General Terms and Conditions Private Customers

Version 1.0 - Valid from 8th February 2021

1. Introduction

The general terms and conditions apply to all agreements between you and Lunar Bank ("Lunar", "we", "us"), unless otherwise explicitly stated in a separate agreement. Here, you can read about the bank's and your rights and obligations, and general information about the customer relationship.

The general terms and conditions also contain information required under the Norwegian Financial Contracts Act (in Norwegian: lov av 25.06.1999 nr. 46 om finansavtaler og finansoppdrag)

Particular rules apply to, for instance, payment cards. These rules are provided when the product is established and can be found in the app at any time. For most business areas, detailed rules will apply to complement these general rules in the general terms and conditions.

We may change the general terms and conditions without notice if the change is beneficial to you. Any other changes will be made with three months' notice.

You can always find the applicable general terms and conditions under "Agreements" in the app or on our website www.lunar.app.

2. Establishing Customer Relationships

When establishing a customer relationship with Lunar, you as a customer must document your name and Norwegian civil registration number. This can be done by sending a copy of an official document such as a passport or driving licence. In order to be digitally established in Lunar, you must have EU/EEA citizenship, be resident within the EU/EEA, and have a valid BankID.

In the event that the above requirements cannot be met, you can only become a customer in Lunar by showing up in person by appointment, after which your application will be processed by an employee of the bank.

All customers must be at least 18 years of age.

3. Interest Terms

Lunar Bank’s deposit and lending rates are floating unless otherwise expressly agreed. That the interest rate is floating means that the bank can change the interest rate at any time, subject to the notice periods set out below.

The interest rate is subject to change without notice if the change is beneficial to you. With regard to interest rates calculated on your deposits in Lunar Bank, we may change the interest rates without notice due to changes in the applicable reference rate (CIBOR). Otherwise, the interest rate may only be changed by us upon a two months’ notice in accordance with section 27 of these terms and conditions.

With regard to credit agreements (if applicable), Lunar Bank may change interest rates with six weeks' notice. Nonetheless, Lunar Bank may change the interest rate pertaining to a credit agreement with one month's notice if the change is due to material changes in:

• in the money market rate/reference interest rate;
• in the applicable bond rate; and
• general level of funding costs as further described in the Norwegian Financial Contracts Act.

The interest rate depends on the type of account. The interest rates applicable at any time for each account type and product can be found on Lunar Bank's price list and at www.lunar.app.

You will be notified of any changes in the interest rate via the email address you have provided the bank and possibly via advertising in the daily press.

4. Calculation and Accrual of Interest

The interest day (the value date) is the day on which the deposit or withdrawal affects the calculation of interest on an account. When a deposit is made into an account, the interest day is the same day as the day when the deposit was made. When withdrawing from an account, the interest day is the day when the withdrawal was made. When interest is accrued to the account, the interest day is the first banking day after the interest accrual. We calculate interest daily based on the number of calendar days.

Saturdays, Sundays and public holidays, the day after Ascension Day, Constitution Day, Christmas Eve, and New Year's Day are not banking days at Lunar Bank.

For deposits, the interest on deposits is accrued monthly unless otherwise specified in the account agreement. The interest rate on loans shall be accrued monthly unless otherwise specified in the credit or loan agreement. The interest is calculated in arrears, and the accrued interest is found in the transaction summary in the Lunar app and in the account statement.

We may change the rules on the calculation of interest at any time with three months' notice. You will be notified of the changes in the Lunar app.

5. Deposits

Lunar Bank reserves the right at any time to change the limits on the amounts of deposits, interest on deposits and fees on deposits above the permitted limits. See the price list for the applicable limits, interest and fees at any time when the limits are exceeded.

6. Service Fees

We may charge fees for services and to answer questions from government agencies about your circumstances. The fees are charged either as a fixed amount for the service or as a percentage or an hourly rate related to the volume of services. The calculation methods may be combined. We provide information about the general fees in the Lunar app, at www.lunar.app or upon request. Information about other fees will be disclosed upon request.

We will send an annual overview of all service fees you have paid to the bank. Also, we provide information about fees paid free of charge in the Lunar app at any time. You are required to ensure that you have access to the app.

We may reduce service charges at any time without notice.

We may increase fees for services that you continually pay as part of your customer relationship in Lunar, with two months’ notice.

