Morrow Bank AB: Information to depository receipt holders on how to convert Norwegian Depository Receipts in VPS to Swedish shares

20 Jan 2026 14:16 CET

If, at the time of the merger between Morrow Bank ASA and Morrow Bank AB on 2
January 2026, you did not have a securities account capable of holding Swedish
shares in listed companies, and/or is a new shareholder from the second half
of December 2025, you will have received Norwegian Depository Receipts (NDR --
Norwegian Depository Receipts) in Morrow Bank AB (the "Company"). Such NDRs
are a Norwegian instrument for holding Swedish shares at the Norwegian VPS
register. These NDRs must be transferred from Euronext Securities (VPS) to
Euroclear Sweden and registered in a securities account for Swedish shares so
that you will be able to trade these shares. Only after such a transfer will
your shares be available for trading on Nasdaq Stockholm.

NDRs must first be converted into Swedish shares in order to be traded on the
Nasdaq Stockholm exchange. Converting NDRs is normally associated with
administrative fees incurred by the custodian or account holding institution.

The Company offers free conversion of the Norwegian depository receipts until
16 February 2026, during which the Company will cover the conversion costs for
shareholders. The free conversion period is offered through DNB Carnegie.
Should you convert your NDRS after this date, the Company will then charge you
a cost related to this conversion.

Morrow Bank encourages shareholders who have not transferred their
shareholdings to a securities account capable of holding Swedish shares before
the completion of the cross border merger, to take advantage of the
opportunity to convert their Norwegian depository receipts into Swedish
transferable shares. Shareholders wishing to make use of the free conversion
are encouraged to ask their bank/broker/custodian to contact DNB Carnegie as
soon as possible.

Guidance for the instructions can be found here (to be sent to your account
manager - bank/broker/custodian):

https://content.dnb.no/docs/9454528/conversion-procedure-cross-border.pdf

For additional information regarding the transfer of the company from Norway
to Sweden, please see our IR pages:

https://ir.morrowbank.com/merger-information

About Morrow Bank
Morrow Bank is a Nordic consumer finance bank offering digital and flexible
financing solutions to creditworthy individuals in Norway, Sweden and Finland.
The bank offers consumer loans, credit cards and high-yield deposit accounts,
supported by a modern and scalable banking platform.

More information:
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663913_Morrow Bank AB- Information to depository receipt holders on how to convert Norwegian Depository Receipts in VPS to Swedish shares.pdf