Company Presentation a Specialised Consumer Finance Company Growing Across the Nordics

Company presentation A specialised consumer finance company growing across the Nordics

Updated Q4 2020

1 Disclaimer

ABOUT THIS PRESENTATION This presentation has been prepared solely for information purposes by Komplett Bank ASA (the “Company” or “Komplett Bank”). This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on the presentation or any of its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Komplett Bank. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. The presentation and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to Komplett Bank as of, its date. The presentation does not purport to contain a complete description of Komplett Bank or the markets in which the bank operates. Neither Komplett Bank nor any of its affiliates or any third party have independently verified any information used in preparing this presentation. Neither Komplett Bank nor any of the affiliates (nor any of its or their respective directors, officers, employees, professional advisers or representative) makes any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such information, these materials (including, without limitation, any opinion contained therein), any of their contents or any of the results that can be derived from the presentation or any written or oral information provided in connection therewith. Without limiting a person's liability for fraud, no responsibility or liability (whether in contract, tort or otherwise) is or will be accepted by Komplett Bank or any of its affiliates or any of its or their respective directors, officers, representatives, employees, advisers or agents) as to, or in relation to, the presentation, its contents, the accuracy, reliability, adequacy or completeness of the information used in preparing these materials, any of their contents or any of the results that can be derived from the presentation or any written or oral information provided in connection therewith. Any statement, estimate or projections included in the presentation (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance may prove not to be correct. No representation or warranty is given as to the completeness or accuracy of any information in this presentation, including forward-looking statements contained in the presentation or the accuracy of any of the underlying assumptions. Nothing contained herein shall constitute any representation or warranty as to the future performance of Komplett Bank, any financial instrument, credit, currency rate or other market or economic measure. Neither Komplett Bank nor any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein. Information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Neither Komplett Bank nor any of its affiliates accepts or will accept any responsibility, duty of care, liability or obligations for providing any relevant person with access to additional information, for updating, modifying or otherwise revising the presentation or any of its content which may become apparent, or for notifying any relevant person or any other person of any such inaccuracy. By accepting these materials, each relevant person represents and warrants that it is able to receive them without contravention of legal or regulatory restrictions in the jurisdiction in which such recipient resides or conducts business. By accepting the presentation, each relevant person agrees to be bound by the foregoing limitations.

2 Banking is changing In an increasingly digital society, with a multitude of available options, we understand the importance of flexibility

3 We provide flexible, convenient loans for creditworthy customers

Digital platform Specialised consumer Providing flexibility with online offering finance solutions when people need it

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

4 Nordic countries receptive for digital consumer banking offering

World’s 50 most digitised countries Total consumer loans Sweden, (NRI index*) Finland and Norway (EUR billion)**

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Italy

UAE

Chile

Israel Malta

Qatar

Spain

Latvia

Japan

Russia Turkey

Ireland

Austria France Poland

Cyprus Taiwan

Iceland Sweden Finland Norway

Finland

Estonia

Norway

Bahrain

Canada

Belgium

Sweden

Portugal

Uruguay Slovakia Hungary

Slovenia

Australia

Malaysia

Denmark Lithuania Mauritius

Germany

Singapore

Costa Costa Rica Macedonia

Hong Kong Hong

Switzerland

Kazakhstan

Netherlands

Luxembourg Korea South

Saudi Arabia Saudi

New Zealand New United States United

Source: Norwegian Financial Supervisory Authority (NFSA), Swedish

Czech Republic Czech United Kingdom United Financial Supervisory Authority (FI), Finland’s Bank Source: The World Economic Forum

* Networked Readiness Index (NRI) is used by the World Economic Forum to assess countries’ preparedness ** Definitions of consumer credit may differ between countries. benefit from emerging technologies and capitalise on opportunities from the digital transformation (2016) Currency conversions are based on historical annual average conversion rates A Nordic specialised consumer finance company

• Offering flexible consumer financing solutions to customers across the Nordics • 324,000 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 for further growth • Founded in 2014, listed on Oslo Stock Exchange in 2017

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

70,400 customers 62,000 customers 156,000 customers 37,000 customers NOK 7,100 million net NOK 729 million net NOK 577 million net NOK 8,900 million loans loans loans deposits

Q4 2020 figures

6 Proven track record since inception

Net loans (NOK million) Profitability 8 496 8 361 7 844 331

274 263 5 461 25% 30% 23% 203

3 322 129 12% 13% 4% 1 601 442 11

2014 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020

Profit after tax (NOK million) Return on equity

Net loans CAGR 2014 - 2020 Average ROE 2016 - 2020 Total capital ratio as of Q4 2020 80% 21% 26.4%

