COMPANY PRESENTATION

Directed Private Placement of NOK 100 - 150 million

23 February 2015

SOLELY FOR REVIEW IN CONNECTION WITH THE DIRECTED PRIVATE PLACEMENT – NOT FOR REPRODUCTION OR DISTRIBUTION. THE INFORMATION CONTAINED HEREIN MAY BE SUBJECT TO CHANGE WITHOUT
PRIOR NOTICE. THIS DOCUMENT MAY NOT BEDISTRIBUTED IN, OR TO ANY PERSON RESIDENT IN THE U.S., CANADA, AUSTRALIA OR JAPAN OR TO ANY AMERICAN CITIZEN EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OF 1933. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LEGISLATION
Disclaimer
This Presentation has been produced by Komplett Bank ASA (the “Company” or “Komplett Bank”) with assistance from Pareto Securities AS (“Pareto”) and Fondsfinans
AS ("Fondsfinans") (together the "Managers"), solely for use at the presentation to investors held in connection with the placement of shares by the Company and
may not be reproduced or redistributed, in whole or in part, to any other person. This presentation 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 may contain
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 Managers 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 LAWS AND 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 Managers 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 23 February 2015. 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.

2
Risk factors (1/3)
1.1 GENERAL
Investing in Komplett Bank involves inherent risks. Prospective investors should consider, among
other things, the risk factors set out herein in the Company Presentation before making an
investment decision. The risks described below are not the only ones facing the Company.
Additional risks not presently known to the Company or that the Company currently deems
immaterial, may also impair the Company’s business operations and adversely affect the price of
the Company’s Shares. If any of the following risks occur, the Company’s business, financial
position and operating results could be materially and adversely affected.
A prospective investor should consider carefully the factors set forth below, and elsewhere in the
Company Presentation, and should consult his or her own expert advisors as to the suitability of
an investment in the Shares of the Company. An investment in the Shares is suitable only for
investors who understand the risk factors associated with this type of investment and who can
afford a loss of all or part of the investment.
The information herein is presented as of the date hereof and is subject to change, completion or
amendment without notice.
All forward-looking statements included in this document are based on information available to
the Company on the date hereof, and the Company assumes no obligation to update any such
forward-looking statements. Forward-looking statements will however be updated if required by
applicable law or regulation. Investors are cautioned that any forward-looking statements are not
guarantees of future performance and are subject to risks and uncertainties and that actual
results may differ materially from those included within the forward-looking statements as a
result of various factors. Factors that could cause or contribute to such differences include, but
are not limited to, those described below and elsewhere in this Company Presentation.
1.2 MARKET RISK
Komplett Bank intends to take a position in the Nordic market as a specialist supplier of consumer
finance products. If the market’s reception is weak, the Company will not be able to fulfil its
business ambition as forecasted. This may reduce the Bank’s growth and profitability below
expectations.
1.2.1 Market cyclicality
The Norwegian and Nordic general banking market is historically cyclical with operating results of
financial institutions having fluctuated significantly because of volatile and sometimes
unpredictable events, some of which are beyond direct control of the Company. Future events
may result in adverse fluctuations in Komplett Bank's financial position and results of operations.
The earnings are highly sensitive to the macroeconomic development. Unemployment will
increase loan losses, lower economic activity dampens growth and higher interest rates reduce
margins. However, it should be noted that increased interest rates and unemployment rates at
the same time is less likely.
1.2.2 Competition
Komplett Bank faces competition in each of the Company’s lines of business, from both domestic,
Nordic and international banks and other suppliers of credit. If the Company is unable or is
perceived to be unable to compete efficiently, its competitive position may be adversely affected,
which as a result, may have a material adverse effect on its business, results of operations and/or
financial condition.
Competition may also lead to lower net margins than projected. Please note that margins for
