Interim Presentation | 1st quarter 2019 | 11 April 2019

2

Profit after tax

1 162

2 876

3 988

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

MonobankQ1 2019 highlights

Note(*): ROE = 4x profit after t in quarter / average total equity in the quarter

NOK million

Net loans

1.8 3.05.7 7.4

10.113.8 15.5

-8.8

16.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

NOK million

Forward flow

• Profitable growth restored in Q1’19

- Net loan balance increased 7.6 per cent vs Q4’18

- Net interest income of NOK 100.2 million, up 5.4 per cent vs Q4’18

- Net profit after tax of NOK 16.1 million vs a deficit of NOK 8.8 million

in Q4’18

• The proposed merger with BRAbank approved by general

assembly

- Transaction expected to be completed in Q2’19

• Successful launch of digital consumer finance in Sweden

• Improved risk selection in Finland to further improve profitability

• Fully funded to reach critical mass

- Private placement of NOK 58 million successfully completed

3

Financials

4

Key yields and margins

30

37

45

56

69

8286

95

100

28

35

41

53

64

75 76

81

88

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

Net interest income Total income Net profit after tax

14.6 % 14.3 % 14.2 % 14.3 % 14.4 % 14.4 % 14.4 % 14.3 % 14.1 %

12.3 %12.7 % 12.7 % 12.8 % 12.8 % 12.8 % 12.6 % 12.3 %

8.7 % 8.7 %8.0 %

7.7 % 7.8 %8.3 %

7.6 % 7.7 % 7.9 %

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

Annualized loan yield (Norway) * Annualized loan yield (Finland) *

Annualized NIM ***

Continued high and stable margins

Note(*): yield = weighted average effective annual yield || Note(**): actual end of quarter annual rate || Note(***): NIM = 4x NII in quarter / average total assets in quarter

Income and profit after tax

Per cent (%) NOK (million)

Total income impacted by forward flow agreement and conservative approach in Norway

5

Efficient operations with economies of scale

Note(*): cost / income ratio = operating expenses (incl. or excl. marketing) / total income

Operational expenses

NOK (million)

5.5 6.2 6.9 8.0 8.0

12.710.6 11.4 11.4

5.66.3 6.1

8.6 9.6

9.6

7.9

11.9 12.5

8.18.0 7.7

11.3

14.6

12.0

9.9

4.86.3

1.11.5 2.0

1.4

2.1

2.4

2.5 3.8

4.6

20.3

21.922.7

29.2

34.2

36.7

30.9 31.9

34.8

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

Staff costs Other administrative expenses

Marketing expenses Depreciation and amortisation

Cost / Income ratio *

72%

64%

55% 55% 53%49%

40%

39% 40%

43%40%

36%34%

30%33%

27%

33% 33%

0%

20%

40%

60%

80%

100%

120%

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

Cost / Income Ratio Cost (excl. marketing) / Income Ratio

Stable opex development Q4 18 to Q1 19

Per cent (%)

6

Satisfactory loan losses and credit quality

Stabilizing effect from forward flow agreement on NPL and gross loans PD

Note(*): loan loss ratio = LTM loan losses / average LTM net loans / 2) || Note(**): non-performing loan ratio = >PD90 / gross loans || Note(***): provision ratio = total provisions / >PD90

Gross loans past due (# of days) ProvisionsLoan losses

NOK (million)

Total provision ratio ***Loan loss ratio * Non-performing loan ratio **

Per cent (%)

2.2 %

2.2 %

2.2 %

2.4 %2.6 %2.7 %

2.9 %

4.2 %4.0 %

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

58.7

94.7 135.7

189.1

251.7

332.5

356.6

436.1

474.7

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

31-60 PD 61-90 PD > 90 PD

4.9 %

6.4 %7.1 %

7.9 %8.5 %

10.1 %10.1 %11.3 %11.5 %

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

18.426.3

37.350.7

69.5

86.4 91.9

138.5 146.8

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

4.9 8.3 10.9 13.819.1 18.8

24.5

66.0

29.1

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

31%28% 27% 27% 28% 26% 26%

32% 31%

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

NOK (million) NOK (million)

