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Lindorff

Company Presentation

November 2016

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2

Disclaimer IMPORTANT INFORMATION

Not for distribution in or into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful.

This presentation is not and does not form a part of any offer for sale of securities. Copies of this presentation are not being made and may not be distributed or sent into the United States, Australia, Canada,

Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

This presentation is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States or any other jurisdiction and no

securities will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”).

This presentation is not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”).

Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,”

“anticipate,” “intend,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements herein are based upon various assumptions, many of which are based, in turn, upon

further assumptions. Although Lindorff believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies

and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially

from the expectations expressed or implied herein by such forward-looking statements. The information, opinions and forward- looking statements contained in this presentation speak only as at its date, and are

subject to change without notice.

The financial information herein has not been audited or otherwise reviewed by Lindorff’s auditors.

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3

55%

19%

26%

Northen Europe Central Europe Southern Europe

LTM

Q3’163

LTM Q3’16

Pro forma4

Net revenue 610 686

Adjusted EBITDA2 417 467

EBITDA2 261 310

EBIT2 181 253

● Leading credit management partner for Financial Institutions (FI) in Europe

● Founded in Oslo in 1898 with over 100 years of growth and value creation

● Integrated business model providing solutions throughout the CMS value

chain and across multiple segments

• 51% Debt Collections & Others (payment services, credit analytics, etc.)

• 49% Debt Purchasing

● Leading position in the attractive, high growth FI segment

• FI represents 84% of Estimated Remaining Collections (as of Jun-16)

● Strong culture of compliance, based on highest ethical standards, fair

collection and customer satisfaction

● 4,200 current FTE’s1 with scaled operations in 13 countries

Key facts and figures LTM Sep-16 (EURm)

Lindorff highlights Geographic breadth and scale5

1 Full Time Equivalent employees.

2 Excluding non recurring items and impairments, Adjusted EBITDA is equivalent to Cash EBITDA and represents EBITDA adjusted for non-cash amortisation and revaluations of DP portfolios. 3 Aktua included in reported financials from 1 Jun 2016. 4 Pro forma for acquisitions reflecting full-year effect of Aktua (Spain) as well as two smaller transactions in Italy (Cross Factor) and Spain (Banco Mare Nostrum). 5 Based on YTD Q3’16 net revenues. Geographical breakdown for illustrative purposes only. Northern Europe includes Norway, Sweden, Denmark, Estonia, Finland, Latvia, Lithuania, and Russia. Central Europe includes Germany, Netherlands and Poland. Southern Europe

includes Italy and Spain.

Note: 2006-2010 as reported under Swedish GAAP and 2011-2016 as reported under IFRS, excludes impact of discontinued operations in 2011 and 2012

Adjusted EBITDA4 evolution (EURm)

467

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM Sep-2016

Leading Credit Management Services company in Europe

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4

Founded by

Eynar

Lindorff

• 27jan12 Tryg insurance outsource in Denmark

• 6mar12 Lindorff acquires collection company from

Santander

• 28mar12 Lindorff acquires a non-performing loan portfolio

from Deutsche Bank

• 28sep12 Lindorff acquires Solveon, a subsidiary of ABN

AMRO

• 24mar14 change company logo and branding

• 18jul14 Altor and Investor sell Lindorff

• 30jul14 Lindorff Spain acquires debt recovery business

from Sabadell

• 8aug14 Expends to Italy and purchases debt portfolio from

DB Italy

• 2015 focus on DP in Russia

• 2015 Lindorff acquires debt portfolio from Nordea in

Sweden

• 2015 Lindorff acquires Casus Finanse in Poland

• 2015 Lindorff acquires NPL from DB

• 2016 Lindorff acquires Aktua

Co-investments

2015-2016

Secured servicing 2015-2016

2003 - 2007

Nordic expansion

European expansion European leadership

2007 - 2013 2013 - 2016

1

1 Entered into long term strategic partnership with large portfolio acquisition and subsequent forward flow. 2 Full time equivalents on-boarded in L5Y through carve-outs.