consumer loans in Norway are higher than in the other Nordic countries and that competition or
market conditions may lead to lower margins than projected.
1.2.3 Regulatory risk
Komplett Bank's business will be influenced by regulatory conditions. There is a broad range of
factors that can influence the Company’s growth and profitability – among them changes in the
tax regime, changes in monetary policy and changes in capital adequacy rules.
There are also company specific regulatory risks imposed by measures from the banking
supervision authorities in cases of errors and/or negative development within the Company.
1.2.4 Risk connected to the cooperation with Komplett Group
The bank will cooperate with the Komplett Group. There is risk that this cooperation will not be as
successful as expected, more costly than beneficial, and, the cooperation could limit rather than
expand the Company’s business opportunities.
3
Risk factors (2/3)
1.3 OPERATIONAL RISK
Operational risks are the risks of losses due to errors in business processes and human behaviour.
As an “early stage” operation, the Company will have the opportunity to design “best practice”
business processes. The Company has also established a management team with a considerable
and relevant experience from the financial sector.
Komplett Bank will also seek to limit the operational risk by establishing control routines,
compliance etc.
1.3.1 Limited operational history
Komplett Bank has short prior business history and experience. Consequently, there is limited
historical financial information presented in this Company Presentation. The risk associated with
the Company’s ability to implement its business strategy within the projected scope, timeframe
and cost level is therefore higher than normal.
On the other hand, the management has considerable relevant experience both from successful
start-up’s in the financial sector and from well-established and successful banking firms.
1.3.2 Technological risk
Komplett Bank's business concept is critically dependent upon an efficient and well-functioning,
technological platform. This is a complex task driven by the Bank’s product mix and the need for
efficient customer interaction, risk management procedures and cooperation with suppliers.
The Company will seek to reduce technological risk by adopting mostly proven systems and by
maintaining highly competent technological staff within the organisation.
1.3.3 Service providers
Komplett Bank may outsource certain key functions to external partners, including IT. In the event
that the current outsourcing becomes unsatisfactory, or Komplett Bank’s third party suppliers are
unable to fulfil their obligations, the Bank may be unable to locate new outsourcing partners on
economically attractive terms.
1.3.4 Distributors
Komplett Bank relies on distributors to market and sell many of the Bank’s products. Termination
of or any change to these relationships may have a material adverse effect on the Bank.
1.3.5 Key employees
Komplett Bank is a relatively small company with a lean organisation and is therefore sensitive to
losing key employees. The Company has established routines whereby all tasks handled by the
employees are described in detail and can therefore be taken over by new employees if
necessary. Komplett Bank has established incentive programs designed to motivate employees for
a long-term relationship with the bank and thereby reducing the risk of losing personnel.
1.4 FINANCIAL RISK
1.4.1 Credit risk
Credit risk is the risk of loan losses. This is one of the key risk factors in Komplett Bank’s business.
The Company will grant unsecured loans to private individuals and Komplett Bank has identified
risk selection as one of the most important business processes for the Company. Risk losses tend
to be correlated with development in macroeconomic factors, eg. unemployment rate. Increased
unemployment rates will generally result in increased loan losses. Norwegian consumers‘ loan to
income ratio has increased significantly during the last ten years. In an environment with
increasing interest rates, loan losses will most likely increase.
1.4.2 Liquidity risk
Liquidity risk is the risk of losses due to a maturity mismatch between outstanding loans and
deposits/funding. It is vital for Komplett Bank to be able to fund its outstanding loans through
customer deposits and funding from the capital market, at any given point of time. The Company
will seek to develop and keep a deposit/funding base and a funding maturity structure that will be
judged by the market as “robust”. The funding will mainly be sourced from deposits from private
individuals covered by the Norwegian Banks’ Guarantee Fund (up to NOK 2 million guaranteed).
Such funding is considered to be stable.
The Company may experience difficulties in attracting sufficient customer deposits and funding
