Lea Bank ASA

Investor Presentation • May 2, 2019

1 st quarter result presentation

Oddbjørn Berentsen (CEO) – Gard Haugen (CFO) - Christian Svendsen (COO)

| 2 May 2019 |

This Presentation from Easybank ASA ("Easybank" or the "Company") includes among other things forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believe", "may", "will", "should", "would be", "expect" or "anticipate" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither Easybank nor any of its officers or employees provides any assurance as to the correctness of such forward-looking information and statements. The Company does not intend, and assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results.

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 Easybank and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of Easybank's business and the securities issued by Easybank.

This Presentation speaks as of 2 May 2019. Neither the delivery of this Presentation nor any further discussions of Easybank with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of Easybank since such date.

Table of contents

Easybank - Highlights Q1 2019

Key highlights and developments

(in MNOK)	Q1-19	Q1-18	2018
NII*	68,6	47,3	230,2
PBT*	22,7	15,0	73,4
PAT*	17,1	11,2	55,5
ROE*	13,7 %	11,4 %	13,5 %
Total loans (net)	2 690	1 932	2 546

(NII: Net Interest Income, PBT: Profit before tax, PAT: Profit after tax, ROE: Return On Equity)

Gross lending & number of customers

Growth in volume and customers continues

NOK million

Gross lending per product Customers per product

Total income & profit before tax

Increasing total income and solid profit in Q1

Credit quality - Consumer loans

Satisfactory risk reward and forward flow agreement reduces downside risk

Coverage¹ and loan loss ratio² Comments

• Satisfactory risk-reward taken into account margin level on consumer loans.
• Sale of part of NPL portfolio as a result of the Forward-flow agreement with Kredinor.
• The forward-flow agreement, entered into with Kredinor in July 2017, reduces downside risk for Easybank as it transfers risk to Kredinor.

Net interest income & yields

Increasing interest income and favorable margins

Net interest income and net interest margin of total assets

NOK million / % of total assets % of relevant balance

• Good margins and ROE from SME & mortgage loans

Yields (end of quarter)

• Increased consumer loan volume without compromising on risk adjusted margin
• Attractive funding rate due to multiple deposit products

8

Overview

Good profitability and stable cost/ income ratio

All numbers in NOK million * CET-1 ratio for Q1, Q2 and Q3 excludes YTD profit

9

Table of contents

Income statement

			Full year
(Amounts in thousands)	Q1 2019	Q1 2018	2018
Interest income	84 062	58 542	279 244
Interest expense	-15 420	-11 215	-49 013
Net interest income	68 643	47 327	230 231
Comission and fee income	12 351	13 094	47 879
Comission and fee expenses	-14 761	-9 037	-44 797
Net change in value on securities and currency	1 679	324	1 002
Other income	0	0	39
Net other income	-731	4 382	4 123
Total income	67 912	51 709	234 354
Salary and other personell expenses	-7 917	-6 704	-29 731
Other administrative expenses	-7 501	-7 831	-33 055
- of which marketing expences	-2 893	-3 729	-15 243
Depreciation	-1 397	-1 164	-4 906
Other expenses	-2 427	-2 043	-8 312
Total operating expenses	-19 242	-17 742	-76 004
Profit before loan losses	48 669	33 967	158 350
Loan losses	-25 930	-18 950	-84 982
Profit before tax	22 739	15 017	73 369
Tax	-5 685	-3 851	-17 831
Profit after tax	17 055	11 166	55 538

Balance sheet

(Amounts in thousands)	31.03.2019	31.03.2018	31.12.2018
Assets
Cash and deposits with the central bank	53 935	53 695	53 868
Loans and deposits with credit institutions	190 080	291 578	106 972
Loans to customers	2 765 372	1 985 555	2 613 783
- Loan impairment	-75 385	-53 344	-67 403
Certificates and bonds	79 560	224 885	169 249
Shares and other securities	291 382	54 193	229 703
Shareholding in group companies	192	192	192
Deferred tax asset	0	16 242	2 165
Other intangible assets	20 942	20 966	20 549
Fixed assets	1 093	1 265	1 085
Other assets	885	1 484	523
Other receivables	78 537	99 397	77 001
- of which agent commisions	70 493	56 676	69 812
Total assets	3 406 592	2 696 108	3 207 686
Equity and liabilities
Deposits from customers	2 778 439	2 137 697	2 601 841
Other liabilities	29 679	24 140	26 881
Accrued expenses and deferred revenue	16 263	15 022	14 393
Tier 1 and tier 2 capital bond	75 000	75 000	75 000
Total liabilities	2 899 381	2 251 859	2 718 114
Share capital	324 688	324 326	324 326
Share premium reserve	124 591	124 510	124 510
Other paid-in equity	6 719	5 625	6 577
Other equity	51 214	-10 212	34 160
Total equity	507 212	444 249	489 572
Total equity and liabilities	3 406 592	2 696 108	3 207 686

