BRAbank ASA: BRA-ME - Completion of private placement

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Bergen, 10 March 2020

Reference is made to the stock exchange announcement published on 5 March 2020 regarding launch of a private placement in BRAbank ASA ("BRAbank" or the "Company").

BRAbank announces that its Board of Directors has resolved to complete a private placement with gross proceeds of NOK 65 million (the "Private Placement"), corresponding to 130,000,000 shares at a subscription price of NOK 0.50 per share, allocated to the underwriters in accordance with the underwriting agreement.

The net proceeds of the Private Placement will be used to strengthen the Company's regulatory capital.

The completion of the Private Placement is subject to registration of the increased equity of the Company pertaining to the Private Placement with the Norwegian Register of Business Enterprises and the Norwegian Central Securities Depositary ("VPS").

Notification of conditional allotment and payment instructions for the Private Placement will be sent to the applicants on or about 11 March 2020. The payment date for the allocated shares is expected to be on or about 13 March 2020. Barring unforeseen circumstances and subject to the abovementioned conditions, allocated shares are expected to be transferred to the applicants' accounts with the VPS by the Joint Bookrunners on or about 20 March 2020.

The Board of Directors has considered the Private Placement in light of applicable equal treatment obligations and is of the opinion that the transaction is in compliance with these requirements and in the common interest of the Company and its shareholders. As a consequence of the Private Placement structure, the shareholders' preferential rights have been deviated from.

The Board of Directors has decided to carry out a subsequent offering of up to 60,000,000 new shares in the Company, corresponding to gross proceeds of up to NOK 30 million directed towards shareholders in the Company as of 10 March 2020 (as registered in the VPS on 12 March 2020 (the "Record Date")) who (i) were not allocated shares in the Private Placement and (ii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action. Such shareholders will be granted non-transferable preferential rights to subscribe for, and, upon subscription, be allocated new shares. Oversubscription will be permitted. Subscription without subscription rights will not be permitted, except for employees in the Company. The subscription price in such subsequent offering will be the same as the subscription price in the Private Placement. Further details of such subsequent offering will be announced in due course.

Braganza AB, a company controlled by board member Per G. Braathen, has been allotted 41,600,000 shares in the Private Placement.

Jan Greve-Isdahl, deputy board member, has been allotted 400,000 shares in the Private Placement.

The Private Placement was managed by Pareto Securities AS and SpareBank 1 Markets AS as Joint Bookrunners. Advokatfirmaet Schjødt acted as the Company's legal advisor.

For further information contact:

Hans Ljøen, Chief Executive Officer at BRAbank, phone: +47 481 87 750

Torbjørn Botnevik, Chief Financial Officer at BRAbank, phone: +47 982 80 233

About BRAbank

BRAbank ASA is a digital bank focused on consumer finance in the Nordics. BRAbank is a cloud-based bank with strong focus on customer experience and fintech solutions. BRAbank is based in Bergen, Norway and started operation as Monobank in November 2015 and merged with BRAbank in June 2019. The bank has experienced strong growth.

The bank offers unsecured lending to qualified private individuals in Norway, Finland and Sweden. The screening process is based on an automated evaluation system, developed using the latest technology and advanced analytics. The bank also offers attractive deposit rates on its savings accounts.

BRAbank is an independent bank with approximately 1,300 shareholders and is listed on the Oslo Stock Exchange's Merkur Market with ticker symbol BRA-ME.

This information is published in accordance with the requirements of the Continuing Obligations of companies admitted to trading on Merkur Market.

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