from the market to match a strong loan growth. In such cases, the Company may have to reduce
its loan growth or increase interest rates for deposits, and this may result in slower business
growth and/or weaker earnings than forecasted.
In the case of turbulence in the capital market and/or if the Company develops much weaker than
expected in terms of profitability and loan losses, the liquidity/funding risk can be significant.
Deposits from the public can be withdrawn quickly in a stressed situation. To counteract negative
consequences of fluctuations in deposit volume, the bank will establish a liquidity buffer to
absorb expected fluctuations in deposit volume.
1.4.3 Market risk, hereunder interest rate risk
Interest rate risk is the risk of losses due to changes in the general market interest rate level.
Komplett Bank’s lending and deposits will predominantly be with floating interest rate. Komplett
Bank will further seek to limit exposure for market risk from placements of the bank’s liquidity
portfolio. As interest rates for consumer loans tend to be more “sticky” than funding rates,
margins may deteriorate if interest rates increase.
If the conditions in the capital market should become abnormal and/or if the Company develops
much weaker than expected in terms of profitability and loan losses, the risk of losses can become
substantial from the fact that funding costs increases more than is realistic to pass on to the
borrowers.
4
Risk factors (3/3)
1.4.4 Foreign currency risk 1.6 OTHER RISK
Currency risk is the risk of losses from fluctuations in the currencies. Komplett Bank will try to 1.6.1 Difficulties for foreign investors to enforce non-Norwegian judgments
match its positions in foreign currencies and if needed use financial instruments to reduce risk.
The Company is organised under the laws of Norway. Currently, all of its directors are residents of
1.5 RISK FACTORS RELATING TO THE SHARES Norway, and the vast majority of its assets are in Norway. As a result, it may not be possible for
non-Norwegian investors to affect service of process on the Company or the Company’s directors
The market price of the Company’s Shares may fluctuate significantly and rapidly as a result of, in the investor’s own jurisdiction, or to enforce against them judgments obtained in non-
inter alia, the factors mentioned below: Norwegian courts. However, Norway is party to the Lugano Convention and a judgment obtained
• Differences between the actual financial and operating results and those expected by in another Lugano Convention state will in general be enforceable in Norway. However, there is
investors and analysts; no regulation providing for general recognition or enforceability in Norway of judgments of non-
Lugano Convention state courts, such as the courts of the United States.
• Perceived prospects for the business and operations and the banking industry;
1.6.2 Norwegian law may limit the shareholders’ ability to bring an action against the
• Announcements by the Company or competitors of significant contracts, acquisitions, Company
strategic alliances, joint ventures or capital commitments;
The Company is a public limited company incorporated under the laws of Norway. The rights of
• Changes in operating results; holders of Shares are governed by Norwegian law and by the Articles of Association. These rights
differ from the rights of shareholders in typical US corporations. In particular, Norwegian law
• Changes in securities analysts’ estimates of financial performance and
limits the circumstances under which shareholders of Norwegian companies may bring derivative
recommendations;
actions. Under Norwegian law, any action brought by a company in respect of wrongful acts
• Changes in market valuation of similar companies; committed against the company takes priority over actions brought by shareholders in respect of
such acts. In addition, it may be difficult to prevail in a claim against the Company under, or to
• Involvement in litigation; enforce liabilities predicated upon, U.S. securities laws.
• Additions or departures of key personnel; and
• Changes in general economic conditions.
Negative publicity or announcements, including those relating to any of the Company’s
substantial shareholders or key personnel may adversely affect the Share price and the stock
performance of the Company, whether or not this is justifiable. Such negative publicity or
announcement may include involvement in insolvency proceedings, failed attempts in takeovers
or joint ventures etc.
Apart from the specific factors listed above and general business and economic conditions to
which all commercial businesses are exposed to, the Board of Directors are of the view that the
Company is not vulnerable in any material way to any other factors which can be reasonably
anticipated.

