SUPERNOVA OPERATIONAL REPORT

4Q 2018

BUSINESS OVERVIEW

Finland10k of active customers

4Q18 paid out loans EUR 0m 4Q18 loanbook EUR 42m

Poland68k of active customers

4Q18 paid out loans EUR 17m

4Q18 loanbook EUR 73m

EstoniaHeadquarters

Sweden3,6k of active customers

4Q18 paid out loans EUR 0m4Q18 loanbook EUR 6m

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Supernova operations across the markets

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Supernova organisational structure

*

* InIn S.á.r.l. is an investment vehicle of Novator and Olympia. Formerly known as Supernova Investco Ltd.

OPERATIONALOVERVIEWReport based on unaudited financial statements

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Business overview

The previous scoring and issuance errors in Finland have put Group’s Finland business and Group overall under significant financial distress. The management is actively working on both to findshort term solutions to stabilize the Group liquidity position and long term to improve the negative equity and future cash flow short falls. Currently most probable solutions are discussed withGroup shareholders and existing Polish creditors, where term sheet has been singed to bring to the group EUR 15m new funding. In preparation for the solutions, Group is in process of completingdue diligence by Big Four company, which is expected to finish before end of February 2019.

During 4Q Group significantly slowed down loan issuance (reducing issuance in Poland over 50% and stopping issuance in Finland and Sweden) to manage its liquidity position. Group loanreceivables in forth quarter of 2018 reduced to EUR 120.7 million and group loan liabilities to EUR 136.3 million, while posting an proforma operating loss of EUR 6.8m million (out of what EUR 2.4million is from writing off deferred tax assets in Finland). Group equity in the end of Q4 2018 was EUR -2.4 million.

Q4 2018 results include loss from Finland deferred tax write-off in amount EUR 2.4 million and re-assessment of the recognition of Nemea Bank loan book related assets. Later included other revenue reduction by -1,3 million Euro (negative impact to the net result) and impairment reduction by +0,8 million Euro (positive impact to the net result).

Group has sold end of 4Q 2018 Big Data Scoring with a profit of EUR 1m and Group is further planning to close small currently none operational entities to simplify its legal structure.

Finland

Management prolonged restrictions on loan issuance throughout 4Q2018 and no new loans were issued during the quarter. However, Group has in early 2019 launched a small scale test issuanceto verify quality of new and significantly improved scorecard for Finland (new score cards has been developed after onboarding Group new CRO). The volumes of Finland business are kept atminimum until the results of the new scorecard have been verified against expectations. The new product parameters which the test has been done with has been developed considering themarket changes and opportunities after regulation change end of 2019.

Poland

During 4Q 2018 issuance in Poland was heavily reduced to improve Group’s liquidity position. However Group’s ability to make distributions or access cash from Poland for debt repayments or forother purposes is dependent on getting consent from Polish creditors. Aasa Polska is ring fenced by Polish creditors and access to its cash flow by group is limited.

Management is actively working on further improving Polish business, through improving collections activities, reducing of OPEX and variable costs as well as improving quality of future vintages.

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Group Snapshot

Lifetime lending activity till the end of December 2018

Finland Poland

We analysed

1 296 587 4 993 558loan applications

Finland Poland

We paid out

162 410 525 949loans

Finland Poland

10 277 68 595

Active customers

Finland Poland

EUR 420m EUR 337m

We paid out

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Proforma FinancialsBalance Sheet as at 31 March 2018

EUR '000 Dec-18 Sep-18% vs. Sep-

18

Tangible Assets 382 537 (28,9%)

Other Receivables and Prepayments 11 902 16 903 (29,6%)

Other Loan Receivables 307 1 365 (77,5%)

Receivables from Consumer Loans 120 668 157 296 (23,3%)

Cash and Cash Equivalents 9 648 14 846 (35,0%)

ASSETS 142 906 190 947 (25,2%)

Share capital 13 13 (0,0%)

Share premium 73 217 73 217 -

Minority shareholders 0 19 (100,0%)

Retained Earnings / (Losses) (75 589) (65 907) 14,7%

EQUITY (2 360) 7 341 (132,1%)

Loan Liabilities 136 291 171 544 (20,6%)

Front Capital 77 091 103 777 (25,7%)

Others 53 493 62 105 (13,9%)

Related parties 5 707 5 662 0,8%

Income Tax Liability 4 197 6 309 (33,5%)

Other Accrued Expenses, Prepayments and Liabilities 3 712 4 953 (25,1%)

Trade Payable 1 067 799 33,4%

LIABILITIES 145 266 183 606 (20,9%)

LIABILITIES AND EQUITY 142 906 190 947 (25,2%)

Group’s existing debt is exceeding the total Cash and Loan book by 5.9

million Euros.

