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FINANCIAL ADVISORS TO PERX

COMPANY

PRESENTATION

It’s fair to say that parts of the banking and finance

industries have failed to understand the need for

innovation and disruption.

In the recent years we have seen an explosive growth in

the market for unsecured lending – credit cards and

consumer loans - with many new niche banks fighting for

market shares. The aggressive marketing and lending

practices by the banks have resulted in significant

financial and social challenges for thousands of

individuals and their families in Norway. The owners of

the banks, on the other hand, have seen their share

values increase in line with the banks’ soaring profits.

This is all made possible, of course, by charging the

borrower an interest rate of 15 -20 %, while admitting

only a 1 - 2 % interest rate to deposit customers. At Perx,

we believe this kind of business conduct is immoral,

hostile to society and unnecessary. There is time for a

change.

Our model is based on the sharing economy. People with

money are being connected with people in need of

money. We eliminate the main problem, the bank as an

intermediary. The lenders are offered a higher interest

rate on their savings, and the borrowers can refinance

their credit cards or consumer loans and shave off 50%

of their interest costs.

In order to keep a low risk level on the lending platform,

Perx targets the most solvent part of the refinancing

market. Low risk is essential for the lenders on the

platform, especially these days. In addition, the practice

of banks and credit card companies, of offering high

interest rates to all customers, regardless of credit rating,

is perceived particularly unfair by the more affluent

consumers.

The Perx business model is fair, moral and in line with

consumer expectations. The model has enjoyed

tremendous success in countries such as Sweden,

England and the United States. We will never contribute

to, or encourage, increased consumption. We do not

want to be a part of the problem, but a part of the

solution.

Welcome to Perx.

Improvement through disruption -

in everyone’s best interest

Morten Grusd

CEO

Executive summary

Perx – A new way of looking at the market for refinancing of unsecured debt

Perx is a crowdlending platform focused on refinancing of unsecured consumer lending

Platform with product

expansion potential

• Initial phase focus on the “high end” of the refinancing market with premium credit score

• Registered with Norwegian Financial Supervisory Authority (FSA)

• Possibility for international expansion and product expansion using existing platform and system set-up

• Highly disruptive pricing (4.5% - 7.9%), combined with strict credit policy, attracts low risk customers looking to refinance existing credit card

debt or consumer loans

• Represents a new asset class for investors that want higher returns than on a savings account and an alternative uncorrelated to stocks

• New debt register in Norway lowers risk further for lenders that are looking for attractive returns on their assets

• Strong political support of crowd funding as expressed in the government platform

Attractive market

opportunity

• CEO with extensive executive and operational experience from BRAbank (co founder), Ikano Bank and SEB Kort

• Highly qualified CFO, also from BRAbank, and COO from DNB, both having highly relevant work experience

• Experienced BoD with substantial knowledge within banking and IT

Highly competent

management team

and BoD

• A scalable business model with modest capital requirements

• Low operational and distribution costs

• Digital processes and user friendly solutions

Scalable and efficient

• Perx has developed a strong platform and secured the right management team, and is now ready to intensify marketing and scale-up rapidly

• Agreement with Storebrand Bank expands the target group and enables ambitious growth plansReady for scale-up

Perx is ready to disrupt the refinancing market for consumer debt in Norway

Disruption is finally happening to consumer lending in Norway

Introduction | Opportunities both in the short and long run

About time…!

Numerous industries have already been disrupted by innovative technology driven start-up companies. Airbnb,

Über, Netflix and Spotify are examples of companies that have changed consumer behaviour – and lives

Crowdfunding in general, and crowd lending in particular, is disrupting a conservative banking industry in line with

the ideas of the sharing economy

New regulations and recent macro-economic developments caused by the Corona crises make up a perfect back-

drop for offering innovative consumer lending solutions, presenting consumers with a real refinancing alternative

«Crowdlending for consumer loans is a head-on attack on one of the most

profitable products in banking. With little to no legacy, crowdlending platforms

may provide cost-efficient loan origination where both investors receive

premium returns as well as providing loans at a lower interest rate to

borrowers»

“Crowdfunding is, in my opinion, one of the most exciting fields in fintech, and

even though the field has had a slow start in Norway compared to other

countries, the segment is now blooming … Whether you as a bank is actively

involved or remain on the fence, this area is moving at a pace where it is wise

to pay attention”

Chief Digital Officer, Sbanken

Christoffer Hernæs

Hernaes.com: State of the nation for crowdfunding in Norway, May 6, 2019

Perx is ready to offer individuals with consumer debt a better solution

The effects of the corona crises create great growth opportunities for crowd lending


The corona crises reinforces the need for change in a conservative industry

Effects of the corona crises Consequences and opportunities

Note:

1) Gjeldsregisteret, Feb 29, 2020

2) Data received from Experian

Norwegian consumer banks are facing growth

challenges as portfolios abroad grow as a result of

recent NOK depreciation.

Very few customers are granted new loans or

refinancing regardless of credit rating1

Increased financial uncertainty motivates consumers to

refinance expensive credit card debt and consumer

loans

Perx offers refinancing from 4,5% to 7,9% compared to

average consumer loans at 14,98% and credit cards at

18,19% 1

Agreement with Storebrand Bank expands growth

potential significantly as the bank will handle

approximately 65% of all applications received for

scoring 2

Lenders are assumed to be less willing to finance

loans to private individuals in the short-run. Gradual

return to normal activity level, i.e loans on the platform

are fully financed within 2-4 days expected by end

June.

Business case adapted to current market conditions

and temporary weak lender interest

Storebrand expected to handle 80% of all applications

in a transition period

2

3

4

Stable source of funding, increased market reach and reduced risk for platform lenders


Agreement with Storebrand Bank is a game changer for Perx

• With an intention to boost profitability of a 50 BNOK portfolio, mainly made up by mortgages, Storebrand wants

to grow in the area of unsecured lending

• As a bank, Storebrand Bank has a somewhat higher risk acceptance than Perx. A wider customer segment can

be served through this channel.

• Applications going to Perx are from customers representing the lowest risk. Expressed as probability of default

between 0,10% - 1,45%

• Storebrand Bank’s nominal interest rates of 7,90% - 12,90% are «best in class» compared to other banks in the

same risk segments.

Perx Storebrand

Distribution of customers between Perx and Storebrand

Risk category A B C D

Interest rate 4.50% 6.50% 7.90% 7.9% - 12.9%

Probability of default 0.24% 0.67% 1.45% 1.45% - 9.60%

Perx aims to attack the consumer banks’ practice head on through honest and direct communication


Forceful and distinct market positioning

Attacking the consumer banks’ practice of high

interest rates taking undue advantage of

borrowers

Main message - Refinancing of existing debt

Transparent fee structure of 3% start-up fee

combined with interest rates from

4,5% to 7,9%

Enables borrowers to significantly cut monthly

costs

What is crowdfunding and crowdlending?

Market | Crowdfunding overview

Crowdfunding is disrupting the traditional way of investing and lending

How does Perx do it?

• Crowdfunding takes out the bank as an intermediary. A group of people (the crowd),

finance a company, a person or a project directly by using a platform as the

marketplace

• A loan or investment usually consists of many people that want to invest or lend a

small portion of the asked amount. All these small amounts will then constitute the full

asked amount combined

Types of crowdfunding:

Equity based Crowdlending Reward based Donation based

For financial returnsFor sponsoring and non-monetary

rewards

1

Borrower creates

loan listing

2

Lenders commit funds

to the loan

3

Borrower receives

loan

4

Borrower makes

monthly repayments

Crowdlending is the connection of borrowers and lenders through a digital platform

Perx, as a crowdlending platform, eliminates the bank as an intermediary.

Borrowers and lenders finance each other directly, using the platform as the

marketplace

Consumer loansSME loans

• Perx offers much lower interest rates than the

traditional banks and consumer banks due to low

operational costs, coupled with the absence of the

banks' equity requirements

Good for

borrowers

Good for

lenders• Lenders are presented with a new asset class

offering attractive returns

“Your margin is my opportunity” – Jeff Bezos (Amazon)

Challenges

consumer banks

• Banks are unable to match the low interest rates

within their existing business models and regulatory

framework

Monthly

instalments

and interest

Borrowers LendersLoan Loan

Monthly

instalments

and interest

Perx handles all necessary tasks for borrowers and lenders:

• Compliance

• Credit risk assessment • Payments • Contracts

• Debt collection • Customer service

1 2 77134 16817

103

273

9 13 4594

238

442

2012 2013 2014 2015 2016 2017 2018 2019

Other crowdfunding Crowdlending

6.3

1.0

18.9

1.6

21.7

2.1

26.5

3.0

Americas Europe

2014 2015 2016 2017

Small Norwegian market for crowdfunding, but increasing share of crowdlending to businesses and consumers

Consumer crowdlending gaining strong momentum globally…

Market | Crowdlending

Consumer crowdlending on the rise globally, with Norwegian market catching up

…with Sweden illustrating Norwegian potential

• Legislation is gradually

becoming more favourable

for crowdfunding in Norway

• Legislation for

crowdfunding in Sweden

has historically been

favourable, which partly

explains the Swedish

growth

• Property lending is

included in crowdlending to

businesses, but is reduced

in 2019 as Kameo

temporarily lost its license

• Numbers for the Americas

include balance sheet

consumer lending

Notes:

