INA Industrija nafte d d : 08.05.2023. – General Assembly invitation 15 June 2023

MANAGEMENT BOARD

Av. V. Holjevca 10

ZAGREB

No: 21-1/23

Date: April 28, 2023

Pursuant to the provisions set out in Article 277 of the Companies Law and Article 34 of the Articles of Association of INA

• INDUSTRIJA NAFTE, d.d. (hereinafter: "INA d.d." or "Company"), on 28 April 2023, the Management Board and the Supervisory Board of the Company rendered a decision on convocation of the General Assembly of the Company, and it hereby invites the shareholders of the Company to the

GENERAL SHAREHOLDERS' ASSEMBLY of INA - Industrija nafte, d.d.

to be held on June 15, 2023 in Zagreb, Croatia, at the Company headquarters, Zagreb, Avenija V. Holjevca 10,

beginning at 12:00 o'clock

with the following agenda:

1. Opening of the General Assembly meeting and establishing the attendance list
2. Annual consolidated and unconsolidated Financial Statements with Independent Auditor's Report for 2022, and Company and INA Group Status Report for 2022, as well as the Supervisory Board Report on the supervision performed in 2022
3. Decision on profit distribution in INA, d.d. for 2022
4. Decision on the Discharge to the Members of the Management Board for business year 2022
5. Decision on the Discharge to the Members of the Supervisory Board for business year 2022
6. Decision on the appointment of the auditor of the Company for 2023
7. Decision on adjusting share capital and nominal amount of Company shares due to the introduction of the euro as the official currency in the Republic of Croatia
8. Decision on the amendments to Articles of Association of INA - INDUSTRIJA NAFTE, d.d. .
9. Approval of the full wording of the Articles of Association of INA, d.d.
10. Decision on approval of Management Board and Supervisory Board remuneration report for 2022

INA, d.d.	Banka - Bank	Adresa - Address	IBAN broj - IBAN Number,
Privredna banka Zagreb d.d.	Radnička cesta 50, 10000 Zagreb	HR92 2340 0091 1000 2290 2
Avenija Većeslava Holjevca	Raiffeisenbank Austria d.d.	Magazinska cesta 69, 10000 Zagreb	HR70 2484 0081 1006 1948 3
Zagrebačka banka d.d.	Trg bana Josipa Jelačića 10, 10000	HR62 2360 0001 1013 0359 5
10
OTP banka d.d.	Zagreb	HR96 2407 0001 1001 5214 9
10 002 Zagreb p.p. 555
Erste&Steiermärkische Bank	Domovinskog rata 61, 21000 Split	HR34 2402 0061 1006 8111 4
Hrvatska - Croatia
d.d.	Jadranski trg 3a, 51000 Rijeka	IT41 N056 9610 900E DCEU 0817 340
BIC (SWIFT): INAHHR22
BANCA POPOLARE DI	Viale Innocenzo XI n.71, 22100	(EUR)
Telefon - Telephone:	SONDRIO	COMO	HR54 2390 0011 1013 4019 7
08001112	Hrvatska poštanska banka, d.d.	Jurišićeva ulica 4, 10000 Zagreb	AT21 1200 0528 4400 3466	(EUR)
	UniCredit Bank Austria AG	Schottengasse 6-8,A-1010 Wien	AT91 1200 0528 4400 3467	(USD)

Predsjednik i članovi Uprave / President and members of the Management Board:

Péter Ratatics, Zsombor Marton, Krisztián Pulay, Miroslav Skalicki, Hrvoje Šimović, Marin Zovko

Predsjednik Nadzornog odbora / President of the Supervisory Board: Damir Mikuljan

Trgovački sud u Zagrebu

Commercial Court in Zagreb

MBS: 080000604

Uplaćen temeljni kapital - Paid capital stock

9.000.000.000,00 kn - HRK Broj izdanih dionica / Nominalna vrijednost

No. of issued shares / Nominal value 10.000.000 / 900,00 kn - HRK Matični broj - Reg. No. 3586243 OIB - 27759560625

PDV identifikacijski broj / VAT identification number HR27759560625

Proposals of decisions of the General Assembly:

Ad 3 The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

Decision on distribution of profit in INA, d.d. for 2022

"Based on approved 2022 Financial Statements of INA-INDUSTRIJA NAFTE, d.d. Zagreb, profit for the year 2022 in the amount of HRK 1.836.606.357,86 which amounts to EUR 243.759.553,77 is determined, that is to be distributed as follows:

• Legal reserves in the amount of EUR 12,187,977.69
• Dividend pay-out in the amount of EUR 200,000,000.00 (i.e. EUR 20.00 per shares)
• Retained earnings in the amount of EUR 31,571,576.08

The General Assembly determines that the day on which the shareholders registered in the depository of the Central Depository and Clearing Company d.d., Zagreb acquire the right to payment of dividend is June 21, 2023.

The dividend will be paid in cash to the shareholders by July 14, 2023 at the latest. "

Ad 4 The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

"Discharge is granted to the members of the Management Board of INA, d.d. for the business year 2022."

Ad 5 The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

"Discharge is granted to the members of the Supervisory Board INA, d.d. for the business year 2022."

Ad 6 The Supervisory Board of the Company proposes to the General Assembly to adopt the following decision:

"Decision on the

appointment of the auditor of the Company for 2023

Audit company Deloitte d.o.o., Zagreb, Radnička cesta 80 is selected as the Auditor of INA, d.d. in 2023."

