LINDORFF SECOND QUARTER 2015 PAGE 1/29 QUARTERLY REPORT

LINDORFF SECOND QUARTER 2015 PAGE 1/29 Q1 QUARTERLY REPORT 2017

PAGE 2/29 LINDORFF SECOND QUARTER 2015

LINDORFF FIRST QUARTER 2017 PAGE 3/29 Financial highlights Q1 Net revenue of EUR 179m, up 33% y/y Organic revenue growth in 3PC of 9% EBITDA excl. NRIs of EUR 71m in Q1, up 38% y/y ERC of EUR 2,621m, up 9% y/y Adjusted EBITDA Up 23% ERC Up 9% Investments in DP (LTM) EUR241m Adj. EBITDA (excl. NRIs) EURm 150 100 50 88 108 ERC 180 month EURm 2,700 2,600 2,500 2,400 2,300 2 412 2 621 Investments in Debt Purchasing LTM EURm 500 376 400 300 200 100 241 0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 2,200 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 EURm unless otherwise stated Jan-Mar 2017 Jan-Mar 2016 Change % Jan-Dec 2016* LTM* Net revenue 179 135 33% 647 691 EBITDA 63 46 35% 252 268 EBITDA margin (%) 35% 34% 39% 39% EBITDA excl. NRIs 71 51 38% 273 293 Adjusted EBITDA 100 83 21% 412 429 Adjusted EBITDA excl. NRIs 108 88 23% 433 454 EBIT 48 36 32% 167 179 NIBD 2,372 2,073 14% 2,329 2,372 NIBD / Proforma Adjusted EBITDA (LTM)** 5.1 5.6 5.0 5.1 ERC, end of period 2,621 2,412 9% 2,641 2,621 Investments in Debt Purchasing 23 24-1% 241 241 Return in Debt Purchasing (LTM) 14.3% 15.5% 14.1% 14.3% * Aktua included from 1 June 2016. ** See definition on page 27 and reconciliation on page 18.

LINDORFF FIRST QUARTER 2017 PAGE 4/29 Operational and Market update Continued double digit growth in revenue and earnings Lindorff delivered strong performance in Q1, with Net revenue of EUR 179m representing an increase of 33% compared to the same quarter last year. The growth was driven by the Debt Collection business following the acquisition of Aktua in 2016 and positive development in the underlying external servicing revenue in the 3PC business. The net revenue in the Debt Collection unit grew by 48% in Q1 2017 compared to Q1 2016, mainly driven by the acquisition of Aktua and the positive impact of initiatives to drive 3PC collection performance. Excluding the effects of the acquisition of Aktua and two bolt-on acquisitions in Germany from 2016, the organic net revenue growth in 3PC was 9% compared to same quarter last year. The Q1 Adjusted EBITDA excluding NRIs was up 23% compared to the same quarter last year, coming in at EUR 108m. The reported EBITDA was up 35% and up by 38% excluding NRIs compared to Q1 2016. The EBITDA margin in quarter consequently increased to 35% from 34% in Q1 2016. The margin increase is mainly driven by high margin contribution from Aktua. Excluding Aktua the main revenue growth is coming from the 3PC business this quarter where margins are somewhat lower than in the Debt Purchasing business. Investments in Debt Purchasing amounted to EUR 23m in Q1 2017 compared to EUR 24m in Q1 2016. The investment level reflects a normal seasonality pattern. However, in addition to the one-off investments, the company signed several notable forward-flow deals in the quarter and expect full year forward flow capex in excess of EUR 100m which is double the amount achieved over the last twelve months. Lindorff continued to deliver solid collection performance at 103% of active forecasts in Q1. Well balanced and diversified growth The first quarter of 2017 was yet another quarter with strong growth for Lindorff across both business lines and geographies. This is a key success factor for the company and strategically important in order to diversify risk and increase the addressable market size. The pipeline for both DP investments and M&A continues to be healthy with several attractive opportunities throughout Lindorff s markets. Investments made late in 2016 contributed to 4% growth in the DP business, despite a strong Q1 2016 following the EUR 395m investments in 2015. Investments and signed forward flows in the quarter represented a mix of both financial institutions and utility related debt across all Lindorff s markets. One of Lindorff s key priorities is to extract more value out of existing volume in the Debt Collection business as well winning new market share. In the quarter these efforts resulted in 9% organic growth in 3PC revenue. The Debt Collection business continued to grow in Southern Europe driven mainly by the acquisition of Aktua which also provides the company with a broader service offering and platform to grow in to the secured NPL servicing and Real Estate Servicing. The Debt Collection business delivered strong growth in the Nordic countries driven by the organic growth initiatives, and in the Central European region through the bolt-on acquisitions in Germany. The underlying 3PC margin development has also improved through strict cost control and more effective cash collection. After the quarter, Lindorff increased its foothold in Italy through a small bolt-on acquisition in April. The acquisition provides Lindorff with additional Debt Collection capabilities and is another step forward for the company in establishing a solid platform for both servicing and Debt Purchasing capabilities in the Italian market. During the first quarter, Lindorff continued its preparations for the planned combination with Intrum Justitia. A competition filing was submitted to the European Commission in April and the aim is still to complete the transaction in the second quarter of 2017 in line with what has been previously communicated.

