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's activity report 2022

12 CEO's Address 17 People and Culture 22 Environmental, Social and Governance Risks 25 Management 26 Good Corporate Governance Report 35 Key Financial Indicators and Ratios

Consolidated Annual Financial Statements 37 Consolidated Statement of Financial Position 38 Consolidated Income Statement and Other Comprehensive Income Statement 39 Consolidated Cash Flow Statement 40 Consolidated Statement of Changes in Equity 41 Appendix 1 Significant Accounting Policies 62 Appendix 2 Significant Accounting Estimates 63 Appendix 3 Risk Management 78 Appendix 4 Operating Segments 81 Appendix 5 Net Interest Income 82 Appendix 6 Net Commission and Fee Income 83 Appendix 7 Other Operating Income and Expenses 84 Appendix 8 Operating Expenses 85 Appendix 9 Impairment Loss on Loans 86 Appendix 10 Income Tax 87 Appendix 11 Claims to Central Banks and Credit Institutions 88 Appendix 12 Investments in Bonds 89 Appendix 13 Business Combinations and Investments in Associates and Subsidiaries 92 Appendix 14 Tangible Assets 93 Appendix 15 Right-of-use Assets and Lease Liabilities 94 Appendix 16 Intangible Assets 96 Appendix 17 Other Financial Assets and Other Assets 97 Appendix 18 Customer Deposits 98 Appendix 19 Subordinated Debt Securities 99 Appendix 20 Other Financial Liabilities and Other Liabilities 100 Appendix 21 Contingent Liabilities 101 Appendix 22 Share Capital 102 Appendix 23 Share-based Payments 103 Appendix 24 Reserves 104 Appendix 25 Fair Value of Financial Assets and Liabilities 106 Appendix 26 Related Parties 107 Appendix 27 Parent Company's Unconsolidated Statement of Financial Position 108 Appendix 28 Parent Company's Unconsolidated Statement of Comprehensive Income 109 Appendix 29 Parent Company's Cash Flow Statement 110 Appendix 30 Parent Company's Unconsolidated Statement of Changes in Equity

Board's Confirmation

Independent Auditor's Report

Proposal for Profit Distribution

CEO's Address 2022 was in many ways extraordinary for Inbank. We earned a record profit of 21.1 million euros, our assets exceeded the 1 billion euro mark and we have served over 2 million customers.

We continued our international expansion, entering the Czech market.

We also continued our strategy of embedded finance integrated into partners' business processes, and nearly 80% of our 577 million euro sales volume came from partner channels. By the end of the year, our platform was serving more than 5400 merchants.

Although it was another successful year for Inbank, the environment around us was anything but ordinary. For the third year in a row since the pandemic began in March 2020, we have had to operate in extraordinary circumstances. When the pandemic eased in 2022.

At the beginning of the year, a tragic war broke out in Ukraine. The direct impact of the war on our business was mainly limited to the immediate aftermath of the initial attack. However, as inflationary pressure had already begun from the loose monetary and fiscal policy during the pandemic, and the war further disrupted energy supplies, unprecedented inflation occurred in our region. As a result, we saw a sharp rise in interest rates first in Poland and then in the Eurozone.

Interest Rates and Business Volumes

As Inbank finances itself through term deposits, our financing costs increased significantly in 2022.

The increase in financing costs was mainly due to a very sharp rise in interest rates in Poland. The central bank there began raising interest rates early: from September 2021 to September 2022, Polish interest rates rose from 0.1% to 6.75%. Obviously, this had a significant impact on Inbank, as our total financing cost rose from 1.80% in 2021 to 2.66% in 2022. In addition, our zloty financing costs rose from 1.46% in 2021 to 4.00% in 2022.