Interim Presentation | 1th quarter 2018 | 18 April 2018

2

Table of contentsOverview

1st quarter1

Improved profitability2

3 Outlook and priorities

3

MonobankQ1 Highlights

• Strongest loan growth to date NOK 523

mill

• Net profit NOK 10.1 mill

• Credit card platform ready to launch

• Deposit funding agreement with Raisin

operative in Germany and Austria

• Forward Flow agreement with Axactor

concluded, loans past due 90 days will

be irrevocably sold

NOK (million)

Growth in net loans

Profit after tax

-6.5-3.9

0.5 1.7 1.8 3.05.7

7.410.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

NOK (million)

223

186

179 21

6

322

284

421 48

5 523

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

4

Overview financial figures

• Total income increased with 21%

• Positive impact by Finnish operation

• Solid quarter in the Norwegian

operation

• Cost control

• Staff costs unchanged

• Increased marketing expenses

FINANCIAL STATEMENT 2018

In NOK thousands Q1 Q4 Q3 Q2

Net interest income 68 761 55 910 44 582 37 108

- Norway 54 905

- Finland 13 856

Net comission and fees -4 503 -2 689 -3 125 -2 603

Total income 64 259 53 220 41 457 34 505

Income/(loss) from trading activities 2 136 -459 -279 -246

Staff costs 7 793 7 965 6 862 6 162

Other administrative expenses 24 234 19 882 13 806 14 284

- of which marketing expense 14 598 11 311 7 705 7 992

Depreciation and amortisation 2 131 1 379 1 999 1 500

Total operating costs 34 158 29 227 22 666 21 946

Profit / (loss) before impairment losses 32 237 23 536 18 511 12 313

Impairment releases/(losses) -19 057 -13 834 -10 946 -8 277

Operating profit / (loss) before tax 13 180 9 702 7 565 4 036

Tax charge -3 122 -2 306 -1 857 -1 009

Profit / (Loss) for the period 10 058 7 396 5 708 3 027

2017

5

Solid growth

Net loans

259

445

624

840

1,16

2

1,44

6

1,86

7

2,35

2

2,87

6

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

• Increased net loans with 22%

• 20% of net loans from Finland

6

Table of contentsOverview

1st quarter1

Improved profitability2

3 Outlook and priorities

7

Improved profitabilityNet interest margin

• High growth and increased margins

• Improved risk models – better customer

selection

• Margins in Finland are on the same level

as in Norway

• Lower funding costs in Finland

• Lower customer acquisition costs

15.7 %15.2 % 14.9 % 14.8 % 14.6 % 14.3 % 14.2 % 14.3 % 14.4 %

12.3 %12.7 % 12.7 % 12.8 %

n.a.

8.5 %8.1 %

8.8 % 8.7 % 8.7 %8.0 %

7.7 % 7.8 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

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

Annualized NIM ***

Yields and margins

Note(*): yield = weighted average effective annual yield || Note(**): actual end of quarter annual rate

8

Improved profitabilityScalability

• Solid cost control

• Optimising marketing activities in different

channels

• Highly automatised processes

per cent (%)

Cost / Income ratio *

72%

64%

55% 55%53%

43%40%

36%34%

30%

Q1 Q2 Q3 Q4 Q1

2017 '18

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

9

Improved profitabilityNon performing loans

Note(*): non-performing loan ratio = >PD90 / gross loans

• Development according to plan

• Forward Flow agreement with Axactor will

enhance further predictability on future loan

losses

• Confirms Monobanks provision levels

Non-performing loan ratio *

n.a.n.a.