5
Contents

1. Directed Private Placement

• Transaction summary

• Performance vs. budgets

• Next steps & Projections

2. Fourth quarter 2014 highlights

6
Transaction summary
Directed Private Placement Timetable and key conditions
 Private Placement of NOK 100 – 150 million through an issue of new  Application period
shares in Komplett Bank ASA (the “Directed Private Placement”)
– Commences: 23 February 2015
– No. of new shares: 30,800,000 – 46,200,000
– Close: 4 March 2015
– Current number of shares: 89,200,000
– Current number of shares (fully diluted): 99,100,0001  Settlement
 Subscription price: NOK 3.25 per share – Record Date 20 February 2015 (shareholders in the
Company as of 18 February 2015)
 Use of proceeds – Notification of conditional allocation
– Finance banking operations and payment instructions: 5 March
– Payment date: 12 March 2015
 Allocation criteria
– Allocation of Offer Shares will be made in accordance with the following criteria: – Delivery of new shares: 20 March 2015 (estimated)
I. Allocation will be made to subscribers on the basis of pro-rata shareholding  Conditions
as of Record Date
– The Company’s board of directors making a resolution on the offer price and allocation of
– Any Offer Shares not allocated pursuant to the criteria in item I above, will be allocated the offer shares
in accordance with the following criteria and order:
– The extraordinary general meeting (the “EGM”), resolving the share capital increases
I. Subscriptions by employees and board members up to NOK 15 million required to implement the Directed Private Placement
II. Oversubscriptions by Existing Shareholders
 OTC Listing
III. Any remaining Offer Shares not allocated pursuant to the previous criteria
above, will be allocated to new shareholders – The Board has decided to list the Company’s shares on NOTC following the Directed
Private Placement
– An Applicant cannot individually or together with investors with whom the Subscriber
act in concert, subscribe for Offer Shares resulting in its (or the concerting group’s)
shareholding reaching or passing 10% of the shares in the Company, without obtaining
a prior authorisation from the Norwegian Financial Supervisory Authority

 Minimum subscription new shareholders (other than employees and

board members) : NOK equivalent of EUR 100,000
– The Managers and the Company may in their sole discretion allocate parts of the
Directed Private Placement for up to 149 investors applying for a lesser amount

 Documentation
– Shareholder Letter, Application Agreement and Company Presentation

 Managers: Fondsfinans and Pareto Securities

Reference is made to the Application Agreement for detailed terms and conditions related to the Directed Private Placement
1 9.9m warrants at strike price 2.50 held by project investors and issued in the Company’s EGM 10 March 2014. New shares to be issued in connection with the employee shareholder program are not included.

7
Investment highlights

Strong demand and  Strong demand, prudent lending; loan applications of NOK 7,96 billion first 9 months, gross loans NOK 443m
performance first  Proof of concept with performance ahead of projections
three quarters  Break-even expected in Q3 2015

 Marketing strategy and in-house operations both demonstrate significant growth capabilities
Positioned for
 Effect of current market and product range expected to provide sufficient volume, and will remain the main
considerable growth growth engine for the next years

 Credit cards to be launched in 2015 in cooperation with Komplett

Launch of new  Card product will enable the bank to intensify collaboration with Komplett, utilising Komplett’s one million
active customers
products and  Targeting Pan-Nordic reach within five years
territories  Card product and expanded geographical reach will provide platform for long term growth and profit
reaching beyond the five years strategy horizon

 No additional equity needed following the Directed Private Placement; adequate capitalisation through
New funding will profit generation, subordinated capital and equity effects of employee shareholder program1.
secure future growth  Gross outstanding loans projected at NOK 5.8bn and ROE at 30%+ end 2019

1Parts of fixed salaries and all variable pay for management and key personnel is paid in share options, awarded at fair market value.

8
Performance ahead of projections1

Net interest income (NOKm) Gross lending (NOKm)

Budget Actual Budget Actual

10.7 443
9.3
370

256 264
6.0 5.8

133
113
2.3 2.0

Q2-14 Q3-14 Q4-14 Q2-14 Q3-14 Q4-14

P&L (NOKm) Budget (B) Actual (A) 4 Diff (A-B) Balance Sheet (NOKm) Budget (B) Actual (A) Diff (A-B)
Net interest income 17.6 18.6 0.9 Gross loans 370.4 443.1 72.7
Net commission income 2 5.2 0.8 -4.4 Impairments 5.2 4.2 -1.0
Total operating cost 2,3
-43.4 -38.4 5.1 Net loans 365.2 438.9 73.7
Loss -6.3 -4.2 2.1 Deposits 410.0 663.6 253.6
Profit before tax -26.8 -23.2 3.6
1 Original budget in the Company Presentation dated 2 December 2013 assumed an equity issue of NOK 130 million. The Company raised NOK 190 million.
2 Commissions to agents are included in net commission income in actual figures and in operating cost in the budget figures
3 Includes direct marketing cost
4 Komplett Bank commenced banking operations on 21 March 2014 and the Actuals presented in the table refer to Q2 – Q4 2014