7 Longstanding partnership with Komplett Group strengthens distribution

Close cooperation with Komplett Group, 2019 revenue distribution the largest e-commerce company in the Nordics:

• IP rights (trade mark, brand). Komplett 41% brand name ranked among the strongest brands in Norway* 59% • Loyalty card (Komplett Bank Mastercard). Tailored to online shopping offering an attractive award program integrated with Norway Komplett Sweden & Denmark • Distribution of point-of-sales finance products through “KomPay” checkout platform in Komplett flagship stores

2019 key figures

NOK 7.5 billion 100 million 1.6 million revenues site visits active customers

*Source: BI Norwegian Business School research - Norsk Kundebarometer Strategic support from Kistefos with a strong track record of investments in financial services companies

Kistefos’ holds a large portfolio of financial services companies Ownership

• Advanzia Bank S.A. (“Advanzia”) is a credit card 60% • In November 2020 Kistefos acquired Canica’s shares bank based in Luxembourg, offering no fee in Komplett Bank. credit cards and deposit accounts to customers within the EU. Germany is the main market, additional markets include France, Austria, • Largest Komplett Bank shareholder with 24% Luxemburg and Spain. ownership

• Instabank is a fully digital bank that offers loan 25% products, savings and insurance to • Kistefos currently holds a portfolio of about 16 consumers in Norway, Sweden and Finland companies where the Company has an influential • The bank also offers payment solutions for stake, plus a few financial investments with smaller businesses stakes

28% • TradeIX is rewiring trade finance by providing • Total portfolio market value estimated at NOKbn the most connected and secure platform ~10.9 as of 30 June 2020 infrastructure for banks, asset managers, B2B networks and value added service providers. Built on distributed ledger technology, the platform’s applications, developer tools, and core protocol represent the dawn of the “internet of trade” • Provides trade finance solutions on its platform unlocking billions of working capital that has not yet been accessed by financial institutions or alternative funders 9 Experienced and seasoned management team

Mr. Haglund was appointed CEO in January 2019. Mr. Mr. Holtedahl was appointed Director of Credit Cards in March Ramstedt has been with Komplett Bank since early 2017. Before Haglund has worked at Komplett Bank since 2015 and has 2018. Mr. Holtedahl has more than 19 years of experience being appointed Director Credit Risk and Collections in June previously held the positions of Chief Financial Officer (CFO) working with consumer finance, credit cards and financial 2019, she worked for a period as Project Director followed by and Chief Strategy Officer (CSO). He has an extensive services. Previous positions include Co-Founder, CFO and Director Loans Sweden & Finland. She has an extensive background from the financial services industry and previous Deputy CEO in Advanzia Bank, Luxembourg, Co-Founder and background in the Consumer Finance sector in roles such as positions include CEO of Buckaroo, Managing Director of VP of Treasury in Bankia Bank ASA and Deputy Director Head of Personal Loans in Bluestep and Head of Credit Risk Intrum Justitia Finance and Nordic Head of Banks at General in the Norwegian Ministry of Finance. Mr. Holtedahl Sweden at EnterCard. She holds a BA in Statistics from the Jan Haglund Erik Holthedahl Entercard. He holds an MSc in Business Administration and holds a Bachelor of Commerce, Economics and Accountancy Annika Ramstedt University of Stockholm. CEO Russian as well as a Master of Law from Uppsala University. Director Credit from Concordia University (Canada) and an MSc. studies in CCRO Cards Economics from the University of Oslo. Henning Fagerbakke was CFO in January 2019, before which he Mr. Bagås has extensive experience from working compliance in Mr. Hanssen has been with the company since early 2017 as held the position of Finance Manager. He is an experienced the banking and financial industry. Previous experience includes Director of POS and in June 2019, his responsibilities were finance professional and state authorised public accountant with Compliance Officer at Storebrand Kapitalforvaltning AS 2008- expanded to include overseeing consumer loans. Before joining a background including several years as Senior Auditor and 2014 and at Storebrand Finansiell Rådgivning AS from 2014- Komplett Bank Hanssen held a number of positions with Intrum Manager at KPMG Norway and Business Controller at Gresvig. 2017. Bagås has been with Komplett Bank since 2017 and Justitia, including Group IT Director Western Europe, Managing He holds an MSc in Accounting and Auditing from the Norwegian previously held the position of risk and compliance manager Director for Intrum Justitia Italy and Business Development School of Economics. before he was appointed Chief Compliance and Risk Officer in Manager Central Europe. He also held the position of CIO/COO Henning Enok Hanssen Eivind Bagås June 2019. Bagås holds a bachelor’s degree in accounting and a for Buckaroo. Mr. Hanssen holds a BBA from the University of Fagerbakke Director Consumer CCO Bachelor of Business Law from BI Norwegian Business School. Gothenburg. CFO Loans and POS Co-founder and CMO / CIO. Mr. Ryengen has a comprehensive Mr. Holstangen was hired as Chief Risk Officer (CRO) in Pedersen has been with the company since its founding and background in the financial services industry. Previous September 2020. Mr. Holstangen has an extensive background served as Employee Elected Board Member from March 2014 to experience includes Head of Distribution, Marketing and within banking and finance. Previous positions include CRO at March 2018. Before being appointed COO in June 2019 she held Analytics Financial Services at Accenture, Product Development Kommunalbanken ASA and CFO in Fondsfinans. Mr. Holstangen the position of Chief Human Relations Officer. Previous positions Manager at Santander Consumer Bank and Project Manager at has experience from the Financial Supervisory Authority Norway. include Corporate Trainee and Senior Project Manager at DNB. SEB Kort. He holds an MSc in Business Administration and He holds an MSc in Engineering from Chalmers University of Mrs. Pedersen holds an MSc in Business Administration and Economics and an Executive MBA from the Norwegian School of Technology and Imperial College and Cand. Merc in Business Steffen Ryengen Economics from BI Norwegian Business School and an MSc in Economics. Christina Pedersen Ove Holstangen Administration from the Norwegian School of Economics. CMO/CIO Business Management with Finance from Heriot-Watt University. COO CRO

