Carnegie Debt Purchase Seminar, Stockholm 13 March 2018 Strictly - PowerPoint PPT Presentation

Carnegie Debt Purchase Seminar, Stockholm 13 March 2018 Strictly Private and Confidential

Understanding Lowell New To The Nordics, Well Established In The UK and DACH #2 pan-European CMS player by scale if not sophistication  Market leading positions across the UK, DACH and Nordic regions  Experienced operators with a century of combined institutional knowledge  A market leader…. …across 3 key regions R:067 G:074 Cash EBITDA 1 B:079 692 394 284 282 206 Intrum Lowell Hoist Cabot Arrow 1 Cash EBITDA presented fro LTM Sep-17. Intrum and Lowell Cash EBITDA based on pro forma figures, LTM Sep-17. 2 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Highlights Global investors £394m Permira LTM Adj. Ontario EBITDA 1 Teachers' 33m Pension Plan R:067 £2.6bn £793m Owned accounts G:074 B:079 LTM Cash 120 Month Our £23.3bn Income 1 ERC markets portfolio face value 4.0-4.5x £13.3bn Net Leverage 3PC AuM Target Spanning 11 £348m Portfolio Purchases Countries Winner Ranked Top 2016 Swedish championship in 3 in 8 customer services >3,800 colleagues Countries Note: Metrics presented are pro forma for the Acquisition of the Carve-out, LTM Sep-17. 3 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

M&A and Integration Strategy The Lowell Recipe For Integration Success Common values ; local heritage -  leveraging deep local leadership and R:067 expertise G:074 B:079 Deploying expert skills across the group  Unifying pricing, investments and  collection processes Developing one platform where  appropriate Building multi-regional talent pools  Sharing best practice  4 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Leadership An Experienced And Highly Experienced Pan European Team  Appointed Group CEO  CFO of Lowell since  Joined the Group in in April 2016 February 2013 September 2017  Co ‐ founder and CEO  Strong experience in  Most recently Head of of Lowell since 2004 capital markets and International Risk bond finance Oversight EMEA at Wells Fargo R:067  Longest serving CEO in the industry  16 years of Financial G:074 Services senior  25 years of B:079 management experience  19 years of experience in the sector James Cornell Colin Storrar Laurence Bogni-Bartholme Chief Executive Officer Chief Financial Officer Chief Risk Officer  Previously CFO of  Ph.D. in Experimental  Joined the Group in Lindorff Psychology January 2017  Past CFO of Aker ASA  Previous experience  Most recently Global and Seadrill from Encore, Wells Head of HR Services Fargo and McKinsey and transition at Barclays  33 years of experience  17 years of experience  27 years of experience Trond Brandsrud Christopher Trepel Christoph Grandpierre Managing Director Chief Science Officer Chief People Officer Northern Europe 5 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