LINDORFF FIRST QUARTER 2017 PAGE 5/29 Financial review Q1 2017 Lindorff Group Lindorff Group consists of Lock Lower Holding AS, Corporate Identity Number 913 741 110, as parent company with subsidiary Lock AS together with Lindorff AB and its subsidiaries. Subsidiaries are consolidated from acquisition date. Lindorff s ownership in the Spanish group Aktua Soluciones Financieras Holdings amounts to 85%. Due to reporting requirements in the current bond indenture, Aktua Group is organised as unrestricted subsidiaries, and separate figures for the restricted Group are presented in Note 6. Throughout the report the terms Lindorff and Lindorff Group mean Lock Lower Holding AS and all subsidiaries. Net revenue Net revenue was EUR 179m in Q1 2017. This represents an increase of 33% compared to EUR 135m in Q1 2016, mainly driven by the acquisition of Aktua, organic growth of 9% in 3PC driven by a mix of improved efficiency and new volumes, as well as two bolt-on acquisitions in Germany in 2016. Net revenue EURm 175 150 125 100 75 50 135 Earnings The reported Adjusted EBITDA amounted to EUR 100m in Q1 2017 compared to EUR 83m in Q1 2016. Excluding NRIs, the Adjusted EBITDA was EUR 108m in the first quarter, up 23% compared to same period last year. The EBITDA increased from EUR 46m in Q1 2016 to EUR 63m in Q1 2017 due to the increase in revenue and positive margin contribution from new investments. Adjusting for NRIs the Q1 EBITDA was EUR 71m, up 38% compared to the same period last year. The EBITDA margin increased from 34% in Q1 2016 to 35% in Q1 2017. 179 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Adjusted EBITDA (reported) EURm 120 100 80 60 40 20 0 83 Reported EBIT amounted to EUR 48m in Q1 2017 compared to EUR 36m in Q1 2016, representing an increase of 32%. Operating expenses Total operating expenses excluding depreciation and amortisation amounted to EUR 117m in Q1 2017, up from EUR 88m in Q1 2016. A large portion of the expenses relates to Aktua. Excluding Aktua, operating costs increased by EUR 15m. In Q1 2017 employee benefit expenses amounted to EUR 60m, up by EUR 10m from EUR 50m in Q1 2016. The increase relates mainly to Aktua (EUR 6m), acquisitions in Germany and growth in operations in Spain. Legal fees amounted to EUR 13m in Q1 2017, up by EUR 2m from EUR 11m in Q1 2016. The increase is related to higher legal collection activities which are expected to secure additional future revenue. Phone, postage and packaging expenses amounted to EUR 5m in both Q1 2017 and Q1 2016. Other operating costs increased by EUR 16m in the first quarter 2017, from EUR 23m in 2016 to EUR 39m. Excluding Aktua, other operating costs increased by 9m. The increase is mainly related to the planned merger with Intrum Justita and one-off expenses related to preparations for a potential listing in H2 2016, reported as non-recurring items (NRIs). NRIs in Q1 were EUR 8m compared to EUR 5m in the first quarter 2016. Depreciation and Amortisation Depreciation and amortisation (excl. portfolio amortisation) increased by EUR 4m from EUR 10m in Q1 2016 to EUR 14m in Q1 2017. The increase mainly 100 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

LINDORFF FIRST QUARTER 2017 PAGE 6/29 relates to amortisation of client contracts in Aktua of EUR 4m. SG&A and IT SG&A and IT costs increased by EUR 5m, from EUR 24m in Q1 2016 to EUR 29m in Q1 2017. The increase is mainly related to growth in the business, through additions in Germany, Italy and Spain. SG&A/Net revenue ratio decreased from 11% in Q1 2016 to 9% in Q1 2017, while IT cost/net revenue ratio remained stable at 7% for Q1 2017 and Q1 2016. Net financial items Net financial costs increased by EUR 18m from EUR 32m in Q1 2016 to EUR 50m in Q1 2017. The main reasons for the increase is higher net interest bearing debt, a net foreign exchange loss in 2017 as opposed to a gain in 2016 and costs related to the additional funding secured in October 2016. Investments and cash flow Investments in Debt Purchasing were EUR 23m in Q1 2017 compared to EUR 24m the same period last year. For the last twelve months investments in Debt Purchasing were EUR 241m. Cash flow from operating activities was EUR 35m in Q1 2017 compared to EUR 18m in Q1 2016. Increase in cash flow is mainly attributable to the contribution of Aktua to the Group EBITDA. Cash flow used on investment activities increased by EUR 32m mainly due to deferred payment for a portfolio acquisition in December 2016. Tax The income tax expense for the quarter was EUR 5m (2016: 5m). The high effective tax rate is mainly due to not recognised deferred tax asset on losses in some jurisdictions. Funding Lindorff Group is funded through a Super Senior RCF of EUR 342m, Senior Secured Notes of EUR 1,466m equivalent (issued in EUR and NOK) and Senior Notes of EUR 444m equivalent (issued in EUR and SEK), a nonsyndicated loan facility of EUR 200m and a NOK bilateral credit facility of EUR 53m equivalent. The average interest rate on the notes is 7% with an average duration of 4.3 years. The multicurrency RCF is priced at a margin of 3.5% with a commitment fee equivalent to 35% of the applicable margin on any undrawn amount. At the end of Q1 2017, the RCF draw amounted to EUR 93m (excluding a draw for unfunded guarantees of EUR 11m). The non-syndicated loan facility bears interest at an initial rate of EURIBOR plus 5.5%, subject to margin increases over time. The EUR 53m equivalent bilateral credit facility bears interest at NIBOR plus a margin of 4.5%. Lindorff also has a EUR 50m receivable financing solution for the payment service with an interest margin of 2.9% over the interbank rate. EUR 32m was drawn at the end of the quarter. In addition to the above mentioned borrowings, Aktua has senior facilities totalling EUR 94m with an interest of EURIBOR plus 3.0%, Mezzanine facilities totalling EUR 50m carrying an interest rate of EURIBOR plus 9.75%, and a PIK loan of EUR 30m priced at 3.75% over EURIBOR. At end of Q1 2017 the Net Interest Bearing Debt (NIBD) was EUR 2,372 (Receivables financing is not included in the calculation of NIBD), which implies 5.1x NIBD/Adjusted EBITDA excluding NRIs (LTM) and including pro-forma effect for the acquisition of Cross Factor, Aktua and the two bolt-on acquisitions in Germany. Available liquidity EURm RCF capacity at the end of period 342 - amount drawn -93 - amount allocated to guarantees -25 Available RCF 224 + Cash total Group 73 Available liquidity total Group 298 - Cash Aktua group -27 Available liquidity restricted Group 271 Goodwill Consolidated goodwill amounted to EUR 1,582m at the end of Q1 2017, and increased by EUR 191m from EUR 1,391m at the end of March 2016. The main reason for the increase was the acquisition of Aktua Soluciones Financieras Holdings, S.L. in Spain, HIT/DMV Group in Germany and foreign exchange changes.