1) Converted to EUR using

average annual exchange

rate

2) Estimated based on growth

profile of Lendify

Sources: Cambridge alternative

finance reports, Crowdfunding in

Norway:

Status Report 2019 – Q1+Q2

2 5

66

153

2015 2016 2017 2018

CAGR: 325%

Sweden

2

CAGR: 148%

New crowdfunding volume Norway (NOKm)

Annual capital issued through crowdlending to consumers (EURbn)

… of which the two crowdlending types represent (NOKm):

Annual capital issued through crowdlending to consumers (EURm)

CAGR: 46%CAGR: 62%

1,2 1

99

2585

16

17

104

273

2017 2018 2019

Crowdlending Business Crowdlending Consumer

0 4 51

623

1,815

2,700

60 210

650

1,000

2014 2015 2016 2017 2018 2019

Market | Swedish market leader

Case Study: Lendify

Lendify is founded

• The company was founded in

2014 with a vision to create an

effective and customer friendly

marketplace for loans

Bond issue – SEKm 200

• Both institutional and retail

investors participate in bond

issuance from Lendify

• New platform funding of SEKm

200

SEKm 650

• Raises SEKm 111.5, with a

pre-money valuation of SEKm

650

• Also performs a bond issue of

SEKm 400

Platform funding 1bn

• New platform funding of SEKbn

1 from a large Swedish

institution

2014 2015 2016 2017 2018 2019

Platform funding 1.5bn

• Insight Investment injects

SEKbn 1.5 into the platform,

and becomes the main lender

SEKm 60

• Lendify raises capital of SEKm

20 in their first funding round

• Pre-money valuation of SEKm

60

SEKm 210

• Several of Sweden’s leading

entrepreneurs invest SEKm70 in

Lendify

• Pre-money valuation of SEKm

210

SEKbn 1

• Lendify completes a rights

issue, and raises SEKm 197 of

equity

• Pre-money valuation of SEKbn

1

Accumulated loan issuance Valuation

SEKm

Valuations

Milestones

Note 1: Per September 2019

1

Perx is primarily targeting premium borrowers within consumer finance, and secondarily other types of secured lending

Market | Applicable market

Consumer finance market

• Consumer finance market

is undergoing major

change as a result of new

legislation and the debt

register

• Perx’s primary market is

consumer loans and

interest bearing credit card

debt, with a market size of

NOKbn 129

• Possible to expand into

secondary markets, like

DIY funding and car loans,

as it is a credible

alternative to existing

collateral-based

alternatives

Note:

1) First official figures from the

debt register (launched in

Oct 19) show higher debt

levels than historical

estimates

Sources: Gjeldsregisteret,

Finanstilsynet,

Prognosesenteret, Norges Bank,

SSB

Consumer loans (NOKbn) Annual growthPerx target the premium borrowers by

demanding:

• Full time employment

• Minimum 23 years old

• Fixed income for the past 2 years

• House ownership required for

applications above 150K

Interest bearing credit

card debt

NOKbn 55.1

Consumer loans

NOKbn 74.2

Consumer loans and interest

bearing credit card debt

NOKbn 129.3

Primary applicable market

Examples of secondary applicable markets

Norwegians renovate for NOKbn 80 a year, whereof 20% are financed

by debt. These volumes are recurring and increasing. Increasing

existing mortgage can be stressful and expensive, which makes Perx a

credible alternative to debt with real estate as collateral

1

2

DIY funding

NOKbn 16.0

Norwegians have debt with security in assets other than real estate of

~NOKbn 250. Perx is an alternative to loans with cars, boats or other

valuable assets as collateral, due to competing interest rates and no

collateral requirements

Other non-residential

secured debt

NOKbn ~250.0

Market size consumer finance

Per May 2020:

54 57 61 67 72 7992

104114

134.0 129.3

3% 5%

8% 9% 7% 10%

15% 13%

10%

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 May-20

Perx offer competitive interest rates, and aims to become an attractive alternative to secured debt

11

E-money

DescriptionOffers crowdlending to

consumers

Offers crowdlending to

consumers

Offers crowdlending to SME,

in addition to some private

placements

Offers crowdlending to SME

and real estate projectsOffers crowdlending to SME

Interest rates1 4.5% - 7.9% 2.99% - 7,99.0% 5 – 12,2% 5 - 15% 5 - 20%

Backed by

(selected)TBD n.a.

Sparebank 1 SR-Bank

(100%)

ABG Sundal Collier

(20%)

Schibsted (10%)

DNB (10%)

Company

Opened platform May 2018 November 2018 January 2018

2016

(had to shut down and got

new license in 2019)

2018

There are five licensed crowdlending companies in Norway, of which only Perx and Kredd are focused on consumer lending

Market | Competitors

Competitive landscape in the Norwegian crowdlending market

Consumer SMEType

Perx’s interval of offered interest rates are deemed attractive for both borrowers and lenders

Note:

1) Based on interest rates observed in March 2020, and may differ from past or future rates

2) Perx offers interest rates up to 12.9% for borrowers through the agreement with Storebrand Bank

2

Regulatory environment for crowdfunding are under development

Strict regulatory regime for banks that issue unsecured loans in the Norwegian market

Market | Regulations

Crowdfunding regulations are under development

• Perx complies with all

regulations for consumer

loans, although all of them

are not actually applicable

today

• A common regulation for

EU is under construction

and is expected to be in

place during 2020/2021

Sources: European Parliament,

Norges Bank, Regjeringen,

Stortinget, Sands, company

information

• 5x annual income as limit for total debt

• 5% points interest rate increase must be

bearable

• 5 years maximum repayment time, with

compulsory amortization

Introduction of debt

register (July 2019)

New lending restrictions (May

2019)

• The Norwegian Government, through the Granavolden-declaration, is

positive to crowdfunding:

«…The Government will: Facilitate for crowd funding through simplification for the

industry and increased consumer safety, and will consider to establish separate

regulations for crowdfunding in light of the international development, in particular

in the EU.»

• The Norwegian Ministry of Finance has circulated a consultation paper

prepared by the FSA with certain proposed regulations for crowdfunding

to SMEs and has signalised that a working group will be established to

propose regulations for crowdfunding to consumers

• As crowdfunding is a relatively new phenomenon, there has been some

uncertainty on how it will be regulated

• In December 2019, the EU agreed on the following framework for

crowdfunding for SMEs (details are still to be fine-tuned):

• A single set of rules will apply to crowdfunding services in the EU,

up to EURm 5

• Strict rules to protect investors from financial losses

• Member states responsible for authorising and supervising

crowdfunding providers

A common regulation for EU was recently constructed The Norwegian Government is positive to crowdfunding

• Applicants shall be evaluated based on

income, expenses, debt and wealth

• The process must be documented and

reconciled with a debt register, which went

online from July 2019

• Improves credit processes and reduces new

loans volume

• Applicants present printout from debt register

since crowdfunding platforms have so far not

been granted access

PSD2 (EU directive)

(2019-2020)

• Allows companies that are not banks (e.g.

Perx) to handle payments and gather

information from banks, credit card

companies etc., once granted a payment

institution license

• Intention is to increase competition in the

market for payment solutions

• Opens for Perx in the future to analyse

payment data from borrowers to improve its

analysis of credit risk

«The development of

crowdlending is positive, but

it is a very small part of the

total financing of consumer

loans and SME loans.

However, crowdlending has a

large potential, and I hope we

in the Government can

facilitate for it to become

much larger in the future»

State Secretary, Ministry of Finance

Geir Olsen (V)

Shifter.com: Nordmenn investerte 205

millioner i folkefinansiering i 2018: Milevis

bak våre naboer, February 7, 2019

About Perx

Company overview | About Perx

Business model

Value proposition

Consumer banks

Interest rate

Technical scalable cloud based platform, which is also used by some of the largest

financial institutions today

Automated in-house credit process based on external score card, internal policy rules,

debt register information and PSD2-enabled customer data

Additionally, third party services for AML, KYC, PEP, credit risk, debt collection and

other traditional banking operations are in place and running

Perx cooperates with ESPOS Norge AS, which is licensed to issue E-money. This

significantly reduces both time from application to payout of loan and administration

costs

Attractive returns

on deposits

Lower interest

rates

PerxBorrowers Lenders

4.50-7.90%

Interest rate

3.6-7.0%

Interest rate

10-20%

Interest rate

1-2%

Marginal returns

on deposits

High interest

rates

Borrowers Lenders

~50% lower interest rates on unsecured loans to qualified customers, offering

4.5-7.9% interest rates

The lender receives the interest that the borrower pays, but is charged an

annual average administration fee of 0.9% on remaining balance

The traditional consumer finance model has been expensive for consumers,

but highly profitable for the banks

Perx charges customers 3% of the face value of granted loans, in addition to a fee of

NOK 29 per instalment

Annual average administration fee of 0.9% of invested funds, charged from lenders

Borrowers have the opportunity to sign an insurance that covers the loan’s monthly

payments if they get sick, unemployed or similar.

How does Perx make money?

What operations and services are Perx performing?

