Interim Presentation | 4 th quarter 2017 | 15 February 2018 - - PowerPoint PPT Presentation

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Interim Presentation | 4 th quarter 2017 | 15 February 2018 Table of contents Overview 1 2017 Highlights 2 4th quarter 3 Outlook and priorities 2 Highlights 2017 NOK 2.35 bn in consumer loans and implemented cross boarder expansion

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Interim Presentation | 4th quarter 2017 | 15 February 2018

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Table of contents

Overview

2017 Highlights

1

Outlook and priorities 4th quarter

2 3

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Successful launch in Finland, NOK 407 million loans year end – proof of scalable and agile distribution platform

Highlights 2017

Monobank listed on Oslo Børs’ Merkur Market on 16th February 2017 – initiated process towards Oslo Børs’ Main Market in 2018 Cooperation with European deposit distribution partner Raisin– executing on cross-border expansion strategy Strong loan growth of NOK 1.5 bn in 2017. Above target of NOK 2.3bn in consumer loans FY 2017

   

NOK 2.35 bn in consumer loans and implemented cross boarder expansion strategy

Awarded “A great place to work 2017”

Monobank has delighted loan customers, customer satisfaction index on 81

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High and profitable growth

Net profit after tax Net loans and advances to customers

NOK (million) NOK (million)

840 2 352 2016 2017 (8,0) 17,8 2016 2017

Still strong demand in Norway… in addition to inflow from Finland

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Multi-country operational platform

Solid foundation already in place

  • Solid multi-country operational platform

already established - Fast and agile roll-out process with very efficient time to market

  • Continuous and ongoing exploration
  • f potential foreign markets to enter
  • The cross-border launches are expected to

achieve considerable operational synergies, further strengthen the growth platform and contribute to diversify the business model

Cross-border expansion Q4 2017 distribution of gross loans Current market exposure Successful launch in Finland

  • Unsecured consumer finance loans

rolled out in Finland on 29 May 2017

  • Positive first reaction – Gross loan balance of

NOK 407m has been built since initiation

  • Operational team based in Bergen –

no feet on the ground in Finland

Q4 2017 distribution of growth in gross loans

per cent (%) per cent (%) 83% 17% Norway Finland 56% 44% Norway Finland

Strategic cooperation agreement with Raisin

  • Leading deposit product provider to privat

individuals in the European Economic Area

  • More than 100,000 customers - mainly in

Germany (but also France, Austria & Spain)

  • Allows Monobank to raise funding in the EEA

as well as in other currencies at attractive levels

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SLIDE 6 6

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

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SLIDE 7 7

Table of contents

Overview

2017 Highlights

1

Outlook and priorities 4th quarter

3 2

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SLIDE 8 8 157 1 270 2 063 2 808 3 807 5 244 6 667 8 955 11 484 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017

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 loans Growth in number of loan customers

NOK (million) number (#) 157 1 113 793 745 999 1 437 1 423 2 288 2 529 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 36 259 445 624 840 1 162 1 446 1 867 2 352 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 36 223 186 179 216 322 284 421 485 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017
  • 16,5
  • 6,5
  • 3,9
0,5 1,7 1,8 3,0 5,7 7,4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 n.a.
  • 16,1 %
  • 9,9 %
1,3 % 2,7 % 2,2 % 3,6 % 6,7 % 6,8 % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017
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Increasing top-line

Satisfying 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 income Key yields and margins

NOK (million) per cent (%) 0,1 0,5
  • 0,6
  • 0,8
  • 1,0
  • 1,7
  • 2,6
  • 3,1
  • 2,7
0,4 4,7 11,7 15,2 22,7 29,9 37,1 44,6 55,9 0,5 5,3 11,1 14,5 21,7 28,2 34,5 41,5 53,2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 Net comission and fee income Net interest income 15,1 % 15,7 % 15,2 % 14,9 % 14,8 % 14,6 % 14,3 % 14,2 % 14,3 % 12,3 % 12,7 % 12,7 % 1,8 % 2,0 % 1,8 % 1,8 % 1,9 % 1,9 % 2,0 % 2,1 % 2,0 % 1,3 % 1,3 % 1,1 % 1,2 % 0,9 % 0,8 % 0,7 % 0,8 % 0,8 % n.a. 6,3 % 8,5 % 8,1 % 8,8 % 8,7 % 8,7 % 8,0 % 7,7 % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 Annualized loan yield (Norway) * Annualized loan yield (Finland) * Annual deposit rate ** Annualized liquidity yield * Annualized NIM ***
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Efficient and scalable operations – short time to market

