A specialised consumer finance company growing across the Nordics

Company presentation
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,
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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
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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
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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
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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 (NRI index*) Total consumer loans Sweden,
Finland and Norway (EUR billion)**
55

50

45

40

35

30

25

20

15

10

5
Switzerland

Denmark

New Zealand

Malta
Sweden

South Korea

Germany

Austria
Singapore

Bahrain

Macedonia
Portugal
Malaysia
Latvia

Slovenia

Slovakia
Luxembourg
Japan

Hong Kong

Australia

Qatar

Spain

Cyprus
Russia
Lithuania

Poland

Costa Rica
Norway

Israel

Belgium
France

Saudi Arabia

Chile

Mauritius
Hungary
Finland

Netherlands

Canada

Taiwan

Ireland
UAE

Italy

Turkey
United States

Iceland

Estonia
United Kingdom

Czech Republic

Kazakhstan

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

Sweden Finland Norway

Source: Norwegian Financial Supervisory Authority (NFSA), Swedish

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 5
A Nordic specialised consumer finance company

• Offering flexible consumer financing solutions to customers across the Nordics

• 280,000 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 60,000 customers 128,000 customers 36,000 customers

NOK 7,100 million net loans NOK 753 million net loans NOK 516 million net loans NOK 9,490 million deposits

Q3 2020 figures

6
Proven track record since inception

Net loans (NOK million) Profitability

7 844 8 496
331
274
5 461 25% 30%
23% 203

3 322 129 12%

4%
1 601
442 11

2014 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Profit after tax (NOK million) Return on equity

Net loans CAGR 2014 - 2019 Average ROE 2016 - 2019 Total capital ratio as of Q3 2020

81% 22% 25.7%

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 brand 41%

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 8

Strategic support from Canica solidifies long term platform

Selection of Canica portfolio companies within retail • Largest Komplett Bank shareholder with 19.2% ownership

• Among the largest privately owned investment companies

Largest e-commerce company in the Nordics
Revenues 2019 NOK 7.5 billion
Canica ownership: 98%
in Norway with NOK 34 billion in assets under
management
Norwegian hardware store
• Active, long-term ownership, within sectors such as retail,
Revenues 2019: NOK 0.84 billion
Canica ownership: 100%
consumer goods, real estate and manufacturing

• Provides core expertise within business development

and finance

Danish Brand and trading house

Global branded consumer goods supplier • Extensive network of Nordic retail companies, including
within Kitchen, living and dining Revenues 2019: NOK 43,6 billion Komplett Group
Revenues 2018: NOK 1.01 billion Canica ownership: 19%
Canica ownership: 100%

