Reference is made to Instabank ASA's ("Instabank" or the "Company") announcement of 20 May 2022 ("Update on regulatory approval process for the Instabank acquisition")

Instabank has now gained further insight into the dialogue between Lunar and the Norwegian FSA. In a letter of 13 May 2022, the Norwegian FSA rejected the application from Lunar to acquire up to 100 per cent of the shares in Instabank, based on their assessment of Lunars current financial situation and available financial resources. Further, Instabank has been informed of a subsequent meeting between the Norwegian FSA and Lunar that took place 16 May 2022, where i.a. the Norwegian FSA was informed of a planned equity raise in Lunar. This equity raise will comply with a requirement set by the Danish FSA as a condition to complete the transaction. This equity raise was not reflected in the original application to the Norwegian FSA that was rejected. As mentioned in the announcement of 20 May 2022, Lunar will now submit a new and updated application to the Norwegian FSA which will include information on the planned equity raise. Based on information from Lunar regarding their dialogue with the Norwegian FSA, Instabank understands that Lunar remains confident that the new application will be approved and that the transaction and settlement of the offer will be completed before the long-stop date of 30 September 2022.