Perx is an intermediary platform connecting high quality borrowers with

lenders that want higher returns than on a standard savings account

How is works

Significant benefits for both parties – short and long-term

Company overview | Storebrand Bank strategic cooperation

Strategic cooperation with Storebrand Bank increases Perx’ applicable market

• Perx acts as an agent for

Storebrand Bank, where

the bank is fully

responsible for the

onboarding process and

«owns» the customer

• Storerband Bank’s credit

policy allows for higher risk

and interest rates and will

therefore receive the

applicants with a “medium”

credit score, while Perx

keep the applicants with

highest credit scores

BorrowersLenders /

The crowd

Monthly payments of interests and instalments

Loan

Credit

bureau

score

Monthly payments of interests and instalments

Platform lenders – within Perx credit policy

Bank lenders – others

Credit

application

• Cost efficient way of increasing business volumes of customers looking to

refinance existing consumer loans or credit card debt

• Higher loan volumes at marginal cost increase

• Storerband Bank’s funding capacity and credit policy allows a larger part

of the market to benefit from crowd funding terms

• Partnership with a blue chip bank with an ambition to be a part of the

fintech revolution

• Perx’ vision to disrupt the market for unsecured lending supported by

partnership with a bank well-known for its focus on sustainabilty in all its

business activities

• Access to a market not previously explored due to reluctance of using

traditional loan brokers and market the product directly

• Perx to handle all marketing and the first stage of the customer

onboarding process

• Storebrand Bank with total control of the onboarding process (credit and

KYC) and maintains complete customer ownership

• Customers to be offered interest rates from 7,9% - 12,9%, in line with

Storebrand Banks sustainability principles and enabling a large number of

customers to significantly reduce costs on their existing consumer loans

• Partnership with fintech player to explore new business opportunities in

the future

Perx to benefit from fast volume growth with

marginal investments and no added internal resources

Storebrand to benefit from higher interest margins

without compromising sustainability principles

Loans

Based on a phase one

credit check, the

customer is either:

Guided through the

Perx onboarding

process

Given the option to

continue the

application process

with our partner,

Storebrand Bank

1

2

1

2

Company overview | History

Historical development

• Perx has originated about

100 loans and more than

900 lenders have signed

up at the platform, of which

more than 300 have

invested

• Hired experienced

management team from

BRAbank in September

2019

• Entered a strategic

agreement with Storebrand

March 2020

• At the end of a process to

improve the onboarding

process (UX) and re-

design the website and

visual profile

• Ready to execute on a

comprehensive market and

media plan to initiate rapid

scale up

Note:

1) Chief Credit Officer

Start-up period

Late 2016 - Spring 2018

• The company was founded in late 2016

with a vision to disrupt finance by giving

individuals the possibility to lend directly to

individuals and SMEs, without a bank and

other expensive intermediaries

• In January 2017, Perx was registered as

an Intermediator of Loans and Guarantees

in the Norwegian Financial Supervisory

Authority’s (FSA) registry of licensed

entities

Building organisation and platform,

while securing license from the FSA

Testing and calibration period

Spring 2018 – Summer 2019

• Perx launched its platform during the

spring of 2018, making them the first

mover within crowdlending

• Refined credit scoring accuracy, utilising

big data on consumers internet behaviour

• September 2019, Perx has originated

about 100 loans and more than 900

lenders have signed up at the platform, of

which more than 300 have invested

Refining platform while servicing the

increasing amount of loan applications

Scale-up period

Fall 2019 – Spring 2020

• Hired experienced management team (CEO, CFO and

CCrO1) From BRAbank September 2019

• A “freeze-period” for new loans as the company has

focused on developing and implementing a new credit

model, onboarding process, visual profile, home page

and marketing material

• Entered a strategic agreement with Storebrand which

significantly strengthens Perx’ offering

• The company is ready for rapid scale-up following

increased marketing, using the proceeds from the

private placement towards the spring of 2020

Increased marketing to build awareness of

Perx’s offering

Company overview | Customers

Risk class overview – distribution of applications receiving a score

• Returns are dependent of

risk class of borrower, and

ranges from 4.5-7.9%

• Applicable loan amount

range is 25.000 – 250.000

• Around 61% of

applications are expected

to be referred from Perx’

platform to Storebrand

• Expected share of

applications in the graph

below are applications that

will get a score between 0

and 1000. Applications that

are declined due to other

policy rules such as

payment remarks are not

included. This group is

expected to be around

12% of total applications

Note:

1) The profiles are examples of

typical borrowers within each

risk class

Risk class D

• Type: Consumer

• Gender: Male

• Age: 53

• Salary: NOKt 450

• Debt: NOKt 150

• Assets: NOKt 0

• Residence: Rents

• Marital status: Divorced

• Children: 2

7.9%-12.9%

Risk class A

• Type: Refinancing

• Gender: Female

• Age: 33

• Location: East Norway

• Residence: Owns

• Marital status: Cohabitant

• Children: 0

• Amount: NOK 125 000

4.5-5%

Risk class A


• Gender: Female

• Age: 41


• Debt: NOKt 650

• Assets: NOKt 1,800

• Residence: Owns


• Children: 0

4.5%

Risk class B


• Gender: Female

• Age: 49

• Location: Mid Norway


• Marital status:

Single

• Children: 0


5-6%

Risk class B


• Gender: Female

• Age: 49


• Debt: NOKt 450

• Assets: NOKt 500

• Residence: Owns

• Marital status: Married

• Children: 1

6.5%

Expected share of applications per risk segment

Risk class C

• Type: Consumer

• Gender: Female

• Age: 59

• Location: East Norway


• Marital status: Divorced

• Children: 0


6-7%

Risk class C


• Gender: Male

• Age: 33


• Debt: NOKt 450

• Assets: NOKt 100

• Residence: Owns


• Children: 2

7.9%

PERX risk classes1 Storebrand

7% 12% 13%

61%

7%

Risk Class A Risk Class B Risk Class C Risk Class D - Storeband Score decline

Perx willingly complies with FSA’s newly imposed 555-regulations (albeit they are not applicable for Perx as of now)

Company overview | Credit analysis

Targeting the prime market through highly competitive pricing and strict credit policy

ApplicationAffordability

assessment

Documents

required

(second

phase)

Approval

A

B

C

D

Risk

groups

A

B

C

D

Pricing

Credit check:

Credit policy

Credit score

Approval

Initial

decision

Documents

requiredPhone call1

3

2

4 5

Credit policy

Perx has set the following

requirements for being able to

apply for a loan:

• Minimum age 23

• Income last 2 years

• Full time employment

• House ownership required for

applications above 150K

Strict credit policy in order to

target prime borrowers and

minimise credit risk

1Credit score (Experian)

• The required credit score is

significantly higher than that

of a bank.

• Not-qualifying applications

will be forwarded to

Storebrand Bank

The credit agency and debt

register Experian is used to

score all applicants

2Documents required

To verify all inputs provided by

the borrower, which has been

automatically processed, Perx

requires the following

documentation:

• Last 3 pay slips

• Tax return

• Debt register info

The applicant must upload

documentation to verify their

financial information

3Affordability assessment

Perx calculates the disposable

income for the applicant:

• Net income (salary slip)

• Debt cost (stated and debt

register)

• Living cost (SIFO model)

• Other costs (Items missing

from SIFO)

• Housing cost (statistics

Norway)

• Child support (stated children)

• = Disposable income

Thorough calculation of whether

an applicant can afford the loan

4Phone call

• Fraud is an area of concern for

many financial institutions.

There has been a lot of cases

in Norwegian media recently

about customers claiming to

have been scammed with

identity theft, or other misuse

of BankID

• In order to mitigate the risk of

fraud, there will be a

requirement to get in touch

with the applicant by phone

before a loan is paid out

Perx calls the applicant prior to

pay out, to mitigate the risk of

fraud

5

Final

decision

Management Team

Company overview | Management team

Management team with strong and diversified banking background

Morten Grusd

Chief Excecutive Officer

• Co-founder and CEO of BRAbank.

First employee in the project to

establish BRAbank

• Former Country Manager at Ikano

Bank for eight years. Prior, he was

Sales and Marketing Director at Ikano

for one year

• Other previous positions include Head

of Market Communication / Head of

Sponsorship at Hydro Aluminium,

Communication Advisor at McCann

Worldgroup and Sales and Marketing

Director at Europay Norge / SEB Kort

• Holds a B.Sc in Management

Sciences from University of

Manchester and an MBA from

Thunderbird School of Global

Management

Sven Arnesen

Chief Financial Officer

• Established BRAbank’s financial

management system, developed

budgets and KPI’s, treasury

management and investor relations.