9
 Experienced and seasoned management team
Mr. Haglund was appointed CEO in January 2019. Mr. Haglund has
worked at Komplett Bank since 2015 and has previously held the
positions of Chief Financial Officer (CFO) and Chief Strategy Officer
(CSO). He has an extensive background from the financial services
industry and previous positions include CEO of Buckaroo, Managing
Director of Intrum Justitia Finance and Nordic Head of Banks at
Entercard. He holds an MSc in Business Administration and Russian
as well as a Master of Law from Uppsala University.
Jan Haglund
CEO
Henning Fagerbakke was CFO in January 2019, before which he held
the position of Finance Manager. He is an experienced finance
professional and state authorised public accountant with a
background including several years as Senior Auditor and Manager at
KPMG Norway and Business Controller at Gresvig. He holds an MSc in
Accounting and Auditing from the Norwegian School of Economics.
Henning Fagerbakke
CFO
Co-founder and CMO / CIO. Mr. Ryengen has a comprehensive
background in the financial services industry. Previous experience
includes Head of Distribution, Marketing and Analytics Financial
Services at Accenture, Product Development Manager at Santander
Consumer Bank and Project Manager at SEB Kort. He holds an MSc in
Business Administration and Economics and an Executive MBA from
the Norwegian School of Economics.
Steffen Ryengen
CMO/CIO
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 degree in European Business
Wilhelm Thomassen from Royal Holloway University of London and an Executive MBA from
the Norwegian School of Economics.
Director Legal & HR
Mr. Holtedahl was appointed Director of Credit Cards in March 2018.
Mr. Holtedahl has more than 19 years of experience working with
consumer finance, credit cards and financial services. Previous
positions include Co-Founder, CFO and Deputy CEO in Advanzia Bank,
Luxembourg, Co-Founder and VP of Treasury in Bankia Bank ASA and
Deputy Director General in the Norwegian Ministry of Finance. Mr.
Holtedahl holds a Bachelor of Commerce, Economics and Accountancy
Erik Holthedahl from Concordia University (Canada) and an MSc. studies in Economics
Director Credit Cards from the University of Oslo.
Mr. Bagås has extensive experience from working compliance in the
banking and financial industry. Previous experience includes
Compliance Officer at Storebrand Kapitalforvaltning AS 2008-2014 and
at Storebrand Finansiell Rådgivning AS from 2014-2017. Bagås has
been with Komplett Bank since 2017 and previously held the position
of risk and compliance manager before he was appointed Chief
Compliance and Risk Officer in June 2019. Bagås holds a bachelor’s
Eivind Bagås
degree in accounting and a Bachelor of Business Law from BI
Compliance & Risk Norwegian Business School.
Control (CRO)
Pedersen has been with the company since its founding and served as
Employee Elected Board Member from March 2014 to March 2018.
Before being appointed COO in June 2019 she held the position of
Chief Human Relations Officer. Previous positions include Corporate
Trainee and Senior Project Manager at DNB. Mrs. Pedersen holds an
MSc in Business Administration and Economics from BI Norwegian
Business School and an MSc in Business Management with Finance
Christina Pedersen
from Heriot-Watt University.
COO
Ramstedt has been with Komplett Bank since early 2017. Before being
appointed Director Credit Risk and Collections in June 2019, she
worked for a period as Project Director followed by Director Loans
Sweden & Finland. She has an extensive background in the Consumer
Finance sector in roles such as Head of Personal Loans in Bluestep and
Head of Credit Risk Sweden at EnterCard. She holds a BA in Statistics
from the University of Stockholm.
Annika Ramstedt
CCRO
Mr. Hanssen has been with the company since early 2017 as Director
of POS and in June 2019, his responsibilities were expanded to include
overseeing consumer loans. Before joining Komplett Bank Hanssen
held a number of positions with Intrum Justitia, including Group IT
Director Western Europe, Managing Director for Intrum Justitia Italy
and Business Development Manager Central Europe. He also held the
position of CIO/COO for Buckaroo. Mr. Hanssen holds a BBA from the
Enok Hanssen
University of Gothenburg.
Director Consumer
Loans and POS
Mr. Holstangen was hired as Chief Risk Officer (CRO) in September
2020. Mr. Holstangen has an extensive background within banking and
finance. Previous positions include CRO at Kommunalbanken ASA and
CFO in Fondsfinans. Mr. Holstangen has experience from the Financial
Supervisory Authority Norway. He holds an MSc in Engineering from
Chalmers University of Technology and Imperial College and Cand.
Merc in Business Administration from the Norwegian School of
Ove Holstangen Economics.
CRO
10
Knowledgeable and diligent Board of Directors
Stig Eide Sivertsen | Chairperson
Mr. Sivertsen has served as independent board member in Komplett Bank ASA since the
general meeting of 2018. He was appointed Chairperson of the Board in August 2019. He has
broad operational experience from technology, media and finance as well as extensive
experience as a board member of listed companies. Sivertsen served as CFO in Schibsted
and PGS, was the founder and CEO of Nettavisen and group CEO of Telenor Broadcast
Holding AS, in addition to group CEO in Opplysningen (1881) AS. He holds a BA (Hons) Econ
and an MSc. from University of Durham (UK) and supplementary Law degree from the
University of Bergen.
Jan Ole Stangeland | Board member
Board member since March 2018. Mr. Stangeland has broad and relevant financial market
experience as the long-standing CFO of the investment company Canica AS. In addition,
Stangeland has been a member of the Bank's Nomination Committee and, both through this
appointment and through the position as the CFO of the bank's largest shareholder, knows the
bank well. He holds an MSc in Business Administration and Economics from BI Norwegian
Business School.

