Third quarter

2020

1
Disclaimer
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Bank ASA (the “Company” or “Komplett Bank”), solely
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Today’s presenters

CEO Jan Haglund CFO Henning Fagerbakke

3
Increased operational efficiency, improved credit performance and returning to growth
from September

• Increased onboarding of new customers - returned to net loan growth in September

Returning to growth
• On track for quarterly growth in Q4 2020 and onwards

Improved credit • Focus on assisting existing customers to overcome short-term challenges during pandemic

performance • Stable loan losses and continued positive trend in underlying credit quality

Increased operational • Increased focus on costs and efficiency

efficiency • Decrease in operational expenses and improved Cost / Income ratio in Q3

Strong financial position and • Profitability and flexibility to weather potential impacts of the Covid-19 pandemic

dividend capacity • Solid capital position with capacity for both growth and dividends

4
Highlights of the quarter

Q3 2020 Growth
NOK MILLION GROWTH Q/Q GROWTH Y/Y • Sales continuously ramped up in Q3

Net loans 8,341 -0.7% -0.2% • Net loans decrease of NOK 62 million (NOK –418 million in Q2 2020), NOK -92
million adjusted for FX and forward flow effects
Total income 269 -5.9% -8.6%

Profit after tax 73 -4.7% -8.8%

Loan Losses
Earnings per share* 0.37 -9.1% -14.6%
• Stable loan loss ratio of 3.8% (3.8%)

LTM Profitability
NOK MILLION • Profit after tax of NOK 73 million (NOK 77 million)

Net loans 8,341 • ROE* was 13.9% in the quarter (16.1%)

Total income 1,149

Capital adequacy
Profit after tax 181
• Solid CET1 ratio of 22.2%, well above the 17.0% CET1 requirement
Earnings per share* 0,95 • Total capital ratio of 25.7% after successful AT1 placement in June

5
* ROE = 4 x (Profit after tax in the quarter – AT1 interests) / (quarterly average total equity – average AT1 capital).
Earnings per share = (Profit After Tax – payment to AT1 capital investors)/ Average number of shares in period
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)

20Q2 20Q3 79
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)

Loa ns Loa ns Loa ns Credi t Poi nt-of-sales Total

Norwa y Fi nland Sweden ca rds fi nance

-418 Currency (FX) cha nge - -43 -12 -1 -1 -57

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

20Q2 a dj. l oan 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 6
 Continued improvement of credit quality in Q3

Consumer Loans Norway Consumer Loans Finland Consumer Loans Sweden

• Improvement in default levels in Q3 • Improvement in default levels in Q3 • Stable default levels in Q3 compared
compared to previous quarter compared to previous quarter to previous quarter

• Improvement in past due balances in • Stable past due balances in • Stable past due balances
September compared to last 6 months September compared to last 6 months in September compared to last 6 months

Sent to collection Past due balances

140% 129%
September 2020 compared to average last 6 months
120% 108%
100% 1-30 days past due -9%
100% 92%

80% 73% 30-60 days past due +1%

60%
40%
60-90 days past due -7%
20%
90-120 days past due -14%
0%
19Q3 19Q4 20Q1 20Q2 20Q3

• The graph provides an overview of changes in volumes sent to • The table provides overview of past due balance per reminder cycle
collection for the last 5 quarters for Loans in all countries and in September compared to average past due balances last 6 7
Cards Norway, compared to baseline Q3 2019 months for Loans in all countries and Cards Norway
Profitability, solidity and flexibility to withstand a potential increase in loan loss provisions

Net interest margin Profit before tax (pre loss provisions) • Attractive and stable net interest margin
NOK million
based on a strong customer value proposition
14% 12.5 % 12.3 %
11.9 % 11.6 % 250
12% 11.1 %
203 and offering. Decreasing trend YTD 2020 due
189 194 186
10% 200 178
to increase of excess liquidity during the
8% 150
6% pandemic and lower outstanding loan balance
100
4%
2% 50
0%
19Q3 19Q4 20Q1 20Q2 20Q3
0
19Q3 19Q4 20Q1 20Q2 20Q3
• Healthy pre-provision earnings due to an
efficient business model

Loan loss ratio Common equity tier 1 (CET1)

• Variable cost base and ability to control

6% 24% 22.5 % 22.2 %
21.8 %
22% 21.2 % 20.9 % growth adds to loss tolerance
5%
20%
4%
18%
3% 5.6 % 16%
2% 4.0 % 3.8 % 3.8 % 3.8 % 14%
• Solid capital position. A CET1 ratio of 22.2%
1% 12% and a total capital ratio of 25.7% provides
0% 10%
19Q3 19Q4 * 20Q1 * 20Q2 20Q3 19Q3 19Q4 20Q1 20Q2 20Q3
additional capacity if needed
CET1 ratio CET1 regulatory requirement

* Q4 2019 (NOK 105 million) and Q1 2020 (NOK 50 million) adjusted for additional loan loss provisions 8
Third Quarter 2020
Financial review

9
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
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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
120 60%
spend and a NOK 1 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

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* Q2 2019 C/I ratios shown ex. NOK 18 million AML administrative fee
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 % 17.1 % 17.4 %
1.8 % 14.6 %
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)