Growth drivers

Organic

M&A

New market

entries

Carve-outs

2012 2014 2015 2016 1898 2001 2013 2005 2003 2010 2011 2007 2009

x3

x3

Unique track

record

● 10 large transactions in last 5 years

● 1,350 FTEs2 on-boarded

Strong client

relationships

● Trusted and preferred relationships

● IT integration

● Service level agreement structuring

and implementation

● Integrated operations with clients

● KPI reporting

Strong pipeline

Existing markets New markets

Lindorff – a journey of growth and value creation

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5

# of claims1 % 3PC revenues1 DP ERC1

35%

57%

84%

65%

43%

16%

1 Based on FY 2015. Trade and others Financial

Institutions

● Origination

● Operational scalability

● Database and analytics

● Collection strategies

● Standardised processes

● Tangible operational benefits from integrated DC+DP platform include

de-risked portfolio origination, greater operating scale due to internal

debt collection and benefits from larger data assets and analytics

● Data and collection experience from Debt Collection activities across

client segments (incl. trade, utility and other claims) supports analytical

capabilities when purchasing debt portfolios (incl. in FI)

● Typically consumers hold debt across sectors (e.g. credit card, utility

bills, telco or retail invoices)

DC and DP are highly synergetic Trade & other segments provide data & experience

which support success in the core FI segment

Integrated business model provides clear benefits Leveraging scale and data from other sectors supports core FI purchases

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6

Summary overview

Key segment stats – LTM to Sep-2016

128 139

151

189

0

50

100

150

200

2013 2014 2015 LTM Sep-16

Series 1

Steady Debt Collection earnings1 growth

Segment revenue EUR 288m

Segment earnings2 EUR 189m

Value of cases in stock (face value)5 EUR 21bn

Number of cases in stock5 ~4m

49% 47%

4%

Debt PurchasingDebt Collection (incl RES)Other products

47% contribution to group revenue3

53%

8%

39%

Northern Europe Central Europe

Southern Europe1 Owned portfolios, revenues eliminated in consolidation.

2 Earnings calculated as segmental revenue less direct operating costs. 3 LTM Sep-16 revenue. 4 Real Estate Services. 5 Third party Debt Collection, includes RES.

EURm ● Third party servicing

• Traditional contract based servicing with long-term customer

relationships

• Several carve-out transactions with long-term contracts and deep

IT and operational integration with banking clients

● Internal Debt Collection1

• Provides scale and operating efficiency across geographic

platform

Overview of Debt Collection

Geographic mix3

4

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Long, stable Debt Collection relationships

Growth from significant long-standing client relationships

Carve-outs are a long-term growth accelerator

3%

23%

73%

< 5 years 5-10 years > 10 years

10yrs

9yrs

8yrs 8yrs 8yrs

7yrs

3yrs

1yrs

Carveout 1 Carveout 2Carveout 3Carveout 4Carveout 5Carveout 6 Carveout 7Carveout 8

• Established carve-out expertise across geographic markets

• Carve-out transactions typically include entering into long-term

servicing agreements with key banking clients, where Lindorff

integrates into the bank’s collection systems and workflow

• IT & operational integration and carve-out transactions create

foundation for long-term business relationships with key European

banks – beyond contract life

• Stable client base in third party servicing with Lindorff acting as a

long-term trusted partner in collections

• In Northern Europe, some of Lindorff’s largest revenue contributors

and longest-dated relationships go back to the 1980’s

• Northern Europe example: based on the tenure of Lindorff’s top 10

clients in each Nordic market, the average length of client

relationships in third party debt collection services is over 15 years

Remaining duration of Spanish carve-out contracts

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Aktua acquisition rationale: new growth platform for Lindorff

Transaction overview and key business highlights

● 430 FTEs and 22 offices across Spain

● Lindorff becomes an end-to-end player which provides competitive advantage for

future business in existing and new markets and geographies

● Santander remains a minority shareholder - key strategic pan-European

relationship

1 Leading and independent multi-client servicer in Spain with a track record

of consistent strong growth

2 Best-in-class bespoke technologies, protocols and data insight

3 Long duration of existing contracts providing earnings visibility

4 Strong pipeline of additional contracts to be won in Spain

Key transaction benefits

Combination of services

and best practices

Secured NPL and Real Estate Servicing

Established customer base in Spain including

banks and international investment funds

High growth and strong pipeline

Balance sheet strength

Access to 13 markets

Large and established customer base

Diversified business model

Aktua amplifies Lindorff’s opportunity to grow in secured and

RES across key geographic areas 5 Opportunity to expand the services and leverage unique capabilities in

