Strictly Confidential

A leading debt restructuring partner to international 2017 and financial Tier 2 Capital Issuance institutions

May

1 Important notice

 The information and the opinions in this presentation have been prepared by Hoist Kredit AB (publ) (the "Issuer") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes (the "Notes") of the Issuer.

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 Investment in the Notes will also involve certain risks. A summary of the material risks relating to the Offering are set out in the section headed "Risk Factors" in the offering circular dated 16 March 2017 in respect of the Issuer's €1,000,000,000 Euro Medium Term Note Programme (the “Offering Circular”), which is available on the website of the Central of Ireland. There may be additional risks that are currently not considered to be material or of which the Issuer and its advisors or representatives are unaware.

 This presentation does not constitute or form part of, and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for, Notes in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is an advertisement and not a prospectus for the purposes of the applicable measures implementing the Prospectus Directive and does not comprise a prospectus for the purposes of Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) (together with any applicable implementing measures in any Member States, the “Prospectus Directive"). This presentation is the sole responsibility of the Issuer and has not been approved by any regulatory authority. The information contained in this presentation has not been independently verified.

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 The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. The Issuer does not intend to register any portion of the Offering in the United States or conduct a public offering of the Notes in the United States. In order to be eligible to make an investment decision with respect to the Offering, investors must be persons who are not U.S. persons (as defined in Regulation S under the Securities Act) located outside of the United States.

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 A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Similar ratings for different types of issuers and on different types of securities do not necessarily mean the same thing. The significance of any rating should be analysed independently from any other rating.

2 Agenda

 A. Introduction & Credit Highlights

 B. Capital Position &Transaction Rationale

 C. Tier 2 Termsheet

 D. Business Model & Operations

Appendix A. Introduction & Credit Highlights This is Hoist Finance

Pan-European debt restructuring partner licensed and supervised by The Hoist Way Focus on the SFSA acquisition and management of bank-originated 1. Contact non-performing 2. Open Dialogue loans 3. Agreement A leading debt restructuring partner to international banks and financial institutions

Scalable business SEK million 2016 2015 Change Solid business model model delivering with over 20 years Total revenue 2 627 2 247 +17% strong financial experience EBIT 935 675 +39% returns EBIT margin, % 36 30 +6 pp EBT 533 285 +87%

Confidential 5 Transaction rationale

1 Non-performing loan portfolios are inherently capital intensive (c.100% risk density)

2 Additional capital will be needed to support Hoist’s medium-term growth potential

3 Tier 2 is a capital efficient complement to other forms of own funds

4 Pre-funding to ensure sufficient firepower for opportunistic acquisitions and to minimise execution risk

5 The contemplated Tier 2 issuance supports Hoist’s ambition of earning an investment grade rating

The tender of the legacy SEK 350m Tier 2 and the new EUR denominated Tier 2 issue further improves the quality 6 of capital through tenor extension and mitigates currency mismatch

Confidential 6 Key credit highlights

1 20 years of successfully acquiring and collecting on NPL portfolios through the cycle

2 Leading pan-European presence across all stages of the growth and maturity cycle

3 Supportive underlying market trends

4 Proven track record of strategically entering new markets

5 Best-in-class data analytics leading to strong pricing accuracy

6 Regulated status yielding significant benefits in terms of reputation and financial position

77 Highly predictable cash flow backing

8 Strong capital position paired with advantageous liquidity profile

Confidential 7 1 20 years of successfully acquiring and collecting on NPL portfolios through the cycle Hoist Finance has grown to one of the largest debt purchasers in Europe while maintaining strong portfolio performance

Carrying value of acquired loans (SEK bn) Return on Book (%)

Q1 2017

LTM growth +13%

12.8 11.3% 12.7 10.6% 10.3% 10.2% 11.3 10.1% 8.9% 8.9

6.4

3.9

2012 2013 2014 2015 2016 2017 Q1 2012 2013 2014 2015 2016 2017 Q1 Confidential 8 2 Leading pan-European presence…

(1) Gross estimated remaining collections Netherlands

(EUR million)  2 collection platforms  Headquarters ()  1 collection platform (Amsterdam) (Duisburg, Bremen)  Funding base (HoistSpar)  ~27 employees  ~285 employees incl. Austria  ~63 employees (2)(3) E+C 5,545 UK Poland  Corporate office (London) (3)  2 collection platforms (Manchester, Milton  1 collection platform I+L 4,864 Keynes)  ~161 employees  ~413 employees France Austria Hoist 2,229 (5)  2 collection platforms (Bayonne, Lille)  Serviced from Germany  ~104 employees Lowell 2,066 Spain Italy

 2 collection platforms PRA 2,036 (4)  Servicing platform (Madrid)  (Rome, Lecce)  ~15 employees  ~181 employees Arrow 1,808 (2) Belgium Greece

 Collection platform (Brussels)  Servicing partnership with the Bank of Greece Kruk 1,143  ~18 employees  No portfolio holdings Gross 120 month ERC (5) As of March 31, 2017 B2 1,044 Region Central East Europe 29% Region West Europe 37% Idem 856 21.3bn SEK 1st 285 Region Mid Europe (1) 120m ERC unless noted, translated into EUR millions where applicable using exchange rate as of report date. 34% (2) Includes business outside Europe (3) Represents ~180M ERC. (4) Represents PRA’s European ERC only (5) Excluding run-off consumer loan portfolio and portfolios in the Polish joint venture. Hoist is a member of major debt purchaser panels in the countries it operates in Confidential 9 2 … across all stages of the growth and maturity cycle

Typical stages of development of debt purchase markets(1) Introduction Growth Maturity  ~0.5-5% avg. purchase price of face value  ~5-15% avg. purchase price of face value  ~15-25% avg. purchase price of face value  No or very limited NPL sales  Sales exceed NPL formation  Large share of NPL stock sold annually  Wide bid-ask gaps  Increasing competition across debt purchasers  Large share of paying and fresh non-paying portfolios  Weak quality of data  Decreasing bid-ask gaps  NPL sales an integral part of bank ecosystem  Cultural barriers and “denial” among banks  Increased share of fresher vintages  Consolidation among debt purchasers  Sales from early adopters include consumer finance and  Local banks gradually become more active international banks USA

Spain UK Poland Italy

Belgium Penetration of debt sales debt of Penetration

Portugal Germany Netherlands

Romania Ireland France Austria Greece

Time since introduction of debt sales Hoist’s current markets

(1) Excluding run-off portfolio of consumer loans.