9
 Summary of first 9 month of operation and next steps

First nine months of operation Next steps

• Solid lending growth exceeding budgets, driven by strong demand • Raising capital for further growth
• High yield on lending, high net interest margin • Initiated project for launch of credit cards
• Low loan losses • Furnishing of cooperation with Komplett Group with new
products to come
• Sound liquidity profile
• Pan-Nordic strategy; Roadmap and Timetable to be decided
• Proof of concept; good market reception, well functional
operating platform and satisfying cost control
• Untapped potential from Komplett’s customer base

Positioned for growth

Positive net income expected from Q3-2015

10
Positive net income in 2016 and accelerating ROE

Gross loans (LHS) Profit after tax (RHS) Net interest income (LHS) Net interest margin (RHS)

6,000 5,787 275 10%

582
600
5,000 225
4,042 500 8%
4,000 175 408
400
2,912 306
3,000 125 6%
2,194 300
208
2,000 75 200
1,349
111 4%
1,000 443 25 100
19
0 -25 0 2%
2014A 2015B 2016P 2017P 2018P 2019P 2014A 2015B 2016P 2017P 2018P 2019P

Direct marketing (LHS) Other cost (LHS) Equity (LHS) ROE (RHS) CET1 ratio (RHS)
C / I ex. Direct marketing C / I inc. Direct marketing 1,000 40%
876
250 225% 900 30%
208 200% 800
20%
200 175% 700
165 611
150% 600 10%
150 130 126 125% 500 438 0%
107
86 109 100% 400 319 -10%
100
86 75% 300 258
45 68 163 -20%
49 50% 200
50
82 -30%
31 44 56 25% 100
37 38
0 14 0% 0 -40%
2014A 2015B 2016P 2017P 2018P 2019P 2014A 2015B 2016P 2017P 2018P 2019P

11
P&L – 2014A, 2015 budget and 2016 – 2019 prognosis

Actual Budget Prognosis

P&L - NOK 1000 2014 2015 2016 2017 2018 2019
Interest income 24,831 141,935 267,561 390,314 532,999 759,010
Interest cost -6,270 -30,720 -59,288 -84,601 -125,177 -177,286
Net interest income 18,561 111,214 208,273 305,714 407,822 581,724
Commission and fee income etc. 2,270 11,801 29,136 46,437 64,134 86,691
Commission and fee expenses etc. of which; -1,470 -9,452 -19,767 -27,348 -30,695 -37,495
Cost to agents n.a -7,355 -13,389 -17,933 -18,448 -23,049
Net other income 800 2,350 9,369 19,088 33,439 49,195
Salaries and other personnel expenses -20,415 -29,758 -41,246 -49,851 -62,412 -69,165
Administrative expenses, of which; -18,726 -45,336 -50,345 -61,914 -80,532 -114,052
Administration -4,938 -8,205 -11,981 -11,755 -24,789 -32,426
Direct marketing -13,788 -37,131 -38,364 -44,335 -55,743 -81,625
Depreciation and impairment of fixed an intangible assets -1,881 -5,089 -7,938 -9,133 -10,053 -10,716
Other expenses -4,108 -5,991 -7,324 -9,233 -11,632 -14,067
Total operating expenses -45,130 -86,174 -106,853 -130,131 -164,629 -208,000
Pre-tax operating profit before impairment -25,769 27,390 110,789 194,671 276,632 422,919
Impairment of loans and guarantees -4,192 -30,675 -37,320 -40,963 -51,372 -73,452
Pre-tax operating profit -29,961 -3,285 73,469 153,708 225,260 349,467
Tax expense 7,062 -1,034 -22,285 -44,241 -63,968 -97,745
Profit after tax -22,899 -4,318 51,184 109,467 161,293 251,723