LINDORFF FIRST QUARTER 2017 PAGE 7/29 Operating segments Revenue mix in Q1 2017 Segment Earnings EURm 120 4% 41% Debt Purchasing Debt Collection 100 80 60 1 35 1 61 Other Debt Collection 55% Other 40 Debt Purchasing 20 39 41 0 Q1 16 Q1 17 Debt Collection Net revenue in Q1 2017, excluding intersegment revenue of EUR 27m from collection on Lindorff owned portfolios, amounted to EUR 99m, compared to EUR 59m in Q1 2016. This represents an increase of 67%. The increase was mainly driven by the acquisition of Aktua in Spain. Excluding the acquisition of Aktua and bolt-on acquisitions in Germany the organic growth in 3PC was 9%. The Segment Earnings increased 75% from EUR 35m in Q1 2016 to EUR 61m in Q1 2017. The Earnings margin increased from 41% in Q1 2016 to 49% in Q1 2017. The increase was mainly related to Aktua, as well as improved efficiency in the 3PC business. The Debt Collection segment, excluding intersegment revenue, accounted for 55% of the Group Net revenue and 59% of the Group Segment Earnings in Q1 2017. Debt Purchasing Net revenue in Q1 2017 amounted to EUR 73m compared to EUR 70m in Q1 2016, representing an increase of 4%. Lindorff s debt portfolios continue to perform strongly with collection performance in Q1 at 103% of forecast. Net portfolio revaluations in Q1 were EUR 1m. The Segment Earnings came in at EUR 41m in Q1 2017 compared to EUR 39m in Q1 2016. The earnings margin remained stable at 56% in Q1 2016 and 2017. Total investment in Debt Purchasing during the first quarter was EUR 23m compared to EUR 24m in Q1 2016. Total investments last twelve months amounted to EUR 241m. Debt Purchasing accounted for 41% of Group Net revenue and 40% of Group Segment Earnings in Q1 2017. Return in Debt Purchasing (LTM) as of 31 March 2017 was 14.3% compared to 15.5% for the same period last year. The main reason for decrease is a slightly lower collection performance compared to last year and 18% increase in average book value of the portfolios. Estimated Remaining Collections (ERC) on Lindorff s own portfolios was EUR 2,621m at 31 March 2017, up 9% from EUR 2,412m at 31 March 2016.

LINDORFF FIRST QUARTER 2017 PAGE 8/29 ERC, next 180 months EURm 450,0 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0-0-12 13-24 25-36 37-48 49-60 61-72 73-84 85-96 97-108 109-120 121-132 133-144 145-156 157-168 169-180 2017 2016 Other Services Other services consist of invoicing, payment services and other income. Revenue in Q1 2017 was EUR 7.4m, compared to EUR 6.0m in Q1 2016. Other services continue to be important for Lindorff to drive growth in the core collection business. Payment services is showing a positive development, with revenue increasing from EUR 2.3m in Q1 2016 to EUR 3.0m in Q1 2017. Total Segment Earnings for Other Services decreased by 2%, from EUR 1.3m in Q1 2016 to EUR 1.2m in Q1 2017. Summary of Operating Segments EURm Jan-Mar 2017 Jan-Mar 2016 Change % Jan-Dec 2016* LTM Revenue per segment Debt Purchasing 73 70 4 % 289 292 Debt Collection 99 59 67 % 330 370 Other 7 6 24 % 27 29 Total 179 135 33 % 647 691 Earnings per segment Debt Purchasing 41 39 4 % 158 160 Debt Collection 61 35 75 % 224 250 Other 1 1-2 % 8 8 Total 103 76 37 % 390 417 * Aktua included from 1 June 2016.