Confidential 10 3 Supportive underlying market trends

Projected growth for NPL deal value in Europe (€bn)(1) • Unsecured consumer lending projected to grow 2% p.a. from 2015- (1) I. 2020E Increasing market • Growing professionalism with big, pan-European debt purchasers leveraging benefits of scale, compliance expertise, data analytics and maturity and lower funding costs lending growth • Increasing market maturity where sales of NPLs become an integral part of the financial ecosystem +7% p.a. ~ 3.9 ~ 3.8 • Higher capital requirements due to Basel III and IV; large NPL stocks have ~ 3.6 II. a strongly negative impact on capital ~ 3.3 Increased pressure • New accounting standard IFRS 9 will lead to higher up-front NPL provision on banks to sell requirements ~ 3.0 NPLs • Tightening regulatory landscape incentivises banks to address non- ~ 2.8 performing assets ~ 2.6 ~ 2.4 ~ 2.2 ~ 2.1 ~ 2.0 • Fresher debt with higher collectability is being sold • Standardized NPL definitions through Basel Committee create III. transparency and comparability Increasing value of • Improved legal framework around collectability and more flexible NPLs personal insolvency laws increase collectability 2010 -11 -12 -13 -14 -15 -16 -17E -18E -19E 2020E • Increasing prices of NPLs across Europe make a sale of NPLs more attractive for banks

Source: EBA, IMF, Euromonitor, third party reports. (1) Hoist Finance’s focus markets: DE, PL, RO, AT, UK, IE, NL, BE, FR, PT, ES, IT, GR

Confidential 11 4 Proven track record of strategically entering new markets

2016 Moody’s assigns Ba1 rating to Hoist Kredit’s EMTN programme. 2001 2009 2012 2014 1994 Enters into strategic partnership Refocusing of Enters France, Establishment of Acquires 2 collection Acquires assets and with Bank of Greece servicing business to acquisition operates own unique funding model platforms, a large data operations of Hoist’s €9bn of NPLs from 16 Greek banks of non-performing portfolios and with the launch of warehouse and a large service partner in Italy. portfolios in third-party debt HoistSpar portfolio of debt Acquires Polish First portfolio and platform Sweden servicing operations claims in UK debt collector acquisition in Spain

1997 2007 2011 2013 2015 May 2017 Enters Germany, Expansion into Acquires its first Acquires 3 collection Listed on Nasdaq Stockholm Stock Exchange. Moody's places operates with in-house Belgium portfolio in Italy. platforms and a Hoist Kredit AB model with two and Enters a joint venture significant portfolio Acquires a well-diversified banking portfolio (publ) on review collection platforms the Netherlands in Poland of debt claims in UK. with an established and proven collection for upgrade platform in UK. Acquires portfolios in Austria, managed Enters into a new asset class through from the German acquiring an SME portfolio from platforms Banco Populare

Confidential 12 5 Best-in-class data analytics across our diverse markets…

Required portfolio insights sourced from abundant data… …across countries, asset classes and business cycles

Since  Approximately 2,150 active portfolios as of March 31, 2017 Acquired TRC, debt collector with a +40 year track record 1970  The aggregate data set covers multiple asset classes across our geographic markets and contains over 7.3 million active claims as of March 31, 2017 Acquisitions of Robinson Way / TLG add data to support pricing 1978 / 91 expertise

17 years of data on unsecured & 7 years of data on secured consumer 1997 credits Italy 9% Spain 2% Data on unsecured & secured consumer credits 2001

Germany & Austria 12% Unsecured data with a focus on fresh claims 2006

UK 7.3m Belgium, 57% Netherlands & Acquisition of Navi Lex and key data capabilities 2010 France 14%

Acquisition of Compello and additional key data capabilities 2003 Poland 6% Hoist to receive extensive historical collection data as part of the 2016 agreement with Bank of Greece

Acquisition of 115,000 loans from four regional Spanish banks and 2016 Optimus loan servicing company

Confidential 13 5 … result in high level of pricing accuracy, which in turn drives superior through-the-cycle performance track record

• Growing number of active portfolios… … contributes to industry leading pricing accuracy

 Data Warehouse has grown to hold nearly 20 million claims and climbing daily  The unique Data Warehouse combined with proprietary pricing models and management experience drives a very high level of pricing accuracy  Hoist has maintained a solid underwriting discipline through a period of phenomenal growth  At an aggregated level actual collection experience vs. pricing model forecast at purchase is close to 100%

Number of active portfolios

20,000 2,500 Initial forecast 18,000 (1) 16,000 Actual cash 2,000 14,000

12,000 1,500 10,000

8,000 1,000 6,000

4,000 500 2,000

0

0

Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16

Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

(1) Cash flow from the Group’s customers on loans included in the Group’s acquired loan portfolios.

Confidential 14 6 Regulated status yielding significant benefits in terms of reputation and financial position

Attractions of being a regulated entity Diversified funding structure as of March 31, 2017

 Reinforces Hoist’s reputation to the general public and amongst sellers of portfolios Other Shareholders' equity 3.9% − Subject to most of the risk regulations of a bank such as capital requirements, liquidity 14.1% and internal governance Additional tier 1 2.0% Demand deposits − Requires prudent solvency ratios and improves positioning with banking counterparties Subordinated debt 1.8% 40.3% SEK 19.2bn

− Deep understanding of the regulatory environment under which vendors operate Senior unsecured debt 16.4%

(1)  Access to lender of last resort 1-3 year deposits 21.6%  Strong capital and liquidity position in excess of minimum regulatory requirements  Oversight ensures sophisticated internal controls, risk management, compliance and governance  Recent successful issuance of €30m Additional Tier 1 notes has strengthened capital ratios and paved way for an increased growth capacity going forward, and, together with the €300m senior unsecured issue, resulted in increased funding diversification and better  Lower cost SEK online deposit funding provides a competitive advantage matching of loan portfolio currency exposure

 SEK 5.7bn portfolio of highly rated liquid assets provides ample liquidity buffer against demand deposits

 More than 99% of Hoist’s deposits are covered by the Swedish state deposit guarantee scheme

(1) From the Riksbank’s list of eligible interest bearing securities – accessible via counterparties through either repo and/or outright unwind.