Key figures
Net interest margin in % of avg. total assets 4.4 % 8.6 % 9.1 % 9.3 % 9.1 % 9.3 %
Cost / income ex. Direct marketing 162 % 43 % 31 % 26 % 25 % 20 %
Cost / income inc. Direct marketing 233 % 76 % 49 % 40 % 37 % 33 %
Loss (% of avg. gross lending) 1.9 % 3.4 % 2.1 % 1.6 % 1.5 % 1.5 %
Return on equity (avg. EK) -28.0 % -2.0 % 17.4 % 28.4 % 30.4 % 33.6 %

12
BS – 2014A, 2015 budget and 2016 – 2019 prognosis

Actual Budget Prognosis

Balance sheet - NOK 1000 2014 2015 2016 2017 2018 2019
Due from credit institutions 128,124 150,000 198,000 316,130 358,000 428,000
Loans to customers (gross) 443,112 1,349,310 2,193,941 2,912,035 4,041,983 5,786,923
Impairments -4,192 -34,792 -70,399 -106,355 -148,281 -208,025
Loans to customers (net) 438,920 1,314,518 2,123,542 2,805,679 3,893,702 5,578,898
Commercial paper and bonds at fair value 243,750 252,869 457,140 589,087 918,330 1,354,323
Intangible assets 28,813 37,330 26,288 23,688 17,502 10,586
Total assets 839,607 1,754,717 2,804,970 3,734,585 5,187,534 7,371,806
Deposits from customers 663,645 1,490,000 2,420,000 3,210,000 4,450,000 6,370,000
Subordinated loan capital and other liabilities 12,682 - 60,000 80,000 120,000 120,000
Total liabilities 676,327 1,490,000 2,480,000 3,290,000 4,570,000 6,490,000
Share capital 190,540 289,080 289,080 289,080 289,080 289,080
Salaries and bonuses converted to share capital 3,806 11,023 20,091 30,239 41,896 54,446
Accumulated after tax profit -31,067 -35,385 15,799 125,265 286,558 538,280
Total equity 163,279 264,717 324,970 444,585 617,534 881,806
Total liabilities and equity 839,606 1,754,717 2,804,970 3,734,585 5,187,534 7,371,806

Key figures
Equity ratio 19.4 % 15.1 % 11.6 % 11.9 % 11.9 % 12.0 %
CET1 ratio 30.1 % 18.1 % 16.3 % 16.6 % 17.1 % 17.8 %
Capital ratio 30.1 % 18.1 % 17.8 % 18.1 % 18.7 % 19.0 %

13
Contents

1. Directed Private Placement

2. Fourth quarter 2014 highlights

14
Strong performance - Operations ahead of plan

NOK 1000 Q1-14 Q2-14 Q3-14 Q4-14 2014

 Komplett Bank started operations 21
Interest income 11 2,338 7,717 14,765 24,831 March 2014
Interest cost -1 -319 -1,926 -4,024 -6,270
– Q1-14 represents project costs
Net interest income 10 2,019 5,791 10,741 18,561
Commission and fee income etc. 0 185 747 1,338 2,270  Operational profit develops ahead of plan
Commission and fee expenses etc. 0 -131 -393 -946 -1,470 – Stable costs and accelerating revenue
Net other income 0 54 354 392 800 growth
Salaries and other personnel expenses -4,247 -5,126 -5,723 -5,319 -20,415
 Impairments based on observations and
Administrative expenses, of which; -899 -4,845 -6,502 -6,480 -18,726
cautionary expectations
Direct marketing -276 -3,678 -5,099 -4,735 -13,788
Depreciation and amortisation -95 -530 -568 -688 -1,881
Other expenses -1,539 -790 -724 -1,055 -4,108 Total income Total operating expenses
Total operating expenses -6,780 -11,291 -13,517 -13,542 -45,130
15 13.5 13.5
Pre-tax operating profit before impairment -6,770 -9,218 -7,372 -2,409 -25,769 11.3 11.1
Impairment of loans and guarantees -1,000 -3,192 -4,192
Pre-tax operating profit -6,770 -9,218 -8,372 -5,601 -29,961 10
6.1
Tax expense 1,828 2,489 1,837 1,185 7,062
Profit after tax -4,942 -6,729 -6,535 -4,416 -22,899 5
2.1
Earnings per share (annualised, NOK) -0.22 -0.30 -0.29 -0.20 -0.25
0
Q2-14 Q3-14 Q4-14