LINDORFF FIRST QUARTER 2017 PAGE 9/29 Significant risk and uncertainties The Group s and parent company s risks include, among other things, strategic risks related to economic development and acquisitions, regulatory changes, possible errors and omissions and financial risks such as market risk, funding risk and credit risk inherent in purchased loans and receivables and counter party risk for third party business. Tax Lindorff has ongoing discussions with tax authorities in some countries mainly related to the deductibility of interest on Group internal loans. The additional tax cost if these cases will be finally lost have been recognised and if unpaid provided for in the statement of financial position. Financial risk The financial position of the parent company and Group is strong. The company has through its interest rate policy limited the risk of adverse effects from changes in the market s interest rates on the Group s interest bearing liabilities. The Group s currency exposure is limited through an alignment of Lindorff s interest-bearing loans relative to operational cash flow denominations. The Group is exposed to transaction risks on acquisitions/disposals and other transactions involving foreign currency. The currency exposure is in EUR, NOK, SEK, DKK and PLN. Share and shareholders The company s shareholder is Lock Upper Holding AS (100%). Parent company The parent company is a holding company with 2 employees per 31 March 2017. Net result for Q1 2017 was EUR -1m. Events after the end of the period On April 12 Nordic Capital Fund VIII, currently the indirect majority shareholder in Lindorff, notified the European Commission of the intended combination of Intrum Justitia and Lindorff in order to proceed under the EU Merger Regulation. Target remains to close the transaction during Q2 2017, as previously communicated. At the end of April 2017 Lindorff increased its foothold in Italy through a small bolt-on acquisition. The acquisition provides Lindorff with additional Debt Collection capabilities and is another step forward for the company in establishing a solid platform for both servicing and Debt Purchasing capabilities in the Italian market. The risks are described in more detail in the Board of Directors report, and Note 3 and 4 in Lock Lower Holding AS consolidated 2016 Annual report.

LINDORFF FIRST QUARTER 2017 PAGE 10/29 Consolidated Income Statement EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016* LTM Net revenue 179 135 647 691 Employee benefit expense -60-50 -208-218 Legal fee cost -13-11 -47-50 Phone, postage and packaging -5-5 -19-19 Other operating costs -39-23 -120-136 Depreciation, amortisation and impairment -14-10 -85-89 Results from operating activities (EBIT) 48 36 167 179 Net financial items -50-32 -156-174 Profit (loss) before tax -2 5 11 5 Income tax expense -5-5 -30-30 Profit (loss) for the period -7 0-18 -25 Profit (loss) attributable to: Owners of the Company -7 0-18 -25 Profit (loss)for the period -7 0-18 -25 * Aktua included from 1 June 2016. Consolidated Statement of comprehensive income EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016* LTM Profit (loss) for the period -7 0-18 -25 Other comprehensive income: Items that will not be reclassified to profit or loss Remeasurements of post-employment benefit obligations Items that may be subsequently reclassified to profit or loss 0-1 -0 1 Currency translation differences -0 2 7 5 Total comprehensive income for the period -7 1-12 -20 Attributable to: Owners of the Company -7 1-12 -20 Total comprehensive income for the year -7 1-12 -20 * Aktua included from 1 June 2016.

LINDORFF FIRST QUARTER 2017 PAGE 11/29 Consolidated Statement of financial position EURm 31 Mar 2017 31 Mar 2016 31 Dec 2016 ASSETS Fixtures and furniture 15 14 14 Goodwill 1,582 1,391 1,584 Other intangible assets 393 323 402 Loans and receivables 1,169 1,061 1,176 Deferred tax assets 42 70 39 Other financial assets 8 10 20 Non-current assets 3,211 2,868 3,235 Trade receivables 40 24 37 Current tax receivable 10 5 10 Other short-term receivables 130 78 136 Client funds 35 37 37 Cash and cash equivalents 73 51 59 Current assets 288 195 280 Total assets 3,499 3,063 3,514 EQUITY Share capital 9 9 9 Share premium 751 730 758 Retained earnings 1 51 2 Total equity 762 790 769 LIABILITIES Liabilities to credit institutions 404 0 409 Bonds 1,870 1,864 1,868 Other long-term liabilities 16 2 19 Employee benefit obligation 3 7 3 Deferred tax liabilities 65 49 63 Derivative financial instruments 23 0 23 Non-current liabilities 2,381 1,922 2,385 Trade payables 31 19 32 Borrowings 167 229 139 Client liabilities 35 37 37 Current tax liabilities 17 5 14 Other liabilities 107 59 138 Derivative financial instruments 0 2 0 Current liabilities 357 351 361 Total liabilities 2,737 2,273 2,745 Total equity and liabilities 3,499 3,063 3,514

LINDORFF FIRST QUARTER 2017 PAGE 12/29 Consolidated Statement of changes in equity EURm Jan-Mar 2017 Jan-Dec 2016 Beginning balance, 1 January 769 789 Net income (loss) for the period -7-18 Remeasurements of post-employment benefit obligations 0-0 Currency translation differences -0 7 Other comprehensive income -0 6 Total comprehensive income -7-12 Capital increase 0 1 Sold put option to non-controlling interest -0-10 Ending balance 762 769

LINDORFF FIRST QUARTER 2017 PAGE 13/29 Consolidated Statement of cash flow EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016* Operating activities: Results from operating activities (EBIT) 48 36 167 Amortisation, depreciation and impairment 14 10 85 Amortisation and revaluation of Purchased Debt 37 36 160 Interest paid -59-59 -156 Corporate Income tax paid -3-1 -14 Cash flow from operating activities before changes in working capital 37 23 242 Cash flow from changes in working capital: Decrease(+) / increase(-) in trade receivable -3-7 -11 Decrease(+) / increase(-) in other receivables 5 5 7 Decrease(+) / increase(-) in payment services receivables 3-3 -14 Decrease(-) / increase(+) in trade payable -2 6 12 Decrease(-) /increase(+) in other current liabilities -5-6 4 Cash flow (used in)/from operating activities 35 18 239 Investment activities: Acquisition of subsidiary, net of cash acquired 0-1 -117 Acquisition of tangible fixed assets -1-1 -3 Acquisition of intangible fixed assets -5-4 -18 Proceeds from sale of shares 0 0 10 Acquisition of loans and receivables -54-23 -207 Cash flow (used in)/from investing activities -60-28 -334 Financing activities: Proceeds from new debt 142 44 667 Retirement of debt -100-39 -558 Other financial expenses paid -3-1 -7 Cash flow (used in)/from financing activities 39 5 102 Cash flow for the period 14-6 6 Currency effect 1 4-1 Cash and cash equivalents at the beginning of the period 59 53 53 Cash and cash equivalents at end of period 73 51 59 * Aktua included from 1 June 2016.

