Investor presentation March 17th, 2016

European NPL market overview

The NPL market has counter-cyclical qualities

EUR 0.8-1.0 trillion since 2012

Axactor entry strategy and value chain focus

1 Acquire a high quality debt collection company in each of the priority markets
2 Grow through NPL portfolio acquisitions
3 Carve-out of collection platforms from financial institutions
4 Further develop the 3PC business through Axactor customer relationships
5 Ensure scale benefits and operational excellence in operations
Focus on the financial segment but opportunistically investigate other segments

Source: Finanstilsynet – Pressemelding nr.3/2015, Virke Inkasso

Norwegian market growth	• •	Significant increase in number of collection cases An increase in number of non-performing loan portfolios available for sale
Strong business case stand alone	• •	Significant and increasing cash generation from day 1 IKAS has operational improvement potential that Axactor can realise with limited investments (e.g. IT systems, collection strategy)
Entering a new geography with the "best platform" available	• •	IKAS considered to be the "best platform" available in the Norwegian market Entering the Norwegian market represents a diversification of Axactor's operations
Increased ability to secure financing	•	Nordic presence increase ability to secure financing with the Nordic banks

Established in 1988 by Kjell Reiersrud, and is today one of Norway's most reputable suppliers of invoice administration and debt collection
Delivers market leading and modern payment solutions for selected small to medium sized businesses across all sectors through two business segments:
i. IKAS Collection
ii. IKAS Payments
Headquartered in Hokksund 70 employees located throughout Norway in 5 offices
Total revenues in 2015 of ~NOK 91m and EBIT of ~NOK 26m