08 0,90 0,97 1,00 1,00 0,77 0,50 0,50 0,04 0,07 0,00 0,00 -0,50 -0,33 -0,40 -0,45 -0,50 -1,00 -0,65 -0,33 -0,40 -0,65 -0,54 -1,50 -1,21 -1,00 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Financials Balance Sheet - Assets

Assets - In USD 30.06.2018 31.12.2018 30.06.2019

Cash and balances at central bank 8 523 901 7 448 034 7 625 881

Lending to and receivables from credit institutions 249 024 326 293 223 159 Net Lending to customers 144 742 068 248 322 267 292 366 983 Loss provisions on loans to customers -702 059 -856 176 Lending to and receivables from credit institutions 76 201 515 66 924 966 72 592 089 Total lending to and receivables from credit institutions 220 943 583 322 695 267 364 959 072

Certificates, bonds and other receivables Commercial papers and bonds valued at market value 114 995 211 112 552 377 116 445 266 Commercial papers and bonds valued at amortised cost 5 021 353 0 0 Certificates, bonds and other receivables 120 016 563 112 552 377 116 445 266

Shares 50 321 49 295 46 016

Intangible assets Deferred tax assets 2 530 338 569 403 0 Other intangible assets 4 164 886 2 910 996 2 526 520 Total intangible assets 6 695 224 3 480 399 2 526 520 Fixed Assets assets Machinery and equipment 66 715 56 544 64 558 Right to use assets 0 1 074 890 Total tangible assets 66 715 56 544 1 139 448

Other assets Financial derivatives 864 931 0 462 493 Other assets 563 382 136 735 43 050 Total other assets 1 428 313 136 735 505 543

Total prepaid expenses 115 695 255 617 272 244

TOTAL ASSETS 357 840 315 439 226 234 493 519 990 Financials Balance Sheet - Liabilities

Liabilities

Deposits from and liabilities to customers Deposits from and liabilities to customers 266 820 986 340 508 505 380 338 762 Total deposits from and liabilities to customers 266 820 986 340 508 505 380 338 762

Other liabilities Financial derivatives 1 721 572 9 438 597 6 036 547 Other liabilities 678 675 675 845 170 759 Lease Libility 0 541 102 Total other liabilities 2 400 247 10 114 442 1 080 415 7 828 822 Total accrued expenses and received unearned income 329 744 569 655 922 646

Total Liabilities 269 550 976 351 192 602 389 090 230

Shareholders equity

Paid-in capital Share capital 8 630 639 8 630 639 9 708 655 Share premium account 82 938 319 82 740 215 94 148 864 Total paid-in capital 91 568 958 91 370 854 103 857 519

Other Equity Other free equity -530 203 Retained earnings -3 279 619 -3 337 222 1 102 443 Total other equity -3 279 619 -3 337 222 572 240

Total shareholder equity 88 289 339 88 033 632 104 429 759

TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 357 840 315 439 226 234 493 519 989 Financials Profit & Loss

Profit & Loss 2018 2018 2019 - In USD 01.04 - 30.06 01.10-31.12 01.04 - 30.06

Interest income and related income Total interest income and related income 4 067 067 5 934 017 7 276 450

Interest expenses Net interest expenses and related expenses -1 604 181 -2 396 665 -2 765 701

Net Interest Income and similar income 2 462 886 3 537 352 4 510 749

Net gains / losses on foreign exchange -517 858 -612 521 68 072

Net gains / losses on financial instruments 30 899 5 889

Total income 1 966 050 3 121 525 4 669 383

Net salaries, administration and other operating expenses -1 388 762 -1 744 083 -1 555 622

Total depreciation and impairment of fixed and intangible assets -578 333 -485 091 -304 503

Total operating expenses -1 967 095 -2 229 174 -1 860 125

Operating result -1 045 892 351 2 809 258

Loan loss provisions (IFRS - 9) 38 220 -126 220 -69 384

Profit (+) / Loss (-) for the period before tax 37 175 766 131 2 739 876

Income tax -637 151 -1 556 624 -479 969 Income tax -637 151 -1 556 624 -479 969

Result for the period after tax -599 976 -790 493 2 259 907 Strictly private and confidential PARETO BANK Sparebank1 Markets Investordag Nordiske utfordrerbanker

Oslo, 5 September 2019 PARETO BANK AT A GLANCE

Net profit (NOKm) & ROE Commenced operations in 2008. 331 313 Pure play corporate bank targeting real estate financing, corporate 247 financing and financing of shipping & offshore. 154 166 110 68 15.9 % 16.0 % The specialised real estate developer bank for the greater Oslo region. 12.7 % 15.6 % 14.8 % 15.0 % 8.6 %

2012 2013 2014 2015 2016 2017 2018 Focus on medium sized projects, transactions and enterprises. Total assets (NOKm)

15 607 Challenging large established players in underserved markets. 12 941 13 104 11 340 11 140 8 886 Dedicated team of 44 skilled banking specialists with a strong 8 284 commercial and entrepreneurial culture.

Customer-driven, hands-on and delivering tailor-made solutions. High operational efficiency. 2012 2013 2014 2015 2016 2017 2018

PAGE 2 COMPANY HIGHLIGHTS

• Limited competition in targeted market niches and geographical areas. ATTRACTIVE • Strong margins within target segments. I NICHE MARKETS • Continued growth opportunities.

• Solid market position built over the last 11 years – lending volume of NOK 12.5bn. STRONG FINANCIAL • Outstanding ROE performance with 5 year average of 15.4%. II PERFORMANCE • World class cost/income ratio of ~20%.

• A commercial performance driven culture with significant average lending LEAN & COST EFFECTIVE volume and net profit per employee compared to peers. III ORGANISATION • Lean organisation and short decision lines gives great customer experience. • 80% of the employees work with clients on a day to day basis.