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*LLR =4 x Quarterly losses on loans / Average net loans over the period
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. 13
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
38 16.1 %
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) 14
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
25.7% which 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,
1.5% 1.0 % expect a 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
17.0 % 17.0 % growth. 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)

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Outlook
and summary

16
Komplett Bank’s financial targets

Capital adequacy CET1 target of 18.0%

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

Dividend Policy
be distributed to shareholders

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Our strategic priorities

Strategic priorities Focus areas

• Continue to ramp-up activity levels and improve customer acquisition processes

Growth
• Expect 5-10% growth in 2021

• Maintain current high focus on credit risk and collection performance

Credit quality
• Continue to improve data and analytics capabilities

• Enhance key customer touch points, products and related services

Operational excellence
• Increased focus on costs and efficiency going forward

Robust financial position and • Manage growth, profitability and capital allocation
dividend capacity • Based on current situation, expect to have capacity for 30-50% dividends of 2020 profits

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Q&A
APPENDIX

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Covid-19 update: Limited effects on financials and credit quality so far

• Safeguarding the health and well-being of our employees and their families remains a priority
Safeguarding employees
• Focus on assisting existing customers overcome short-term challenges
and supporting customers
• Continued to maintain operational activity and service level during Q3

• Stable financial performance

Impact to date • Stable loan losses and continued positive trend in underlying credit quality

• Increased onboarding of new customers in Q3 and returned to net loan growth from September

• Focus on growth, strengthening operational performance and ensuring a continued robust financial position
and dividend capacity
Covid-19 going forward
• Although macro-economic uncertainty remains, Komplett Bank has an efficient and robust business model
and the profitability, solidity and flexibility to weather the potential impacts going forward

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A Nordic specialised consumer finance company

• Offering flexible consumer financing solutions to customers across the Nordics

• ~290,000 customers across four product areas in Norway, Sweden, Finland and Germany
• Strategic partnership with Komplett Group, largest e-commerce company in the Nordics
• Multichannel distribution via own websites and agents
• Digital and scalable, low-cost operation
• 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

~70,000 customers ~60,000 customers ~130,000 customers ~30,000 customers

NOK 7,071 million net NOK 753 million net NOK 517 million net NOK 10,063 million
loans loans loans deposits

Q3 2020 figures

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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
8,403

Thousands
8,361 8,341
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

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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,
15% EUR and 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

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Profit and loss

Amounts in NOK million

Amounts in NOK million Q3 2020
Q2 2020
Q3 2019
Q2 2019
2019 Net interest margin* (% )
Interest income
317.1 316.7
Interest income 308.7 322.6 1,282.5 12.0 % 11.9 % 12.5 % 12.3 %
Interest expenses -37.9 -41.7
11.7 % 11.6 % 11.1 %
Interest expenses -37.7 -40.2 -167.2
Net interest income 279.2 275.0
Net interest income 271.1 282.4 1,115.3

Income commissions and fees 36.7 42.0

Income commissions and fees 34.5 42.5 172.4
Expenses commissions and fees -35.3 -24.2
Expenses commissions and fees -36.8 -28.2 -113.8
Net commissions and fees 1.4 17.8
Net commissions and fees -2.2 14.3 58.6

Net gains
Net gains / losses
/ losses (-) andbonds,
(-) on certificates on certificates
and currency and 5.5 2.5

bonds, and currency 0.5 -2.0 1.7

Total income 286.2 295.2
Total income 269.3 294.7 1,175.6

Salary and other personnel expenses -35.7 -35.3

Salary and other personnel expenses -34.3 -33.5 -135.4
General administrative expenses -34.7 -44.8
General administrative expenses -30.2 -45.8 -172.4 Earnings per share (NOK)
Direct marketing expenses -5.3 -23.6
Direct marketing expenses -6.1 -20.9 -84.0
Total salary and admin. expenses -70.4 -80.1
Total salary and admin. expenses -64.5 -79.3 -307.8 0.45
0.43 0.43 0.44 0.41
Ordinary depreciation -18.1 -12.8 0.32 0.37
Ordinary depreciation -18.3 -14.3 -54.9 0.10
0.21
Other expenses -11.9 -35.2
Other expenses -8.1 -12.2 -79.0
Total operating
Total operating expenses
expenses excl. excl. losses on
losses on loans -100.4 -128.2
0.33 0.41
loans -90.9 -105.9 -441.7 0.25
Losses on loans -82.9 -78.5
Losses on loans -80.3 -81.8 -454.3
Pre-tax operating profit 102.9 88.6
Pre-tax operating profit 98.1 107.1 279.6 -0.08
T ax expenses -25.9 -27.2
Tax expenses -24.7 -26.6 -76.7
Profit after tax 77.0 61.4
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3
Profit after tax 73.4 80.5 202.9
EPS adjusted for AML administrative fee in Q2 2019 and revision of model parameters in Q4 2019
Earnings per share (NOK)
Earnings per share (NOK) 0.37 0.41
0.44 0.33
1.11 and Q1 2020

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

26
*Deposit coverage = Deposits from and debt to customers / net loans to customers
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

27

*Shareholder list updated as of 8 May 2020

28