Thomassen served as Chief Compliance officer from May 2015 until May 2019, at which time he was made Director of Legal and HR. He also served as a board member from December 2012 to May 2015. Previous positions include Director Lean & Business Development at Statoil Fuel and Retail and Department Director of Cards at Santander Consumer Bank. He holds a master’s Wilhelm degree in European Business from Royal Holloway University of London and an Executive MBA from the Norwegian School of Thomassen Economics. Director Legal & HR

10 Knowledgeable and diligent Board of Directors

Stig Eide Sivertsen | Chairperson Nishant Fafalia | Board member Mr. Sivertsen has served as independent board member in Komplett Bank ASA Board Member since February 2021. Mr. Fafalia is Investment Director in Kistefos AS since the general meeting of 2018. He was appointed Chairperson of the Board in and has worked in Kistefos for 10 years. During that period, he followed up the August 2019. He has broad operational experience from technology, media and company's significant involvement as a shareholder in both Norwegian and international finance as well as extensive experience as a board member of listed companies. banks, and has, among other things, been a member of the board of Advanzia Bank Sivertsen served as CFO in Schibsted and PGS, was the founder and CEO of based in Luxembourg and operating in a number of European countries, for the past 4 Nettavisen and group CEO of Telenor Broadcast Holding AS, in addition to group years. Fafalia also holds a number of board positions in other companies in significant CEO in Opplysningen (1881) AS. He holds a BA (Hons) Econ and an MSc. from growth. University of Durham (UK) and supplementary Law degree from the University of Bergen. Bodil Palma Hollingsæter | Vice chairperson Jonna Kyllönen | Board member Employee elected board member since March 2020. Ms. Kyllönen has been employed in Mrs. Hollingsæter was elected Vice Chairperson of the Bank in April 2015 and has Komplett Bank ASA since November 2016 and currently holds the position as served on the board since March 2014. Mrs. Hollingsæter currently works as Special Operations Manager for Customer Service. She has broad experience from the banking Advisor at Innovation Norway and as Vice Chairperson of Teknika AS. She has an sector in Finland and managing customer service operations. Before working in the extensive banking background on an executive level from positions, such as Director bank, Kyllönen worked with both individual investments and lending. Ms. Kyllönen holds at Innovation Norway, Regional General Manager at Sparebanken Møre and Bank an MBA from Kajaani University of Applied Sciences and a BBA from Jyväskylä Manager at Romsdals Fellesbank. She also has board experience from companies University of Applied Sciences. including Eksportfinans, Kommunekreditt and Kommunalbanken. She holds an MSc. in Business and Economics and an AFA (CEFA equiv.) from the Norwegian School of Economics. Kristian Tovsen | Board member Harald Hjorthen | Board member Employee elected board member since March 2020. Mr. Tovsen has been employed by Member of the board of Directors since August 2019. Mr. Hjorthen has extensive Komplett Bank ASA since June 2017 and currently holds the position as Head of experience from the financial industry as a credit analyst at DNB, investment analyst Business- and Product Development. He has broad experience in business at Kistefoss AS, seven years as portfolio manager at Norges Bank Investment development, mainly in the cross-section between IT and Business. Before working with Management (NBIM) stationed in Norway and Singapore and as an analyst in Trient the bank, Tovsen worked as a managing consultant in an IT consulting firm in Oslo. As a Asset Management. Today he works as manager of his family's investment consultant, he worked for more than four years with the FSA in Norway, in addition to company, Sniptind Invest AS. He holds a MSc in Economics and Business working with several other customers within the financial industry. Mr. Tovsen holds a Administration from the Norwegian School of Economics. MSc. in Industrial Economics and Technology Management from NTNU (2009) and a BSc. in Industrial Design from Høgskolen i Østfold (2005). Live B. Haukvik | Board member Ms. Haukvik has been Member of the Board of Directors since 2013 and the Chairperson of the Board of Directors from December 2013 until August 2019. Ms. Haukvik previously worked as CFO / COO in Komplett Group. She has extensive board experience from several blue chip companies including Eksportfinans, Kvaerner, BI Norwegian Business School, Sparebanken 1 BV and Borgestad. She holds a Master of Finance (liz.rer.pol.) from Université de Fribourg, Switzerland and a Master of Management from BI Norwegian Business School.

