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Bank Norwegian Bank Norwegian Investor presentation December 2020 Disclaimer This Company Presentation has been produced by Norwegian Finans Holding ASA (the “Company” or “NOFI”) exclusively for information purposes and to be used at the presentation to investors. This document 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 Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. The Company nor any parent or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments. 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, the Company or any parent or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending this Company 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 opinion of the potential future performance of the Company’s business. This Company Presentation contains financial figures from Norwegian Finans Holding Group (consolidated) and its entities. Presented figures and tables are labeled accordingly. 2 Agenda Snapshot of Bank Norwegian Why invest in Bank Norwegian? Appendix 3 Bank Norwegian – A leading Nordic consumer finance bank ▪ Established November 2007 Gross lending by type ▪ Offers unsecured instalment loans, credit cards and savings deposits in the Nordic consumer market Credit card ▪ Present in all four Nordic countries lending – Expanded into Sweden in 2013 and Denmark & Finland 28 % Total in 2015 BNOK 44.8 – Further European expansion underway Consumer ▪ 91 FTEs, all based at the head office in Fornebu, Norway lending 72 % ▪ Listed on the Oslo Stock Exchange since June 2016 – Ticker: NOFI Gross lending by geography Customers across Nordics 1.75m Gross lending BNOK 44.8 Finland Deposits BNOK 43.9 29 % Net income (LTM) BNOK 2.0 Total Norway BNOK 44.8 39 % Return on equity (LTM) 21.0% CET1 ratio 21.4% Denmark 14 % Sweden Rating BBB by S&P (Stable) 18 % Q3 2020 4 Strong presence in all four Nordic markets Norway: Unexpected positive development Sweden: Untapped potential ▪ Operating since 2007 ▪ Operating since 2013 ▪ Gross loan book of BNOK 17.6 ▪ Gross loan book of BNOK 8.1 112 74 ▪ 759 000 customers ▪ 535 000 customers 66 43 ▪ Market leading player with a ▪ Market share of 4.5 % 759 535 market share of 18.5 % ▪ Highly competitive, agent driven ▪ Increased competition from market incumbent banks 581 417 Denmark: Regulations and liquidity Finland: Rate cap of 10 % ▪ Operating since 2015 ▪ Operating since 2015 ▪ Gross loan book of BNOK 6.2 ▪ Gross loan book of BNOK 12.8 31 56 ▪ 171 000 customers ▪ 287 000 customers ▪ Market share of 6.2 % ▪ Market share of 10.8 % 171 287 ▪ Marketing restrictions ▪ Agents strengthening its foothold 103 37 169 63 ▪ Weak agent value proposition ▪ Changed market dynamics after rate cap, marketing restrictions Credit card (Customers, thousand) Instalment loan (Customers, thousand) Deposit (Customers, thousand) Market shares as of Q2 2020 5 A typical customer of Bank Norwegian Urban areas, age between 30 – 60 with a yearly income of 400’ Urban areas, age between 30 – 60 with a yearly income of 300’ Age Income profile (NOK) Age Income profile (NOK) 30% 40% 30% 25% 35% 25% 20% 30% 20% 20% 15% 10% 25% 10% 15% 20% 5% 0% 15% 10% 20-29 30-39 40-49 50-59 60-69 70- 0% 10% 20-29 30-39 40-49 50-59 60-69 70- 5% 5% 1. Stockholm 30.46 % 0% 1. Viken 24.61 % 0% 2. Skåne 14.99 % 100' 200' 300' 400' 500' 600' 700' 800' 900' 1000' 2. Oslo 13.94 % 100' 200' 300' 400' 500' 600' 700' 800' 900' 1000' 3. Västra Götaland 14.32 % 3. Vestland 12.03 % 4. Uppsala 3.93 % 4. Rogaland 8.62 % 5. Östergötland 3.03 % 5. Telemark og Vestfold 7.38 % Urban areas, age between 40 – 60 with a yearly income of 400’ Urban areas, age between 30 – 60 with a yearly income of 300’ Age Income profile (NOK) Age Income profile (NOK) 30% 40% 30% 30% 30% 25% 20% 25% 20% 10% 20% 10% 20% 0% 15% 15% 20-29 30-39 40-49 50-59 60-69 70- 0% 20-29 30-39 40-49 50-59 60-69 70- 10% 10% 5% 1. Nyland 38.60 % 5% 1. Hovedstaden 35.55 % 2. Birkaland 8.74 % 2. Sjælland 20.58 % 0% 3. Egentliga Finland 8.60 % 0% 3. Midtjylland 17.38 % 100' 200' 300' 400' 500' 600' 700' 800' 900' 1000' 4. Norra