Interim Presentation | 4rd quarter 2018 | 8 February 2019

2

Profit after tax

840

2,352

3,706

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

Monobank

Q4 2018 highlights

NOK million

Net loans

1.7 1.8 3.05.7 7.4

10.113.8 15.5

-8.8

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

NOK million

Forward flow

Growth driven by a more conservative approach in Norway

• Net loan balance up 7.4% to NOK 3 706 million

• Net interest income of NOK 95 million, up 10 % vs Q3’18 and

70 % vs Q4’17

• Growth level reflects reduced marketing spending

• More conservative approach in Norway due to regulatory

environment

Profitability negatively affected by NOK 66 million in loan loss

provisions due to:

• Increased data and portfolio insight

• Reserve strengthening in Finland

• One-off of NOK 11 million related to identified error in existing

model

• Adjusted model will additionally contribute to somewhat higher

loan loss provisions going forward

3

Financials

4

Key yields and margins

23

30

37

45

56

69

8286

95

22

28

35

41

53

64

75 76

81

Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Net interest income Total income Net profit after tax

14.8 % 14.6 % 14.3 % 14.2 % 14.3 % 14.4 % 14.4 % 14.4 % 14.3 %

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

8.8 % 8.7 % 8.7 %8.0 %

7.7 % 7.8 %8.3 %

7.6 % 7.7 %

Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

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 loan loss provisions and conservative approach in Norway

5

6.5 5.5 6.2 6.9 8.0 8.0

12.710.6 11.4

4.3 5.66.3 6.1

8.6 9.6

9.6

7.9

11.9

4.6

8.18.0 7.7

11.3

14.6

12.0

9.9

4.8

0.3

1.11.5 2.0

1.4

2.1

2.4

2.5 3.8

15.8

20.3

21.922.7

29.2

34.2

36.7

30.931.9

Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Staff costs Other administrative expenses

Marketing expenses Depreciation and amortisation

73% 72%

64%

55% 55% 53%49%

40% 39%

51%

43%40%

36%34%

30%33%

27%

33%

0%

20%

40%

60%

80%

100%

120%

Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

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

Efficient operations with economies of scale

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

Operational expenses

NOK (million)

Cost / Income ratio *

Reduced marketing expenses due to regulatory uncertainty

Per cent (%)

6

Loan losses and credit quality

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 (%)

2.9 %

2.2 %

2.2 % 2.2 % 2.4 %2.6 % 2.7 %

2.9 %

4.2 %

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Q3'18

Q4'18

40.7 58

.7

94.7

135.

7 189.

1 251.

7

332.

5

356.

6 436.

1

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Q3'18

Q4'18

31-60 PD 61-90 PD > 90 PD

4.8 % 4.9 %

6.4 %7.1 %

7.9 %8.5 %

10.1 % 10.1 %11.3 %

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Q3'18

Q4'18

13.5 18.426.3

37.350.7

69.5

86.4 91.9

138.5

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Q3'18

Q4'18

4 58 11 14

19 1925

66

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Q3'18

Q4'18

33% 31%28% 27% 27% 28% 26% 26%

32%

Q4 16

Q1 17

Q2 17

Q3 17

Q4 17

Q1 18

Q2 18

Q3 18

Q4 18

NOK (million) NOK (million)

Per cent (%) Per cent (%)

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

Negatively affected by one-offs and increased data and portfolio insight

7

903

1,13

8

1,55

6 2,04

3 2,65

2

3,05

7

3,43

4 4,23

9

4,12

5

331 33

5

339

345

522

534

548

563

609

1,2351,472

1,895

2,487

3,272

3,689

4,081

4,901 4,833

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

Deposits by customers Subordinated loan Equity

Easy access to low-cost deposit funding

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

LiquidityFunding

NOK (million)

Key ratios

301

220 32

5

489

757

625 68

7

1,22

9

852

51

35

52

64

56

6550

84

109

352

255

377

552

813

691737

1,313

961

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

Debt securities Loans and advances to banks

NOK (million)

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

168%153% 158% 153%

167% 160% 163%181% 172%

152%168% 172%

133%

242%

206% 214%

701%717%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

Deposit ratio * NSFR LCR

8

16.1

%

27.8

%

21.5

%

21.6

%

22.0

% 25.0

%

21.4

%

20.6

%

19.9

%

19.1

%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

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. = 13.4%

Total Capital

Req. = 16.9 %

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

309 306 302

401

583 592604

615641

-

100

200

300

400

500

600

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018

CET1 T1 * T2 *

785

1,10

7

1,42

3

1,40

1

1,81

9

2,33

3

2,76

5 2,94

0 3,08

8 3,35

6

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2016 2017 2018

75% loans 100% loans Other RWA

Note(*): As of Q4 2018 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

Pro forma Q4 2018 CET1 ratio of ~25% - fully financed to reach NOK 10bn after merger

9

Strategy and

operations

10

Multichannel distribution – Replicating Norwegian formula abroad from head

quarter in Norway….