11 Strategy and product offering

12 Komplett Bank’s products address a wide range of customer needs

Komplett Bank products Credit cards Point-of-sales finance Consumer loans Deposit accounts

Pre-purchase In-purchase Post-purchase High-yield savings Customer needs Customer applies and Convenient real-time Customer has decided to Online savings accounts offering receives payment & credit payment- & credit products make the purchase, and high interest rates, consistently addressed product before purchase available at the moment of now needs to decide how on the “top twenty” list in decision is made making the purchase decision to secure financing Norway

13 Executing on the strategic roadmap

Komplett Bank follows a Komplett Bank’s strategic roadmap product-wise and Point-of- Consumer Credit Deposit sales geographical expansion loans cards accounts strategy to ensure: finance Q1 Q4 Q3 Q1 2014 2015 2017 2014 Reduced business risk Q1 Q2 TBD TBD Economies of scale 2017 2019

Q1 Q1 Q2 Q1 Sustainable and profitable 2018 2019 2018 2020 growth and value creation Q4 2018 TBD TBD TBD (EUR)

14 Product developments enhance customer experience and ensure competitive offering

Q2-Q3 2019 Q4 2019 H1 2020

Launch of new annuity loan product Annuity loan with refinancing functionality SEK deposits • Ensures lower funding cost and contributes to • Compliant with new Norwegian consumer • Enabling loan refinancing with more than five a more diversified funding structure lending regulation years maturity, in line with new regulations • Ensures competitive offering in the • Ensures competitive refinancing offering in Norwegian consumer lending market for the Norwegian consumer lending market new loans Launch of Google Pay and Apple Pay Komplett Bank mobile app • Enabling Komplett Bank Mastercard for mobile payments throughout the • New channel for self-service and customer Mastercard ecosystem interaction • Enabling biometric authentication for payments and logins PSD2 platform • Platform for mandatory APIs, making Flexible Loan, credit cards and deposits Mobile invoice PSD2 enabled payment methods • Enhanced user experience for receiving and paying invoices

15 Following a balanced strategic approach to ensure sustainable growth

To achieve sustainable growth Komplett Bank strives to optimise the balance between three key areas

Markets Enter markets and product areas in which there are substantial opportunities for growth and value creation

Capabilities Capital Build organisation that has the resources, analytical Ensure that the company is well funded and capitalised to capabilities and technical infrastructure to execute on pursue identified opportunities included in the strategic strategy roadmap

16 Building a diversified platform for value creation across the Nordics

2018 - 2022 | “SCALE UP” Total net loans (NOK billion) Capitalise on strategic and operational platform Continue product-wise and geographical expansion 9 2016 - 2017 | “BUILD UP” 8

Build and develop desired product- and cross-border capabilities Millioner 7

2014 - 2015 | “SET UP” 4 Establish core capabilities Ensure profitability 3

0 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4

Loans Norway Credit cards Loans Finland Point-of-sales finance Loans Sweden

17 Favourable macro conditions in core markets

Norway Sweden Finland

2 227 SEK billion 2 159 NOK billion 1 504 2 077 EUR billion 120 1 449 1 999 116 117 1 393 1 942 113 110 1 336 1 857 108 1 282 1 788 106 1 224 1 728 1 747 104 1 175 1 672 100 1 121 1 073 94 1 038

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Household consumption Household consumption Household consumption

12% 12% 12% 10% 10% 10% 8% 8% 8% 6% 6% 6% 4% 4% 4% 2% 2% 2% 0% 0% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 Unemployment Unemployment Unemployment