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Proforma FinancialsIncome Statement for the 3-month period ended 31 March 2017

EUR '000 Dec'18 Sep'18 % vs. Sep'18 2018 Q4 2018 Q3 % vs. 2018 Q3Customer Interest Income 4 994 6 613 (24,5%) 16 766 20 846 (19,6%)

Customer Fee Income 506 548 (7,7%) 1 594 1 729 (7,8%)

Customer Fee Costs (161) (160) (0,1%) (491) (629) 21,8%

Other Income (1 298) 108 (1299,5%) (917) 337 (371,6%)

Revenue 4 041 7 109 (43,2%) 16 952 22 283 (23,9%)

Impairments on Customer Loans (4 268) (4 947) 13,7% (11 736) (15 113) 22,3%

Gross Margin (227) 2 162 (110,5%) 5 216 7 171 (27,3%)

Funding Costs (1 470) (1 698) 13,4% (4 794) (5 363) 10,6%

Marketing and Sales expenses (227) (193) (17,8%) (684) (757) 9,7%

Data and Scoring expenses (129) (83) (54,5%) (416) (287) (44,8%)

Contribution Margin (2 053) 188 (1191,4%) (678) 763 (188,9%)

Personnel expenses (1 113) (1 066) (4,4%) (3 181) (3 268) 2,7%

Administrative and other expenses (1 609) (605) (166,1%) (2 815) (1 862) (51,2%)

Impairment of Goodwill and or Investments 1 083 (17 955) 106,0% 748 (17 955) 104,2%

Profit before tax (3 692) (19 437) 81,0% (5 926) (22 321) 73,5%

Corporate Tax Expense (3 010) 12 (24505,4%) (4 252) (1 689) (151,7%)

FX (134) 501 (126,7%) (646) 1 020 (163,4%)

Net Result of the Period (6 835) (18 924) 63,9% (10 824) (22 991) 52,9%

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Supernova Group Covenant Calculation

EUR'000 Shareholders loans + Equity / Junior notes

Shareholder loans 40 782

Group equity (2 360)

Total 38 422

Junior notes 25 405

Covenant ratio 1,51

Required ratio 2,00

EUR'000 Shareholders loans + Equity / Total assets

Shareholder loans 40 782

Proforma Group equity (2 360)

Total 38 422

Total assets 142 906

Covenant ratio 26,89%

Required ratio 10,00%

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Loan book details

Poland

Finland

EUR'000 31 Dec 2018Gross loan

receivable Impairment

Net loan

recivable

Performing loans (not ovedue) 47 522 (1 190) 46 332

Performing loans (overdue 1 - 90) 30 310 (6 952) 23 358

Non-perfoming loans 7 459 (3 980) 3 479

85 291 (12 123) 73 168

EUR'000 31 Dec 2018Gross loan

receivable Impairment

Net loan

recivable

Performing loans (not ovedue) 19 068 (522) 18 546

Performing loans (overdue 1 - 90) 21 855 (4 052) 17 802

Non-perfoming loans 16 522 (10 600) 5 922

Additional provision (324) 0 (324)

Customer acquisition prepayment 785 0 785

57 906 (15 174) 42 731

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Funding received by country

Poland

Finland

EUR'000 31 Dec 2018 Shareholder Other TOTAL

Related party 9 154 0 9 154

Other 34 917 1 781 36 698

Gross sum 44 071 1 781 45 852

Interests and fees (15)

Net sum 45 837

EUR'000 31 Dec 2018 Shareholder Other TOTAL

Related party 12 215 0 12 215

Other 5 491 55 524 61 015

Gross sum 17 706 55 524 73 230

Interests and fees (905)

Net sum 72 325

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Portfolio quality in Poland

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Portfolio quality in Finland

Supernova JV S.à r.l.2, rue du Fort BourbonL-1249 Luxembourgwww.supernova.lu