Confidential 15 7 Highly predictable cash flow backing…

Carrying value vs. ERC (as of Dec. 31, 2016) Annual distribution of 120-month ERC (as of Dec. 31, 2016)

SEK billion SEK million

1.7x (3) 21.4 Per cent of ERC Net revenues from acquired loan portfolios collectible in first 3 years Amortisations 50%

Embedded Net Revenue 4,149

3,596 12.7 120- month 2,934 (2) 2,124 ERC 1,698 2,444 Collections also expected beyond 10 years 1,343 2,052 1,053 1,751 Carrying 846 1,481 (1) 688 1,231 value 526 976 2,025 1,898 378 762 1,591 246 1,391 135 1,206 1,063 955 853 730 627

1 - 12 13 - 24 25 - 36 37 - 48 49 - 60 61 - 72 73 - 84 85 - 96 97 - 108 109 - 120 Months

(1) Including run-off consumer loan portfolio sand Polish joint venture. (2) Excluding run-off consumer loan portfolio and portfolios held in the Polish joint venture. (2) Gross cash collection less amortisation. Confidential 16 8 …forming an advantageous liquidity profile

Balance sheet structure (as of March 31, 2017) Breakdown of liquidity reserve (as of March 31, 2017)

SEK million 19,139 19,139 Significant liquidity reserve invested in a conservative manner Treasury All liquidity reserve bills/bonds assets are eligible for 21% Cash and repo transactions Interest- 30% On-demand bearing Liquidity Deposits Securities(1) Bonds and other SEK 5.7bn securities Lending to Credit 61% institutions 18%

1-3 Year Deposits Liquidity reserve to deposits (as of March 31, 2017)

Acquired Loans(2) 74%

Other Liabilities 60% Term- 48% funding(3) Senior Unsecured Debt

Subordinated Debt AT1

Other Shareholders Equity Assets Available liquidity reserve over total deposits Available liquidity reserve over demand deposits

(1) Defined as cash, Treasury bills and Treasury bonds, lending to credit institutions, and bonds and other securities. (2) Defined as acquired loans incl. joint venture and run-off semi-performing portfolio. (3) Term funding = (1-3yrs deposits + other liabilities + bonds + AT1 instruments + equity ) / (1-3yrs deposits + other liabilities + bonds + AT1 instruments + equity + demand deposits).

Confidential 17 B. Capital Position &Transaction Rationale Delivery of key strategic objectives whilst building strong capital base…

15.21% 16.76% 16.79% CET1 target 11.62% 12.17% 2.5-4.5 pp 9.75% above regulatory 12.32% 12.46% 12.51% requirements 8.00% 9.35% 5.60% (Currently 10.1% - 12.1%) 2012 2013 2014 2015 2016 Q1 2017 CET1 Total capital ratio

Key corporate / capital actions

2012 2013 2014 2015 2016 2017  SEK350m Tier II and listing on  SEK333m private placement  IPO on Nasdaq OMX  Established €750m EMTN  Increase in EMTN programme Nasdaq OMX with Toscafund including SEK870m Programme. Issued €250m under from €750m to €1bn  SEK750m senior unsecured  €100m senior unsecured bond primary raise the programme with a follow up  Announcement of Tender and bond and listing on Nasdaq issue and listing on Nasdaq  Public tender of SEK tap of €50m Consent Solicitation with a OMX OMX denominated notes  Buy-back of senior unsecured notes potential EUR Tier 2 note to Capital actions  SEK100m new shares issued issued in previous years follow, as well as a call notice to redeem AT1 issued in 2012  €30m AT1 issuance for outstanding €100m 2017  Preferential rights issue in  Assigned rating from Mooyd's in EUR floating senior notes Hoist International AB May (Ba2), upgraded in June (Ba1)  Senior unsecured debt placed (SEK100m) on review for upgrade

 Acquisition of Robinson Way  Acquisition of the Lewis  Acquisition of TRC in Italy  Acquisition of  Strategic partnership with Bank of in the UK Group in the UK  Acquisition of Navi Lex Compello in the UK Greece for NPL servicing of 16 Corporate actions  Austrian portfolio acquisition in Poland  Acquisition of SME NPL Greek banks  Acquisition of landmark  Acquisition of landmark portfolio from Banco  Acquisition of first portfolio in Spain portfolio in the Netherlands portfolio in Italy Popolare in Italy  Geographic market  Internalisation of local  Internalisation of local  Internalisation of local  Internalisation of local servicing diversification servicing partners servicing partners servicing partners partners Strategic rationale  Internalisation of local  Capital structure  Capital structure  Capital structure  Capital structure diversification servicing partners diversification diversification diversification  Asset class diversification

Confidential 19 Resulting in a conservative capital profile…

CET1 Total capital

16.8%

5.4% 12.5% 11.4%

4.9% 2.6%

7.6% 0.8%

2.5% 0.5% 8.0%

4.5%

Hoist CET1 capital requirements Hoist Q1 2017 CET1 capital Hoist total capital requirement Hoist Q1 2017 total capital Pillar I Pillar II Buffers

Confidential 20 With a view to move to IG rating… Growth in a capital-conscious and cost-efficient way Evolution of senior unsecured rating

Moody's places Hoist Kredit AB (publ) on review for upgrade1 Baa3

Ambition of an IG "[The] rating action follows an announcement released by Hoist on 27 April 2017 Ba1 Intended Ba1 senior rating from indicating that the debt purchaser plans to issue new subordinated debt in the coming (rev) outcome Moody’s weeks. The review for upgrade reflects the rating agency's assessment of a high likelihood following that the planned debt issuance will be sufficiently substantial to materially increase the June 2016 May 3, 2017 review for loss absorption cushion available to creditors in the unlikely event of a failure." Ba2 Review for upgrade(1) upgrade(1) (current) May 2016 • Medium term financial targets of 12% CET1 ratio and a 15.5% Total Capital ratio • Tier 2 issuance permits Hoist to… Moody's places Hoist on review for upgrade(1) • further increase financial flexibility and broaden funding base Tier 2 "Moody's has placed the issuer and senior unsecured debt ratings of Hoist on review for • improve duration and currency matching of assets and liabilities  upgrade to reflect the announced issuance of new subordinated debt and its potential • further optimize capital structure in light of regulatory change and future-proofing impact on Moody's Loss Given Failure analysis. for Pillar 2 requirements (as a portion can also be met with Tier 2 capital) While Hoist's funding plan states an intention to replace an existing subordinated debt with the newly planned issue under its EMTN programme, Moody's anticipates that the • Priority #6: Maintain and develop strong funding base and leverage on amount that will be raised in the coming weeks could well exceed the size of the solid capital and liquidity positions company's current outstanding junior debt, which would provide a more substantial cushion of protection for creditors over the coming years in the event of failure. Hoist, Strategy • An upgrade of the senior unsecured rating to investment grade would along with other Swedish financial institutions, is subject to a bail in regime under Bank communicated in the improve senior funding costs, meaning more favorable financing for Recovery and Resolution Directive. IPO-prospectus further growth The review process will focus on the specific size of the placement in the context of • The Tier 2 issuance would further strengthen own funds to meet Hoist's overall liability structure, along with the rating agency's assessment of its continued rapid asset growth over the next years sustainability over the longer term, taking into account the pace of growth anticipated at Hoist over that time horizon." (1) Rating Action: Moody's places Hoist's Ba1 debt and issuer ratings on review for upgrade. Global Credit Research - 03 May 2017