LINDORFF FIRST QUARTER 2017 PAGE 14/29 Income Statement Parent Company EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016 Net revenue 0 1 2 Other operating costs 0 0-2 Results from operating activities (EBIT) 0 0-1 Finance income 13 10 46 Finance costs -14-10 -46 Net finance costs -1 0-1 Profit before tax -1 0-1 Income tax expense 0 0 0 Profit for the period -1 0-1

LINDORFF FIRST QUARTER 2017 PAGE 15/29 Statement of financial position Parent Company EURm 31 Mar 2017 31 Mar 2016 31 Dec 2016 ASSETS Investment in subsidiaries 761 739 767 Long-term receivables 644 452 644 Deferred tax assets 1 0 0 Non-current assets 1,405 1,191 1,412 Other short-term receivables 36 6 43 Current assets 36 6 43 Total assets 1,441 1,197 1,454 EQUITY Share Capital 9 9 9 Total restricted capital 9 9 9 Share Premium 751 730 758 Retained earnings -2 0-1 Total non-restricted capital 749 730 757 Total equity 758 739 766 LIABILITIES Liabilities to credit institutions 200 0 200 Bonds 444 451 444 Other long-term liabilities 3 2 2 Non-current liabilities 647 452 646 Borrowings 36 5 41 Other liabilities* 0 0 1 Current liabilities 36 5 43 Total liabilities 683 458 688 Total equity and liabilities 1,441 1,197 1,454 Pledged assets (shares in subsidiaries) 761 739 767 * EUR 13m has been reclassified from Other liabilities to Borrowings for the period ended 31 December 2016.

LINDORFF FIRST QUARTER 2017 PAGE 16/29 Notes Note 1 Accounting Principles Lock Lower Holding AS consolidated financial statements for first quarter of 2017 has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, as well as the Norwegian Accounting Act. The consolidated financial statements have been prepared in accordance with the historical cost method, except for derivative instruments that are measured according to IAS 32. The parent company s financial statements have been prepared in accordance with the Norwegian Accounting Act as well as NGAAP. policies adopted are consistent with those of the previous financial year for Lock Lower Holding AS (see consolidated Financial Statements of Lock Lower Holding AS 2016). The Parent Company s reporting currency is euro (EUR), which is also the reporting currency for the Group. The consolidated financial statements are presented in EUR and all values are rounded to the nearest million (EURm) except when otherwise indicated. The consolidated and parent company accounts pertain to 1 January to 31 March for income statements and 31 March for items on the statements of financial position. This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The accounting

LINDORFF FIRST QUARTER 2017 PAGE 17/29 Note 2 Operating segments Management has determined the operating segments based on information reviewed by management for the purpose of allocating resources and assessing performance. Management considers the performance from a product perspective and separately considers the Debt Purchasing and Debt Collection segments. Both segments meet the quantitative thresholds required by IFRS 8 for reportable segments. Management assesses the performance of the operating segments based on a measure of Segment Earnings which is Net revenue minus direct operating expenses. Revenues Sales between segments are carried out at arm s length. Net revenue from external parties reported to management is measured in a manner consistent with that in the income statement. The following table presents a reconciliation of the reportable segments main captions from profit and loss to the entity s profit and loss before tax. EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016* Net revenue from external customers Debt Purchasing 73 70 289 Debt Collection 99 59 330 Other 7 6 27 Total 179 135 647 Inter- segment revenue Debt Collection 27 26 112 Elimination -27-26 -112 Earnings per segment Debt Purchasing 41 39 158 Debt Collection 61 35 224 Other 1 1 8 Total 103 76 390 Unallocated cost SG&A -17-15 -68 IT -12-9 -42 Other not allocated expenses -12-5 -28 EBITDA 63 46 252 Depreciation and amortisation -14-10 -85 EBIT 48 36 167 Net financial Items -50-32 -156 Profit (loss) before tax -2 5 11 Purchased loans and receivables Beginning value 1,176 1,070 1,070 Amortisation -40-38 -167 Revaluation** 3 2 7 Portfolio acquisitions 23 24 241 Investment in portfolios through acquisitions*** 9 0 22 Divestment and disposals -3-1 -1 Effect of change in FX rates 0 4 4 Ending value 1,169 1,061 1,176 Average carrying value of purchased debt 1,173 1,066 1,123 Return in Debt Purchasing (LTM) 14.3 % 15.5 % 14.1 % * Aktua included from 1 June 2016. ** Revaluation includes net portfolios revaluations and tail extensions. *** Investment in portfolios through acquisitions for Q1 2017 (EUR 9m) relates to consolidation of co-investment due to IFRS requirements.