Bodil Palma Hollingsæter | Vice chairperson Jonna Kyllönen | Board member

Mrs. Hollingsæter was elected Vice Chairperson of the Bank in April 2015 and has served on
the board since March 2014. Mrs. Hollingsæter currently works as Special Advisor at
Innovation Norway and as Vice Chairperson of Teknika AS. She has an extensive banking
background on an executive level from positions, such as Director at Innovation Norway,
Regional General Manager at Sparebanken Møre and Bank Manager at Romsdals Fellesbank.
She also has board experience from companies including Eksportfinans, Kommunekreditt
and Kommunalbanken. She holds an MSc. in Business and Economics and an AFA (CEFA
equiv.) from the Norwegian School of Economics.
Harald Hjorthen | Board member
Member of the board of Directors since August 2019. Mr. Hjorthen has extensive experience
from the financial industry as a credit analyst at DNB, investment analyst at Kistefoss AS,
seven years as portfolio manager at Norges Bank Investment Management (NBIM) stationed
in Norway and Singapore and as an analyst in Trient Asset Management. Today he works as
manager of his family's investment company, Sniptind Invest AS. He holds a MSc in
Economics and Business Administration from the Norwegian School of Economics.
Employee elected board member since March 2020. Ms. Kyllönen has been employed in
Komplett Bank ASA since November 2016 and currently holds the position as Operations
Manager for Customer Service. She has broad experience from the banking sector in Finland and
managing customer service operations. Before working in the bank, Kyllönen worked with both
individual investments and lending. Ms. Kyllönen holds an MBA from Kajaani University of
Applied Sciences and a BBA from Jyväskylä University of Applied Sciences.
Kristian Tovsen | Board member
Employee elected board member since March 2020. Mr. Tovsen has been employed by Komplett
Bank ASA since June 2017 and currently holds the position as Head of Business- and Product
Development. He has broad experience in business development, mainly in the cross-section
between IT and Business. Before working with the bank, Tovsen worked as a managing
consultant in an IT consulting firm in Oslo. As a consultant, he worked for more than four years
with the FSA in Norway, in addition to working with several other customers within the financial
industry. Mr. Tovsen holds a 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
Customer applies and Convenient real-time Customer has decided to Online savings accounts offering
needs 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
Consumer Credit Point-of-sales Deposit
geographical expansion loans cards finance accounts
strategy to ensure:
Q1 Q4 Q3 Q1
2014 2015 2017 2014
Reduced business risk
Q1 Q2
TBD TBD
2017 2019
Economies of scale
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
Launch of new annuity loan product
• Compliant with new Norwegian consumer
lending regulation
• Ensures competitive offering in the Norwegian
consumer lending market for new loans
Launch of Google Pay and Apple Pay
• Enabling Komplett Bank Mastercard for mobile
payments throughout the Mastercard
ecosystem
PSD2 platform
• Platform for mandatory APIs, making Flexible
Loan, credit cards and deposits PSD2 enabled
payment methods
Q4 2019 H1 2020
Annuity loan with refinancing functionality SEK deposits
• Ensures lower funding cost and contributes to a
• Enabling loan refinancing with more than five more diversified funding structure
years maturity, in line with new regulations
• Ensures competitive refinancing offering in the
Norwegian consumer lending market
Komplett Bank mobile app
• New channel for self-service and customer
interaction
• Enabling biometric authentication for payments
and logins
Mobile invoice
• 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 capabilities Ensure that the company is well funded and capitalised to pursue
and technical infrastructure to execute on strategy identified opportunities included in the strategic 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

Millioner
2016 - 2017 | “BUILD UP”
8
Build and develop desired product- and cross-border capabilities
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
Loans Norway Credit cards Loans Finland Point-of-sales finance Loans Sweden

17
Favourable macro conditions in core markets

Norway Sweden Finland

SEK billion 2 227

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

Tusener

Tusener
Loans Norway Loans Norway
80
Loans Finland Loans Finland 6 000
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
16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3

* Nominal annual interest rate in Finland 20

 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
• Stand-alone API-based solution opens up for third-party retailers, payment purchases
service providers as well as in-app payments with invoice
Full range of payment
• Currently integrated into the Komplett Group’s payment platform “KomPay”, options in check-out,
recommended to
available on Komplett’s Norwegian and Swedish websites Post transaction
customers based on
up-/cross sales
preferences and
opportunities
purchase history
Customers (thousands) Net loans (NOK million)
140 600
120 500
100
400
80
300
60
40 200
Automated risk- and fraud-checks with
20 100
full BankID integration to enable efficient,
0 0 customer friendly process
19Q3
18Q1
18Q2
18Q3
18Q4
19Q1
19Q2