The Lowell Business Model Six Key Strengths With Known Outcomes Consumer Centricity Leading Presence in Balanced and Diversified Large and Attractive Business Model Markets R:067 G:074 B:079 Growth Opportunities Less Reputational Risk Platform for Growth and Known Returns for Investors High Visibility of Future Data Analytics Robust Business Model Cash Flow Generation Advantage and a Track Record of Accurate Forecasting Better Decisions Investor Trust Investor Confidence 6 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Market Leadership And Scale … That are Forecast to Experience Growth in Consumer Leadership Position in Each of our Core Markets… Credit Balances UK (£bn) Norway: #3-5 312 295 281 267 249 224 Finland: #2 R:067 G:074 2017E 2018E 2019E 2020E 2021E 2022E B:079 Sweden: #2 Germany (£bn) UK: Largest Debt Purchaser in 2016 475 460 468 439 450 404 Denmark: #2-3 2017E 2018E 2019E 2020E 2021E 2022E Germany: #3 Nordics 1 (£bn) 173 166 159 152 144 137 Lowell Austria: A Carve-out leading Estonia: #3 2017E 2018E 2019E 2020E 2021E 2022E position in 3PC Source: Passport (Euromonitor International). Consumer Credit balances forecast by Euromonitor in USD and have been converted to GBP at the spot rate as of 30-Sep-2017 ($1.3395/£1.00) 1 Figure includes Sweden, Denmark and Norway (excludes Finland and Estonia). 7 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Market Leadership And Scale Carve-out Dec-2013 Standalone Jun-2015 PF Jun-2016 PF Sep-2017 PF R:067 Countries G:074 B:079 2.607 120m ERC 1.513 1 1.263 (£m) 549 13.259 3PC AuM 8.275 7.871 De minimis (£m) 793 LTM Cash 423 375 Income (£m) 179 394 LTM Cash 242 204 EBITDA (£m) 117 Source: Company information, Offering Memorandum dated January 2018 1 84m ERC. 8 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Balance And Diversification  Product Diversification – Our Nordic operations bring increased 3PC revenues, alongside additional value added services capabilities, enhancing our product offering  Client Diversification – Diversification of client base enhanced through leading positions in CMS across each of the Nordic markets and particularly within financial services R:067 By Region By Business Segment By Sector G:074 B:079 NPL Acquisitions Cash Income Cash Income 4% 15% 27% 1 25% 45% £793m £793m £348m 55% 26% 75% 28% DP 3PC & VAS UK DACH Nordics Financial Services Retail Telecom Others Source: Company information. Data based on LTM 30-Sep-2017 figures 1 Includes £17m from value added services. 9 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Balance And Diversification  Healthy diversification across client base for both DP and 3PC platforms  Regular change in composition of top accounts provides confidence as to flow of new business 3PC PF Combined Group Revenue Contribution (%) 1 DP PF Combined Group Purchases (LTM, %) R:067 G:074 211 Originators 106 Originators B:079 4% 8% 3% 16% 3% 2% 10% 53% 9% 8% 80% 4% Client 1 Client 2 Client 3 Client 4 Client 5 Others Client A Client B Client C Client D Client E Others 1 PF Combined Group 3PC revenue contribution split by client derived from Carve-out figures for the financial year ended 31-Dec-2016 and Group figures for LTM 30-Sep-2017. 10 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Data Analytics Data Without Analytics Renders No Benefit – To Be Successful BOTH Are Needed The Data… The Expertise… R:067 G:074 33m 61%  Interdisciplinary team of ~80 B:079 analysts, quants, and scientists Consumer Accounts Crossover in UK owned  Scorecards in place across the entire spectrum of the business to enhance operational performance >3,000  Consumer-level underwriting and £13.3bn predictive modelling NPL portfolios 3PC AuM acquired 11 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Consumer Centricity Net Promoter Scores Carve-out Business UK R:067 An approach that… G:074 B:079 Puts our consumers  first NPS 1 NPS 2 +43 +38 Resonates with clients  Provides confidence  Winner and visibility as to the 2016 Swedish timing and profile of championship in future collections customer services 3 NPS scores in the UK range from 45 at the top of the range to -39 in the bottom 4 , placing Lowell and Carve- out at the top of the range and exemplifying the positive customer sentiment towards the group Source: Company information, Temkin Group 1 Lowell NPS score for UK division (Source: Company information). 2 Represents Lindorff 2016 NPS only, as disclosed in the Lindorff Q4 2016 Investor Presentation. 3 Awarded to Lindorff AB only (Source: SMi Telefoni & Kundservice). 4 Based on Q1 2017 Temkin Group census. 12 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential

Accurate and Disciplined Forecasting Our Forecasts Demonstrate Consistent Accuracy Across Varied Economic Times Depth of financial crisis & Low growth environment Constrained growth Peak growth outlook slow return to growth post-financial crisis to Sep-2017 vs. Actual collections static pool 106 % 103 % 114 % 111 % 113 % 109 % 109 % 107 % 110 % 107 % R:067 G:074 B:079 Carve-out outperformance in-line 116% with that of Lowell at an average of 107% since 2014 2 112% 109% 1 107% collections vs. 105% NTM actual 104% static pool 102% 102% 100% 100% Static Pool Date Dez-2007 Dez-2008 Dez-2009 Dez-2010 Dez-2011 Dez-2012 Dez-2013 Dez-2014 Dez-2015 Dez-2016 UK UK/DACH Forecast Source: Company information 1 Group actual collections over forecasted collections for the nine months ended 30-Sep-2017. 2 Figure for 1-Jan-2014 until 30-Jun-2017. 13 Garfunkelux Holdco 2 S.A. Strictly Private and Confidential