Per cent (%) Per cent (%)

Note(*): loan loss ratio = LTM loan losses / average LTM net loans) || Note(**): non-performing loan ratio = >PD90 / gross loans || Note(***): provision ratio = total provisions / >PD90

7

1 13

8

1 55

6 2 04

3 2 65

2

3 05

7

3 43

4 4 23

9

4 12

5

4 41

4

335

339

345

522

534

548

563

609

681

1 472

1 895

2 487

3 272

3 689

4 081

4 901 4 833

5 194

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

Deposits by customers Subordinated loan Equity

Easy access to low-cost deposit funding

Note(*): deposit ratio = deposits / net loans

LiquidityFunding

NOK (million)

Key ratios

220 32

5

489

758

625 68

7

1 22

9

852 91

3

35

52

64

56

6550

84

109

108

255

377

552

814

691737

1 313

961

1 021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

Debt securities Loans and advances to banks

NOK (million)

98% 108% 109% 113% 106% 107%123% 111% 111%

153% 158% 153%167% 160% 163%

181% 172% 172%168% 172%

133%

242%

206% 214%

701%717%

552%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

Deposit ratio * NSFR LCR

8

16.3

%

21.5

%

21.6

%

22.0

%

25.0

%

21.4

%

20.6

%

19.9

%

19.1

%

19.1

%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

CET1 T1 * T2 *

Regulatory capital structure

Note(*): As of Q3 2018 NOK 46m Tier 1 (1.5% of RWA) and NOK 50m Tier 2 (2.0% of RWA) capital counts towards MONO’s capital adequacy ratios || Note(**): capital requirements (Pillar I) are weighted between Norway and Finland

Risk-weighted assetsRegulatory capital Reported capital adequacy **

CET1 Capital

Req. = 13.3%

Total Capital

Req. = 16.8 %

per cent (%)NOK (million) NOK (million)

306 302

401

583 592604 615

641

694

-

100

200

300

400

500

600

700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

CET1 T1 * T2 *

1 42

3

1 40

1

1 81

9

2 33

3

2 76

5 2 94

0

3 08

8 3 35

6 3 63

6

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

75% loans 100% loans Other RWA

Note(*): As of Q1 2019 NOK 50m Tier 1 (1.5% of RWA) and NOK 50m Tier 2 (2.0% of RWA) capital counts towards MONO’s capital adequacy ratios || Note(**): capital requirements (Pillar I) are weighted between Norway and Finland

9

Strategy and

operations

10

Gross loans

New credit policies introduced in Finland to improve profitability

• Improved risk selection in Finland

- Risk reduction for new vintages is expected

• Developing Monobank’s own and improved credit

score-card

- Developing new optimised credit score card based on

increased credit database

- Will be implemented in Q2’19

• Finnish market increasingly important

Two years of consumer banking experience in Finland

36

261

451

624

854

1 181

1 435

1 719

1 996

2 363

2 524

2 581

2 589

2 624

407

582

774

960

1256

1511

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

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

Norway Finland

NOK (million)

11

Debt register in Norway expected to launch in Q2 19Positive experiences from the Finnish consumer finance market

• Debt register data are typically strong predictors

of credit risk

• Monobank with solid experience using debt

register data in Finland.

• Expect long term positive effects on profitability

- Improved risk selection for new underwritings

• Somewhat reduced approval rates as high risk

customers are rejected

• Uncertain short term effect - depends on many factors

• Default rates may temporarily increase as high risk

borrowers will find it increasingly difficult to refinance

• Otherwise limited effects on the existing loan book

• Can collect data on existing customer for scorecard

development, however only a snapshot of current debt

(as opposed to historical records) will be available

New customers Existing customers

Debt

register

12

Customer segmentationContinuous development and tuning of scorecards to navigate the portfolio