Former Business Control Manager at

Ikano Bank, a position he held since

2005

• Previous positions include Finance

Manager / Deputy CFO in SEB Kort,

CFO, Business Controller and Chief

Accountant at Europay Norge and

Assistant Bank Manager in

Samvirkebanken (later merged with

Danske Bank)

• Holds a BBA from Norwegian School

of Management

Per Arvid Gjersum

Chief Operating Officer

• Responsible for overall operations

including project management and

credit risk assessment

• More than 20 years of experience

from leading back-office positions at

DNB, American Express and Valyou

• Areas of expertise include payment

systems and processing, retail

banking, transaction processing and

GDPR

Shareholders Stocks %

Per Christian Haukenes 1,889 9%

Saga Forlag AS 1,887 9%

Part Invest AS 1,770 9%

Rambla Invest AS 1,766 9%

ViljeVe AS 1,685 8%

Jaco Invest AS 1,407 7%

Erik Wolff 850 4%

Svava Thorhallsdottir 700 3%

SiGy AS 454 2%

Lars Petter Liaaen 400 2%

Arentz & Amundsen AS 300 1%

Bemacs AS 300 1%

Geir Iversen 290 1%

JBR Holding AS 277 1%

Kaare M agnus Risung 250 1%

Other 6,458 31%

T o tal 20,684 100%

Board of Directors

Company overview | BoD and shareholders

Experienced BoD with extensive knowledge within banking, IT and digital strategies

Shareholder overview

Gudmundur Einarsson

Chairman

• Engaged in several IT

companies as board

member or Chairman

positions last 5 years

• CEO in IT companies

Hiddn Security and

Tandberg Data for 12 years

• Vice President, Ferrosilicon

and Silicon Metal Division

in Elkem ASA, and a

member of the Elkem

Management GroupCEO at

Hydro Aluminum Fundo AS

• Divisional Director in TBK

and EB Ericsson, telephone

system operator

Shareholder composition

Shareholders Shares1 %

Note 1: Thousand shares

9%

9%

9%

9%

8%

7% 4%

57%

Per C. Haukenes Saga Forlag ASPart Invest AS Rambla Invest ASViljeVe AS Jaco Invest ASErik Wolff Other

Roger Andreas Hulthin

Board Member

• Mr. Hulthin holds a position

as Business Developer and

Client Executive at

Collector Bank

• Previously CEO of e-

invoice solution suppliers

e360 and APIX

• Director Sales and

Marketing, Atella

Information

• Sales manager, Dun &

Bradstreet Corporation

• Various management

positions within collection

and credit insurance

Svein Stavelin

Board Member

• Mr. Stavelin has wide

experience in several areas

such as M&A, executive

management, strategy,

business development,

internationalization, sales,

marketing, contract

negotiations, investor

relations, IT technology

• Today, main position for

Mr. Stavelin is as the CEO

of Incepto AS, a corporate

finance & strategic advisory

company, and as the

Chairman of the board at

Nasdaq listed Dovre Group

Preben Duus Haanes

Advisor to the Board

• Mr. Haanes has spent the

last 15 years in leading

roles at Google and

Microsoft focusing on

customer experience and

digital business

development

• Last position was as

Country Lead Google

Marketing Platforms and

member of the management

team at Google Norway

• Runs his own consulting

business focusing on digital

transformation and brand

development

• Board member at

Douchebags and

Porterbuddy

Increasing media exposure as the market matures

Company overview | Media coverage

Mainstream media cover Perx and crowdlending in a favourable manner

• Positive media coverage

raises awareness and

increases knowledge of

Perx’s services amongst

potential customers and

lenders

• Large, global investment

funds have entered the

crowdfunding market

Financial forecast1

Business plan | Overview

Perx aims to operate at break-even level in 2021

Revenue and profitability development (NOKm)

Number of new loans and loan volume development (NOKm)

Note:

1) Based on information as at the date of the presentation and is subject to variation and uncertainty

Revenue EBITDA EBITDA-margin

3

35

49 65

81

4 15 29

44

(2,594%)

(525%)

10%

31%

45%

54%

2019 2020 2021 2022 2023 2024

12 101

1,065 1,422

1,829

2,240

98 527

5,000 6,000

7,000 8,000

2019 2020 2021 2022 2023 2024

Volume new loans issued (NOKm) Number of new loans

Average size of loans increases, which drives origination fees

Origination fees and commissions are main sources of revenue Perx’s fee structure

Business plan | Assumptions

Business plan assumptions1

Development monthly net profit (NOKm) from Jan-20 to Dec-24

• Origination fees are a big

part of Perx’s revenue

stream, and new volume is

therefore a key driver of

revenue growth

• Average loan size is

estimated to increase

going forward, which will

also drive revenue growth

• Marketing, staff and

consumer transaction

costs will dominate the

cost base

• Increased marketing will be

fully initiated once new

capital is raised

Note:

1) Based on information as at

the date of the

presentation and are

subject to variation and

uncertainty

NOKm

• Origination fees 3,0% - 3.2% on all loans referred to and paid out

• Recurring fees borrowers:

• NOK 29 received per loan each month.

• Perx also offers insurance, which charges 6.9% of each instalment.

Of the 6.9%, 35% is paid to insurer, which leaves ~4.5% to Perx. It

is assumed that 30% of customers choose the insurance.

• Recurring commission lenders: 0.9% fee per year on outstanding

balance on Perx platform, charged on a monthly basis.

NOKm

Average loan size (NOKt):

125 191 213 237 261 280

(3)

(2)

(1)

-

1

2

3

4

Thousands

2020 2021 2022 2023 2024

Monthly net profit

Overview of lending sources

Business plan | Funding Strategy

Private investors and financial institutions are expected to provide lending funds

• Private investors provide

platform funding today, but

financial institutions will

play a bigger role going

forward

• Perx offers competitive and

attractive returns that

should appeal to both

private investors and

financial institutions

The lender is presented with a new asset category

offering attractive returns (3.6%-7.0%)

Focus on the “high-end” of consumer lending, allowing

only borrowers with premium credit scores, limits risk

New debt register lowers the risk even further for lenders

Perx will increase marketing going forward, and expect

funds from private investors to increase accordingly

E-money secures efficient flow of capital, contributing to

high utilisation on lenders’ capital

Perx expects funding from financial institutions to increase

going forward

Historically, Perx has focused on premium borrowers with

low risk. However, because financial institutions seek

higher risk and yield, Perx will refer applicants with a lower

credit rating to financial institutions

The recent agreement with Storebrand Bank proves the

attractiveness for financial institutions

There are several other examples of funding by financial

institutions:

• Established players, like Goldman Sachs, PIMCO and

Insight Investment have recently invested in unsecured

consumer loans over crowdlending platforms. Insight

Investment was the main lender in Spotify’s recent funding

round of SEKbn 1.5

• Monner offers hybrid loans in cooperation with SR-Bank

In Perx’s business plan, it is assumed that Storebrand will

start providing funding from the April 2020

Perx aims to

shift lender

base towards

financial

institutions over

time

Examples

Financial institutionsPrivate investors

Focus on building a strong consumer-based platform in a few selected markets

Further strategic opportunities

• Car financing against collateral

• Second hand market for trading of loan portfolios

• Unsecured consumer loans

Product

Included in

business plan

Further strategic

opportunities

Business plan | Further strategic opportunities

• Market platforms –Integration or cooperation with external parties' platforms

• Direct distribution – TV-campaign, digital marketing, social media ++

Distribution

Included in

business plan

Further strategic

opportunities

• Perx has identified several

strategic opportunities

going forward, but will

follow the business plan in

the near future

• Expansion to lucrative

Nordic markets viewed as

a growth option

• Expected that large

financial institutions will

increase focus on

crowdlending as the

market matures

• Other financial institutions – insurance companies, pension funds,

investment banks

• Private investors

• Family offices and SME’s with excess liquidity

• Investment companies

• Banks

Funding

Included in

business plan

Further strategic

opportunities

Source: Statistics Sweden

• Well positioned in the immature and fast-growing crowdlending market

for consumers

• Fast growing crowdlending to consumers

• Market for unsecured lending is approximately SEKbn 239

• Growing market and well known by Norwegian niche banks

GeographyFurther strategic

opportunities

Finland

Sweden

NorwayIncluded in

business plan

Contact persons Private placement structure and information

Private placement

Private placement summary

• Perx Folkefinansiering AS

is seeking to raise equity

capital of NOKm 1,5 – 6,0 • The planned private placement of up to NOKm 30 planned by Perx

Folkefinansiering AS has been postponed to end of Q3 / beginning of Q4

due to the corona-crisis. The business case presented in this document is

based on a successful completion of the above mentioned private

placement.

• To maintain current marketing activity level and operational costs, the

company is seeking to raise equity capital of NOKm1,5 – 6,0 through a

crowdfunding campaign.

• Pre-money valuation of approx. NOKm 52

• Based on ca 20,6 mill existing shares at NOK 2,50 each

• A total of 1.8 mill warrants have been issued, with a weighted average

strike price of NOK 2.0. More than 90% of these expire at various dates in

2023

• In case of the share issue being oversubscribed, Perx’s Board of

Directors, together with its financial and legal advisors, reserves the right

to exercise discretion in the allocation of shares among potential investors

Morten Grusd

CEO, Perx

+47 993 11 210

[email protected]

Sven Arnesen

CFO, Perx

+47 926 28 020

[email protected]

Significantly lower interest rates for qualified borrowers… …and a new asset class with attractive returns for lenders