Balance sheet structure

Strong funding and liquidity position

Total assets

• Deposit ratio: 103 %
• Liquidity Coverage Ratio: 933 %
• Net Stable Funding Ratio: 163 %

Equity and liabilities

• Diversified customers deposits. 64 % of deposits with 35 days+ notice period
• MNOK 615 in surplus liquidity placed in Norges Bank, other banks and positions with short duration and low risk

Table of contents

Outlook

Ready for product and distribution expansion

✓ Growth with scalable

✓ Develop technical platform and internal & external capabilities

portfolio

✓ Launch consumer loans and car loans

• cost base
• ✓ Build on underlying run rate to deliver ROE growth
• ✓ Signed partnerships to broaden product mix and distribution
• Improved customer acquisition cost ratio
• Evaluate geographical expansion depending on growth possibilities in home market and partnership development
• Geographical expansion preferably together with partners that can create competitive advantage

Focused step-by-step expansion

Continue product and distribution expansion with partners

Expanding product mix

Strengthening digital niche bank capabilities

Increased diversification by targeting two strong balancing segments (B2B & B2C)

SME credit Broad partnership development

Strategic partner deals in place to support expansion

New products and partners bring strong synergies to Easybank

Shareholders

Strong shareholder base

Top 30 shareholders as of 26 April 2019

# Investor	Shares	Shares %
1 Skagerrak Sparebank	4 329 380	9,3%
2 Verdipapirfondet Alfred Berg Norge	3 344 349	7,2%
3 Fondsavanse AS	2 773 330	6,0%
4 Umico - Gruppen AS	2 618 779	5,6%
5 Ladegaard AS	2 336 032	5,0%
6 Nordic Private Equity AS	1 669 205	3,6%
7 Lindbank AS	1 655 985	3,6%
8 Mp Pensjon PK	1 458 738	3,1%
9 Hjellegjerde Invest AS	1 400 000	3,0%
10 Shelter AS	1 392 727	3,0%
11 Jenssen & Co A/S	1 287 879	2,8%
12 Krogsrud Invest AS	1 250 000	2,7%
13 Jolly Roger AS	1 145 630	2,5%
14 Independent Oil & Resources Plc	900 000	1,9%
15 Byholt AS	787 159	1,7%
16 Whitetail Webservice Ltd	705 009	1,5%
17 Juul-Vadem Holding AS	611 678	1,3%
18 Jaras Invest AS	440 909	1,0%
19 Ulltveit-Moe	400 222	0,9%
20 B Finans AS	400 000	0,9%
21 HHG Invest AS	400 000	0,9%
22 Trippel-L AS	387 225	0,8%
23 Motor-Trade Eiendom Og Finans AS	365 878	0,8%
24 Gh Holding AS	364 090	0,8%
25 Lindbak Gruppen AS	364 045	0,8%
26 Wist Holding AS	338 000	0,7%
27 Truls AS	310 000	0,7%
28 Arild Hestås Invest AS	301 250	0,6%
29 Autobahn AS	287 584	0,6%
30 Haukvik, Svein Ola	260 000	0,6%
Total top 30	34 285 083	73,9%
Other	12 105 756	26,1%
Grand total	46 390 839	100,0%

• 436 shareholders as of 26 April 2019
• The EASY share was registered on NOTC on 15 November 2016.
• Management holds a total of 2,624,154 shares, corresponding to 5.7% of shares outstanding
• Members of the board represents a total of 2,507,518 shares, corresponding to 5.4% of shares outstanding
• Current market capitalization of approx. MNOK 440