Confidential 21 C. Tier 2 Termsheet Summary of Indicative Terms and Conditions

Issuer Hoist Kredit AB (publ) Issuer rating Ba1 - Rating Under Review for upgrade (Moody’s) Expected issue rating [B1 (review for upgrade)] Notes Subordinated Fixed Reset Notes The Notes will rank (i) pari passu without any preference among themselves and with claims in respect of any other Tier 2 Capital of the Issuer and obligations or capital instruments that rank or are Ranking expressed to rank equally with the Notes, (ii) senior to the Additional Tier 1 instruments and all classes of the Issuer’s share capital and obligations ranking or expressed to rank junior to the Notes and (iii) junior to all other obligations of the Issuer Currency & Amount EUR []m Maturity 20[] Issuer Call The Issuer may redeem all, but not some only, of the Notes on 20[], subject to customary conditions required by applicable prudential rules []% per annum payable annually on [] in each year commencing [] 201[7] ([short/long] first) up to (but excluding) [] 20[]. Thereafter, reset to the prevailing 5-year EUR Mid-Swap Rate plus []% Interest (The Reset Margin, being equal to the initial credit spread)

At the option of the Issuer in whole, but not in part, on any Interest Payment Date if a Tax Event occurs or on the occasion of the next payment due under the Notes, the Issuer has or will become obliged to Redemption for tax reasons pay additional amounts as a result of a change in laws or regulations of a Tax Jurisdiction or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date on which agreement is reached to issue the first Tranche of the Notes; and such obligation cannot be avoided by the Issuer taking reasonable measures available to it.

At the option of the Issuer in whole, but not in part, within 90 calendar days of the occurrence of the relevant Capital Event (determination by the Issuer, after consultation with the SFSA (if required) that as Redemption upon a Capital Event a result of a change in Swedish law or Applicable Banking Regulations or any change in the official application or interpretation thereof becoming effective on or after the Issue Date, the aggregate outstanding nominal amount of the Notes is fully excluded from Tier 2 capital of the Issuer (other than as a result of any applicable limitation on the amount of such capital))

The Issuer or any Subsidiary of the Issuer may at any time purchase Notes at any price in the open market or otherwise. Such Notes may be held, reissued, resold or, at the option of the Issuer, surrendered Purchases for cancellation

Redemption and Purchase conditions No early redemption or purchase may be made without the prior consent of the SFSA

The Issuer may substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without any requirement for the consent or approval of the holders of the Notes but Substitution & Variation subject to approval of the SFSA, so that they become or remain Qualifying Securities as defined in Condition 7 (with terms that are not materially less favorable to a holder of the Notes)

Minimum denominations EUR 100,000 and integral multiples of EUR [1,000] in excess thereof Listing Irish Stock Exchange Law English Law, except subordination (Condition 3.2) which will be governed by Swedish Law Point of non-viability Swedish Statutory Loss Absorption Powers – please refer to Condition 19.5 of the EMTN Documentation Issuer’s EMTN Programme dated 16 March 2017, as supplemented Joint Lead Managers Deutsche Bank, Nordea

Confidential 23 D. Business Model & Operations Disciplined pricing and investment process

Stringent strategic and financial requirements for investments... Initial review

Decision to proceed with a bid Geographic Financial Strategic Core strengths on the portfolio direction focus discipline

...followed by standardised and disciplined acquisition process Acquisition Integration

Integration through Initial review Indicative bid Pricing Purchase execution established processes

Data warehouse integrated throughout process

25 Extensive3 Data Warehouse supports pricing accuracy and performance

Data Warehouse integrated throughout pricing and collection

Data to support pricing accuracy and collection performance Number of active portfolios  Detailed current and historical information on purchased portfolios accumulated since 1997 2,500

 Repository of historical data, based purely on debt purchasing activities 2,000 − 19 years of historical data in Germany − 15 years of historical data in France 1,500 − 10 years of historical data in Belgium and the Netherlands 1,000 − Hoist Finance has acquired a number of companies with long track-records such as Robinson Way in UK (1978), TLG in UK (1991) and Compello in UK (2003), Navi Lex in Poland (2010) and TRC in Italy (1970) 500  2,054 active portfolios acquired and collected on as of 30 September 2016 with 7.1 million claims

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

DATA WAREHOUSE

Feedback loop A Pricing A B C B Production Steering Portfolio Forecasting Integration / Boarding Production Management Production Steering Information Services Financial control C and End user interfaces Pricing and Segmentation and Resource Allocation Campaign Reporting, Scoring, Production Models Production Strategies Optimisation Benchmarking Standardised analytical steering model across markets Hoist has collected a long and extensive data series since 1997, with substantial amounts of the most recent data

Confidential 26 In-house collection model

Tracing & Contact Tailored a Payment Surveillance Strategy Campaign Monitoring debtors Matching Agree voluntary Directed Customer Collection strategy is unable to pay for payment plan or actions taken customised by changes in personal Tracing against public records & Databases Management settlement with against certain segment financial (if contact details unavailable) customer segment circumstances

Segmenting

Segmenting according to likelihood of payment If

unsuccessful Maximise Collections in Most Efficient Way Strategy

Assessment Determines action Best Will Will not pay pay a b b Legal Strategies

Process Legal Establish ContactDetermine and Can pay SegmentingPayment according to likelihoodenforcement of Legal collections will Personal payment Legal Third Party be initiated when a Courts Bailiffs Bankruptcy Enforcement customer has the DCA’s Cannot Nominal Proceedings Diarise ability to, but will not, pay Payment pay

The Hoist Way 1 Amicable approach to facilitate better consumer 2 In-house collection model, complemented by recovery and provide stable cash flows preferred partners in select markets

 Collection model shaped over 20 years of 3 1. Contact 2. Open Dialogue 3. Agreement collections on own books 4 Stringent compliance with regulation

Confidential 27 Systematic strategy to enter new markets

Key criteria for assessing new markets Italian case study

 Italy had high NPL formation (€184bn in 2014, 2010-14 CAGR: 23.9%) but low NPL sales  Stability in the underlying market and until 1H 2015 Growth significant potential NPL flows  As larger Italian banks set up non-core divisions, flow of NPLs to market expected to rise for the next 3-5 years

 Portfolio consisted of paying non-performing loans backed by Cambiali (Italian bills of exchange), which provided stable cash flow  Attractive IRRs in the market Return  Purchase price of €7.5m was large enough to test service partner and gauge portfolio performance, but did not require local Hoist resources

 Several of the Italian banks are subsidiaries of Hoist’s clients in other countries Relationships  Key clients already in the market (e.g. French banking groups), which provides Hoist with a ready client base as soon as introductions can be made with Group contacts

 Optimal setup with local partner(s) /  Partnership with TRC based on a risk share / profit share agreement, thus Sustainability joint venture structure limiting the aligning interests and providing downside protection operational risk  Low operational gearing thanks to no upfront investment in infrastructure