• Hands-on, pro-active management and highly experienced team. PROVEN LONG TERM • Strong track-record with regards to losses and write-downs. IV CREDIT PERFORMANCE • Centralized credit decision process is fundamental to minimize loan losses.

PAGE 3 A NICHE PLAYER FINANCING MEDIUM SIZED ENTERPRISES

BUSINESS AREAS FOCUS CREDITS / CUSTOMERS EXPOSURE SWEET SPOT

The specialized real estate developer bank Land acquisition financing Real 74% NOKm 50-100 for Eastern Norway Property construction facilities estate and larger Norwegian Commercial property financing 1-3 yrs cities. NOKm 11,327

M&A loans 15% A provider of tailor- Bridge loans NOKm 20-50 made financing Investment loans Corporate 1-3 yrs solutions. Working capital facilities Securities financing NOKm 2,260

5% Norwegian ship Shipping & owners, family USDm 10-20 offices and the First priority financing offshore investment project 3-5 yrs market. NOKm 699

PAGE 4 EXPOSURE PER BUSINESS AREA

NOKm gross exposure

7,007 6,519

5,750 5,811 5,847

4,320 4,004 3,762

3,157 3,247

2,132 2,260 2,016 1,949 1,781

1,019 1,012 832 736 699

Residential property Commercial property Corporate Shipping & Offshore Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

PAGE 5 CREATING CUSTOMER VALUE

• Efficient credit process – short time to market. EFFICIENT AND • Decision-making without unnecessary bureaucracy. I RELIABLE • Flexible and solution oriented – focus on meeting customer needs.

• We understand our customers' businesses and provide tailor-made solutions. HANDS-ON AND • Always available with a fixed point of contact throughout the credit II PERSONAL process. • Customer-driven: 80% of our employees work with clients.

• Highly competent credit specialist with extensive knowledge of the Norwegian business environment. COMMERCIAL AND • Deep knowledge of target segments. III SPECIALIZED • Generating value by delivering tailor-made solutions fast - our prices reflect our expertise.

PAGE 6 SOLID FOUNDATION AND STRONG PERFORMANCE

Net interest income (NOKm) Cost/income ratio Loss ratio Profit after tax (NOKm)

% of average net loans

331 554 313 507 247 416 26.9% 333 23.9% 21.6% 20.9% 21.3% 0.40% 166 277 0.37% 154

0.11% 0.13% 0.04%

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Total assets (NOKm) Shareholders’ funds (NOKm) Return on Equity (after tax) CET1 ratio *

2,308 15,607 17.2 % 17.7 % 2,076 16.1 % 12,941 13,104 1,825 13.2 % 11,340 11,140 12.1 % 15.6% 15.9% 16.0% 14.8% 15.0% 1,191 1,050

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

PAGE 7 Note (*): Calculated based on standard method FIRST HALF 2019 HIGHLIGHTS

1 Profit after tax NOK 186.4m (NOK 172.4m).

2 Return on equity after tax 15.3 %* (16.3 %).

3 Strong net interest income of NOK 327.0m (NOK 268.5m).

Diversified net lending growth of NOK 887m (NOK 1,042m) on stable net 4 interest rate margin.

Impairments and losses of NOK 15.9m (reversal of NOK 8.5m) related to a limited 5 number of commitments in real estate financing.

6 Activity expected to hold strong in H2-19.

PAGE 8 Note (*): ROE is calculated excluding new equity raised in private placement. ROE including new equity is 14.5 %. LONG TERM FINANCIAL AMBITIONS

Cost effective.

ROE 15.0 % Commercially oriented. Proven credit quality.

Lending growth within all

10 % annually business areas. LENDING GROWTH Profitability comes first.

Optimizing capitalfor * continued growth. CET1 16.2 % Regualtory ready.

Definitions of key figures and other alternative performance measures are available at the bank's website: www.paretobank/investor/rapporter/ PAGE 9 Note(*): The minimum CET1 ratio requirement including the pilar 2 requirement of 3.2 % from the NFSA is 15.2%. The CET1 target is set to 16.2 % as of 31.12.2019. ATTRACTIVE DIVIDEND POLICY

PREDICTABLE Intention to pay minimum 25% dividend with no cap.

STABLE OR INCREASING Nominally stable or increasing dividend payout each year.

A policy more aligned with the banking sector in general. SUPPORTS LIQUIDITY Supports share liquidity and valuation. Broadens the investor base.

PROFITABLE Allows for continued profitable lending growth.

PAGE 10 Q&A

PAGE 11 Basel IV effects: (i) consumer CET1 req.’s more even (ii) SME discount Norway to implement EU capital framework (CRR/CRD IV) CET1 capital requirements, Norway vs. Sweden

25%

20%

15%

10% 19.2 % 19.2 % 15.9 % 15.9 % 16.0 % 16.0 % 15.0 % 13.8 % 14.3 % 14.5 %

5% 9.3 % 9.8 %

0% NOFI KOMP NOFI KOMP Avida Nordax Avida Nordax PARB SBANK PARB SBANK Now 21e Now 21e Now 21e Norway Sweden Norway Consumer Commercial

Source: Company reports, SB1 Markets 1 MM bank and Pareto: Underserved corporate markets Pareto Bank - competitive vacuum in capital region likely a long-term picture Capital region – corporate lending market Geographical focus area for Pareto Bank

Bank size The natural competitors – the savings banks – fairly DNB, absent in capital region Nordea

SME corp peers: • Pareto Bank • MM Bank • NCB

Customer size Rural regions – corporate lending market

Bank size DNB, Nordea

Regional savings banks Local savings banks

Customer size

Source: Company reports, SB1M 2