Appendix | Success factors

Why Perx is set to succeed

• Perx is able to offer

significantly lower interest

rates for qualified

borrowers

• Crowdlending represents a

new asset class for

investors, offering

attractive returns and

relatively low risk

• Increased marketing from

March/ April 2020 is

expected to drive customer

awareness of Perx’ offering

1) The largest debt collection

company in Northern Europe

• Qualified borrowers can refinance or

get a new loan at 50% lower interest

rate than the traditional banks are

offering

• Low operational and distributional

costs due to a low cost digital platform

and an automated credit assessment

• Scalable business model, as the

digital platform can handle much

larger volumes

• Perx has no capital restraints, in

contrast to banks

Perx is able to offer

significantly lower

interest rates

• Consequently, refinancing makes up

most of the new lending volume for

consumer banks

• The banks are “trading” customers, as

there are high price sensitivity and low

consumer bank loyalty among

borrowers

New regulations and the

debt register are

reducing new consumer

loans…

• They are not able to offer much lower

interest rates if they want to keep their

profitability

• Investor expectations for high net

interest margins

• Capital constraints limits growth

potential, especially at lower rates

… however few signs

that increased

competition will result in

lower interest rates

• Issuing consumer loans have

previously been reserved for banks,

which have used deposits from private

investors as funding, yielding marginal,

or negative, real returns for the

investors

• Now, private investors are offered a

new asset class, yielding attractive

returns of 3.6% - 7.0%, thus making

real returns

• Institutional investors get access new

customers to a new distribution

channel, illustrated by the recent

strategic agreement with Storebrand

Bank

• In the rare case of default, Perx has

an agreement with Lowell1, ensuring

that a large part of the investment

amount is recovered

• The debt register significantly reduces

the risk of lending due to more

thorough credit assessment

• The asset class has low correlation

with equities, making it a valuable

contribution to a diversified portfolio

• Perx plan to start its first marketing

activities in March/ April, which is

expected to drive customer awareness

and volumes

Private and institutional

investors are offered a

new asset class with

attractive returns

… and an attractive risk-

reward profile

Marketing to increase

customer awareness

Comparison of Perx and Lendify, and the Norwegian and Swedish market

Appendix | Comparison of Perx and Lendify

There are a few important differences between Perx and Lendify

• Perx has a different

revenue model than

Lendify, with borrowers

being the primary source

of income instead of

lenders

• Interest rates on

unsecured debt is

significantly lower in

Sweden than in Norway,

which makes Perx’s

relative pricing in Norway

more attractive than

Lendify’s in Sweden

Note:

1) Based on interest rates

observed in March 2020,

and may differ from past or

future rates

Sources: Lendify homepage and

annual reports

Sources of income

Funding by bonds

Nominal interest range

Company

Lowest nominal

interest rate on

unsecured loans

offered by banks

Market cycle for

crowdfunding

Country

3.0% – 17.0%4.5% - 7.9% (up to 12.9% for Storebrand Bank)

Early stage Growth stage

7.5% (OppFinans)1 3.8% (SEB)1

• 3% - 3,2% of loan amount

• NOK 29 invoice fee

• Service fee from individual lenders, average 0.9%

• Debt protection insurance

• SEK 495 start-up fee

• Interest margins on loans funded by bonds

• Service fee from individual lenders, average 4%

• Debt protection insurance

Number of employees 326.5

Marketing board

Appendix | Marketing board

Highly experienced marketing board will ensure high quality communication

Perx has put together a unique group of talented and experienced marketing and communication resources, each contributing with expertise in their field of work

Their main motivation for contributing to Perx growth is a firm belief in crowdfunding as a concept and in Perx’s ambitious and professional approach to development

The marketing board has created a marketing plan (included in Business Plan), with the ambition that 80% of the Norwegian population should know the name Perx after 12

months of marketing activity. This is an ambitious, but achievable target, due to the expected attention around Perx's disruptive offering

Lars Hafstad

Vice President, OMD AS

As one of Norway's leading media

agencies, OMD ensures

cost efficient and relevant visibility

of Perx marketing

material in paid channels such as

TV and selected

web-sites

Ole Tom Nomeland

AdHoc Management, Managing

Partner

With his impressive track record

within PR / lobbying and

corporate communication, Ole Tom

is instrumental in the

communication process with

external stakeholders

Stig Norderhaug

Art Director, Supernatural Stories

AS

The creative force behind many of

Norway’s most famous

advertising campaigns. His creative

strategy work ensures that Perx

communication stands out in a

world of rather homogenous

financial communication. Brand

building and sales triggering

campaigns are key words for his

contribution to Perx

Terje Johansen

Head of Agency, Storycraft AS

His copy writing experience

ensures the right tone of voice

in all Perx texts. Terje contributes

with inbound material in addition to

being key in developing the

creative material used in various

channels

Lars Johanson

Head of Agency, Synlighet AS

Visibility in social media is key to

success and Lars’ field of expertise.

Search engine optimization (SEO)

and analysis of marketing

effectiveness are other key areas

of contribution from Lars and his

colleagues at Synlighet

0

10

15 15 15 15

98 527

5,000

6,000

7,000 8,000

2019 2020 2021 2022 2023 2024

Total marketing cost (NOKm) Number of new loans

-

10

15 15 15 15

1

- - - -

0

10

15 15 15 15

2019 2020 2021 2022 2023 2024

Media (incl. Internet) Marketing production Programmatic

Marketing will be a vital success factor for Perx … … as it will increase awareness and loan volumes

Perx, in cooperation with the marketing board, has defined its challenges and goals, and created an appropriate marketing plan

Appendix | Marketing plan

Business plan assumptions1 - Marketing

• Marketing costs are set to

increase drastically from

historical levels, and will

help grow customer

awareness for Perx, with

the ambition that 80% of

the Norwegian population

should know the name

Perx after 12 months of

marketing activity

• Crowdlending to

consumers currently have

low awareness in Norway,

which makes educating the

market a key priority for

Perx

• Perx will draw upon the

experience of a highly

qualified marketing board,

and implement a

communication strategy

designed to create

awareness and

acceptance of

crowdlending to

consumers and Perx

Note:

1) Based on information as at

the date of the presentation

and are subject to variation

and uncertainty

NOKm

Challenge

• Crowdlending for consumers is not

established as a term in Norway

• Low brand awareness, which needs to

improve amongst those struggling with

existing consumer loans

• There are strong competition among

consumer banks, and Perx need to

distinguish themselves from other

financial agents and consumer banks

Goal

• Win market shares in the market for

consumer loans

• High top-of-mind knowledge of Perx

among the population, with strong

brand associations; fair rate, safe,

simple, transparent and innovative

• Communicate the advantages of

lending with Perx. Most borrowers will

cut their borrowing costs by ~50%

switching to Perx, but they do not

know that it is an opportunity

How

• Draw upon the highly experienced

marketing board to execute an

effective communication strategy

• Broad communication to create clear

associations to defined brand values

within target group

• Targeted communication, focusing on

product advantages to convert

customers

• Main channels are linear and digital

TV, social media and web ads targeted

to potential customers researching

loans

A media plan that ensures presence during the entire customer journey

Appendix | A favourable media market

Media plan

• The corona crises causes

media inventory to go up

resulting in reduced prices

by approx. 25%1)

• More leisure means more

time spent online and on

social media

• A market in limbo means

fewer competitors fighting

for attention

Note:

1) Estimation by digital agency

Synlighet

1

ACT

Applies for refinancing of

existing debt

THINK

Research on Perx. “Is

this to good to be true?”

SEE

Exposure to banner ad:

“Martin saves 2500 per

month. See how he does it”

SEE

Exposure to an ad on

Youtube about

crowdlending

Article with native ad

Search based adVideo

Overview of Perx’s digital platform

Appendix | Digital platform

Perx has a scalable cloud-based platform

• Using innovative third-party

vendors and scalable

cloud-based solutions

enables highly cost-

effective operational

processes

• The technical platform is

also used by more than

400 financial institutions,

such as Rabo Bank and

ABN AMRO today

• Multi-currency functionality

require only one back-end

system when launching in

other countries

• Google analytics is

integrated with FrontEnd

Income data

Notifications

Scoring - Credit Bureau

(Experian, DBS, EM, DM)

Credit Bureau Data

Other digital data

Customer Master Data

CRM System (Salesforce)

(Phase II)

Document Management System

Digital archive

(Signicat)

SMS Gateways

LinkMobility

(Phase II)

Document Upload/

Download

Investor

backend

solution

Dynamic Document Creation

(Conga)

Accounting/GL Reporting

(PhaseII)Document Creation

Loan agreement,

insurance agreement,

Invoices

Portals

Perx Front End App

NetBank-Customer Admin Tool

Application

Payment Processor

ESPOS e-Money structure

E-Money account creation

Payment Processing

Borrower

backend

solution

E-Signature Application/security

(Bank ID/Mobile BankID)

E- Signature

Customer verification and

Transaction verification

(Trapets)

KYC, PEP/RCA and

sanction list, AML, Terror

financing

Perx core

system

Appendix | Risk factors

Risk factors

RISK FACTORS

Investing in the Company involves inherent risks. An investment in the Company's shares (the "Shares") is suitable only for investors who understand the risks associated with this type of

investment and who can afford a loss of all or part of their investment. Before making an investment decision with respect to the Shares, investors should carefully consider, among other things, the

risk factors included below, together with the information included elsewhere in this Presentation, and should consult his or her own expert advisors as to the suitability of an investment in the

Shares.

The risks described below are not the only ones facing the Company. Additional risks not currently known to the Company or that the Company currently deems as immaterial, may also impair the

Company's business operations and adversely affect the price of the Company's Shares. If any of the below risks were to materialize, individually or together with other circumstances, the

Company's business, financial condition, results of operations and/or prospects could be materially and adversely affected.

The information included herein is presented as of the date hereof and is subject to change, completion or amendment without notice.

All forward-looking statements included in this Presentation are based on the information available to the Company on the date hereof, and the Company assumes no obligation to update any such

forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and that actual results

may differ materially from those included in the forward-looking statements as a result of various factors.

The order in which the below risks are presented does not reflect the likelihood of their occurrence or the magnitude of their potential impact on the Company's business, financial condition, results

of operations and/or prospects.