other geographic markets

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9

0

10

20

30

40

50

60

2012 2013 2014 2015

Aktua – solid performance with significant growth potential

Continued growth in debt under management

0

1

2

3

4

5

6

7

8

9

10

2012 2013 2014 2015 Sep-16

NPL RES

Strong and profitable growth

EBITDA

Aktua’s revenue model based on running fees on managed assets,

with upside potential through success fees

Aktua’s business model designed to capture new market

opportunities and increase debt under management

EURbn EURm

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10

Overview of Debt Purchasing

Strong collection performance Strong segment earnings1 growth

Key segment stats – LTM to Sep-16

Segment revenue EUR 296m

Segment earnings1 EUR 164m

Estimated Remaining Collections (ERC) EUR 2.5bn

Debt under management (face value)2 EUR 19bn

Return on Debt Purchasing3 17%

ERC by sector 30-Sep-2016

ERC by region 30-Sep-2016

109 115

140

164

0

20

40

60

80

100

120

140

160

180

2013 2014 2015 LTM Sep-16

EURm

84%

5%

3% 1%

7%

FinancialInstitutions

Telco Retail Utility Other

55% 26%

19%

Northen Europe Central Europe

Southern Europe

1 Earnings calculated as segmental revenue less direct operating costs. 2 LTM Jun-16. 3 Lindorff’s accounting approach.

104% 109%

99% 109%

101% 103% 98% 105% 103% 102%

104% 106%

110% 107% 104% 113%

102%

0%

20%

40%

60%

80%

100%

120%

3Q

12

4Q

12

1Q13

2Q

13

3Q

13

4Q

13

1Q14

2Q

14

3Q

14

4Q

14

1Q15

2Q

15

3Q

15

4Q

15

1Q16

2Q

16

3Q

16

Average actual collection as % of forecast

105%

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11

Diversified long-term portfolio base provides visibility >1,600 portfolios provide diversified and resilient asset base

Portfolio layering built over more than 20 years provides inherent diversification and stability ERC by vintage1

~8m unique customers

EUR 3,077 avg. claim size

Resilience from granularity of cash flows

>11m accounts

EUR 109 avg. monthly payment3

10%

1%

3%

2%

9%

6%

13% 8%

16%

23%

Pre-2007

2007

2008

2009

2010

2011

2012

2013

2014

2015

0

5

10

15

20

25

30

35

40

45

50

Ja

n/1

1

Ju

l/11

Ja

n/1

2

Ju

l/12

Ja

n/1

3

Ju

l/13

Ja

n/1

4

Ju

l/14

Ja

n/1

5

Ju

l/15

Ja

n/1

6

Ju

l/16

Ja

n/1

7

Ju

l/17

Ja

n/1

8

Ju

l/18

Ja

n/1

9

Ju

l/19

Ja

n/2

0

Ju

l/2

0

Ja

n/2

1

Ju

l/2

1

Ja

n/2

2

Ju

l/2

2

Ja

n/2

3

Ju

l/2

3

Ja

n/2

4

Ju

l/2

4

Ja

n/2

5

Ju

l/2

5

Ja

n/2

6

Ju

l/2

6

Ja

n/2

7

Ju

l/2

7

Ja

n/2

8

Ju

l/2

8

Ja

n/2

9

Ju

l/2

9

Ja

n/3

0

Ju

l/3

0

Ja

n/3

1

Th

ou

sa

nd

s

<2000 2000 2001 2002 2003 2004 2005 2006 2007

2008 2009 2010 2011 2012 2013 2014 2015 Series12016 2

1 ERC as of Jun-2016. 2 Excluding one off re-adjustment of Dutch book in Feb-2014. 3 Excluding payments >EUR 2,500 as proxy for large one-off full payments.