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

Multi-country platform after only 2.5 years of operations

Operational expenses

NOK (million)

Cost / Income ratio *

11,1 3,5 3,6 2,2 6,5 5,5 6,2 6,9 8,0 9,0 3,6 4,5 3,4 4,3 5,6 6,3 6,1 8,6 1,3 4,2 4,2 3,6 4,6 8,1 8,0 7,7 11,3 0,9 0,6 0,6 0,5 0,3 1,1 1,5 2,0 1,4 22,3 12,0 12,9 9,7 15,8 20,3 21,9 22,7 29,2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 Staff costs Other administrative expenses Marketing expenses Depreciation and amortisation n.a. 228% 116% 67% 73% 72% 64% 55% 55% n.a. 147% 78% 42% 51% 43% 40% 36% 34% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 Cost / Income Ratio Cost (excl. marketing) / Income Ratio
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Customer segmentation

Continuous development and tuning of scorecards to navigate the portfolio

3% 31% 65% Primary school Secondary school Higher education 25% 27% 29% 15% 4% <= 34 years 35-44 years 45-54 years 55-64 years >= 65 years 70% 30% Home owner Tenant

43 years

5% 22% 35% 39% NOK 250k-349k NOK 350k-499k NOK 500k-749k >= NOK 750k Age Income Education Housing Average customer Norway Finland

NOK 631k Higher education Home owner 45 years NOK 485k Higher education Home owner

19% 28% 32% 18% 4% <= 34 years 35-44 years 45-54 years 55-64 years >= 65 years 20% 32% 31% 17% NOK 250k-349k NOK 350k-499k NOK 500k-749k >= NOK 750k 11% 8% 82% Primary school Secondary school Higher education 81% 19% Home owner Tenant
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SLIDE 12 12 0,7 1,9 3,1 4,2 3,7 4,9 8,3 10,9 13,8 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017

Satisfactory loan losses and credit quality

Portfolio 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)

Provisions Loan 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. 3,17% 2,94% 2,24% 2,23% 2,23% 2,38% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 6,8 23,5 40,7 58,7 94,7 135,7 189,1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 31-60 PD 61-90 PD > 90 PD n.a. n.a. 1,5 % 3,7 % 4,8 % 4,9 % 6,4 % 7,1 % 7,9 % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 0,7 2,6 5,7 9,9 13,5 18,4 26,3 37,3 50,7 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 n.a. n.a. n.a. 42,1 % 33,2 % 31,4 % 27,8 % 27,5 % 26,8 % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017
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SLIDE 13 13 16,5 % 20,7 % 54,1 % 31,8 % 20,5 % 17,7 % 27,8 % 21,5 % 21,6 % 20,0 % 24,2 % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 CET1 T1 * T2 *

Robust regulatory capital structure

Important to plan ahead to position the company for continued profitable organic growth

Note(*): As of Q4 2017 NOK 35m Tier 1 (1.5% of RWA) and NOK 47m 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 assets Regulatory capital Reported capital adequacy **

CET1 Capital
  • Req. = 13.7 %
Total Capital
  • Req. = 17.2 %
per cent (%) NOK (million) NOK (million) 301 483 27 35 36 47 150 144 140 139 309 306 302 363 564 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 CET1 T1 * T2 * 277 453 683 785 1 107 1 423 1 401 1 819 2 333 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 75% loans 100% loans Other RWA
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SLIDE 14 14 165 159 156 157 331 335 339 345 522 99 98 246 524 638 903 1 138 1 556 2 043 2 652 179 405 680 794 1 235 1 472 1 895 2 487 3 272 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 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

Liquidity Funding

NOK (million)

Key ratios

115 101 158 110 301 220 325 489 758 17 28 49 28 51 35 52 64 56 132 129 208 138 352 255 377 552 814 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 Debt securities Loans and advances to banks NOK (million) n.a. 95% 118% 102% 108% 98% 108% 109% 113% n.a. 168% 169% 159% 168% 153% 158% 153% 167% n.a. 143% 147% 135% n.a. 168% 172% 133% 242% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '15 2016 2017 Deposit ratio * NSFR LCR
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Table of contents

Overview

2017 Highlights

1

Outlook and priorities 4th quarter

3 2

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Fin tech simplified

What is it all about?