RISKS RELATING TO THE COMPANY'S BUSINESS AND THE INDUSTRY IN WHICH THE COMPANY OPERATES

The Company is exposed to changes in general economic conditions

The Company's revenue is derived entirely from customers based in the Nordic region, and particularly Norway. The Company's business and financial performance is therefore affected by, and exposed to risks related to, the

general economic conditions in Norway and elsewhere. Any adverse developments in the Norwegian or global economic and financial markets could have a material adverse effect on the Company's business, financial

condition, results of operations and/or prospects.

If the Norwegian economy weakens or if the financial markets exhibit uncertainty and/or volatility, this could result in a negative impact on consumers' disposable income, confidence, spending and/or demand for credit, which

could in turn have a material adverse effect on the Company's business, financial condition, results of operations and/or prospects. Further, the Norwegian lending market is historically cyclical with operating results of financial

enterprises having fluctuated significantly because of volatile and sometimes unpredictable events, some of which are beyond the control of the Company.

In addition, a deterioration in economic conditions in the Eurozone, including a return to macroeconomic or financial market instability, may pose a risk to the Company's existing and future operations. Should the economic

conditions in the Eurozone deteriorate, the macroeconomic risks faced by the Company would be exacerbated given the influence the Eurozone has on the performance of the Nordic economy, which could have a negative

impact on consumer confidence, spending and/or demand for credit in the Nordic countries, any of which could have material adverse effect on the Company's business, financial condition, results of operations and/or

prospects.

The Company may not be able to successfully implement its business plan

The Company's business plan is described in the Presentation. Achieving the Company's objectives involves inherent costs and uncertainties and there is no assurance that the Company will achieve its objectives or be able to

successfully implement its business plan.

The implementation of the Company's business plan will be dependent on the Company's management succeeding with complex judgements and assumptions relating to, inter alia, customer needs, competitor activity and the

development in the Nordic economy and financial sector. Further, the Company's ability to implement its business plan could be affected by factors beyond its control, such as increased competition, changes in market

conditions and in the regulatory environment in which the Company operates. Any failures, material delays or unexpected costs related to implementation of the Company's business plan could have a material and adverse

effect on the Company's business, financial condition, results of operations and/or prospects.

The Company faces strong competition

The Company faces strong competition from both domestic and international banks and financial institutions and other suppliers of credit. If the Company is unable to compete efficiently, this could have a material adverse effect

on the Company's business, financial condition, results of operations and/or prospects. Increased competition, e.g. through the introduction of services similar to those provided by the Company, may also put pressure on the

Company's profitability.

A lack of lenders could limit the Company's business potential

The Company's business model depends on individuals who are willing to lend money to borrowers through the Company's digital platform. A shortage of lenders would therefore limit the Company's business potential, and

could result in decreased lending volumes, which could in turn have a material adverse effect on the Company's business, financial condition, results of operations and/or prospects.

The Company relies heavily on IT systems and is exposed to the risk of failure or inadequacy in these systems

For its operations, the Company relies heavily on the uninterrupted operation of its IT systems. The Company also relies on certain financial infrastructure services that are widely used in the Norwegian financial services market

to process payments and transactions, as well as certain third party providers for the supply of important IT services.

Despite the contingency plans and facilities that the Company has in place, its ability to conduct business may be adversely impacted by a disruption of the infrastructure that supports the Company's business. For example,

changes in regulatory or operational requirements may imply material changes to the Company's current IT systems, which may in turn disrupt the operation of the Company's IT systems.

Any failure, inadequacy, interruption or security failure of the systems relied upon by the Company, or any failure to seamlessly maintain, upgrade or introduce new systems, could harm the Company's ability to effectively

operate its business, increase its expenses and harm its reputation. By way of example, there is a risk that customers, as a result of interruptions in the digital platform provided by the Company, could terminate their relationship

with the Company. The materialization of any of the aforementioned events could have a material adverse effect on the Company's financial condition, results of operations and/or prospects.

The Company is exposed to risks relating to potential cyber-attacks and security breaches

Like other financial enterprises, the Company's activities have been, and are expected to continue to be, subject to an increasing risk of information and communication technology ("ICT") crime in the form of, for example,

Trojan attacks and denial of service attacks, the nature of which is continually evolving. The protection of customer and company data, and customers' trust in the Company's ability to protect such information, is of key

importance to the Company. The Company relies on commercially available systems, software, tools and monitoring to provide security for processing, transmission and storage of confidential customer information, such as

personal identifiable information, personal financial information and loan and security data.


RISKS RELATING TO THE COMPANY'S BUSINESS AND THE INDUSTRY IN WHICH THE COMPANY OPERATES (cont.)

Despite the security measures in place, the Company's facilities and systems, and those of its third party service providers, may be vulnerable to cyber-attacks, security breaches, acts of vandalism, computer viruses,

misplaced or lost data, programming or human errors or other similar events. If one or more of such events occur, any one of them could potentially jeopardize confidential and other information related to the Company and its

customers. Any security breach involving the misappropriation, loss or other unauthorized disclosure of confidential information, whether by the Company or any of its service providers, could damage the Company's reputation,

expose it to risk of litigation or sanctions from the authorities and disrupt its operations. Such an event could also require that the Company spend significant additional resources to modify its protective measures and to

investigate and remedy vulnerabilities or other exposures. The materialization of any of the aforementioned events could have a material adverse effect on the Company's financial condition, results of operations and/or

prospects.

The Company may not be able to locate new outsourcing partners, and new outsourcing partners may not be available on commercially attractive terms

The Company may outsource certain key functions to external partners. In the event that the current outsourcing becomes unsatisfactory, or the Company's third party suppliers are unable to fulfil their obligations, there is a risk

that the Company may be unable to locate new outsourcing partners, or that new outsourcing partners are not available on commercially attractive terms, which may in turn have a negative effect on the Company's business,

financial position, results of operations and/or prospects.

The Company is dependent on key personnel

The Company bases much of its business development on challenging traditional banking solutions and creating new solutions, and is therefore dependent upon key individuals that hold the relevant knowledge and have

obtained the necessary and relevant experience. Loss of key personnel and management could therefore have a material adverse effect on the continued success of the Company and its business, financial position, results of

operations and/or prospects.

Similarly, the Company's future development is dependent on its ability to attract, retain and develop skilled personnel and to develop the level of expertise throughout the Company's organization. Should the Company be

unable to attract and retain skilled personnel, this could therefore have a material adverse effect on the Company's business, financial position, results of operations and/or prospects.

The Company is exposed to risks relating to money laundering and identity fraud

The risk that providers of financial services could be subjected to, or used in relation to, money laundering or identity fraud has increased worldwide. The risk of negative incidents related to money laundering and identity fraud

always exists for providers of financial services. The Company relies on third-party providers (BankID issuers and Signicat AB) to perform identity checks of new customers. Any violation of anti-money laundering rules, or even

the suggestion that violations have been committed, either by the Company itself or any of its third-party providers, may have severe legal and reputational consequences for the Company and may, consequently, have a

material adverse effect on the Company's business, financial position, results of operations and/or prospects. Violations of anti-money laundering rules may also result in severe sanctions from authorities.

The Company is exposed to risks relating to internal control procedures

The Company's business is exposed to operational risks, including, but not limited to, the risk of fraud and other criminal acts carried out against the Company. In order to mitigate such risks, the Company depends on internal

control procedures and certain systems and processes. Any weakness in such procedures, systems or processes could lead to the failure to prevent the materialization of the aforementioned risks, which could in turn have

severe legal and reputational consequences for the Company. Any weakness in the aforementioned procedures, systems or processes could therefore have a material adverse effect on the Company's business, financial

position, results of operations and/or prospects.

The Company is exposed to risks relating to automated procedures and external providers

The Company offers loan products only through its digital platform. The assessment of loan applicants is an automated procedure, although certain factors in the assessment, such as income data and information on the value

of real property held by the applicant, is verified by external sources. Most loan applications are assessed automatically based on the input from applicants and third party verifications, and in accordance with predetermined

financial models. The Company is therefore exposed to risks relating to the accuracy and completeness of its financial models on which the automated credit decision is based, as well as risks relating to the reliability of the

input provided by its customers.

Claims against the Company may not be covered by the Company's insurance

Although the Company seeks to take sufficient preventive measures, the Company's business is subject to a number of risks related to, inter alia, changes in general economic conditions, human errors, disruption of

infrastructure, litigations and changes in the regulatory environment in which the Company operates. The materialization of any of the risks related to the Company's business could result in losses and possible legal liability.

Although the Company seeks to maintain insurance coverage to protect against certain risks, to such an extent as it considers reasonable, its insurance may not cover all the potential risks associated with the Company's

activities. If a claim against the Company is not covered by the Company's insurance, or the claim exceeds the coverage limitations under the Company's insurance, this could have a material adverse effect on the Company's

business, financial position, results of operations and/or prospects.


RISKS RELATING TO LAWS AND REGULATIONS

Changes in financial regulatory framework

Although the Company works closely with its regulators and continues to monitor the legal framework, future changes in the NFSA's or other government agencies' interpretation or operation of existing legislation or regulation

can be unpredictable and are beyond the control of the Company.

The NFSA issued on 12 December 2018 a proposal for new regulations on debt-based crowdfunding, including a ban on crowdfunding of consumer loans unless the lenders are financial institutions. On 26 April 2019, the

Ministry of Finance circulated the proposal for consultation, stating clearly, however, that the Ministry did not ask for views on a proposed ban but, to the contrary, plans to establish a working group to propose similar

regulations for crowdfunding of consumer loans as proposed for loans to businesses in the consultation paper. The NFSA's proposals for regulation of crowdfunding to businesses include a number of restrictive measures. It is

uncertain how crowdfunding to consumers will be regulated and when such potential regulations will enter into force.