LINDORFF FIRST QUARTER 2017 PAGE 18/29 Note 3 Alternative Performance Measures The Lindorff Group uses the alternative performance measures Adjusted EBITDA, Adjusted EBITDA excluding NRIs, Net Interest Bearing Debt to Proforma Adjusted EBITDA excluding NRIs (LTM) and Return in Debt Purchasing (LTM). The Group believes that the alternative performance measures are useful complements for users of the financial report. Adjusted EBITDA serves as a cash proxy and a measure that the Group considers to be relevant for understanding the results from operating activities adjusted for portfolio amortisation and revaluation. Adjusted EBITDA excluding NRIs is a similar measure which after the exclusion of non-recurring items provides a run rate result from operating activities. The Net Interest Bearing Debt to Proforma Adjusted EBITDA excluding NRIs (LTM) ratio is a leverage ratio used for reporting in relation to the Group s bond indentures. Return in Debt Purchasing (LTM) is a ratio used for measuring the segment earnings in percentage of average book value of purchased loans and receivables for the last twelve months. Group definitions are unchanged from previous periods and ratios defined as below: EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016* LTM Mar 2017 LTM Mar 2016 Net revenue from Debt Purchasing 73 70 289 292 276 Amortisation and revaluation 37 36 160 161 149 Collections and other revenue on purchased loans and receivables 110 106 449 453 425 Revenue from Debt Collection and Other Services 106 65 357 398 262 Employee benefit expense -60-50 -208-218 -190 Legal fee cost -13-11 -47-50 -44 Phone, postage and packaging -5-5 -19-19 -17 Other operating costs -39-23 -120-136 -93 Adjusted EBITDA 100 83 412 429 343 Non Recurring Items (NRIs) 8 5 21 25 18 Adjusted EBITDA excl. NRIs 108 88 433 454 361 * Aktua included from 1 June 2016. EURm LTM Mar 2017 LTM Mar 2016 Adjusted EBITDA excl. NRIs 454 361 Proforma acquisitions 14 8 Proforma Adjusted EBITDA excl. NRIs 467 369 EURm LTM Mar 2017 LTM Mar 2016 Debt Purchasing Segment Earnings 160 147 / Average carrying value of purchased debt 1,115 944 Return in Debt Purchasing (LTM) 14.3 % 15.5 % EURm LTM Mar 2017 LTM Mar 2016 Net Interest Bearing Debt 2,372 2,073 Proforma Adjusted EBITDA excl. NRIs 467 369 NIBD / Proforma Adjusted EBITDA excl. NRIs (LTM) 5.1 5.6 EURm 31 Mar 2017 31 Mar 2016 Bonds 1,870 1,864 + Non amortised fees and interest on bonds 40 47 Liabilities to credit institutions 404 0 + Capitalised fees on liabilities to credit institutions 3 0 Borrowings 167 229 - Accrued interest on short term loan and bonds -20-16 - Payment services financing -32 0 + Other liabilities* 14 0 - Cash and cash equivalents -73-51 Net Interest Bearing Debt 2,372 2,073 *Other liabilities related to consolidation of co-investment due to IFRS requirements.

LINDORFF FIRST QUARTER 2017 PAGE 19/29 Note 4 Fair value of financial assets and liabilities Book value Fair value* EURm 31 Mar 2017 31 Mar 2017 FV - hierarchy Financial assets at amortised cost Loans and receivables 1,169 1,169 3 Other financial assets 7 7 3 Trade receivables 40 40 3 Other short-term receivables 116 116 3 Cash and cash equivalents 73 73 Financial assets at fair value through profit or loss Investment in shares and bonds 1 1 3 Total 1,408 1,408 Financial liabilities at fair value through profit or loss Other liabilities 14 14 3 Financial liabilities at fair value through equity Put option 23 23 3 Financial liabilities at amortised cost Bonds 1,870 2,015 1 Long-term loan 404 404 3 Trade payables 31 31 3 Borrowings 167 167 3 Other liabilities 39 39 3 Total 2,547 2,692 * See Annual Report Lock Lower Holding AS 2016 for description of calculation of fair value.

LINDORFF FIRST QUARTER 2017 PAGE 20/29 Note 5 Borrowing Revolving Credit Facility (RCF) Drawn* Security Maturity Interest Margin Participants EURm 93 Super Senior secured 06.04.2020 Floating EURIBOR+3.50% Nordea, DNB, SEB, NYK * Total RCF facility is EUR 342m, whereof EUR 25m is allocated to guarantees. As at 31 March 2017 EUR 93m was drawn, excluding EUR 11m in guarantees. Non-syndicated loan Drawn Security Maturity Interest Margin Lender EURm 200 Share Pledge 15.08.2022 Floating EURIBOR+5.50% GS International Bank Bilateral facility Drawn Security Maturity Interest Margin Lender NOKm 490 Negative pledge 06.04.2020 Floating 3m NIBOR+4.50% Nordea Securitization Facility Drawn* Security Maturity Interest Margin Lender EURm 32 Receivables pledge 06.09.2022 Floating 3m IBOR+2.90% Nordea * Total facility is EUR 50m. As at 31 March 2017 EUR 32m was drawn. The securitization facility is not included in NIBD calculations in accordance with the Bond Indenture. Bonds Issue Date Issue Security Maturity Interest Coupon Issuer EURm 06.08.2014 253 Senior secured notes 15.08.2020 Floating 3m EURIBOR+5.50% Lock AS EURm 07.11.2014 100 Senior secured notes 15.08.2020 Floating 3m EURIBOR+5.50% Lock AS EURm 10.09.2015 200 Senior secured notes 15.08.2020 Floating 3m EURIBOR+5.50% Lock AS NOKm 06.08.2014 1,680 Senior secured notes 15.08.2020 Floating 3m NIBOR+5.75% Lock AS EURm 06.08.2014 550 Senior secured notes 15.08.2021 Fixed 7.0 % Lock AS EURm 07.11.2014 150 Senior secured notes 15.08.2021 Fixed 7.0 % Lock AS EURm 10.09.2015 30 Senior secured notes 15.08.2021 Fixed 7.0 % Lock AS EURm 06.08.2014 250 Senior notes 15.08.2022 Fixed 9.5 % Lock Lower Holding AS SEKm 06.08.2014 1,850 Senior notes 15.08.2022 Floating 3m STIBOR+8.775% Lock Lower Holding AS Total (EURm)* 1,910 * Total is in EURm equivalent based on closing rates 31 March 2017. Book value of long term liabilities is net of capitalised fees. Lock Lower Holding AS Senior notes are on-lent to Lock AS at the same interest conditions as the issuer has. Planned refinancing The merger between Intrum Justitia and Lindorff announced on November 14, 2016 is subject to the approval of regulatory authorities in relevant jurisdictions as well as by the EU competition authorities. The transaction is expected to be completed during the second quarter of 2017, depending on the time required to obtain the regulatory approvals. If the transaction is completed as planned, substantially all of Lindorff's indebtedness, including the senior secured and senior notes and the RCF, will be refinanced.