3.7 %

4.8 % 4.9 %

6.4 %

7.1 %

7.9 %

8.5 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

10

Table of contentsOverview

1st quarter1

Improved profitability2

3 Outlook and priorities

11

Scalable and adaptable business model

12

Preparing for tomorrows technologyAgile and adaptable – key for survival

13

The Monobank card platformGenerating value for customers

Digital and

connected with

the customer

Hyper

customized to

the customer

Instant

14

Cooperation with European deposit distribution partner A strong partner with large potential – first step into the European Fin Tech space

• Leading deposit provider to privat individuals in the

European Economic Area

• Operating in more than 30 countries

• More than 100,000 customers, mainly in Germany, France,

Austria and Spain

• Allow to introduce Monobank to the European market and

raise funding in other currencies

• Provide first experience with European market and fin tech

projects

Main markets

15

Strategy going forwardContinue to execute underlying business plan and pursue strategic add-ons

Profitable

organic growth

Multi-country

operation

Credit card platform

• High demand and attractive margins in Norway and Finland enables high organic growth

• Consumer loans year-end 2018 of approximately NOK 4.1 bn

• Forward flow agreement operative in Q2

• Efficient and scalable operation

• Operationalize and fine-tune the Finnish consumer loan portfolio

• Expand eurofunding through Rasin to Spain and France

• Further investigate other potential markets

• Launch of Monobank brand in May

• Launch of joint credit card with Widerøe and Eurobonus in September

• Further investigation of other strategic partners

16

Appendix

17

1,27

0

2,06

3

2,80

8

3,80

7

5,24

4

6,66

7 8,95

5 11,4

84 14,3

56

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1

2 0 1 6 2 0 1 7 ' 1 8

High and profitable organic growth

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

Net loans

NOK (million) NOK (million)

Confirms business model

Number of loan customers

number (#)

Profit after tax

Annualized return on equity *

per cent (%)

Growth in net loansGrowth in number of loan customers

NOK (million)number (#)

1,11

3

793

745 99

9

1,43

7

1,42

3

2,28

8

2,52

9 2,87

2

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

259 44

5 624 84

0 1,16

2

1,44

6 1,86

7 2,35

2 2,87

6

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '1822

3

186

179 21

6

322

284

421 48

5 523

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

-6.5-3.9

0.5 1.7 1.8 3.05.7

7.410.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

n.a.

-9.9 %

1.3 %2.7 % 2.2 %

3.6 %

6.7 % 6.8 % 7.6 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

18

Increasing top-lineSatisfying yields and margins – stabilizing yields in Norway

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

Total incomeKey yields and margins

NOK (million)per cent (%)

0.5 -0.6 -0.8 -1.0 -1.7 -2.6 -3.1 -2.7 -4.5

4.7

11.7 15.2

22.7

29.9

37.1

44.6

55.9

68.8

5.3

11.1

14.5

21.7

28.2

34.5

41.5

53.2

64.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

Net comission and fee income Net interest income

15.7 %15.2 % 14.9 % 14.8 % 14.6 % 14.3 % 14.2 % 14.3 % 14.4 %

12.3 %12.7 % 12.7 % 12.8 %

2.0 % 1.8 % 1.8 % 1.9 % 1.9 % 2.0 % 2.1 % 2.0 % 1.9 %

1.3 % 1.1 % 1.2 % 0.9 % 0.8 % 0.7 % 0.8 % 0.8 % 0.9 %

n.a.

8.5 %8.1 %

8.8 % 8.7 % 8.7 %8.0 %

7.7 % 7.8 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

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

Annual deposit rate ** Annualized liquidity yield *

Annualized NIM ***

19

Efficient and scalable operations – short time to market

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

per cent (%)

Operational expenses

NOK (million)

Cost / Income ratio *

3.5 3.62.2

6.5 5.5 6.2 6.9 8.0 8.03.6 4.5

3.4

4.3 5.66.3

6.1

8.6 9.6

4.24.2

3.6

4.6

8.18.0 7.7

11.3

14.6

0.6 0.6

0.5

0.3

1.1

1.5 2.0

1.4

2.1

12.0 12.9

9.7

15.8

20.3

21.922.7

29.2

34.2

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

Staff costs Other administrative expenses

Marketing expenses Depreciation and amortisation

n.a.