Sources: Statistics Norway (SSB), Statistics Sweden (SCB), Statista 18 Flexible consumer loans largest business area

• Komplett Bank “flexible loans” and annuity loans • Structured as a revolving credit facility with a credit limit of NOK 500,000 / EUR 50,000 • Interest rate offered ranges from 4.9% to 24.9% per year nominally • Launched in Norway in 2014, Finland in 2017 and Sweden in 2018

Customers (thousands) Net loans (NOK million)

100 8 000 Loans Norway Loans Norway 80

Loans Finland Loans Finland 6 000

Tusener Tusener Loans Sweden 60 Loans Sweden 4 000 40 2 000 20

0 0

19 Credit cards launched in Norway, Sweden and Finland

• Launched in Norway in 2015, Sweden and Finland in 2019 • Integrated access to deferred single payments of 3, 6 and 9 months. Upper credit limit of NOK 100,000 • Tailored for online purchases with relevant insurances and an attractive bonus model • Nominal annual interest rate 19.9%*/21.4% on purchases and 19.9%*/24.9% on cash withdrawals

Customers (thousands) Net loans (NOK million)

80 1 000

800 60 600 40 400 20 200

0 0 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4

* Nominal annual interest rate in Finland Point-of-sales finance solution being adopted by e-commerce partners

• Automated and fully integrated into e-commerce purchasing platforms, offering flexible and convenient payment methods and financing options • Offering includes pay-by-invoice, deferred payment, instalments and account purchases One-click purchases • Stand-alone API-based solution opens up for third-party retailers, with invoice payment service providers as well as in-app payments Full range of payment options in check-out, recommended to • Currently integrated into the Komplett Group’s payment platform Post transaction customers based on up-/cross sales “KomPay”, available on Komplett’s Norwegian and Swedish websites preferences and opportunities purchase history Customers (thousands) Net loans (NOK million)

180 700 160 600 140 120 500 100 400 80 300 60 200 40 Automated risk- and fraud-checks with 100 20 full BankID integration to enable

0 0 efficient, customer friendly process

20Q1 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q2 20Q3 20Q4

19Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q4 20Q1 20Q2 20Q3 20Q4

21 Deposit accounts provide funding

• High-yield savings accounts offered in Norway for amounts between NOK 50,000 and NOK 2,000,000

• EUR denominated deposits launched in 2018 in Germany for amounts between EUR 5,000 and EUR 100,000 per customer,

• SEK denominated deposits launched in January 2020 amounts between SEK 50,000 and SEK 1,000,000 per customer.

• Deposits guaranteed by the Norwegian Banks’ Guarantee Fund (NOK 2,000,000 / EUR 100,000)

• Foreign denominated deposits will contribute to diversified funding base and lower funding cost Deposits (NOK million)

12 000 SEK 10 000 EUR 8 000 Tusener NOK 6 000 4 000 2 000 0

22 Financial targets

CET1 target of 18.0% Capital adequacy Comprised of regulatory CET1 requirement of 17.0% + 1.0% management buffer

Return on Equity Above 20% return on equity

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

23 Operations

24 Digital business model ensures scalability and low cost operations

Digital native with centralised operations

Lean cross-border operations Data-driven communication Modern and flexible IT architecture

• Cross-Nordic operations out of one • Highly digitised customer • Cloud and API based infrastructure centralised location in Norway onboarding processes • Service oriented and modularised • Bank permit enabling passporting • Automated and personalised applications of services to all EU countries multichannel communication • Fit-for-purpose mix of in-house • No branches, fully digital customer • Assessment of next best action development and modern best-of-breed interaction capabilities based on machine learning third party solutions

25 Automated and personalised multichannel communication tools Advanced customer relationship management (CRM) methodology and -technology ensures customer lifetime value optimisation

Customised website communication synchronised with email- and SMS A/B testing to ensure high conversion rates and business goal optimisation messaging, based on automatically engineered engagement plans through effective front end-messaging and convenient user experience

New visitor website view Existing customer website view “Send application”: 12% conversion increase

Scroll-slider: 4% conversion increase

“Apply” banner click: 40% conversion increase

26 Customer evaluation tools with sound credit risk management procedures

Data sources Fully automated credit scoring model

Customer application form Enables high level of customisation and Third party credit information flexibility, tailored to different: Contingent Examples of Internal customer behaviour data • Customer segments existing Tax- and salary data from tax approval data sources • Countries authorities or rejection • Product types Debt-registers • Distribution channels Real estate ownership data