For business reasons, we may introduce fees for services for which we have not previously charged. Such a fee may be introduced with three months' notice if the change is due to conditions related to market, cost, regulatory business, competition, risk, or earnings. You can see examples of such conditions in section 3 above. The list is not exhaustive.

We can always introduce and increase fees for stand-alone services and, in general, for new agreements.

You will receive information about changing fees and the introduction of new fees via email and in the Lunar app.

7. Payment Account

A payment account is an account created to complete payment transactions.

We may reject a payment order at any time if there are insufficient funds in your account from which the payment is withdrawn. We may withhold a payment order at any time in certain cases, such as where a sanctioned party is included in the payment flow or if fraud is suspected.

8. Overdraft Interest and Reminder Fees

If you have overdrawn an account, are in arrears or use the account in violation of the agreement with Lunar Bank, the bank may require overdraft interest, commission or default interest, a fee for sending account statements and reminder letters, and payment of legal expenses for collection, etc. The cost of a reminder fee can be found in the reminder letters by Lunar Bank and on the price list, at www.lunar.app or disclosed upon request. The overdraft rate and overdraft commission are stated on Lunar's price list, at www.lunar.app or upon request.

9. Completion Time

The completion time is the time that elapses from an amount being withdrawn from a payment account until it is deposited into an account in the recipient's financial institution. Lunar Bank shall ensure that the transaction has been completed the course of the first banking day Lunar Bank received the payment order.

If a payment order is received towards the end of a banking day, it is considered received the following business day. You can get information regarding the deadline for receiving payment orders by contacting us.

10. Exchange Rates

At www.lunar.app, you can find information about the actual exchange rate or reference rate when a currency exchange is part of a transfer. Changes to the set exchange rate may occur without notice.

11. Taxes and Charges

To the extent that new or amended government regulation or practice results in a service provided by Lunar Bank to you becoming subject to new taxes or fees, and to the extent that its permissible under applicable law, we reserve the right to collect these taxes or fees directly from you without notice.

This also applies in the case of amendment or termination of existing taxes or fees.

12. Information on and Verification of Payment Transactions

We provide daily information about payment transactions in the Lunar app free of charge. You are required to continually check payment transactions in the Lunar app.

If you do not recognise some of the transactions, please contact us via the app as soon as possible after you become aware of the unauthorised transaction. When assessing whether you have contacted us in a timely manner, attention will be paid to your obligation to continually check payment transactions.

In any event, objections concerning payment transactions covered by the Norwegian Financial Contracts Act must be made within 13 months of completion of the transaction.

We will notify you of suspected actual instances of abuse or security threats, including if we become aware of such. For example, the notification can be performed by telephone, by notification in the Lunar app, or by other similarly secure procedure.

13. More Account Holders

When there is more than one account holder to the account, the account holders hereby empower each account holder to dispose of the account alone. If one of the account holders dies, we are entitled to block the account until the Probate Court has ruled on what should happen to the deceased's estate. If an account holder revokes his or her power of attorney to other account holders, we reserve the right to also block the account until the account relationship is clarified. If there are several account holders to the account, account holders are jointly and severally liable to the bank for the current withdraw on the account.

14. Offsetting

Lunar Bank may not set off an amount against the credit balance of your account or against any funds that we have received to execute a payment order, with the exception of claims fallen due deriving from your account relationship.

Further, Lunar Bank may not undertake a set-off against, means of payment that Lunar Bank keeps available for carrying out payment assignments. Lunar Bank may exercise its right of retention on the same conditions that apply for set-off.

The regulation above, does not prevent the establishment of any voluntary or forced right to security in the account in accordance with prevailing legislation.

15. Termination

You may terminate the customer relationship at any time without notice.

Lunar Bank may terminate our customer relationship in writing without a prior written notice, provided that you are in material breach of these terms and conditions. The following factors will be considered a material breach (non-exhaustive list):

• if you, your agents or others who are entitled to interact with Lunar Bank on your behalf are subject to sanctions decided by the EU, or the UN, cf. the Danish Ministry of Foreign Affairs’ overview of sanctions, or similar, for example, U.S. authorities such as OFAC.
• if you refrain from providing us with the information that we are obligated to obtain from you under legislation such as tax law anti-money laundering laws (including the Danish Anti-Money Laundering Act).