Source: Brett King with adjustments

The best customer experience on core banking services Free and instant person-to-person payments Instant access to all your funds in a mobile app Instant access to customer service when you need it

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Scalable and adaptable business model

24/7 customer experience platform Core banking platform Consumer credit and deposit accounts Credit cards New “fintech” products within consumer credit

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Preparing for tomorrows technology

Agile and adaptable – key for survival

1945 20xx 2018

Plastic cards Hybrid solutions Only digital solutions

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DEMO

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Strategy going forward

Continue to execute underlying business plan and pursue strategic add-ons

Profitable

  • rganic growth

Multi-country

  • peration

Credit cards and «fin tech» products Maintain efficient operations

  • High demand and attractive margins in Norway and Finland enables high organic growth
  • Forward flow agreement signed with Axactor
  • Operationalize and fine-tune the Finnish consumer loan portfolio
  • Further investigate other potential markets, 3rd country project to be coordinated with

credit card projects

  • Launch of mobile app and Monobank credit card in May 2018
  • Launch of joint credit card with Widerøe and Eurobonus in September
  • Further investigation of other strategic partners
  • Efficient and scalable operation
  • Diligent credit risk management
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Appendix

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Detailed financial figures

Quarterly income statement and balance sheet

Balance Sheet Income Statement

2015 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 ASSETS Loans and advances to banks 56,000 63,559 52,081 34,536 51,219 27,735 49,293 27,631 17,204 Debt securities 757,910 488,535 324,510 220,474 301,265 110,002 158,215 101,177 114,583 Loans and advances to customers 2,402,869 1,904,116 1,472,644 1,180,590 853,569 634,159 450,671 261,281 36,325 Provision for impairment losses 50,681 37,278 26,340 18,439 13,531 9,900 5,700 2,600 700 Net loans and advances to customers 2,352,188 1,866,839 1,446,304 1,162,150 840,038 624,259 444,971 258,681 35,625 Deferred tax asset 8,592 8,902 10,760 11,769 12,380 10,989 11,161 9,885 7,717 Other intangible assets 39,349 31,606 27,042 19,133 12,898 9,835 7,635 7,384 7,123 Property, plant and equipment 1,755 1,675 1,513 433 346 166 260 137 157 Prepayments, accrued income & other assets 85,095 65,980 52,525 43,360 31,296 24,795 18,960 11,855 3,878
  • of which accrued commission to agents
80,817 62,677 49,677 40,504 29,815 22,225 15,971 8,969 1,525 Other assets 134,791 108,163 91,841 74,695 56,920 45,784 38,015 29,261 18,875 Total assets 3,300,888 2,527,096 1,914,735 1,491,856 1,249,441 807,780 690,494 416,750 186,287 LIABILITIES & EQUITY Deposits by customers 2,651,861 2,042,687 1,556,326 1,137,690 903,406 637,734 523,737 246,217 13,579 Provisions, acrruals and other liabilities 28,797 40,370 19,512 19,458 15,040 13,289 10,519 11,905 7,570 Subordinated loan 98,399 98,811
  • Total liabilities
2,779,057 2,181,868 1,575,838 1,157,148 918,446 651,024 534,257 258,122 21,149 Share capital 248,318 200,746 200,746 200,461 199,461 156,000 155,000 155,000 155,000 Surplus capital 273,129 143,475 137,767 133,862 131,534 756
  • 3,628
10,138 Not registered capital
  • 622
  • 1,500
  • Other equity
384 384 384 384
  • 263
  • Total equity
521,832 345,228 338,897 334,708 330,995 156,756 156,237 158,628 165,138 Total liabilities and equity 3,300,888 2,527,096 1,914,735 1,491,856 1,249,441 807,780 690,494 416,750 186,287 BS (NOK thousand) 2016 2017 2015 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Interest income 70,275 53,535 43,218 34,174 26,679 17,815 13,875 5,175 509 Interest expenses 14,365 8,953 6,110 4,305 3,944 2,597 2,151 446 83 Net interest income 55,910 44,581 37,108 29,869 22,735 15,218 11,723 4,730 427 Income comissions and fees 5,209 4,076 2,931 2,641 2,040 1,286 1,124 1,137 127 Expenses comissions and fees 7,898 7,201 5,533 4,350 3,037 2,048 1,737 612 82 Net comissions and fees
  • 2,690
  • 3,125
  • 2,603
  • 1,709
  • 997
  • 762
  • 613
525 45 Total income 53,220 41,457 34,505 28,160 21,738 14,456 11,110 5,254 472 Income / (loss) from trading activities
  • 459
  • 279
  • 246
  • 472
  • 124
191
  • 257
  • 69
39 Staff costs 7,965 6,862 6,162 5,514 6,491 2,203 3,581 3,460 11,088 Other administrative expenses 19,882 13,806 14,284 13,736 8,957 6,999 8,709 7,883 10,333
  • of which marketing expenses
11,311 7,705 7,992 8,133 4,629 3,610 4,227 4,237 1,308 Depreciation and amortisation 1,379 1,999 1,500 1,079 335 546 630 620 910 Total operating costs 29,227 22,666 21,946 20,329 15,783 9,749 12,920 11,963 22,331 Profit / (Loss) before impairment losses 23,536 18,511 12,313 7,359 5,831 4,898
  • 2,067
  • 6,777
  • 21,820
Impairment (losses) / releases
  • 13,834
  • 10,946
  • 8,277
  • 4,919
  • 3,672
  • 4,207
  • 3,100
  • 1,900
  • 700
Operating profit / (loss) before tax 9,702 7,565 4,036 2,440 2,160 692
  • 5,167
  • 8,677
  • 22,520
Tax charge
  • 2,306
  • 1,857
  • 1,009
  • 611
  • 484
  • 172
1,276 2,167 5,996 Profit / (Loss) for the year 7,396 5,708 3,027 1,829 1,676 520
  • 3,891
  • 6,510
  • 16,524
P&L (NOK thousand) 2016 2017
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MONO-ME on Merkur Market as of 16th February 2017