Confidential 28 Well-positioned for increasingly stringent consumer regulation

 There is at present a disparity in the level of regulation of consumer credit activity in certain countries

− For example, the UK is highly regulated (now with FCA authorisation), whereas Italy is not subject to the same level of regulation and oversight. In the latter example, codes of conduct and possibility of self-regulation are being considered

 A greater emphasis on protection of customers, in the form of increased regulation of consumer credit activity, is generally expected

 Such a change in the environment would, however, favour Hoist Finance, aligning with our focus on putting the customer first, and prioritising amicable settlements that take into account the customer’s interests and financial circumstances

− Hoist Finance’s prioritisation of such ethical practices can be seen as a competitive advantage

 Where jurisdictions that have not in the past regulated the sale and management of non-performing loans, move towards greater regulation in this area, this may benefit established debt purchasers such as Hoist

Confidential 29 Appendix Who we are Key metrics as of March 31, 2017

 Established in 1994, Hoist Finance is a leading debt restructuring partner to international banks 120-month (1) Active ERC EBIT  20 year track record of successfully acquiring and collecting on more than 2,150 NPL SEK 273m portfolios portfolios SEK 21.3bn 2,150 Revenues(1) Adj. EBITDA  Licensed and supervised by the Swedish FSA SEK 719m SEK 812m  Listed on Nasdaq Stockholm Mid-Cap list Claims CET1 ratio FTE under mgmt.  Main focus on the acquisition and management of bank-originated non-performing 12.5% 1,268 unsecured consumer loans (NPLs) 7.3m Total capital Moody’s  Stable earnings – RoE of 21% and EBIT margin of 38% ratio rating  Strong capitalization base with CET1 capital ratio of 12.51% and Total capital ratio of 16.8% Ba1 16.79%

Operational composition

Product mix by revenue Carrying value by type of debt Carrying value by age of debt Distribution by market As of March 31, 2017 As of March 31, 2017 (2)(3) As of March 31, 2017 Carrying value, acquired loan portfolios(4) 3PC and other As of March 31, 2017 Utilities providers, Payer Joint Venture 3% telecom and other 9% 2% retail Primary 6% 14% Region Central East Region West Europe Tertiary Europe 36% 54% 27%

Secondary 22% Region Mid Europe Debt purchase Financial institutions Secured 35% 97% (FI) 1% 94% (1) Including interest income from run-off semi-performing portfolio, revenue from servicing, profit from joint venture and other income. (2) Carrying value or book value is the value of an asset according to its balance sheet account balance. (3) FI ratio defined as unsecured B2C FI debt to total. Utilities providers, telecom and other retail include unsecured B2C Retail, Secured and Other. (4) Including run-off consumer loan portfolio and portfolios held in joint venture. Confidential 31 Structure chart – key operational entities

Hoist Finance AB (publ) Public entity Sweden

100% Hoist Belgium EUR300m Senior Unsecured (Branch) EUR30m Additional Tier 1 New Hoist Kredit AB (publ) fixed notes Tier 2 notes Sweden rate notes (1) Hoist Netherlands (Branch) Entity holding credit EUR100m Senior Unsecured Tender Offer 100% SEK100m Additional market company floating SEK350m Tier 1 notes license rate notes (2) Subordinated notes Hoist GmbH Germany

100% 100% 100% 33% 50% 100% 100% Hoist Finance PQH Single Special Best III NS FIZ Hoist Finance Hoist Finance Hoist Kredit Ltd. Hoist Italia S.r.I. MARTE SPV S.r.I. UK Ltd. Liquidation S.A. Poland Spain S.L. Cyprus Ltd. UK Italy Italy UK Greece (Fund) Spain Cyprus

Hoist Finance SAS 100% 100% 100% France Optimus Portfolio Hoist I NS FIZ Robinson Way Ltd. Management S.L. Poland UK Hoist Portfolio Spain (Fund) Holding Ltd. Jersey 100%  The proceeds from the notes issue will be used for general corporate  Hoist Kredit AB (Ba1/Stable) holds a licence as a credit market company Hoist Portfolio (3) Holding II Ltd. purposes and is supervised by the Swedish FSA Jersey  No dividend to the shareholders will be made in connection with the notes  All operations are carried out in Hoist Kredit AB and its subsidiaries and issue branches Hoist Hellas S.A. Greece  Hoist Kredit AB offers retail deposits to the general public that are covered by the Swedish state deposit guarantee scheme Hoist Polska Sp z.o.o. (1) Issued under Hoist’s EUR 1,000m EMTN programme. Poland (2) Outstanding amount was EUR 28.4m as of March 31, 2017. (3) Including refinancing of existing debt or replacing a portion of existing deposit funding. Confidential 32 Our Vision | To become the leading debt restructuring partner to international banks and financial institutions

Objectives Strategic levers Financial targets

Capitalisation Preferred by  Be customer-centric, with a focus on amicable and fair settlements CET1 ratio range customers  Primary focus on in-house collections 2.5-4.5 pp above regulatory requirements

 Maintain underwriting discipline Trustworthy  Optimise collection strategies – Utilise operating leverage to increase efficiency partner  Maintain solid capital and liquidity positions Profitability Medium term EBIT margin 40%  Focus on bank originated assets Attractive to  Maintain and develop unique funding structure – Leverage credit rating and bank status investors  Strengthen and expand current markets – Grow in select new markets Profitability Medium term RoE 20% Best place to  Develop the best team in the market work

Dividend policy Corporate Social Medium term Responsibility  Integrate CSR into everything we do and continue to build trust with all stakeholders 25-30% of annual “CSR” net profit – Long term 50%

Confidential 33 Management

Jörgen Olsson Pontus Sardal CEO CFO and Deputy CEO

With Hoist Finance since 2009 With Hoist Finance since 2011 Previous experience: Head of Corporate Banking at Kaupthing Bank Previous experience: Various positions at SEB, including CFO of SEB Group Sweden, senior positions at SEB/Enskilda Corporate, Group Treasurer Retail, Head of Business Support at SEB Finans, Head of Finance of at Elekta. mortgage finance business SEB BoLån and CFO of the Latvian bank, Latvijas Unibanka.

Henrik Gustafsson Anders Wallin Regional Director Central East Europe CIO

With Hoist Finance since 2014 With Hoist Finance since 2012 Previous experience: Group Head of Sales and Investments at Hoist Previous experience: CIO at UC AB, Head of UC Decision Solutions at UC AB Finance, Head of Strategy and M&A of Dometic Group AB (publ), Head of and CEO of Numenor Consulting Group AB. M&A of Material Technology.