We may, at any time, block your access to our app, products, and services if you do not provide us with information pertaining to anti-money laundering or if we have reasonable grounds to suspect that your account is being used for money-laundering purposes or other acts punishable pursuant to applicable penal law.

When the customer relationship ends, we may terminate warranty and guarantee obligations and release ourselves from other obligations entered into on your behalf, including foreign currency liabilities. You are obligated to release Lunar Bank from all commitments entered into on your behalf and must provide such security as we deem to be necessary.

When any party terminates account products where a monthly fee is paid and nothing else is specified, the notice period is current month + 1 month, after which the fee and all related services and terms cease.

16. Business Abroad

If Lunar Bank conducts business abroad on your behalf, we will select a business relationship unless otherwise agreed. To the same extent as us, you are subject to the rules and legislation, customs, and business conditions that apply to the agreement with the foreign business relationship.

17. Electronic Communications and Contracting

We may provide you with all information in electronic form, even where contracts, terms, etc. use words such as "in writing", "letter", "bank statement", etc. You will receive letters and documents from us electronically in the Lunar app or via e-Boks, or other digital channels.

The types of letters and documents you receive in the Lunar app, e-Boks, or other digital channels may include notifications such as changes to fees and interest rates, contracts and terms, and notices about changes to these.

Receipt of electronic letters and documents has the same legal effect as when you receive regular mail. This means that you must open and check what has been sent to you electronically, just like regular mail. You are obliged to ensure that you have access to the Lunar app, e-Boks, and the other digital channels used.

We may continue to send letters and documents by regular mail if we consider this to be the best way to notify you.

You can enter into electronic agreements with us by using your BankID. For example, when you use your BankID to accept an agreement, it is the equivalent of an electronic signature. This electronic signature is legally binding in the same manner as a signature on a physical document.

18. Experian RKI A/S

Lunar Bank is affiliated with Experian RKI A/S (formerly RKI Kredit Information A/S) and reports to it in accordance with applicable rules.

19. Liability of the Bank

We are liable for damages if, due to errors or omissions, we fulfil agreed obligations too late or inadequately.

In those areas where stricter liability applies, we are not liable for losses caused by:

• breakdowns in or lack of access to IT systems or damage to data in those systems attributable to the events listed below, whether Lunar Bank itself or an external supplier is in charge of the operation of the systems;
• failure of the bank's power supply or telecommunications, regulatory intervention or administrative acts, natural disasters, war, riots, civil unrest, sabotage, terrorism, or vandalism, including computer viruses and hacking;
• strike, lockout, boycott, or blockade, regardless of whether the conflict is directed against or initiated by Lunar Bank or its organisation and regardless of the cause of the conflict. This also applies where the conflict affects only parts of the bank;
• other circumstances beyond the bank's control.

Lunar Bank's disclaimer of liability does not apply:

• if Lunar Bank should have foreseen the circumstance that is causing the loss at the time the agreement was concluded or the bank should have avoided or overcome the cause of the loss,
• if, in any event, the legislation makes Lunar Bank liable for the cause of the loss.

20. Blocking, Etc. of Transactions, Orders, Money Transfers and the Like

If you initiate the transfer of amounts that are in breach of sanctions from the authorities, EU, or the UN, cf. the Danish Ministry of Foreign Affairs’ overview of sanctions, or similar, for example, U.S. authorities such as OFAC, the transfer may be stopped and the amount frozen.

Similarly, any other order from you, the execution of transactions that directly or indirectly involve you, or the performance of any other obligations that are in violation of the sanctions set out above, may be delayed, partially executed, or blocked in its entirety.

Delaying, returning, or blocking of a transfer may also occur if a foreign financial institution involved in executing the transfer is missing information, etc. for the execution or the transfer for other reasons cannot be carried out.

21. Complaints

Complaints about Lunar Bank should be directed to klage@lunar.app.

If the request to Lunar Bank Complaints Service does not lead to a solution, a complaint can be lodged with the Norwegian Banking Complaints Board, Askekroen 11, 0277 Oslo, telephone: +47 23 13 19 60, email: post@finkn.no.

You can also lodge a complaint with the European Commission's online complaint portal (ODR). This is particularly relevant if you are a consumer residing in another EU country. If you lodge a complaint, please provide this email address: klage@lunar.app.

22. Confidentiality

The employees of Lunar Bank have a duty of confidentiality regarding customer relationships and must, therefore, not unduly disclose information that they become aware of through their work.