LINDORFF FIRST QUARTER 2017 PAGE 21/29 Aktua facilities PIK facility Limit Security Maturity Interest Margin Participants EURm 30 Guarantee from Nordic 01.05.2023 Floating EURIBOR+3.75% DNB Senior facility (Aktua) Limit Security Maturity Interest Margin Participants EURm 70 Senior secured 05.06.2022 Floating EURIBOR+3.00% Deutsche, Santander, Sabadell and BankInter Mezzanine facility (Aktua) Limit Security Maturity Interest Margin Participants EURm 38 Secured 05.06.2022 Floating EURIBOR+9.75% Deutsche Bank Senior facility (Kite) Limit Security Maturity Interest Margin Participants EURm 24 Senior secured 05.03.2022 Floating EURIBOR+3.00% Deutsche, Santander, Sabadell and BankInter Mezzanine facility (Kite) Limit Security Maturity Interest Margin Participants EURm 12 Secured 05.06.2022 Floating EURIBOR+9.75% Deutsche Bank

LINDORFF FIRST QUARTER 2017 PAGE 22/29 Note 6 Restricted Group With reference to the indentures governing the outstanding notes of Lock Lower Holding AS and Lock AS as well as Lock AS s revolving credit facility, the companies in the Aktua Group are organised as unrestricted subsidiaries. A separate disclosure of Lindorff Group excluding the Aktua Group is presented in this note. Financial highlights Restricted Group EURm unless otherwise stated Jan-Mar 2017 Jan-Mar 2016 Change % Jan-Dec 2016 LTM Net revenue 147 135 9% 577 590 EBITDA 44 46-6% 215 213 EBITDA margin (%) 30% 34% 37% 36% EBITDA excl. NRIs 52 51 0% 230 230 Adjusted EBITDA 81 83-2% 375 374 Adjusted EBITDA excl. NRIs 89 88 1% 390 392 EBIT 34 36-8% 141 138 NIBD 2,223 2,073 7% 2,166 2,223 NIBD / Proforma Adjusted EBITDA (LTM)* 5.7 5.6 5.5 5.7 ERC, end of period 2,621 2,412 9% 2,641 2,621 Investments in Debt Purchasing 23 24-1% 241 241 Return in Debt Purchasing (LTM) 14.3% 15.5% 14.1% 14.3% * See definition on page 27.

LINDORFF FIRST QUARTER 2017 PAGE 23/29 Consolidated Income Statement Restricted Group EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016 LTM Net revenue 147 135 577 590 Employee benefit expense -54-50 -196-199 Legal fee cost -13-11 -47-49 Phone, postage and packaging -5-5 -18-19 Other operating costs -32-23 -101-111 Depreciation, amortisation and impairment -10-10 -75-75 Results from operating activities (EBIT) 34 36 141 138 Net financial items -47-32 -147-162 Profit (loss) before tax -14 5-6 -25 Income tax expense -2-5 -25-23 Profit (loss) for the period -16 0-32 -47 Profit (loss) attributable to: Owners of the Company -16 0-32 -47 Profit (loss)for the period -16 0-32 -47 Consolidated Statement of comprehensive income Restricted Group EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016 LTM Profit (loss) for the period -16 0-32 -47 Other comprehensive income: Items that will not be reclassified to profit or loss Remeasurements of post-employment benefit obligations Items that may be subsequently reclassified to profit or loss 0-1 -0 1 Currency translation differences 0 2 4 2 Total comprehensive income for the period -15 1-28 -45 Attributable to: Owners of the Company -15 1-28 -45 Total comprehensive income for the year -15 1-28 -45

LINDORFF FIRST QUARTER 2017 PAGE 24/29 Consolidated Statement of financial position Restricted Group EURm 31 Mar 2017 31 Mar 2016 31 Dec 2016 ASSETS Fixtures and furniture 14 14 13 Goodwill 1,412 1,391 1,413 Other intangible assets 276 323 281 Loans and receivables 1,169 1,061 1,176 Deferred tax assets 50 70 46 Other financial assets 83 10 94 Non-current assets 3,004 2,868 3,025 Trade receivables 33 24 32 Current tax receivable 3 5 3 Other short-term receivables 119 78 125 Client funds 34 37 36 Cash and cash equivalents 47 51 43 Current assets 236 195 239 Total assets 3,240 3,063 3,264 EQUITY Share capital 9 9 9 Share premium 751 730 758 Retained earnings -14 51-5 Total equity 747 790 762 Liabilities Liabilities to credit institutions 253 0 254 Bonds 1,870 1,864 1,868 Other long-term liabilities 7 2 11 Employee benefit obligations 3 7 3 Deferred tax liabilities 65 49 63 Non-current liabilities 2,199 1,922 2,198 Trade payables 29 19 31 Borrowings 144 229 118 Client liabilities 34 37 36 Current tax liabilities 11 5 12 Other liabilities 77 59 107 Derivative financial instruments 0 2 0 Current liabilities 295 351 303 Total liabilities 2,494 2,273 2,502 Total equity and liabilities 3,240 3,063 3,264

