1. AKTIV KAPITAL ASA Q3 2005 Presented by CEO Rolf Stub Oslo, 21.10.2005

2. Agenda  Financial highlights  Q3 2005 features  Portfolios  Debt collection  AFS  Financial Items  Market situation

3. Financial highlights Q3 2005 (Q3 2004) ( Based on IFRS)  Revenues NOK 336.1m (+1%)  Pre-tax profit NOK 137.8m (+61%)  EBITDA (based on NGAAP) NOK 348.2m (+2%)  Income* on portfolios NOK 248.1m (+4%)  Paid-in on portfolios NOK 417.4m (-3%)  Debt collection revenues NOK 60.3m (+11%)  AFS revenues NOK 21.4m (+12%) * Interest income at effective rate

4. Main features Q3 2005  Acquisition of Portfolio Management Group in Canada with 60 portfolios with combined face value of CAD 680 million and a collection platform with 165 employees servicing own portfolios and third party collection  Acquired 4 new UK portfolios with face value of NOK 3.0 billion of which NOK 2.1 billion will be delivered over the next 11 months  Acquisition of various smaller portfolios and forward flows in Austria, UK, Finland, Germany, France and Sweden

5. Pre-tax profit (IFRS) / Cash flow before tax Mill. NOK

6. Operating result (IFRS) and EBITDA per quarter (Aktiv & Olympia combined from 2Q’04) NOK mill.

7. Development earnings per share (IFRS) NOK

8. Development cash flow per share NOK Q3 2005 Features

9. Main features from the portfolio activity in Q3 2005  Portfolio income* increased by 4% to NOK 248.1m vs. Q3 2004  Paid-in on portfolios decreased by 3% to NOK 417.4m vs. Q3 2004 Paid-in on portfolios in Q3 2005 decreased by 1% vs. Q2 2005  Operating profit before allocated group costs increased by 29% to NOK 156.1m vs. Q3 2004  Acquired portfolios with 380,000 accounts and a face value of MNOK 5,513 * Interest income at effective rate (IFRS)

10. Net cash flow from the portfolio activity before financing costs (after allocation of group costs) Mill. NOK

11. Development of collection on portfolio per country (local currency)

12. Paid-in on portfolios per country (NOK) Q3 2005

13. Outstanding balance and number of cases Mill. NOK

14. PMG (Portfolio Management Group) The Company:  3 business areas  Portfolios  Debt Collection (including collection in the US for clients)  Subrogation  Strong management team  2 offices, total of 165 people  Estimated 40% of debt purchase market in Canada  Proven track record of successfully completing acquisitions  Awarded Standing Offer for the provision of collection services to the Federal Government of Canada effective July 6 th, 2005  Expansion opportunities through US business partners and knowledge

15. PMG (Portfolio Management Group) The Market:  Newly developed market with large possibilities  Similarities to existing Aktiv Kapital markets  Current business partners:  MBNA  Citicard / Citifinancial  GE Cap,  HFC  Wells Fargo  Various Canadian retailers  Canadian Banks waiting to go to market  Options for growth in complementary areas

16. Main features debt collection Q3 2005  Debt collection revenue 60.3m (+11%)  Operating profit decreased to NOK 12.3m (-12%)

17. Development debt collection (before allocation of group costs) Mill. NOK

18. Main features AFS Q3 2005  Revenue NOK 21.4m (12%)  Operating profit NOK 4.2m (166%)

19. Development administrative and financial services (before allocation of group costs) Mill. NOK

20. Net cash flow generated from the portfolio business is strong enough to repay all corporate debt within 17 months. NOK mill. Debt service capacity

21. Market situation  “Pipe-line” potential still increasing.  Continued interest from business partners in key markets.  Interest from Continental Europe still strong. Timing continuous to be difficult.  Competitive situation

22. Profit and loss account

23. Balance sheet

24. Cash flow analysis