Komplett Bank Annual Report 2020

Note 24 Contingent liabilities The tax authorities disagree with the Bank`s treatment of reverse charge of VAT for certain services after their local control for the period January 2017 to April 2018. Komplett Bank disagrees with the provisional conclusion, and there is no provision recognized in the interim statement for the period ending on December 31, 2020. The timing of the final conclusion by the tax authorities and the conclusion itself, are uncertain. If the Bank elects to accept the tax authority`s conclusion or the case goes to a court with a negative outcome for the Bank, the estimated negative cash flow impact based on the above amounts to a total of NOK 2.2 million. Note 25 Covid 19 update The board of directors pointed out the Covid-19 pandemic as a risk factor for growth in the beginning of 2020. Through the first quarter the signs were that this crisis would have global impact and 12 March the government notified the country of the strongest restrictions in Norway since world war II for private persons and companies. Through the second quarter there was a nor- malization of the Norwegian economy. The financial industry in Norway showed a historical fast return to previous levels. The restrictions were eased. After the summer with travelling in Europe and Norway the pandemic was on its return and the government made new restrictions throughout the autumn and in the beginning of 2021. The activity level in the bank has been high through the period, and there are still not any significant large consequences for the business in the bank. The experience so far indicates that the impact the crisis has on private persons seems less pervasive then first feared in the first quarter of 2020. Throughout the year the bank has showed great strength and build a competent organization further on. Note 26 Events after the reporting period The Board is not aware of events after the balance sheet date that are of material importance to the annual financial statements except the descriptions in note 25 related to the ongoing Covid-19 pandemic. Komplett Bank Annual Report 2020 113

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