On 1 July 2019, debt registers licensed pursuant to the Debt Information Act of 16 June 2007 No 47 were launched. The Ministry of Children and Families have taken the position that companies operating crowdfunding

platforms are not required to report debt information to a debt register and do not have access to the registers. This is different from the position initially taken by the NFSA and may change in the future.

On 26 June 2019 the Council of the European Union presented its position on a new regulatory framework for the operation of crowdfunding platforms. It is proposed to adopt a new regulation setting out detailed provisions for

crowdfunding services provided to borrowers that are not consumers. The final content of the regulation and the date on which it will enter into force will not be know until negotiations with the European Parliament have been

concluded.

Moreover, as the Company's customers are consumers the Company is particularly exposed to the risk of new regulations targeted at consumer financing in specific.

The Company is currently subject to the Act on Financial Contracts of 25 June 1999 no. 46 ("FCA") which regulates the contractual relationship between the Company and its customers. FCA implements Directive 2007/64/EC

on payment services ("PSD") and Directive 2008/48 on credit agreements. On 7 September 2017, the Ministry of Justice and Public Security presented a proposal for a new Financial Contracts Act for consultation. The

proposal entails revision of the current Financial Contracts Act as a result of Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property, Directive 2014/92/EU access to payment

accounts with basic features and the contractual parts of Directive (EU) 2015/2366 access to payment accounts with basic features (PSD II) being implemented in Norwegian law. The proposal aims to strengthen the protection

for credit customers. Key changes include a proposal that the current obligation for a bank to dissuade customers from entering into credit agreement, is replaced by an obligation to reject credit applications from customers

with weak ability to repay. As a result of this the Company may be obliged reject more applications for credit. It is suggested that the customers obligations according to the credit agreement may be modified if a bank has not

complied with this duty, including that the customers may demand to pay market interest rate instead of the interest rate set in the credit agreement. Furthermore, a compensation provision based on objective liability is

proposed, for losses arising from breach of legislative obligations. The provision may in practice lead to increased liability for the Company.

The Company is also subject to laws and regulations concerning marketing activities directed towards consumers, the Company's target customers. Any changes in laws and regulations concerning consumer financing and or

marketing activities towards consumers could have a negative effect on the Company's business operations.

The Company is subject to Norwegian laws and regulations regarding tax and VAT. Future actions by the Norwegian government to change the tax or VAT laws or regulations, to increase tax or VAT rates or to impose

additional taxes or duties, might reduce the Company's profitability. Further, changes in the interpretation of tax or VAT legislation as well as differences in opinion between the Company and Norwegian tax authorities with

respect to the interpretation of relevant legislation or regulations might also adversely affect the Company's business. There can be no assurance that any change in tax or VAT legislation or the interpretation of tax and VAT

legislation will not have a retroactive effect. Any such event might have a material adverse effect on the Company's business, financial situation, results of operations, liquidity and/or prospects.


RISKS RELATING TO LAWS AND REGULATIONS (cont.)

The Company is exposed to risks relating to litigation, claims and compliance

The Company operates in a legal and regulatory environment that exposes it to potentially significant litigation and regulatory risks. As a credit broker the Company is registered with the NFSA but not subject to license

requirements and the detailed structure of the Company's business, including the use of e-money through cooperation with Espos Norge AS, has not been approved.

As a result of the litigation and regulatory risk, the Company may in the future become involved in various disputes and legal, administrative and governmental proceedings in Norway, which potentially could expose the

Company to significant losses and liabilities. Such claims, disputes and proceedings are subject to several uncertainties, and their outcomes are often difficult to predict, particularly in the earlier stages of a case or an

investigation.

Adverse regulatory action or adverse judgments in litigation could result in sanctions of various types for the Company, including, but not limited to, the payment of fines, damages or other amounts, the invalidation of contracts,

or in restrictions or limitations on the Company's operations.

In addition, any determination by the Norwegian FSA or the Norwegian Data Protection Agency that the Company has not acted in compliance with applicable laws, or any failure to develop effective working relationships with

the Norwegian FSA, could have a significant and negative effect on the Company's business and reputation. Proceedings relating to the Company's business may expose it to increased regulatory scrutiny and constraints that

involve additional costs for the Company. Norwegian regulations for debt-based crowdfunding are vague and fragmented and the NFSA's interpretations may be difficult to predict.

The materialization of any of the aforementioned events could have a material adverse effect on the Company's financial condition, results of operations and/or prospects.

The Company is exposed to risks relating to compliance with data protection regulations

The EU General Data Protection Regulation ("GDPR") was implemented in Norwegian law through adoption of the Personal Data Act of 15 June 2018 No. 38, taking effect from 20 July 2018. Although a number of basic

existing principles will remain the same, the GDPR introduces new obligations on data controllers and rights for data subjects, including, among others (i) accountability and transparency requirements, which will require data

controllers to demonstrate and record compliance with the GDPR and to provide more detailed information to data subjects regarding processing, (ii) enhanced data consent requirements, which may include "explicit" consent,

(iii) limit the amount of information collected, processed, stored and its accessibility, (iv) constraints on using data to profile data subjects, (v) providing data subjects with personal data in a useable format on request and

erasing personal data in certain circumstances, (vi) risk assessments, taking into account use of cloud services and cross-border data transfers; and (vii) reporting of breaches without undue delay (72 hours where feasible).

The GDPR also introduces new fines and penalties for a breach of requirements, including fines for serious breaches of up to the higher of 4% of annual worldwide turnover or EUR 20 million and fines of up to the higher of 2%

of annual worldwide turnover or EUR 10 million (whichever is highest) for other specified infringements. The GDPR identifies a list of points to consider when imposing fines (including the nature, gravity and duration of the

infringement).

European practice indicates that data protection authorities will strengthen its focus on data minimization (routines for deletion), data protection impact assessments (risk-based internal control) and individual's rights (subject

access requests, data portability, etc.). Those requirements are particularly relevant for the financial sector.

There is a risk that the measures required under GDPR will not be implemented correctly or that individuals within the Company will not be fully compliant with the new procedures. If there are breaches of these measures, the

Company could face significant administrative and monetary sanctions as well as reputational damage and claims for damages from individuals, which may have a material adverse effect on the Company's business, financial

position, results of operations and/or prospects.


FINANCIAL RISKS

The Company is exposed to liquidity risk

The Company is exposed to liquidity risk and any inability to maintain sufficient cash flows could materially disrupt its business operations, harm its reputation and its ability to raise further capital and financing. The Company

monitors its cash flow forecasts to ensure that it has sufficient cash available on demand to meet expected operational expenses. The Company's future liquidity needs depend on a number of factors, and is subject to

uncertainty with respect to, inter alia, future earnings and working capital variations. A limited liquidity position may have a material adverse effect on the Company's business, financial position, results of operations and/or

prospects and may, under certain circumstances, force the Company to cease its operations.

Risks relating to the payment of fees and charges by the Company's customers

Although the Company does not carry any credit risk with respect to the unsecured loans offered through its digital platform, there is a risk that customers may fail to meet their obligations to pay fees and charges to the

Company. If significant amounts are not paid, this could have a material adverse effect on the Company's business, financial position, results of operations and/or prospects.

Risks relating to future financing

The Company may need to obtain additional capital in the future, in order to finance its operations and future growth, or in connection with unanticipated liabilities or expenses or for any other purposes. The Company's ability to

obtain such additional capital or financing will depend in part upon prevailing market conditions as well as conditions related to the Company's business and operating results, and these factors may affect the Company's ability

to arrange additional financing on satisfactory terms or at all. If the Company raises additional capital through debt financing, the Company may be subject to covenants limiting or restricting its ability to take specific actions,

such as incurring additional debt, making capital expenditures or declaring dividends. Should the Company be unable to obtain adequate financing when needed, this could have a material adverse effect on the Company's

business, financial position, results of operations and/or prospects.

Interest rate risks

Interest rates are affected by numerous factors outside of the Company's control, such as, but not limited to, the fiscal and monetary policies of governments and central banks as well as Norwegian and international political

and economic conditions.

Sudden, large and/or frequent interest rate increases could lead to an increase in default rates, which may in turn inflict losses on persons providing loans through the Company's digital platform. Although the Company does

not carry any credit risk with respect to such loans, the Company could face fewer lenders and consequently reduced business as a result of losses suffered by lenders. Further, a high interest rate environment may reduce the

demand for the Company's services, as individuals are in general less likely to borrow money in such an environment. Increases in interest rates could therefore have a material adverse effect on the Company's business,

financial condition, results of operations and/or prospects.


RISK FACTORS RELATING TO THE COMPANY'S SHARES and OTHER RISKS

RISK FACTORS RELATING TO THE COMPANY'S SHARES

There is no market for trading the Company's shares

There is currently no market for trading in the Company's shares and the Company's shares are not admitted to trading on any regulated market or any other market place. Hence, the Company will, inter alia, not be subject to

the regulations that apply to publicly traded shares, such as the requirement to disclose material information about the Company's business. Further, the fact that the Shares are not subject to trading on a market may result in

the Shares issued through the Private Placement being more difficult to sell as compared to shares that are already tradeable on a market.

Future issuances of Shares or other securities could dilute the holdings of shareholders and could materially affect the price of the Shares

The Company may in the future decide to offer additional Shares or other securities in order to finance its operations and future growth, or in connection with unanticipated liabilities or expenses or for any other purposes.