Overview

Source: Infront, VPS Arena || Note(*): OSEEX = index consisting of Norwegian savings banks || Note(**): gray shareholders are either Mgmt., BoD or Employees || Note(***): the figures are dated 31.12.2017

Share price development * Shareholders as of 05.02.2018 **

0,00 0,25 0,50 0,75 1,00 1,25 1,50 1,75 2,00 2,25 2,50 2,75 2,2 2,4 2,6 2,8 3,0 3,2 3,4 3,6 3,8 4,0 4,2 4,4 4,6 4,8 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Volum (#m) MONO VOLUME MONO OSEEX (rebased) OSEBX (rebased) Price per share (NOK) # Investor Role Type # % 1 JO CAPITAL AS Board Member Company 27,544,935 11.1% 2 PRIORITET GROUP AB Company 23,960,344 9.6% 3 SONGA TRADING INC Company 19,865,063 8.0% 4 BARA EIENDOM AS Company 11,663,104 4.7% 5 HJELLEGJERDE INVEST AS Company 10,000,000 4.0% 6 HAVA FINANCIALS AS Company 5,480,572 2.2% 7 NORDEA BANK AB Nominee 5,420,405 2.2% 8 CITIBANK, N.A. Nominee 5,300,000 2.1% 9 SANDSOLO HOLDING AS Company 5,300,000 2.1% 10 MIKE AS Company 5,230,001 2.1% 11 7FJELL VENTURES AS Company 5,064,729 2.0% 12 SWEDBANK AB Nominee 5,000,000 2.0% 13 SPORTSMAGASINET AS Company 5,000,000 2.0% 14 EKREM AS Company 4,646,854 1.9% 15 GREVE-ISDAHL FINN Private Investor 3,753,782 1.5% 16 MJ CAPITAL AS Company 3,560,697 1.4% 17 DAHLE BJØRN Private Investor 3,103,672 1.2% 18 LAS INVEST AS Board Member Company 3,100,000 1.2% 19 HØYSÆTER T-BANECOMPAGNIE AS Company 2,841,464 1.1% 20 STIAN MIKKELSEN AS Company 2,705,001 1.1% 21 GREVE-ISDAHL JAN Chairman of the Board Private Investor 2,400,500 1.0% 22 MEMO CAPITAL AS Company 2,350,000 0.9% 23 ANGARDE AS Company 2,327,754 0.9% 24 HILDING INVEST AS CEO / Bent H. Gjendem Company 2,200,244 0.9% 25 EIANE CARL PEDER Private Investor 1,777,093 0.7% 26 RIMESTAD TOM HENNING COO Private Investor 1,733,012 0.7% 27 CAMACA AS Company 1,675,845 0.7% 28 ARTEL INVEST AS Company 1,600,000 0.6% 29 VALLAND MARTIN CTO Private Investor 1,544,964 0.6% 30 BRASSETS A/S IT / Erik Brandstadmoen Comp. 1,500,000 0.6% Sum TOP 30 177,650,035 71.5% Other shareholders 70,668,168 28.5% Total 248,318,203 100.0% Board of Directors, Management and Employees *** 46,127,044 18.6 % Shares
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Important Information

Disclaimer

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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
  • r 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 LAWSAND 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 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 15 February 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.
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SLIDE 25 Monobank ASA | # 913 460 715 | Starvhusgaten 4, 5014 Bergen | www.monobank.no