116%

67%

73% 72%64%

55% 55% 53%

n.a.

78%

42%51%

43% 40% 36% 34% 30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

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

20

Customer segmentationContinuous development and tuning of scorecards to navigate the portfolio

3%

32%

65%

Primary school

Secondary school

Higher education

26%

27%29%

15%3%

<= 34 years 35-44 years

45-54 years 55-64 years

>= 65 years

69%

31%

Home owner

Tenant

43 years4%

22%

36%

38%

NOK 250k-349k

NOK 350k-499k

NOK 500k-749k

>= NOK 750k

Age Income Education Housing Average customer

No

rway

Fin

lan

d

NOK 630k

Higher education

Home owner

44 years

NOK 465k

Higher education

Home owner

20%

29%31%

16%

4%

<= 34 years 35-44 years

45-54 years 55-64 years

>= 65 years

25%

31%

30%

14%

NOK 250k-349k

NOK 350k-499k

NOK 500k-749k

>= NOK 750k

12%

8%

80%

Primary school

Secondary school

Higher education

75%

25%

Home owner

Tenant

21

Satisfactory loan losses and credit qualityPortfolio risk under control through diligent credit risk management and fine-tuning of scorecards

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)

NOK (million)NOK (million)

ProvisionsLoan losses

NOK (million)

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

per cent (%)per cent (%)per cent (%)

n.a. n.a. n.a.

2.94%

2.24%2.23%

2.23%2.38%

2.58%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

23.5

40.7 58

.7

94.7

135.

7 189.

1

251.

7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

31-60 PD 61-90 PD > 90 PD

n.a. n.a.

3.7 %

4.8 % 4.9 %

6.4 %7.1 %

7.9 % 8.5 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

2.65.7

9.913.5

18.4

26.3

37.3

50.7

69.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

n.a. n.a. n.a.

33.2 % 31.4 %

27.8 %

27.5 %

26.8 %

27.6 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

1.93.1

4.2 3.74.9

8.3

10.9

13.8

19.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

22

20.7

%

17.8

%

31.8

%

20.5

%

17.7

%

27.8

%

21.5

%

21.6

%

20.0

% 24.2

%

21.3

%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

CET1 T1 * T2 *

Robust regulatory capital structureImportant to plan ahead to position the company for continued profitable organic growth

Note(*): Q1 2018 NOK 41m 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. = 13.6%

Total Capital

Req. = 17.1 %

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

483 492

3541

4750

144 140 139

309 306 302

363

564583

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

CET1 T1 * T2 *

453

683785

1,107

1,423 1,401

1,819

2,333

2,765

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

75% loans 100% loans Other RWA

23

159

156

157 33

1

335

339

345 52

2

534

98 98

524

638

903 1,13

8 1,55

6

2,04

3

2,65

2 3,05

7

405

680794

1,235

1,472

1,895

2,487

3,272

3,689

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

Equity Subordinated loan Deposits by customers

Stable funding and adequate liquidity

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

Easy access to low-cost NOK deposit funding – Surplus liquidity invested in low-risk assets

LiquidityFunding

NOK (million)

Key ratios

101 15

8

110

301

220

325

489

758

625

28

49

28

51

35

52

64

56

65

129

208

138

352

255

377

552

814

691

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

Debt securities Loans and advances to banks

NOK (million)

n.a.

118%102%

108%

98%

108% 109%113%

106%

n.a. 169%

159%

168%

153%

158%153%

167%160%

n.a.147%

135%

152%

n.a.

172%

133%

242%

206%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016 2017 '18

Deposit ratio * NSFR LCR

24

Detailed financial figuresQuarterly income statement and balance sheet

Balance SheetIncome Statement

25

Important InformationDisclaimer

25

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 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 (expressed 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 17 April 2018. 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.