Continuous model improvements based on customer data and input sources

27 Highly automated and efficient customer onboarding processes

Consumer loan application process

Fully digital and automated Manual process* Automated* Manual

Know Your Customer Credit Pricing and Revised Loan Document check & Fund and Anti- worthiness conditional loan offer application budget review transfer Money evaluation offer & signing Laundering

from milliseconds to seconds same day payout

*Not necessary for all customers

28 Flexible multichannel distribution and customer acquisition platforms Direct channels

Brand- and conversion marketing

Mass-media marketing Performance marketing

Brand awareness Search engine marketing Brand preference Search engine optimisation Leads generation Affiliate marketing

Front ends

komplettbank.no | komplettbank.se | komplettbank.fi

Photo from Komplett Bank 2018 TV ad

29 Flexible multichannel distribution and customer acquisition platforms Indirect channels

Partner distribution e-commerce Specialist loan brokers partners (agents) Payment optimisation Yield / Risk optimisation Sales conversion Loyalty creation

Front ends

e-commerce partners | Loan broker platforms

Komplett.no payment platform, KomPay, with Komplett Bank point-of-sales finance solution

30 Financials

31 Increase in new sales in Q4 and return to net loan growth

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

186 20Q3 20Q4 79 61 6

-18 -3 -25 -82 -125 -120

326 271 Loans Norway Loans Finland Loans Sweden Credit cards Point-of-sales 187 finance 134 59 -62 20

19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Impact of currency changes and forward flow (NOK million)

Loans Loans Loans Credit Point-of-sales Total Norway Finland Sweden cards finance

-418 Currency (FX) change - 146 10 1 1 156 Portfolio sales * 64 - - - - 64 20Q4 adj. loan growth -56 63 196 -23 65 240

20Q3 adj. loan growth -98 -61 67 -4 5 -92

* Loans Norway shown gross of loans sold in the quarter as part of the Bank’s forward flow agreement 32 Continued growth in customer base; Total income negatively impacted by non- recurring effects

Total income (NOK million) Number of customers (thousands)

324

293 37 278 277 269 303 295 295 35 291 286 247 27 283 23 30 269 230 254 214 24 20 14 156 115 119 119 128 95 84 77

51 52 53 55 56 57 60 62 6 7 4 5 7 7 8 9 20 22 24 25 26 26 26 26 49 47 46 44 43 38 37 36

19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4

Loans Norway Loans Finland Loans Sweden • Non-recurring effects in the quarter impacts total income negatively by Credit cards Point-of-sales finance Deposit customers NOK 16 million • Total income has decreased YTD 2020 due to lower outstanding loan balance and lower conversion on insurance products

33 Higher operational expenses driven by changes to accounting practices and loan growth

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

140 70%

• OPEX NOK 99 million in Q4 2020 compared to NOK 91 million 120 60% AML admin fee in Q3 2020 driven mainly by changes to accounting practices and sales expenses related to increased onboarding of new Marketing 100 50% customers Other 80 40% • NOK 3.5 million of OPEX increase related to higher loan Depreciation volumes, and a positive NOK 1 million non-recurring effect 60 30% in Q3 Admin • Cost/Income 40 20% Personnel • Full year 2020: 35.2% (37.6% in 2019) Cost/income ex 20 10% marketing • Efficiency improvements and operational leverage set to positively Cost/income impact cost/income ratio in 2021 and beyond 0 0% 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 *

34 * Q2 2019 C/I ratios shown ex. NOK 18 million AML administrative fee Stable credit risk performance during the quarter net of adjustments

Break-down of Q4 2020 losses on loans

• Increase in stage 1 provisions due to higher new sales

• Decrease in stage 2 provisions due to better performance as less customers are overdue

• Stage 3 is stable compared to previous quarters including effects of NPL portfolio sales

• Model parameter updates and other net of positive NOK 14.5 million, mainly from estimate changes in LGD and macroeconomic model updates and write-offs

Break-down of Q3 2020 losses on loans Model parameter Stage 1 Stage 2 Stage 3 Updates & other Total -3.0 -5.9 85.4 3.9 80.3

35 Stable loan loss ratio in 2020

Coverage ratios Loan loss ratio (LLR)* (%)

2,6 % 2,5 % 2,5 % 2,5 % 2,1 % 5,6 %

1,8 % 17,5 % 1,6 % 17,4 % 16,2 % 1,8 % 14,6 % 17,1 % 11,7 % 12,2 % 3,9 % 4,0 % 4,0 % 9,3 % 3,7 % 3,8 % 3,8 % 3,8 %