The rules on confidentiality are found in the Danish Financial Business Act and the Norwegian Financial Institutions Act.

23. Protecting Your Privacy

We attach great importance to your confidence in being a customer with us. The information about you that we receive, for example, when you become a customer with us through the Lunar App, we process responsibly, respecting your privacy and, of course, in accordance with applicable laws on, among other things, the protection of your personal data.

You can read more about our processing of your personal data in our specific privacy policy in the Lunar app or at www.lunar.app.

If you are not satisfied with the way we process your personal data, you can complain to:

Lunar Bank A/S
Klageservice
Hack Kampmanns Plads 10
8000 Aarhus
Klage@lunar.app

or:

Datatilsynet
Borgergade 28, 5.
1300 København K
dt@datatilsynet.dk

If you have any questions about our processing of your personal data, you can always contact our Data Protection Officer:

Lunar Bank A/S
Databeskyttelsesrådgiver
Hack Kampmanns Plads 10
8000 Aarhus
dpo@lunar.app

24. The Guarantee Fund (Garantiformuen) – Depositor and Investor Guarantee Scheme in Denmark

As a bank customer, you are largely covered against losses in the event of the bank's bankruptcy through the Guarantee Fund. The Guarantee Fund covers, among other things, registered deposits in financial institutions up to an amount equal to EUR 100,000 per depositor.

The form 'Information Sheet - Guarantee Fund for Depositors and Investors' is available at www.lunar.app.

You can find more information on the Guarantee Fund’s website gii.dk.

25. Supervision and Good Practice for Financial Undertakings

The Danish Ministry of Industry, Business and Financial Affairs has issued an executive order on Good Business Practice for Financial Undertakings. The executive order requires, among other things, that customers be made aware of cases where the financial undertaking receives a commission or other remuneration for selling any business partner's products. At www.lunar.app and in the app you can find information about the remuneration the bank receives from business partners.

Lunar Bank is under the supervision of the Danish Financial Supervisory Authority, which is the responsibility of the Ministry of Industry, Business and Financial Affairs. Lunar Bank is registered in the CVR register with CVR No. 39 69 76 96.

Further, Lunar Bank’s provision of financial services in Norway is subject to supervision by the Financial Supervisory Authority of Norway, P.O Box 1187 Sentrum, N-0107 Oslo.

26. Language, Choice of Law, and Jurisdiction

We conclude agreements in English. The agreements are governed by Norwegian law, and disputes can be brought before Norwegian courts.

27. Amendments

We may change the general terms and conditions without notice when it is in your benefit. Unless otherwise explicitly stated, other changes shall be made with a minimum of two months' notice. You will be notified of changes either in writing or electronically (via email, the Lunar app, e-Boks or other digital channels).You are deemed to have accepted the change if you do not state the opposite in writing to Lunar Bank and terminate the customer relationship before the implementation date.

You are required to ensure that you have access to the Lunar app and to notify us of any changes to your address and/or email address. You are responsible for not receiving notices of changes if you have not notified us of your email address and/or change of address and/or do not have access to the Lunar app, email, or e-Boks.

28. Right of Withdrawal

In Lunar Bank, agreements for the setting up of accounts can always be undone under the rules set out below.

The withdrawal period expires after 14 days.

The time limit shall be counted with a starting point from the day on which the account is made available.

For example, if the account is made available on Monday 1st, the deadline expires as Monday 15th comes to an end. If the deadline expires on a Sunday or public holiday, Saturday, the day after Ascension Day, Constitution Day, Christmas Eve or New Year's Eve, cancellation may occur the following working day.

Before the expiry of the withdrawal period, we must be notified that the agreement has been cancelled. To exercise your right of withdrawal, please contact our support in writing. When the message is in writing - for example, by email - it only has to be sent before the deadline.

You do not have the right of withdrawal on product purchases that, when purchased, generate direct costs to Lunar. At present, this applies to:

• Card purchases
• Top-up

Any products in Lunar with different terms of withdrawal than described above are detailed in the specific product terms.

29. Power of Attorney

You may give others a written power of attorney to interact with Lunar Bank on your behalf. Such power of attorney will apply until it is revoked in writing by you.

Any power of attorney will also cease upon your death. In such a case, we block your accounts, including those you share with others.