19Q4
20Q1
20Q2
20Q3

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

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

Tusener
10 000
EUR 8 000
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

The Bank does not expect to meet its ROE target in 2020

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

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:
Examples of Contingent
Internal customer behaviour data • Customer segments
existing approval
data sources Tax- and salary data from tax authorities • Countries or rejection
Debt-registers • Product types
Real estate ownership data • Distribution channels

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
Credit Pricing and Revised
Loan Customer and Document check & Fund
worthiness conditional loan offer
application Anti-Money budget review transfer
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 partners Specialist loan brokers (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 Q3 and a return to growth in September
Growth in net loans (NOK million) Net loan growth distribution (NOK million)

79
20Q2 20Q3
6

-18 -22 -12 -3 -22

-125
-162
-200
326
271
Loans Norway Loans Finland Loans Sweden Credit cards Point-of-sales
187 finance
134
59
-62

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

Impact of currency changes and forward flow (NOK million)

Loans Loans Loans Credit Point-of-sales Total

Norway Finland Sweden cards finance

Currency (FX) change - -43 -12 -1 -1 -57

-418
Portfolio sales * 27 - - - - 27
20Q3 adj. loan growth -98 -61 67 -4 5 -92

20Q2 adj. loan growth -162 -61 -21 -12 -22 -278

* Loans Norway shown gross of loans sold in the quarter as part of the Bank’s forward flow agreement

32
Decreased net loans and provisions affect total income

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

-9%
293
278 277
269
303 35
295 295 291
283 286 247 27 30
23
269 230
214 24
20
14
115 119 119 128
95
77 84

51 52 53 55 56 57 60

4 5 6 7 7 7 8
20 22 24 25 26 26 26
49 47 46 44 43 38 37

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

Loans Norway Loans Finland Loans Sweden

Credit cards Point-of-sales finance Deposit customers

• Total income has decreased YTD 2020 due to lower outstanding

loan balance and lower conversion on insurance products

33
Decreased net loans and provisions affect total income

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

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

51 52 53 55 56 57 60

4 5 6 7 7 7 8
20 22 24 25 26 26 26
49 47 46 44 43 38 37

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

Loans Norway Loans Finland Loans Sweden

Credit cards Point-of-sales finance Deposit customers

• Total income has decreased YTD 2020 due to lower outstanding

loan balance and lower conversion on insurance products

34
Operational expenses down, further potential to reduce cost ratios

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

140 70% • OPEX NOK 91 million in Q3 2020 compared to NOK 100 million in Q2
2020 driven mainly by decreased consulting spend and a NOK 1
120 60%
million non-recurring positive effect
AML admin fee

Marketing
Cost/Income: 33.8% (35.1%)
100 50% Cost/Income ex. marketing: 31.5% (33.2%)
Other
80 40%
Depreciation
• Increased cost focus and operational leverage to positively impact
cost/income ratio beyond 2020
60 30% Admin

Personnel
40 20%
Cost/income ex
marketing
20 10%
Cost/income

0 0%
19Q1 19Q2 * 19Q3 19Q4 20Q1 20Q2 20Q3

* Q2 2019 C/I ratios shown ex. NOK 18 million AML administrative fee

35
Stable loan losses and increased coverage ratio

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

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

1,8 % 17,5 % 5,6 %

1,6 % 17,4 %
1,8 % 14,6 % 17,1 %

11,7 % 12,2 % 4,0 %

9,3 %
3,9 %
3,7 % 3,8 % 3,8 % 3,8 %

38,4 % 38,3 % 39,1 % 41,6 %

32,7 % 33,3 % 33,6 %

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

• Increased coverage ratios over time for all Stages • Q4 2019 and Q1 2020 LLR is adjusted for additional loan loss provisions due to
increase in LGD's (Q4) and macro adjustments related to the Covid-19 pandemic
(Q1)

36
Improved credit risk performance during the quarter

Break-down of Q3 2020 losses on loans

• Decrease in stage 1 provisions due to low new sales

• Decrease in stage 2 provisions due to better performance as

less customers are overdue

• Stage 3 & Other performance of portfolio is better in Q3 as

volumes flowing into stage 3 are lower

• Model parameter updates net of NOK 3.9 million

Break-down of Q2 2020 losses on loans

Model
parameter
Stage 1 Stage 2 Stage 3 & Other* updates Total
-9.3 -17.6 101.7 7.8 82.7

• *Other comprises of realised losses on loans (including forward flow), including deceased customers and fraud.