15
Quarterly balance sheet development

NOK 1000 Q1-14 Q2-14 Q3-14 Q4-14

Due from credi t i ns titutions 152,368 116,209 112,634 128,124
Loa ns to cus tomers (gros s ) 1,112 113,257 264,189 443,112
Impa i rments 0 0 -1,000 -4,192
Loa ns to cus tomers (net) 1,112 113257 263,189 438,920
Commerci a l pa per a nd bonds a t fa i r va l ue 25,771 25,566 56,020 243,750
Intangi bl e a s s ets 5,566 9,284 9,517 11,146
Deferred tax a s s et 4,842 7,055 8,892 10,077
Fi xed a s s ets 334 320 293 595
Other a s s ets 380 407 3,899 6,995
Total assets 190,373 272,098 454,444 839,607
Depos i ts from cus tomers 1,601 87,876 277,426 663,645
Other l i a bi l i ties 9,198 12,775 10,535 12,682
Total liabilities 10,799 100,651 287,961 676,327
Sha re ca pi tal 89,200 89,200 89,200 89,200
Sha re premi um res erve 101,340 101,340 101,340 101,340
Other pa i d-i n equi ty 0 1,017 2,586 3,806
Accumul a ted a fter tax profi t -10,966 -20,110 -26,644 -31,067
Total equity 179,574 171,447 166,482 163,279
Total liabilities and equity 190,373 272,098 454,443 839,606

16
 Lending growth ahead of plan

Net lending volume (NOKm) Interest income (NOKm)

500 6.0 5.6

443
450
387 5.0
400 4.5

350 322 3.8

4.0
300 263 3.0
250 3.0
201 2.3
200
154 1.7
2.0
150 113
1.2
100 69 1.0 0.5
50 18
1 0.0 0.1
- 0.0
mar apr mai jun jul aug sep okt nov des mar apr mai jun jul aug sep okt nov des

• The average customer is typically male, 40 – 50 years of age with above average income
• Average loan amount NOK 79,000 as of Q4-14
• Lending yield of 15,6% in Q4-14
• Efficient marketing; loan applications of NOK 7,96 billion at satisfactory marketing cost
• Prudent lending; Impairments/Provisions for loan losses somewhat lower than budget, based on observed payment behaviour and
cautionary expectations

17
Plain balance structure, positioned for further growth

Asset breakdown (NOK thousand) Equity and liability breakdown (NOK thousand)

900,000 900,000
800,000 800,000
700,000 700,000
600,000 600,000
500,000 500,000
400,000 400,000
300,000 300,000
200,000 200,000
100,000 100,000
- -
Q2-14 Q3-14 Q4-14 Q2-14 Q3-14 Q4-14

Net lending Bank deposit Bonds Other assets Deposits Equity Other liabilities

 Liquid assets account for 44% of total assets  Deposits from customers well aligned to meet projected lending
growth in 2015 with deposits to loan ratio of 150%
 Liquidity ratios:
– LCR: 353 % (requirement of 60%, increasing to 100% in 2018)
– NSFR: 237 % (No minimum requirement established at present time)

18
Strong customer growth

Number of customers

8,000  Good market reception

7,000  High demand for the bank’s products
1,769
6,000  Deposits are used to maintain a healthy liquidity ratio
5,000