LINDORFF FIRST QUARTER 2017 PAGE 25/29 Consolidated Statement of cash flow Restricted Group EURm Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016 Operating activities: Results from operating activities (EBIT) 34 36 141 Amortisation, depreciation and impairment 10 10 75 Amortisation and revaluation of Purchased Debt 37 36 160 Interest paid -57-59 -149 Corporate Income tax paid -3-1 -8 Cash flow from operating activities before changes in working capital 20 23 219 Cash flow from changes in working capital: Decrease(+) / increase(-) in trade receivable -1-7 -11 Decrease(+) / increase(-) in other receivables 4 5-6 Decrease(+) / increase(-) in payment product receivables 3-3 -14 Decrease(-) / increase(+) in trade payable -2 6 11 Decrease(-) /increase(+) in other current liabilities -4-6 2 Cash flow (used in)/from operating activities 19 18 202 Investment activities: Acquisition of subsidiary, net of cash acquired 0-1 -106 Acquisition of tangible fixed assets -1-1 -3 Acquisition of intangible fixed assets -4-4 -17 Proceeds from sale of shares 0 0 10 Acquisition of loans and receivables -54-23 -207 Cash flow (used in)/from investing activities -59-28 -323 Financing activities: Proceeds from new debt 142 44 639 Retirement of debt -97-39 -521 Other financial expenses paid -3-1 -7 Cash flow (used in)/from financing activities 43 5 110 Cash flow for the period 3-6 -11 Currency effect 1 4 1 Cash and cash equivalents at the beginning of the period 43 53 53 Cash and cash equivalents at end of period 47 51 43

LINDORFF FIRST QUARTER 2017 PAGE 26/29 Note 7 Events after the end of the period On April 12 Nordic Capital Fund VIII, currently the indirect majority shareholder in Lindorff, notified the European Commission of the intended combination of Intrum Justitia and Lindorff in order to proceed under the EU Merger Regulation. Target remains to close the transaction during Q2 2017, as previously communicated. At the end of April 2017 Lindorff increased its foothold in Italy through a small bolt-on acquisition. The acquisition provides Lindorff with additional Debt Collection capabilities and is another step forward for the company in establishing a solid platform for both servicing and Debt Purchasing capabilities in the Italian market.

LINDORFF FIRST QUARTER 2017 PAGE 27/29 Definitions and abbreviations Definitions Adjusted EBITDA EBITDA adjusted for amortisation and revaluation of portfolios of purchased loans and receivables Collection performance Collection performance on purchased loans and receivables compared to forecast Direct opex Operational expenses related to collection activities, excluding SG&A and IT cost ERC Estimated Remaining Collections next 180 months on purchased loans and receivables in Debt Purchasing Gross collection in Debt Purchasing Total principal, interest, collection fees and legal fees collected on purchased loans Intersegment Revenue - Commission to the Debt Collection segment from the Debt Purchasing segment Investments in Debt Purchasing Acquisitions of non-performing loans and receivables (may differ from acquisition of loans and receivables in the cash flow statement due to actual payment of the acquisition may be due in another period) NIBD Net Interest Bearing Debt. Receivables financing is not included in the calculation of NIBD in accordance with the current Bond Indentures NIBD/Proforma Adj EBITDA (LTM) Net interest bearing debt divided by Proforma Adjusted EBITDA LTM excluding NRIs (Leverage ratio is adjusted for proforma effect of acquisitions in the given period. Not including investments in Debt Purchasing) Portfolio revaluation Change in carrying value of purchased loans and receivables due to changed collection forecasts Restricted Group Lock Lower Holding AS and all its subsidiaries subject to the restrictive covenants of the Senior Secured Notes, Senior Notes and RCF indenture Return in Debt Purchasing Last Twelve Months (LTM) segment earning in % of average book value of purchased loans and receivables for the last twelve months Segment earnings Segment EBITDA excluding SG&A and IT cost Segment earnings Debt Collection Includes earnings from collection on own portfolios and third party debt as well as Real Estate Servicing Abbreviations 3PC Third Party Collection IDC Internal Debt Collection CAGR Compounded Annual Growth Rate Constant Currency Fixed currency rates for comparable reporting periods EBITDA Earnings Before Interest Tax Depreciation and Amortisation FTE Full Time Equivalent employees IRR Internal Rate of Return NIBD Net Interest Bearing Debt NPL Non-performing Loan NRIs Non-recurring Items LTM Last Twelve Months RES Real Estate Servicing

LINDORFF FIRST QUARTER 2017 PAGE 28/29 Other information Contact info Visiting Address Headquarters: Lindorff Group Hoffsveien 70b 0377 Oslo Norway Switchboard: +47 2321 1000 Investor Contacts André Adolfsen SVP Group Controlling and Investor Relations Phone: +47 24 16 26 26 E-mail: andre.adolfsen@lindorff.com

LINDORFF FIRST QUARTER 2017 PAGE 29/29