Österbotten 6.14 % 100' 200' 300' 400' 500' 600' 700' 800' 900' 1000' 4. Syddanmark 16.95 % 5. Mellersta Finland 3.97 % 5. Nordjylland 8.29 % 6 Agenda Snapshot of Bank Norwegian Why invest in Bank Norwegian? Appendix 7 Bank Norwegian offers a compelling combination of growth, high ROE and capital return 1 Operating in a stable and resilient macro environment 2 Proven lean and scalable operating model with best-in-class efficiency 3 Robust and prudent risk management Historic track record of attractive growth in assets translating into topline growth and 4 profitability Strong capital and liquidity position with significant organic capital build driven by 5 consistent, high ROE 6 Considerable further growth potential from penetration of existing Nordic markets as well as targeted international expansion 8 1 Resilient macro economic backdrop despite Covid-19 Annual GDP growth1) Cumulative GDP growth1) 2) 2) Unemployment1) Net government debt (% of GDP)2) 2) Source: 1) Moody’s Analytics, 2) IMF 9 2 Well proven lean and scalable model... One location Focused product portfolio ~100 employees across Credit cards 14 nationalities serving ~1.75 million customers Focus and Personal loans simplicity Deposits ~30% of employees working in IT and analytics enable Digital on the inside Digital on the outside rapid adoption Born digital Deep knowledge and inspiring tasks drive employee engagement 10 2 …creates best-in-class operating efficiency Quarterly operating expenses, MNOK 400 50% ▪ Flexible cost base across the organization 359 345 350 335 324 ▪ Higher digital marketing spend in Norway and 40% Denmark in Q3 300 289 ▪ Increase in personnel cost due to seasonality with 250 230 223 207 30% low costs in Q2 209 200 172 24% 24% 25% ▪ Lower credit card related IT costs 23% 19% 20% 150 ▪ Cost/income at 25% 28 31 32 100 28 24 10% 45 56 57 48 48 50 25 20 24 22 23 17 18 17 23 25 0 0% Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Marketing Personnel Other IT Depreciation Cost/income (rhs) 11 3 Improving asset quality results in increasing risk- adjusted yield… Loan loss provisions normalizing Improving stage 3 coverage ratio Increased risk-adjusted yield Total loan yield Total funding cost Additional / extraordinary provision Loan loss allowance coverage ratio stage 3 45% Risk-adjusted total loan yield 16% 14.6% 14.6% 14.7% 14.8% 14.5% 40.0% 40.4% 14% 40% 38.6% 12% 10.5% 10.4% 10.8% 2.0% 10.3% 10% 0.5% 37.7% 8% 0.6% 8.7% 35.9% 35% 6% 3.9% 3.9% 3.5% 3.4% 4% 2.7% 2% 1.3% 1.3% 1.4% 1.3% 1.2% 30% 0% Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 ▪ Loan loss provision reducing from peak and now ▪ Strong loan loss allowance indicates balance ▪ Resilient loan yields with credit card loan yield below prior year levels sheet strength and conservative provisioning normalized in Q3 policy ▪ Optimistic macro scenario still excluded from ▪ Lower average funding cost during the period provision calculation – net negative effect of ▪ Coverage ratio now above pre-pandemic due to deposit interest rate reductions and MNOK 62.1 in Q3 levels lower average debt securities cost 12 3 …through continuously improved automated credit approval process supported by manual underwriting… Application – credit approval process Automated process Individual underwriter ≈ 70% > 20% < 10% Automatic decline We turn down / Turn us down Loans paid out Policy Scorecard AML, PEP, Fraud- Budget model screening Price and Loan Manual underwriting conditions paid out • Internal history • Proprietary scorecards / • Affordability • Based on score and • Request additional information • Payment remarks PD models based on • Household debt service, affordability • Documentation control (salary, tax own, historic data • Existing debt income, costs, • Conditional offer (to records) • Credit cards important maintenance, child care appr. 30 % • Age etc. • Final decision for approval or source for data etc. applicants) rejection of loan • Data and model quality • ID-Control • Main decline reasons significantly improving underreporting of
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