3%

31%

66%

Primary school

Secondary school

Higher education

26%

28%28%

15%3%

<= 34 years 35-44 years

45-54 years 55-64 years

>= 65 years

67%

33%

Home owner

Tenant

43 years4%

21%

35%

41%

NOK 250k-349k

NOK 350k-499k

NOK 500k-749k

>= NOK 750k

Age Income Education Housing Average customer

No

rway

Fin

lan

d

NOK 647k

Higher education

Home owner

43 years

NOK 464k

Higher education

Home owner

23%

30%29%

15%3%

<= 34 years 35-44 years

45-54 years 55-64 years

>= 65 years

24%

34%

28%

14%

NOK 250k-349k

NOK 350k-499k

NOK 500k-749k

>= NOK 750k

12%

9%

79%

Primary school

Secondary school

Higher education

71%

29%

Home owner

Tenant

13

• Consumer loan offering launched in Sweden

- Multi-country platform enables continued geographical

expansion and diversification

• Swedish population twice the size of Finland and Norway

- Soft launch to reduce risk

• Expansion fits well with BRAbank’s current presence in the

Swedish consumer credits market

Swedish entry marks the third country for Monobank

Inhabitants (millions)

~5.3

~10.0

~5.5

Monobank enters Sweden with digital consumer finance offering

14

Ramping up partnership commitment

Note(*): current loan portfolio | Note(**): no live relationships with co-branding partners since inception

Multichannel distribution partners

• Gradual increase in marketing commitment

going forward

• New sales channels and campaigns together

with Widerøe

• Monobank’s credit card platform is now

available in more and more channels

• The platform is linked to Google Pay and

Apple Pay

• It possible to use Monobank’s credit card

through Fitbit and Garmin Watches

15

January

February

March

April

May

June

July

August

September

October

November

December

Public announcement

Monobank and BRAbank to combine

General assembly

Approval by the general assembly of both

banks

FSA approval

Expected Norwegian Financial

Supervisory Authority (FSA) to approve

Closing of merger

Expected to close merger and equity

issue in June

Integration process completed

High level timeline of mergerTransaction costs and other effects

• Restructuring costs estimated to be approximately NOK 60

million

• Deferred tax asset from accumulated BRAbank loss of

approx. NOK 60m and

• Expected write down of intangibles of approx. 38m

Capitalization and transaction details

16

Well capitalized

Well positioned

• Fully financed to reach critical mass after BRAbank transaction

• Fully financing the combined bank to reach NOK +10bn by 2024 in net loans

• Monobank and BRAbank with complementary distribution strengths

• Growing database improves credit model and pricing

• Highly scalable business model set for growth

• Full focus on successful integration and cost control

Monobank - A well positioned and well capitalized consumer loan bank

17

Appendix

18

Detailed financial figuresQuarterly income statement and balance sheet

Balance SheetIncome Statement

NOK thousand2019 2018

Q1 Q4 Q3 Q2 Q1

Interest income 118 714 115 206 105 680 98 055 84 702

Interest expenses 18 537 20 149 19 549 16 358 15 940

Net interest income 100 176 95 057 86 131 81 697 68 761

Income comissions and fees 7 676 6 255 6 975 6 255 6 485

Expenses comissions and fees 20 217 19 875 16 706 12 888 10 988

Net comissions and fees -12 541 -13 619 -9 731 -6 633 -4 503

Total income 87 635 81 438 76 400 75 064 64 259

Income / (loss) from trading activities -3 103 3 530 -348 -1 182 2 136

Staff costs 11 413 11 354 10 602 12 675 7 793

Other administrative expenses 18 847 16 711 17 753 21 663 24 234

- of which marketing expenses 6 319 4 819 9 958 12 018 14 598

Depreciation and amortisation 4 617 3 847 2 513 2 364 2 131

Total operating costs 34 876 31 912 30 868 36 702 34 158

Profit / (Loss) before impairment losses 49 655 53 056 45 184 37 181 32 237

Impairment (losses) / releases -29 088 -66 029 -24 524 -18 825 -19 057

Operating profit / (loss) before tax 20 567 -12 973 20 660 18 356 13 180

Tax charge -4 443 4 198 -5 168 -4 563 -3 122

Profit / (Loss) for the year 16 124 -8 776 15 492 13 793 10 058

NOK thousand2019 2018

Q1 Q4 Q3 Q2 Q1

ASSETS

Loans and advances to banks 108 366 108 790 83 630 49 906 65 439

Debt securities 912 844 851 879 1 228 593 686 825 625 089

Loans and advances to customers 4 134 826 3 844 229 3 540 868 3 298 138 2 945 025