38,4 % 38,3 % 39,1 % 41,6 % 40,7 % 32,7 % 33,3 % 33,6 %

19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Stage 3 Stage 2 Stage 1

• Increased coverage ratios over time • LLR is adjusted for loan loss provisions due to change in LGD estimates and macro adjustments related to the Covid-19 pandemic • Decreased ratios in Q4 2020 due to loss model updates

36 * Ratios described in the quarterly datasheet (ir.komplettbank.no) Increased profitability in 2020. ROE impacted by high capital adequacy

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

83 79 80 76 77 73 18,8 % 18,5 % 18,1 % 66 17,9 % 18 63 38 16,1 % 13,6 % 13,9 % 12,7 %

61 78 46

-15

19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 19Q1 19Q2 * 19Q3 19Q4 * 20Q1 * 20Q2 20Q3 20Q4 AML fee Additional loan loss provisions

• Profit after tax for the full year 2020 was NOK 263 million compared to • ROE impacted by the Bank's solid capital position; at target CET1 ratio of NOK 203 million in 2019. 18% ROE would be 18% for the full year 2020 adjusted for the additional • We target a growth in profitability in 2021 and 2022 macro reservation due to Covid-19 37 * Calculations excluding AML admin fee in Q2 2019 and additional loan loss provisions in Q4 2019, Q1/Q4 2020 ** Ratios described in the quarterly datasheet (ir.komplettbank.no) Solid capital position provides capacity for both growth and dividends

Regulatory capital structure (%)

26,4% 0,7% • CET1 ratio increased to 22.9% (22.2%) in Q4 2020, well above 18.0% target 2,8% which includes a 1.0%-point management buffer 21,5% 20,5% 2,0% • Including the Q4 2020 profit after tax CET1 ratio is 23.6% 2,0% 1,5% 1,5% 1,0 % • Solid total capital ratio of 26.4% (25.7%)

• Successful transition to Standardised Approach as of Q4 2020, with a positive 22,9 % effect of 1.1%-point on capital adequacy

17,0 % 17,0 % • Year to date financial performance and current capital position indicate dividend capacity of 30-50% of annual profit after tax while maintaining ample capacity for growth. However, dividends are depending on the Board’s recommendation, the general assembly and regulatory guidelines.

Capital requirement Targeted capital Reported capital as of Q4 2020 as of Q4 2020 as of Q4 2020 Common equity tier 1 Mgmt buffer Additional tier 1 Tier 2 (CET1) (AT1) (T2)

38 APPENDIX

39 Diversified product portfolio across the Nordics

Total net loans (NOK million) Distribution of net loans end of Q4 2020

10 000 8 821 9 000 8 361 8 496 8 403 8 341 8 361 7 903 8 094 Tusener 8 000 Loans Norway 7% 7 000 9% Loans Finland 6 000 38% Loans Sweden 5 000 17%

4 000 Credit cards

3 000 Point-of-sales finance 2 000 30%

1 000

0 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4

Loans Norway Loans Finland Loans Sweden Credit cards Point-of-sales finance

40 Stable yield on consumer loans and declining funding cost

Yields performing loans * (%) Gradual yield declines due to growth in new markets • Stable yields for loans 30% • Decrease in yield for credit cards due to growth in new markets 25% Funding

20% • Positive trend due to increased diversification (NOK, EUR and SEK) and lower interest rates for deposits

15% Placements • Available funds are placed in liquid assets with low risk, 10% predominantly bank deposits, government securities and covered bonds. 5% • In Q4 2020 return on investments show a positive development compared to Q3 2020 0% 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4

Credit cards Loans Deposits Liquidity

*Yield = interest income from performing loans / average net performing loans

41 Profit and loss

Amounts in NOK million Q4 2020 Q4 2019 2020 2019 Net interest margin* (%)

Interest income 266.7 324.4 1,171.9 1,254.2 11,5 % 11,7 % 11,6 % 12,1 % 11,6 % 11,0 % 10,5 % Interest expenses -28.8 -39.2 -144.8 -167.2 9,8 % Net interest income 237.9 285.1 1,027.1 1,087.0

Income commissions and fees 25.2 30.3 111.0 125.4 Expenses commissions and fees -14.2 -14.9 -49.3 -38.6 Net commissions and fees 11.0 15.4 61.8 86.8

Net gains / losses (-) on certificates and bonds, and 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 currency 5.4 2.2 11.6 1.7 Total income 254.4 302.8 1,100.4 1,175.6

Salary and other personnel expenses -37.7 -34.9 -143.8 -135.4 Earnings per share (NOK) General administrative expenses -34.5 -32.3 -128.9 -172.4 Direct marketing expenses -7.0 -10.9 -22.7 -84.0 0,45 0,43 0,43 0,44 0,41 Total salary and admin. expenses -72.3 -67.1 -272.7 -307.8 0,36 0,32 0,35