37
Stable profit after tax

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

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

61 78
46

-15

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

AML fee Additional loan loss provisions

• ROE impacted by the Bank's solid capital position, and at target CET1 ratio of 18%
ROE would be 19.1% in Q2 2020 and 17.0% in Q3 2020

* Calculations excluding AML admin fee in Q1 2019 and additional loan loss provisions in Q4 2019 and Q1 2020; ** ROE = 4 x (Profit after tax in the quarter – AT1 interests) / (quarterly average total equity – quarterly average AT1 capital)
38
Solid capital position provides capacity for both growth and dividends

Regulatory capital structure (%)

• CET1 ratio increased to 22.2% (21.8%) in Q3 2020 and well above 18.0% target which
25,7% includes a 1.0%-point management buffer
0,8%
• Strong total capital ratio of 25.7% (25.3%)
2,7%
21,5%
20,5% • AT1 issue of NOK 200 million in Q2 2020
2,0%
2,0%
1,5% • Transition to Standardised Approach during 2020 upon independent review, expect a
1,5% 1,0 % positive effect of ~0.9%-point on capital adequacy

• Year to date financial performance and current capital position indicate dividend
22,2 % capacity of 30-50% of 2020 profit after tax while maintaining ample capacity for growth.
17,0 % 17,0 % However, there is a risk of dividend restrictions from regulatory authorities in light of
the current macro economic uncertainty.

Capital requirement Targeted capital Reported capital

as of Q3 2020 as of Q3 2020 as of Q3 2020
Common equity tier 1 Mgmt buffer Additional tier 1 Tier 2
(CET1) (AT1) (T2)

39
APPENDIX

40
Diversified product portfolio across the Nordics

Total net loans (NOK million) Distribution of net loans end of Q3 2020
8 821
8 496 9 000
8 361 8 403 8 341

Tusener
8 094
7 844 7 903
7 456 8 000

6 801
7 000 Loans Norway
6%
5 915 9%
6 000 Loans Finland

5 000 39%
15% Loans Sweden
4 000
Credit cards
3 000
Point-of-sales
2 000 31% finance

1 000

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

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

41
Stable yield on consumer loans and declining funding cost

Yields (%) Gradual yield decline due to growth in new markets

• Stable yields for loans
25%
• Decrease in yield for credit cards due to growth in new
markets
20%
Funding
• Positive trend due to increased diversification (NOK, EUR and
15% SEK) and lower interest rates for deposits
Placements
10% • Available funds are placed in liquid assets with low risk,
predominantly bank deposits, government securities and
covered bonds.
5%
• In Q3 2020 return on investments affected negatively to the
liquidity yield
0%
18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3

Credit cards Loans Deposits Liquidity

42
Profit and loss

Amounts in NOK million Q3 2020 Q3 2019 2019 Net interest margin* (%)
Interest income 308.7 322.6 1,282.5
11,7 % 12,0 % 11,9 % 12,5 % 12,3 %
Interest expenses -37.7 -40.2 -167.2 11,6 % 11,1 %
Net interest income 271.1 282.4 1,115.3

Income commissions and fees 34.5 42.5 172.4

Expenses commissions and fees -36.8 -28.2 -113.8
Net commissions and fees -2.2 14.3 58.6

Net gains / losses (-) on certificates and

bonds, and currency 0.5 -2.0 1.7
Total income 269.3 294.7 1,175.6

Salary and other personnel expenses -34.3 -33.5 -135.4

General administrative expenses -30.2 -45.8 -172.4
Direct marketing expenses -6.1 -20.9 -84.0
Earnings per share (NOK)
Total salary and admin. expenses -64.5 -79.3 -307.8
0,43 0,43 0,44 0,45
0,41
Ordinary depreciation -18.3 -14.3 -54.9 0,32 0,37
0,10
Other expenses -8.1 -12.2 -79.0 0,21
Total operating expenses excl. losses on loans -90.9 -105.9 -441.7
Losses on loans -80.3 -81.8 -454.3 0,33 0.41
0,25
Pre-tax operating profit 98.1 107.1 279.6
Tax expenses -24.7 -26.6 -76.7 -0,08
Profit after tax 73.4 80.5 202.9
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3