EURm

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12

25%

16%

10% 4%

Norway ECE¹ Sweden Denmark

Northern Europe – Region snapshot

● Robust historical footprint with long established customer relationships

● Proven ability to leverage Debt Collection relationships to acquire portfolios

● Operational efficiency and digitalisation key commercial success factors, providing added

value for clients

● Focus on expansion in value added services and payment services. Several new

partnerships established

Key regional highlights

Contribution to group revenue (LTM Sep-16)

Revenue – L3Y Business mix

(LTM Sep-16 revenue)

305 309 306 335

-

75

150

225

300

375

2013 2014 2015 LTM Sep-16

45%

47%

8%

Debt Purchasing Debt Collection

Other Products

55%

Key statistics

1 Consists of Finland, Russia, Latvia, Estonia and Lithuania.

EURm

Revenue (LTM Sep-16) Number of FTEs in region

EUR 335m 1,403

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11%

6% 2%

Germany Netherlands Poland

97 92

115 119

-

20

40

60

80

100

120

140

2013 2014 2015 LTM Sep-16

79%

20%

1%

Debt Purchasing

Debt Collection (incl. RES)

Other

19%

● Strong footprint in Germany through two historical acquisitions and a carve-out from a large

European Bank

● Dutch footprint initially established through two carve-outs of a large Dutch bank and

leading retailer

● Recent entry in Poland through acquisition of Casus Finanse

Key regional highlights

EURm

Key statistics

Contribution to group revenue (LTM Sep-16)

Revenue – L3Y Business mix

(LTM Sep-16 revenue)

Central Europe – Region snapshot

Revenue (LTM Sep-16) Number of FTEs in region

EUR 119m 870

[255]

[255]

[255]

[0]

[0]

[0]

[14]

[100]

[99]

[217]

[209]

[199]

[14]

[100]

[99]

[123]

[157]

[151]

[66]

[181]

[228]

[166]

[213]

[204]

[134]

[135]

[135]

[253]

[181]

[40]

[255]

[90]

[90]

[176]

[196]

[193]

Body Text

Background

Message Box,

Table Highlight

Heading Boxes

Primary Eight

Chart Colours

Page Setup

Width: 29.7cm (11.69”)

Height: 21.0cm (8.27”)

Prints as A4

Page Setup should

only be changed if

banker requests a

specific size. If this is

the case, note the

banker name and

instructions in this box

14

25%

1%

Spain Italy

45

74

114

160

-

30

60

90

120

150

180

2013 2014 2015 LTM Sep-16

26%

29%

71%

0.5%

Debt Purchasing

Debt Collection (incl. RES)

Other

EURm

● Exceptionally large market opportunity with in excess of EUR 600bn NPLs (incl. foreclosed

assets) across Spain and Italy

● Track record of growth and consolidation in Spain through landmark bank carve-outs

(Santander, Banco Mare Nostrum, Banco Sabadell)

● Proven valuation capabilities across secured and unsecured asset classes

● Ability to follow the assets – Lindorff manages the NPLs but also provide real estate services

for banks on foreclosed assets

● Solid platform to capitalise on the large Italian opportunity

• Replicate successful Spanish model in Italy

Key regional highlights Key statistics

Contribution to group revenue (LTM Sep-16)

Revenue – L3Y Business mix

(LTM Sep-16 revenue)

Southern Europe – Region snapshot

Revenue (LTM Sep-16) Number of FTEs in region

EUR 160m

1,594

[255]

[255]

[255]

[0]

[0]

[0]

[14]

[100]

[99]

[217]

[209]

[199]

[14]

[100]

[99]

[123]

[157]

[151]

[66]

[181]

[228]

[166]

[213]

[204]

[134]

[135]

[135]

[253]

[181]

[40]

[255]

[90]

[90]

[176]

[196]

[193]

Body Text

Background

Message Box,

Table Highlight

Heading Boxes

Primary Eight

Chart Colours

Page Setup

Width: 29.7cm (11.69”)

Height: 21.0cm (8.27”)

Prints as A4

Page Setup should

only be changed if

banker requests a

specific size. If this is

the case, note the

banker name and

instructions in this box

15

261

47 2 310

156 467

Reported EBITDAExcl. NRIs

Full year impact ofAktua

Full year impact ofCross Factor and BMN

Pro Forma EBITDAExcl. NRIs

Portfolio Amortisation& Revaluation

Pro FormaAdjusted EBITDA

Pro forma Adjusted EBITDA

LTM Sep-16 (EURm)

● Aktua’s reported LTM EBITDA to Sep-16

of EUR 65m (2015 EBITDA: EUR 51m)

• 4 months included of EUR 18m

• Resulting pro forma adjustment for

8 months of EUR 47m

● Actual performance for Aktua has

exceeded management expectations

● Reflects the full year

impact of Cross

Factor acquisition

and BMN carve-out

1

1 Equivalent to Cash EBITDA.