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

Monobank call center

www.monobank.no

+ potential new partners

Monobank brand Third party agents Co-branding partners

Brand

distribution

volume *24%

Co-branding

distribution

volume **

Not yet

applicable

Agent

distribution

volume *76%

11

Attractive co-branding partner offering

Monobank offering Teaming up for increased value enhancing solutions

MONOBANK MONO PAY

Credit card combined platform

PARTNER BRANDED

FRONT-END

INSURANCE PROGRAM

Legehjelp 24 – Qualified nurses

and doctors available 24/7

Travel insurance

TYPICAL POTENTIAL

PARTNERS

• Travel agencies

CUSTOMER VALUE

Ability to offer relevant

customer value towards

the customer

CO-OPERATION

Potential to increase

co-operation (credit card

and POS finance)

12

Appendix

13

Customer segmentationContinuous development and tuning of scorecards to navigate the portfolio

3%

31%

66%

Primary school

Secondary school

Higher education

25%

28%29%

15%3%

<= 34 years 35-44 years

45-54 years 55-64 years

>= 65 years

68%

32%

Home owner

Tenant

43 years4%

21%

35%

40%

NOK 250k-349k

NOK 350k-499k

NOK 500k-749k

>= NOK 750k

Age Income Education Housing Average customer

No

rway

Fin

lan

d

NOK 643k

Higher education

Home owner

43 years

NOK 475k

Higher education

Home owner

23%

30%29%

15%3%

<= 34 years 35-44 years

45-54 years 55-64 years

>= 65 years

20%

35%29%

16%

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

14

Detailed financial figuresQuarterly income statement and balance sheet

Balance SheetIncome Statement

Total Q4 Q3 Q2 Q1

In NOK thousands

Interest income 403,642 115,206 105,680 98,055 84,702

Interest expenses 71,996 20,149 19,549 16,358 15,940

Net interest income 331,646 95,057 86,131 81,697 68,761

Income comissions and fees 25,970 6,255 6,975 6,255 6,485

Expenses comissions and fees 60,456 19,875 16,706 12,888 10,988

Total income 297,161 81,438 76,400 75,064 64,259

Income/(loss) from trading activities and currency 4,136 3,530 -348 -1,182 2,136

Staff costs 42,423 11,354 10,602 12,675 7,793

Other administrative expenses 80,361 16,711 17,753 21,663 24,234

- of which marketing expense 41,393 4,819 9,958 12,018 14,598

Depreciation and amortisation 10,855 3,847 2,513 2,364 2,131

Total operating costs 133,640 31,912 30,868 36,702 34,158

Profit / (loss) before impairment losses 167,658 53,056 45,184 37,181 32,237

Impairment releases/(losses) -128,435 -66,029 -24,524 -18,825 -19,057

Operating profit / (loss) before tax 39,223 -12,973 20,660 18,356 13,180

Tax charge -8,655 4,198 -5,168 -4,563 -3,122

Profit / (Loss) for the period 30,567 -8,776 15,492 13,793 10,058

2018

Total Q4 Q3 Q2 Q1

In NOK thousands

Assets

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

Loans and advances to customers 3,844,229 3,844,229 3,540,868 3,298,138 2,945,025

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

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

Debt securities 851,879 851,879 1,228,593 686,825 625,089

Deferred tax asset 2,791 2,791 0 907 5,470

Other intangible assets 67,064 67,064 62,119 55,669 47,157

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

Financial derivatives 6,644 6,644 2,150 0 0

Prepayments, accrued income and other assets 130,341 130,341 120,552 113,827 103,108

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

Total assets 4,875,927 4,875,927 4,948,135 4,120,925 3,723,911

Liabilities

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

Provisions, accruals and other liabilities 40,668 40,668 43,154 38,458 30,014

Financial derivatives 0 0 0 2,670 4,489

Subordinated loan 98,739 98,739 98,654 98,568 98,483

Tax payable 2,105 2,105 4,261 0 0

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

Equity

Share capital 274,023 274,023 249,196 249,196 249,196

Surplus capital 286,621 286,621 256,595 256,595 256,591

Retained Earnings 48,527 48,527 57,301 41,810 28,018

Not registered capital 0 0 0 0 0

Other paid in capital (options) 0 0 0 0 0

Total equity 609,171 609,171 563,093 547,602 533,805

Total liabilities and equity 4,875,927 4,875,927 4,948,135 4,120,925 3,723,911

2018

15

Important InformationDisclaimer

15

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