Provision for impairment losses 146 806 138 493 91 882 86 419 69 470

Net loans and advances to customers 3 988 020 3 705 736 3 448 985 3 211 719 2 875 555

Debt securities 912 844 851 879 1 228 593 686 825 625 089

Deferred tax asset 2 791 2 791 0 907 5 470

Other intangible assets 70 026 67 064 62 119 55 669 47 157

Property, plant and equipment 2 902 2 681 2 104 2 072 2 094

Financial derivatives 1 832 6 644 2 150 0 0

Prepayments, accrued income & other assets 155 189 130 341 120 552 113 827 103 108

- of which accrued commission to agents 130 791 121 249 113 837 107 773 97 586

Total assets 5 241 971 4 875 927 4 948 135 4 120 925 3 723 911

LIABILITIES & EQUITY

Deposits by customers 4 413 713 4 125 245 4 238 973 3 433 627 3 057 120

Provisions, accruals and other liabilities 48 640 42 772 47 415 41 128 34 503

Subordinated loan 98 823 98 739 98 654 98 568 98 483

Total liabilities 4 561 176 4 266 756 4 385 042 3 573 323 3 190 106

Share capital 304 467 274 023 249 196 249 196 249 196

Surplus capital 311 676 286 621 256 595 256 595 256 591

Retained Earnings 64 651 48 527 57 301 41 810 28 018

Total equity 680 795 609 171 563 093 547 602 533 805

Total liabilities and equity 5 241 971 4 875 927 4 948 135 4 120 925 3 723 911

19

Building a digital bank focused on consumer loans independently from scratch

*optional

Unsecured consumer loans || Deposit & saving accounts

Credit cards

Banking-as-a-service*

SAVING ACCOUNTS NORWAY AND

EUROPE

1

2

3

UNSECURED CONSUMER LOANS

NORWAY AND FINLANDCREDIT CARDS

BUSINESS SOLUTIONS

• Fee based business solution with banks

• Cooperation with partners

P2P AND POS SOLUTIONS

PHASE 1

LOAN PLATFORM

2015-2017

APP DEVELOPMENT

Diverse product portfolio in three phases

PHASE 2

CREDIT CARD

PLATFORM

2018

PHASE 3

“BANKING-AS-A

SERVICE”

2019 -

20

A scalable business model enabling both geographical and product expansion

Core

banking platform

Point of sales

24/7 customer

experience platform

Consumer credit and

deposit accountsCredit cards

150 000

21

Consumers increasingly expect simplicity and flexibility

Source: Brett King with adjustments

The best customer

experience on core

banking services

Free and instant

person-to-person

payments

Instant access to

all your funds in a

mobile app

Instant access to

customer service

when you need it

22

Monobank’s strategy is to develop tomorrow’s solutions

Plastic cards Hybrid solutions Only digital solutions

Yesterday Today Tomorrow

23

Important InformationDisclaimer

23

This presentation (the “Presentation”) has been produced by Monobank ASA (the “Company”, the “Bank”, “Monobank” or “MONO”), solely for use at the presentation to investors and is strictly

confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in

this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import.

This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information

published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward-looking statements

relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other

statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and

similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions

and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent

or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of

them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation,

except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE

MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS

PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT,

FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC

AND FOREIGN LAWSAND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST

RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT,

ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO

UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and

no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such

person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this Presentation you acknowledge that you will be

solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of

the potential future performance of the Company’s business.

This Presentation speaks as of 11 April 2019. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create

any implication that there has been no change in the affairs of the Company since such date.