Charles de Munter Najib Nathoo Regional Director Mid Europe Regional Director West Europe since 2015 & Head of Hoist Finance UK

With Hoist Finance since 2013 With Hoist Finance since 2012 Previous experience: Regional Director of France, Benelux, Italy and Poland Previous experience: President of the UK Credit Services Association 2007- at Hoist Finance. Regional director at EOS in charge of Belgium, the 2009 and CEO of 1st Credit and various senior positions at Consolidated Netherlands and France. Previously, 14 years at Intrum Justitia. Financial Insurance Group (part of GE Capital).

Karin Beijer Head of HR

With Hoist Finance since 2014 Previous experience: Member of the board of Luna AB and Swedish Learning Association Ekonomisk förening. Chief Administration Officer and HR Director of B&B TOOLS AB.

Confidential 34 Board of Directors

Ingrid Bonde Chair of the Board Jörgen Olsson Board Member Board member since 2014 Other assignments: CFO and Deputy CEO of Vattenfall, Board member of Loomis Board Member since 2010 Previous experience: President and CEO of AMF, Director General of the Swedish FSA, Deputy Director Experience: With Hoist Finance since 2009, currently CEO. Previous experience include Head of Corporate General of the Swedish National Debt Office, Vice President Finance of SAS, foreign currency funding and Banking at Kaupthing Bank Sweden, senior positions at SEB/Enskilda Corporate, Group Treasurer at debt management at the Swedish National Debt Office Elekta

Cecilia Daun Wennborg Joakim Rubin Board Member Board Member Board member since 2017 Board member since 2017 Other assignments: Board member at Getinge, ICA Gruppen, Loomis, Bravida, Hotell Diplomat, Atvexa, Other assignments: Founding Partner at Zeres Capital, board member in Cramo Plc and ÅF Sophiahemmet och Oncopeptides Previous experience: Senior Partner and Head of CapMan Public Market, and different positions at Previous experience: VP, CFO and Head of Strategy and Corporate Governance at Ambea, CEO and CFO inter alia, Head of Corporate Finance and Debt Capital Markets. Board member in at Carema, acting CEO at Skandiabanken, Head of Swedish Operations Skandia Group and CEO at Sanitec Plc, B&B Tools, Intrum Justitia, Proffice and Nobia SkandiaLink.

Malin Eriksson Costas Thoupos Board Member Board Member Board member since 2017 With Hoist Finance since 2007 Other assignments: Founding Partner and Chief Investment Officer and Senior Managing Director in Previous Experience: With Hoist Finance since 2007 and until late 2012 served as CEO. Currently serving Credigy as executive board member and Chairman of the Investment Committee. Costas has a background in Previous experience: Board member and Head of Investment Committee in Lindorff Group, CEO at Rio structured finance and investment banking from Debt Capital Markets and Barclays Capital, Branco Aquisição e Administração de Creditos and Senior Consultant at Monitor where he developed strategic funding that led to a paradigm shift in the growth of the European Debt Purchase industry

Liselotte Hjorth Gunilla Wikman Board Member Board Member Board member since 2015 Board member since 2014 Other assignments: Chairman of the Board of Directors White arkitekter AB and White Intressenter AB, Other assignments: Board member at Oatly and AMF Fonder and Resurs Bank. IR manager (on and Board member at Kungsleden AB and East Capital Explorer AB consultancy basis) at Resurs Bank and Edgeware Previous experience: Board member at SEB AG, Rikshem AB, German-Swedish Chamber of Commerce, Previous experience: Board member at HMS Networks, SJ (Swedish State Railways) and Proffice. Swedish Chamber of Commerce and the Swedish National Debt Office Previous positions at SEB, the Swedish Central Bank and the Bank Support Authority as Head of Communication

Confidential 35 Solid historical performance

Portfolio Acquisitions 120M ERC(1) SEK million SEK million CAGR Growth +26% +11%

FY 2017 target: SEK 3.5bn –4bn

3,267 3,227 4,370 3,329 648 611 10,673 15,576 19,367 21,375 19,221 21,297 2013 2014 2015 2016 3M 2016 3M 2017 2013 2014 2015 2016 3M 2016 3M 2017

Gross Cash Collections Adjusted EBITDA – margin(2) SEK million CAGR +38%

67.5% 67.1% 66.3% 66.2%

Growth 63.1% +4% 60.1% 1,641 2,541 3,631 4,282 1,032 1,075

2013 2014 2015 2016 3M 2016 3M 2017 2013 2014 2015 2016 3M 2016 3M 2017

(1) Excludes run off consumer loan portfolio and joint venture. (2) Adjusted EBITDA over the sum of gross cash collections, fee & commission and other income. Confidential 36 Summary historic financials Consolidated income statement

SEK thousand 2014 2015 2016 3M 2017 Total operating income 1,290,775 1,807,826 2,140,164 603,036 of which net interest income 1,143,053 1,681,433 2,107,225 585,933 Total operating expenses -1,130,948 -1,572,236 -1,691,848 -445,550 Profit before tax 218,489 285,131 533,098 185,148 Net profit for the year/period 180,103 230,522 417,149 144,810 Consolidated balance sheet

SEK thousand 2014 2015 2016 3M 2017 Cash and Lending to credit institutions 1,293,051 858,797 1,064,359 1,066,770 Treasury bills and treasury bonds 2,316,110 3,077,827 2,273,903 1,594,560 Lending to the public 157,232 77,994 35,789 33,365 Acquired loan portfolios 8,586,782 11,014,699 12,385,547 12,508,470 Bonds and other securities 1,951,241 1,303,214 2,538,566 3,051,987 Participations in joint ventures 215,347 205,557 241,276 245,019 Fixed assets 203,048 277,255 284,156 284,034 Other assets 339,018 636,134 326,330 355,207 Total assets 15,061,829 17,451,477 19,149,926 19,139,412

Deposits from the public 10,987,289 12,791,377 11,848,956 11,838,319 Other liabilities and provisions 2,677,350 2,371,340 4,375,673 4,226,787 Shareholders' equity 1,397,190 2,288,760 2,925,297 3,074,306 Total liabilities and shareholders' equity 15,061,829 17,451,477 19,149,926 19,139,412 Key figures, group SEK million 2014 2015 2016 3M 2017 Gross collections 2,541 3,631 4,311 1,186 EBITDA, adjusted 1,794 2,408 2,921 812 EBIT 530 675 935 273 EBIT margin, % 32 30 36 38 Gross 120-month ERC (1) 15,576 19,367 21,375 21,297 Total capital ratio; % 12.17 15.21 16.76 16.79 CET1 ratio; % 9.35 12.32 12.46 12.51 Return on equity, % 19 12 18 21 Liquidity reserve 5,352 5,156 5,789 5,671 Number of employees (FTEs) (2) 1,077 1,349 1,285 1,268 (1) Excluding run-off consumer loan portfolio and portfolios in Polish joint venture. (2) Number of employees for 2015 is updated based on revised calculation model. Confidential 37 Financials – consolidated income statement