Ordinary depreciation -18.6 -16.0 -72.1 -54.9 Other expenses -8.5 -16.4 -42.8 -79.0 Total operating expenses excl. losses on loans -99.3 -99.5 -387.6 -441.7 Losses on loans -68.9 -221.7 -364.3 -454.3 Pre-tax operating profit 86.1 -18.4 348.5 279.6 Tax expenses -19.7 3.0 -85.7 -76.7 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Profit after tax 66.4 -15.4 262.8 202.9

EPS adjusted for AML administrative fee in Q2 2019 and revision of model parameters in Q4 2019, Earnings per share (NOK) 0.35 -0.09 1.36 1.11 Q1 2020

* Net interest margin (NIM) = 4 * (Net interest income / Average interest-bearing assets excl. certificates and bonds). Sales provision to agents presented as part of “Interest income” (earlier “Expense commissions and fees”) 42 Balance sheet

Amounts in NOK million 31.12.2020 31.12.2019 Liquidity and funding

Assets 1013% Loans and deposits with credit institutions 1,204.2 614.7 774% Net loans to customers 8,361.2 8,495.8 716%

Certificates and bonds 1,848.0 1,329.8 506% 539% 536% 525% Other intangible assets 154.2 143.3 Deferred tax assets - 0.8 213%168% 181% 196% 177% 172% 187% 212% 197% Fixed assets 13.2 17.3 Other receivables 5.5 18.8 Total assets 11,586.3 10,620.4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Liquidity coverage ratio (LCR) Net stable funding ratio (NSFR) Equity and liabilities Deposits from and debt to customers 8,991.8 8,519.5 Other debt 142.5 149.5 Subordinated loans (Tier 2) 65.0 64.9 Deposit coverage* (%) Deferred tax 0.5 - Tax payable 82.9 37.0 121% Total liabilities 9,282.7 8,770.9 108% 104% 105% 100% 107% 92% 97% Share capital 186.6 184.1 Share premium reserve 786.7 786.7 Other paid-in equity 48.3 45.8 Retained earnings 1,037.5 788.4

Additional Tier 1 capital 244.6 44.6 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Total equity 2,303.6 1,849.5 Total equity and liabilities 11,586.3 10,620.4

*Deposit coverage = Deposits from and debt to customers / net loans to customers

43 Shareholders and Management and Board ownership

Top 20 shareholders Management and members of the Board of Directors ownership Shares Shares Share options # Shareholder % Role Name (thousand) (thousand) (thousand) 1 Kistefos AS* 35,747 19.2% Director Legal & HR Wilhelm B. Thomassen 2,018 270 2 State Street Bank And Trust Comp 17,247 9.2% CMO/CIO Steffen Ryengen 1,768 376 3 Alfab Holding AS 9,111 4.9% Director Credit Cards Eirik Holtedahl 850 129 4 Sparebank 1 Markets AS 8,960 4.8% CEO Jan Haglund 600 1,159 5 SEB Prime Solutions Sissener Canopus 6,000 3.2% COO Christina Pedersen 205 215 6 Merrill Lynch International 5,412 2.9% CFO Henning Fagerbakke 203 128 7 Sanden AS 4,706 2.5% CCRO Annika Ramstedt 90 244 8 OM Holding AS 4,269 2.3% CCO Eivind Bagås 40 155 9 Directmarketing Invest AS 3,415 1.8% Director loans and POS Enok Hanssen 0 355 10 Sniptind Invest AS 3,240 1.7% CRO Ove Holstangen 0 6 11 Christiania Skibs AS 3,101 1.7% Members of the Board of Directors 328 41 12 Melesio Invest AS 3,085 1.7% Total 6,102 3,077 13 BNP Paribas Arbitrage 2,944 1.6% 14 Obligasjon 2 AS 2,580 1.4% 15 Torstein Ingvald Tvenge 2,500 1.3% Shareholders geographical distribution 16 Khaya AS 2,371 1.3% 3% 4% 17 Protector Forsikring ASA 2,300 1.2% Norway 18 Dingja Invest AS 1,960 1.1% 3% United States 9% 19 Laboremus Industrier AS 1,670 0.9% 20 Contribute AS 1,621 0.9% Luxembourg Sum top 20 122,241 65.5% Other shareholders 64,373 35.5% United Kingdom

Total 186,614 100.0% 80% Shares held by Management and the members of Other 6,102 3.3% the Board of Directors

* Including ownership through nominees, Kistefos holds 23.96 % of the total shares. 44

Updated*Shareholder as of 5 list February updated 2021 as of 8 May 2020