Earnings per share (NOK) 0.37 0.44 1.11

* Net interest margin (NIM) = 4 * (Net interest income / Average interest-bearing assets excl. certificates and
bonds) .
43
Balance sheet

Amounts in NOK million 30.09.2020 30.09.2019 31.12.2019 Liquidity and funding

Assets
Loans and deposits with credit institutions 1,466.8 1,145.2 614.7 1013%
Net loans to customers 8,341.2 8,361.4 8,495.8
Certificates and bonds 716%
2,585.2 1,197.4 1,329.8
Other intangible assets 151.9 124.9 143.3 506% 539% 536% 525%
Deferred tax assets - - 0.8
Fixed assets 14.2 18.3 17.3 213%168% 181% 196% 177% 172% 187% 212%
Other receivables 12.2 24.7 18.8
Total assets 12,571.5 10,872.0 10,620.4
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3
Liquidity coverage ratio (LCR) Net stable funding ratio (NSFR)
Equity and liabilities
Deposits from and debt to customers 10,063.6 8,754.8 8,519.5
Other debt 139.0 125.7 149.5
Subordinated loans (Tier 2) 65.0 64.8 64.9 Deposit coverage* (%)
Deferred tax 65.2 40.1 -
Tax payable -0.0 23.7 37.0
Total liabilities 10,332.8 9,009.2 8,770.9 121%
104% 105% 100% 107%
92% 97%
Share capital 186.5 182.8 184.1
Share premium reserve 786.7 786.7 786.7
Other paid-in equity 47.9 44.9 45.8
Retained earnings 973.1 803.8 788.4
Additional Tier 1 capital 244.6 44.6 44.6
Total equity 2,238.7 1,862.8 1,849.5 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3
Total equity and liabilities 12,571.5 10,872.0 10,620.4

44
Shareholders and Management and Board ownership

Top 20 shareholders Management and Board of Directors ownership

Shares Shares Share options
# Shareholder % Role Name
(thousand) (thousand) (thousand)
1 Canica Invest AS 35,747 19.2% Director Legal & HR Wilhelm B. Thomassen​ 2,018 270
2 State Street Bank And Trust Comp 16,500 8.9% CMO/CIO Steffen Ryengen​ 1,768 376
3 Alfab Holding AS 9,111 5.1% Director Credit Cards Eirik Holtedahl​ 850 129
4 DnB NOR Bank ASA 7,680 4.2% CEO Jan Haglund 600 1,159
5 Macama AS 4,913 4.0% COO Christina Pedersen​ 205 215
6 Sanden AS 4,706 2.6% CFO Henning Fagerbakke 203 128
7 Norda ASA 4,545 2.5% CCRO Annika Ramstedt​ 90 244
8 SEB Prime Solutions Sissener Canopus 4,500 2.4% CCO/CRO Eivind Bagås 40 155
9 OM Holding AS 4,269 2.3% Director loans and POS Enok Hanssen​ 0 355
10 The Bank Of New York Mellon SA/NV 3,446 1.8% Board of Directors 325 41
11 Directmarketing Invest AS 3,415 1.6% Total 6,099 3,072
12 Melesio Invest AS 3,085 1.6%
13 Sniptind Invest AS 3,040 1.3%
14 Obligasjon 2 AS 2,580 1.3%
15 Torstein Ingvald Tvenge 2,500 1.2% Shareholders geographical distribution
16 Khaya AS 2,371 1.1% 2% 3%
17 Dingja Invest AS 1,960 1.1% Norway
3%
18 Svejk Invest AS 1,696 0.9% 9%
United States
19 Laboremus Industrier AS 1,670 0.9%
20 Contribute AS 1,621 0.9% Luxembourg
Sum top 20 119,357 64.0%
Other shareholders 67,181 36.0% United Kingdom
Total 186,538 100.0%
Other 84%
Shares held by management and the BoD 6,099 3.3%

Updated as of 9 November 2020

45