SEK thousand 2014 2015 2016 3M 2016 3M 2017 Net revenue from purchased loan portfolios 1,398,291 2,004,524 2,404,955 573,261 663,715 Interest income (1) 89,731 38,279 2,558 711 -1,203 Interest expense -344,969 -361,370 -300,288 -70,172 -76,579 Net interest income 1,143,053 1 ,681,433 2,107,225 503,800 585,933

Fee and commission income 153,222 166,705 116,817 29,870 21,145 Net financial income (1) -17,719 -50,941 -97,529 -35,714 -8,682 Other income 12,219 10,629 13,651 1,869 4,640 Total operating income 1,290,775 1,807,826 2,140,164 499,825 603,036

General administrative expenses Personal expenses -473,200 -651,354 -672,355 -169,232 -168,463 Other operating expenses -627,467 -874,016 -966,697 -223,217 -263,168 Deprecation and amortisation of tangible and intangible assets -30,281 -46,866 -52,796 -12,971 -13,919 Total operating expenses -1,130,948 -1,572,236 -1,691,848 -405,420 -445,550

Profit before credit losses 159,827 235,590 448,316 94,405 157,486

Net credit losses - -5,298 -1,260 - - Profit from shares and participations in joint ventures 58,662 54,839 86,042 28,705 27,662 Profit before tax 218,489 285,131 533,098 123,110 185,148

Income tax expense -38,386 -54,609 -115,949 -28,351 -40,338 Net profit for the year/period 180,103 230,522 417,149 94,759 144,810

(1) Market value changes were reclassified from Interest income to Net result from financial transactions as from Q1 2016. The comparative 2015 figures have also been reclassified pursuant to this change. Confidential 38 Financials – consolidated balance sheet and capital metrics Assets

SEK thousand 2014 2015 2016 3M 2017 Cash 340 281 3,073 3,054 Treasury bills and treasury bonds 2,316,110 3,077,827 2,273,903 1,594,560 Lending to credit institutions 1,292,711 858,516 1,061,285 1,063,716 Lending to the public 157,232 77,994 35,789 33,365 Acquired loan portfolios 8,586,782 11,014,699 12,385,547 12,508,470 Bonds and other securities 1,951,241 1,303,214 2,538,566 3,051,987 Participations in joint venture 215,347 205,557 241,276 245,019 Intangible assets 171,048 235,632 243,340 243,058 Tangible assets 32,000 41,623 40,815 40,976 Other assets 209,941 501,062 193,470 221,004 Deferred tax assets 70,885 62,688 47,269 42,212 Prepayments and accrued income 58,192 72,384 85,593 91,991 Total assets 15,061,829 17,451,477 19,149,926 19,139,412 Liabilities and equity SEK thousand 2014 2015 2016 3M 2017 Liabilities Deposits from the public 10,987,289 12,791,377 11,848,956 11,838,319 Tax liabilities 52,326 21,639 52,887 70,635 Other liabilities 555,186 357,284 432,865 267,323 Deferred tax liabilities 50,419 183,999 163,264 158,127 Acquired expenses and deferred income 124,797 180,941 203,442 189,664 Provisions 68,704 52,116 55,504 54,371 Senior unsecured loans 1,493,122 1,238,469 3,125,996 3,143,670 Subordinated liabilities 332,796 336,892 341,715 342,997 Total liabilities 13,664,639 15,162,717 16,224,629 16,065,106

Total equity 1,397,190 2,288,760 2,925,297 3,074,306 Total liabilities and equity 15,061,829 17,451,477 19,149,926 19,139,412 Capital metrics

SEK thousand 2014 2015 2016 3M 2017 Common Equity Tier 1 capital 1,057,257 1,827,901 2,092,459 2,112,281 Additional Tier 1 capital 93,000 93,000 379,577 379,577 Tier 2 capital 226,141 336,892 341,715 342,997 Total capital 1,376,398 2,257,793 2,813,751 2,834,855

Risk Exposure Amount 11,307,052 14,839,833 16,787,477 16,888,724

Confidential 39 Financials – consolidated cash flow statement

SEK thousand 2016 3M 2016 3M 2017 OPERATING ACTIVITIES Profit/loss before tax 533,097 123,111 185,148 of which, paid-in interest 5,841 2,389 1,845 of which, interest paid -288,713 -75,185 -75,548 Adjustment for items not included in the cash flow Portfolio amortisation and revaluation 1,906,208 482,533 522,624 Other non-cash items 232,902 149,881 29,991 Adjustment for items included in investing activities Realised profit from divestment of shares and participations in joint ventures -42,546 - -17,350 Income tax paid -49,000 -4,312 -10,997 Total 2,580,661 751,213 709,416 Increase/decrease in lending to the public 42,681 9,520 2,424 Increase/decrease in other assets 221,233 175,886 -59,787 Increase/decrease in other liabilities 131,956 -85,450 -207,519 Total 395,870 99,956 -264,882 Cash flow from operating activities 2,976,531 851,169 444,534 INVESTING ACTIVITIES Acquired loan portfolios -3,329,382 -648,398 -610,727 Investments in intangible assets -35,756 -5,138 -5,606 Investments in tangible assets -18,360 -6,588 -4,165 Investments in/divestments of bonds and other securities -1,232,503 213,384 -515,835 Investments in subsidiaries -40,788 - -721 Acquired shares and participations in joint ventures -74 - - Divested shares and participations in joint ventures 51,891 - 20,606 Cash flow from investing activities -4,604,972 -446,740 -1,116,448 FINANCING ACTIVITIES Deposits from the public -957,707 169,317 -1,342 Issued bonds 2,771,876 - - Repurchase of issued bonds -976,570 -272,828 - Buy-back of issued bonds -58,000 - - Issued Additional Tier 1 capital 285,396 - - New Share Issue 35,296 1,593 - Warrants, repurchased and cancelled -2,066 -1,258 - Interest paid on capital contribution -7,500 - -7,500 Dividend paid -58,974 - - Cash flow from financing activities 1,031,751 -103,176 -8,842 Cash flow for the year/period -596,690 301,253 -680,756 Cash at the beginning of the year/period 3,936,624 3,936,624 3,338,261 Translation difference -1,673 -8,476 3,825 Cash at the end of the year/period (1) 3,338,261 4,229,401 2,661,330

(1) Comprised of cash, Treasury bills/bonds and lending to credit institutions. Confidential 40 Strong liquidity and capital characteristics

Comment SFSA requirement / Hoist Target 1Q 2017

 Capital as a percentage of risk exposure including operational, market, and credit 11.40% / SFSA requirement + 3.0 - 5.5 Total Capital Ratio 16.79% risk percentage points 