Depending on the structure of any future offering, certain existing shareholders may not have the ability to purchase additional equity securities. An issuance of additional equity securities or securities with rights to convert into

equity could reduce the market price of the Shares and would dilute the economic and voting rights of the existing shareholders if made without granting subscription rights to existing shareholders. Accordingly, the

shareholders bear the risk of any future offerings reducing the price of the Shares and/or diluting their shareholdings in the Company.

OTHER RISKS

Norwegian law could limit shareholders' ability to bring an action against the Company

The Company is a private limited liability company incorporated under the laws of Norway. The rights of holders of the Shares are governed by Norwegian law and by the Company's articles of association. These rights may

differ from the rights of shareholders in other jurisdictions. In particular, Norwegian law limits the circumstances under which shareholders of Norwegian companies may bring derivative actions. For example, under Norwegian

law, any action brought by the Company in respect of wrongful acts committed against the Company will be prioritised over actions brought by shareholders claiming compensation in respect of such acts. In addition, it could be

difficult to prevail in a claim against the Company under, or to enforce liabilities predicated upon, securities laws in other jurisdictions.

Pre-emptive rights to secure and pay for Shares in additional issuance could be unavailable to U.S. or other shareholders

Under Norwegian law, unless otherwise resolved at the Company's general meeting of shareholders, existing shareholders have pre-emptive rights to participate on the basis of their existing ownership of Shares in the

issuance of any new Shares for cash consideration. Shareholders in the United States, however, could be unable to exercise any such rights to subscribe for new Shares unless a registration statement under the U.S.

Securities Act is in effect in respect of such rights and Shares or an exemption from the registration requirements under the U.S. Securities Act is available. Shareholders in other jurisdictions outside Norway could be similarly

affected if the rights and the new Shares being offered have not been registered with, or approved by, the relevant authorities in such jurisdiction. The Company is under no obligation to file a registration statement under the

U.S. Securities Act or seek similar approvals under the laws of any other jurisdiction outside Norway in respect of any such rights and Shares, and doing so in the future could be impractical and costly. To the extent that the

Company's shareholders are not able to exercise their rights to subscribe for new Shares, their proportional interests in the Company will be diluted.

Investors could be unable to recover losses in civil proceedings in jurisdictions other than Norway

The Company is a private limited liability company organised under the laws of Norway. [All of the members of the Company's Board of Directors and the senior management of the group reside in Norway.] As a result, it may

not be possible for investors to effect service of process in other jurisdictions upon such persons or the Company, to enforce against such persons or the Company judgments obtained in non-Norwegian courts, or to enforce

judgments on such persons or the Company in other jurisdictions.

The Company's ability to pay dividends is dependent on the availability of distributable reserves and the Company may be unable or unwilling to pay any dividends in the future

Norwegian law provides that any declaration of dividends must be adopted by the shareholders at the General Meeting. Dividends may only be declared to the extent that the Company has distributable funds and the

Company's board of directors finds such a declaration to be prudent in consideration of the size, nature, scope and risks associated with the Company's operations and the need to strengthen its liquidity and financial position.

As a general rule, the General Meeting may not declare higher dividends than the board of directors has proposed or approved. If, for any reason, the General Meeting does not declare dividends in accordance with the above,

a shareholder will, as a general rule, have no claim in respect of such non-payment, and the Company will, as a general rule, have no obligation to pay any dividend in respect of the relevant period.

IMPORTANT INFORMATION

The information in this company presentation (the "Presentation") has been prepared by Perx Folkefinansiering AS (the "Company") solely for use at presentations to potential investors in connection with the contemplated private placement of shares by the Company (the "Private

Placement"). By reading the Presentation, or by attending any meeting or oral presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations:

The Presentation is for informational purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Investors in the Private Placement (if and when made) are required to read the offering material and other relevant documentation which is released in relation thereto for a description of the terms and conditions of the Private Placement and for further information about the

Company.

CONFIDENTIALITY

This Presentation and its contents are strictly confidential. Distribution of this Presentation to any person other than the Recipient and any person retained to advice the Recipient with respect to the Private Placement is unauthorized, and any disclosure of any of the contents of this

Presentation, without the prior written consent of the Company, is prohibited.

DUE DILIGENCE INVESTIGATIONS

This Presentation has been prepared by the Company based on the information available at the time of its creation. The Company's legal advisor Advokatfirmaet Schjødt AS (the Advisor) has carried out a strictly limited legal due diligence review of the Company. No other due

diligence reviews or verification exercises have been performed in connection with the Private Placement. In particular, no tax or other financial due diligence or third-party verification of the Company's financial position, prospects, forecasts or budgets has been carried out in

connection with the Private Placement. The Recipient acknowledges and accepts the risks associated with the fact that only limited investigations have been carried out. The Recipient will be required to conduct its own analysis and acknowledges and accepts that it will be solely

responsible for its own assessment of the Company, the Private Placement, the market, the market position of the Company, the Company's funding position, and the potential future performance of the Company's business and its securities.

NO REPRESENTATION OR WARRANTY / DISCLAIMER OF LIABILITY

The information contained in this Presentation has not been independently verified. Neither the Company, the legal advisor nor any of their respective parent or subsidiary undertakings or affiliates, nor any directors, officers, employees, advisors or representatives of any of the

aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in this Presentation is or can be relied upon as a

promise or representation by the Company, the Advisor or any of their Representatives.

Neither the Advisor nor any of their Representatives shall have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in connection with the Private Placement, including but not limited to

any liability for errors, inaccuracies, omissions or misleading statements in this Presentation.

Neither the Company, nor the Advisors, have authorized any other person to provide investors with any other information related to the Private Placement or the Company and neither the Company nor the Advisors will assume any responsibility for any information other persons may

provide.

RISK FACTORS

An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. The Recipient should carefully review the chapter "Risk Factors" included in the Presentation for a

description of certain of the risk factors that will apply to an investment in the Company's shares. Should one or more of these or other risks and uncertainties materialize, actual results may vary materially from those described in this Presentation. An investment in the Company is

suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

NO UPDATES

This Presentation speaks as at the date set out herein. Neither the delivery of this Presentation nor any further discussions of the Company or the Advisors with the Recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the

Company since such date. Neither the Company nor the Advisors assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

NO INVESTMENT ADVICE

The contents of this Presentation shall not be construed as financial, legal, business, investment, tax or other professional advice. The Recipient should consult its own professional advisers for any such matter and advice.

FORWARD LOOKING STATEMENTS

The Presentation is based on the economic and regulatory market, as well as other conditions, in effect on the date hereof, and may contain certain forward-looking statements relating to, inter alia, the business, financial performance and results of the Company and 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. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they reflect the Company's current expectations and assumptions as to future events and circumstances that may

not prove accurate. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. Important factors that could cause those differences include, but are not l imited to, economic and

market conditions in the geographic areas and industries that are or will be major markets for Company's businesses, changes in governmental regulations and interest rates and fluctuations in currency exchange rates.

Any 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 and are subject to risks (including those described in the chapter "Risk Factors" in the

Presentation), uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. Neither the Company nor the Advisors or any of their Representatives provides any assurance that the

assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.

DISTRIBUTION AND SELLING RESTRICTIONS

The Company has submitted the prospectus for registration with the Norwegian Registry of Enterprises (“Foretaksregisteret”), by this allowing the distribution and marketing of Presentation in any jurisdiction where action would be required for such purposes. The Presentation has

not been registered with, or approved by, any public authority, stock exchange or regulated market. The distribution of this Presentation, as well as any subscription, purchase, sale or transfer of securities of the Company, may be restricted by law in certain jurisdictions, and the

Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. Neither the Company, nor any of their Representatives shall have any responsibility or liability whatsoever

(in negligence or otherwise) arising directly or indirectly from any violations of such restrictions. The Company has authorized an offer to the public of securities in Norway, and the Company is required to publish a prospectus in any member state of the European Economic Area

which has implemented Regulation (EU) 2017/1129 (the "Prospectus Regulation" with national rules/regulations), and if applicable.

In the event that this Presentation is distributed in the United Kingdom, it shall be directed only at persons who are either "investment professionals" for the purposes of Article 19 (5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or

high net worth companies and other persons to whom it may lawfully be communicated in accordance with Article 49 (2) (a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this

Presentation or any of its contents. Any investment or investment activity to which this Presentation relates will be available only to Relevant Persons and will be engaged in only with Relevant Persons.

This Presentation does not constitute an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of

any state or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, the securities

described herein will be offered only to qualified institutional buyers ("QIBs") within the meaning of, and as defined in, Rule 144A under the Securities Act. Outside the United States, the securities described herein will be offered in accordance with Regulation S under the Securities

Act to non-U.S. persons (as defined in Regulation S).

The Recipient warrants and represents that (i) if it is located within the United States and/or is a U.S. person or in the United States, it is a QIB, (ii) if it is a resident in the United Kingdom, it is a Relevant Person.

NEITHER THIS PRESENTATION NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, HONG KONG OR IN ANY OTHER JURISDICTION WHERE TO DO

SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS AND PERSONS INTO WHOSE POSSESSION

THIS PRESENTATION COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RELEVANT LAWS.

GOVERNING LAW AND JURISDICTION

This Presentation is subject to Norwegian law and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts, with Oslo district court as legal venue.