4,000 778 Deposit

Lending
3,000
5,635
2,000
384 3,626
1,000
22 1,484
- 18
Q1-14 Q2-14 Q3-14 Q4-14

19
Satisfactory lending yield

Yields and margins

18.0 %  Satisfactory lending yield

15.15 % 15.59 % 15.60 %
16.0 %  Liquid assets dominated by bank deposits and covered bonds to
14.0 % maintain low risk
12.0 % Lending yield  Declining market rates (NIBOR)
10.0 %  Deposit rates will primarily depend on the bank’s need for liquid
Liquidity yield assets and the competitive landscape. The bank aims to hold a
8.0 %
top five position with respect to deposit rates
6.0 % Deposit rate end of
3.40 % 3.25 % 3.05 % quarter
4.0 %
1.37 % 1.28 % 1.06 %
2.0 %

0.0 %
Q2-14 Q3-14 Q4-14

20
Direct marketing cost constitutes approx. 35% of total Opex

Breakdown of operating expenses

16,000  Stable operating costs, despite of high lending growth

14,000  Costs dominated by salaries and direct marketing
12,000  Direct marketing cost is in high degree directly variable with
Marketing lending growth
10,000
D&A  Q4-14 cost to income ratio of 122%
8,000
Other costs – 79% when excluding marketing
6,000 Administration
4,000 Salaries

2,000

-
Q2-14 Q3-14 Q4-14

21
Credit quality in line with expectations

Past due loans (tNOK)

% of gross % of gross % of gross

 Still few data points / observations on customer behaviour and
Days past due Q2-14 lending Q3-14 lending Q4-14 lending
credit quality
0-30 8,700 7.7 % 34,578 13.1 % 81,344 18.4 %
31-60 197 0.2 % 7,552 2.9 % 11,084 2.5 %  Current observations in line with expectations,
61-90 - 0.0 % 1,728 0.7 % 4,294 1.0 % Impairments/Provisions for loan losses somewhat lower than
91- - 0.0 % 1,773 0.7 % 7,204 1.6 % budget, based on observed payment behaviour and cautionary
Total 8,897 7.9 % 45,630 17.3 % 103,926 23.5 % expectations

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Declining capital adequacy ratio as projected

CET1 ratio

80.0 %  The bank’s primary capital consist of common equity tier 1 capital
70.0 %
(CET1) only, no tier 1 or tier 2 capital

60.0 %
 Declining CET1 ratio as projected due to high lending growth and
negative net profit
50.0 %
 New capital, as raised in this Directed Private Placement,
40.0 % necessary to meet continuing lending growth according to
30.0 % business case

20.0 %

10.0 %

0.0 %
Q2-14 Q3-14 Q4-14

23
Shareholders as of 18 February 2015

Name Holding Share

 68 shareholders as of 18 February 2015 (as registered in VPS on
KOMPLETT AS 17,839,995 20.00 % 20 February 2015)
MACAMA AS 7,805,000 8.75 %
 Komplett AS was granted exemption from 10% ownership
PERM INVEST AS 7,805,000 8.75 % restriction by the Financial Supervisory Authority of Norway
SUNDT AS 6,980,000 7.83 %  The Board has decided to list the Company’s shares on NOTC
ALFAB HOLDING AS 6,040,000 6.77 % following the Directed Private Placement
STATE STREET BANK & 5,876,000 6.59 %
FONDSAVANSE AS 5,705,000 6.40 %
SANDEN A/S 4,510,005 5.06 %
AWECO INVEST AS 4,460,000 5.00 %
IVAR S LØGE AS 2,400,500 2.69 %
SVEJK INVEST AS 1,700,000 1.91 %
MP PENSJON PK 1,622,500 1.82 %
DIRECTMARKETING INVE 1,591,500 1.78 %
KHAYA AS 1,280,000 1.43 %
HØGSET HOLDING AS 1,209,000 1.36 %
URSULF AS 1,170,000 1.31 %
CONTRIBUTE AS 1,140,000 1.28 %
ELTEK HOLDING AS 923,500 1.04 %
TRULS AS 886,500 0.99 %
THOMASSEN WILHELM BR 670,000 0.75 %
Topp 20 81,614,500 91.50 %
Other 7,585,500 8.50 %
Total 89,200,000 100.00 %

24