 More restrictive measure of capital, also as a percentage of risk exposure, that 7.62% / SFSA requirement + 2.5 - 4.5 CET 1 Capital Ratio 12.51% excludes Additional Tier 1 and Tier 2 instruments percentage points 

Liquidity Coverage  Requirement to have sufficient unencumbered, high quality liquid assets in order to 60% (2015), phasing into 670% Ratio (LCR) cover 30 days of outflows under a stress scenario 100% (2019) 

Net Stable Funding  Requirement to have sufficient stable funding (>12 months) to cover 100% of required 100% by January 2019 128% (1) Ratio (NSFR) stable funding based on the liquidity profile of a company’s assets 

Regulatory stipulated stipulated Regulatory  Required portion of balance sheet to be equity or loss-absorbing debt / liabilities, Leverage Ratio TbD 12,6% (2) expected to be implemented from 1 Jan 2019 

 Requirements for a bank’s own funds and eligible liabilities available for loss absorption MREL  Will be set for individual banks in autumn 2017; until then equal to the bank’s minimum capital requirements  For non-systemically important banks, MREL will equal applicable capital requirements

 Requirement to assess all relevant sources of risks to capital, even beyond minimum ICAAP capital requirements – used to determine Pillar 2 capital requirement

 Requirement to assess all relevant sources of liquidity risk to determine liquidity buffers assessed Internally ILAAP to cover 90 days of outflows under a stress scenario

Monitoring regulatory  Hoist Finance closely monitors proposals to changes in risk regulations. This is being done jointly by Risk Control, Finance, Treasury, Legal and Compliance  This monitoring enables Hoist Finance to be proactive, so adjustments can be made to lessen the impact of potential regulatory changes changes

(1) Based on the most recent framework for calculating the NSFR. (2) From December 31st 2016.

Confidential 41 Favourable capital adequacy and leverage vs. debt purchasing peers

• Net debt / LTM Adjusted EBITDA • Comments

8.4x  Gross debt supported by significant amount of cash & 5.6x 4.9x liquid investments 3.3x 3.9x 2.2x  Hoist also benefits from significantly lower funding costs

Hoist Competitor A Competitor B Competitor C Competitor D Competitor E

• LTM Adjusted EBITDA / Interest expense

27.0x

9.8x  Low cost deposit funding leads to better interest 4.4x coverage ratio than all peers with significant leverage 2.8x 1.6x 1.9x

Hoist Competitor A Competitor B Competitor C Competitor D Competitor E

• Net debt / Tangible equity

Negative tangible equity 10.5x  Most competitors operate with negative tangible equity

3.5x  Tangible equity cushion provides significant downside NM NM NM NM protection to investors

Hoist Competitor A Competitor B Competitor C Competitor D Competitor E

Source: Most recent public financial reports published by each respective company (updated as of 27 April 2017) Note: Pro-forma for acquisitions where data is available. “NM” indicates values are not meaningful due to negative or low tangible equity Confidential 42 Adjusted EBITDA bridge

Full Year Full Year Full Year 3M 3M SEK million 2014 2015 2016 2016 2017

Net profit for the period 180 231 417 95 145

+ Income tax expense 38 55 116 28 40

+ Portfolio revaluation 15 39 -6 -2 -5

- Interest income (excl. interest from run-off consumer loan portfolio) -52 -28 3 2 3

+ Interest expenses 345 361 300 70 77

+/- Net Financial Income, incl. net credit losses 18 56 99 36 9

+ Depreciation and amortisation of tangible and intangible assets 30 47 53 13 14

EBITDA 575 760 983 241 282

+ Amortisation, run-off consumer loan portfolio 91 60 26 8 2

+ Amortisation, acquired loan portfolios 1,128 1,588 1,912 485 528

EBITDA, adjusted 1,794 2,408 2,921 734 812

Notes: Due to reclassifications among line items, data set out in Adjusted EBITDA bridge table may differ slightly from prior results presentations.

Confidential 43 Tender and consent solicitation

Key Dates

 “Any and all” cash tender offer for Hoist’s SEK350m 12% subordinated notes due 2023 callable in 2018 in conjunction with a concurrent consent 27 Launch of Tender and Consent Overview solicitation Apr  The tender offer is being financed by the issuance of new EUR [•]m fixed rate subordinated callable notes 10 Tender Deadline & Early Consent Fee Deadline (17:00 CET) May

15 Final Consent Deadline (12:00 CET) May  The Company will accept all Notes tendered, subject to, amongst other things, the New Notes being successfully priced Tender highlights 16  Tender price: 114.5% (inclusive of 2.5% Early Consent Fee) May Noteholder Meeting, Results Announcement and Indicative Tender Acceptance

 The consent proposes to modify the T&Cs of the Notes to allow the Company to redeem the Notes outstanding after the tender offer  Consent fee: 2.5% - payable to noteholders that vote in favour of the proposal (but not tender), subject to the proposal passing, and the early extraordinary redemption being exercised  Voting requirements: 25% of the outstanding amount of the Notes must be represented for the meeting to be quorate, of which 75% must vote in favour of the Consent highlights proposal  Noteholders that tender their Notes will be deemed to automatically vote in favour of the proposals  If the consent is successful, the Company would then have the right to redeem the Notes outstanding after the tender offer at the early redemption price of 112%, assuming that the redemption of the Notes occurs before 16 June 2017(1)

(1) If the early redemption occurs on or later than 16 June 2017, up to 16 November 2017, the early redemption price will step down based on the T&Cs as described in the consent form and tender offer memorandum

Confidential 44 Impacts of a rising interest environment Assets Liabilities Effects Effects Shareholders equity, Cash and subordinated interest-bearing debt and securities other liabilities

Other assets

Term funding

~50% of portfolio replaced in Acquired loan 3 years portfolios Mitigated by interest rates swaps Floating deposits on 1, 2 and 3 years

Confidential 45 Potential impact of Brexit Topic Potential risk Mitigating factors

• Long-term affordable instalments proven to be • Downturn in UK-economy reducing resilient in economic downturns Hoist Finance’s customers ability to 1 British economy • Average instalment plan on average 25£/month pay • Economic downturn increases propensity to sell NPLs

• Hoist Finance avoids currency and interest rate risks Interest rate and currency • Risks arising from adverse through a hedging strategy 2 movements in foreign exchange market volatility rates and interest rates • The Treasury function continuously hedges against interest rate and FX risks in the short to medium term

• Hoist Finance is licensed and supervised by the Swedish FSA and has a long history of operating in a • Brexit may drive changes in the regulated environment 3 Regulatory environment regulatory landscape • Hoist Finance was one of the first companies to receive authorisation under the new FCA regulation • Hoist Finance holds assets in GBP and has its operations in the UK ie no imports or exports within • Brexit may reduce the access to the EU 4 Market access European markets • Potential capital restrictions UK/EU mitigated by capital markets funding program

Confidential 46