INA, d.d.	Banka - Bank	Adresa - Address	IBAN broj - IBAN Number,
Privredna banka Zagreb d.d.	Radnička cesta 50, 10000 Zagreb	HR92 2340 0091 1000 2290 2
Avenija Većeslava Holjevca	Raiffeisenbank Austria d.d.	Magazinska cesta 69, 10000 Zagreb	HR70 2484 0081 1006 1948 3
Zagrebačka banka d.d.	Trg bana Josipa Jelačića 10, 10000	HR62 2360 0001 1013 0359 5
10
OTP banka d.d.	Zagreb	HR96 2407 0001 1001 5214 9
10 002 Zagreb p.p. 555
Erste&Steiermärkische Bank	Domovinskog rata 61, 21000 Split	HR34 2402 0061 1006 8111 4
Hrvatska - Croatia
d.d.	Jadranski trg 3a, 51000 Rijeka	IT41 N056 9610 900E DCEU 0817 340
BIC (SWIFT): INAHHR22
BANCA POPOLARE DI	Viale Innocenzo XI n.71, 22100	(EUR)
Telefon - Telephone:	SONDRIO	COMO	HR54 2390 0011 1013 4019 7
08001112	Hrvatska poštanska banka, d.d.	Jurišićeva ulica 4, 10000 Zagreb	AT21 1200 0528 4400 3466	(EUR)
	UniCredit Bank Austria AG	Schottengasse 6-8,A-1010 Wien	AT91 1200 0528 4400 3467	(USD)

Predsjednik i članovi Uprave / President and members of the Management Board:

Péter Ratatics, Zsombor Marton, Krisztián Pulay, Miroslav Skalicki, Hrvoje Šimović, Marin Zovko

Predsjednik Nadzornog odbora / President of the Supervisory Board: Damir Mikuljan

Trgovački sud u Zagrebu

Commercial Court in Zagreb

MBS: 080000604

Uplaćen temeljni kapital - Paid capital stock

9.000.000.000,00 kn - HRK Broj izdanih dionica / Nominalna vrijednost

No. of issued shares / Nominal value 10.000.000 / 900,00 kn - HRK Matični broj - Reg. No. 3586243 OIB - 27759560625

PDV identifikacijski broj / VAT identification number HR27759560625

Ad 7. The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

Decision on adjusting share capital and nominal amount of Company shares due to the introduction

of the euro as the official currency in the Republic of Croatia

Article 1

Share capital of the Company entered in court register is HRK 9.000.000.000,00 and is divided into 10.000.000 ordinary shares called "A" series shares, with the nominal value of HRK 900,00 each, which with application of the fixed conversion rate of HRK to Euro (at fixed conversion rate 1 Euro = 7.53450 HRK), with rounding to the nearest cent, as per the Law on the introduction of Euro as the official currency in Republic of Croatia (Offficial Gazette 57/22 and 88/22) is EUR 1.194.505.275,73.

The nominal value of an ordinary share called "A" series shares is HRK 900,00, which with application of the fixed conversion rate of HRK to Euro (at fixed conversion rate 1 Euro = 7.53450 HRK), with rounding to the nearest cent, as per the Law on the introduction of Euro as the official currency in Republic of Croatia with rounding to the nearest cent is EUR 119,45.

Article 2

For the purpose of adjusting share capital with the provisions of Article 21 of the Law on Amendments to the Companies Act (Official Gazette 114/22), the share capital of the Company is increased from the amount of EUR 1.194.505.275,73 with the amount of EUR 5.494.724,27 to the amount of EUR 1.200.000.000,00.

Article 3

Pursuant to Law on Amendments to the Companies Act (Official Gazette 114/22), the converted nominal value of the share is rounded and expressed as a whole number, namely EUR 120,00, which results in a diferrence of EUR 5.494.724,27, which represents adjustment of the share capital of the Company, and the share capital of the Company is increased through conversion of legal reserves of the Company in the amount of EUR 5.494.724,27.

Article 4

After recalculation and adjustment, the share capital of the Company is EUR 1.200.000.000,00 and is divided into 10.000.000 ordinary shares called "A" series shares, with nominal amount EUR 120,00.

INA, d.d.	Banka - Bank	Adresa - Address	IBAN broj - IBAN Number,
Privredna banka Zagreb d.d.	Radnička cesta 50, 10000 Zagreb	HR92 2340 0091 1000 2290 2
Avenija Većeslava Holjevca	Raiffeisenbank Austria d.d.	Magazinska cesta 69, 10000 Zagreb	HR70 2484 0081 1006 1948 3
Zagrebačka banka d.d.	Trg bana Josipa Jelačića 10, 10000	HR62 2360 0001 1013 0359 5
10
OTP banka d.d.	Zagreb	HR96 2407 0001 1001 5214 9
10 002 Zagreb p.p. 555
Erste&Steiermärkische Bank	Domovinskog rata 61, 21000 Split	HR34 2402 0061 1006 8111 4
Hrvatska - Croatia
d.d.	Jadranski trg 3a, 51000 Rijeka	IT41 N056 9610 900E DCEU 0817 340
BIC (SWIFT): INAHHR22
BANCA POPOLARE DI	Viale Innocenzo XI n.71, 22100	(EUR)
Telefon - Telephone:	SONDRIO	COMO	HR54 2390 0011 1013 4019 7
08001112	Hrvatska poštanska banka, d.d.	Jurišićeva ulica 4, 10000 Zagreb	AT21 1200 0528 4400 3466	(EUR)
	UniCredit Bank Austria AG	Schottengasse 6-8,A-1010 Wien	AT91 1200 0528 4400 3467	(USD)

Predsjednik i članovi Uprave / President and members of the Management Board:

Péter Ratatics, Zsombor Marton, Krisztián Pulay, Miroslav Skalicki, Hrvoje Šimović, Marin Zovko

Predsjednik Nadzornog odbora / President of the Supervisory Board: Damir Mikuljan

Trgovački sud u Zagrebu

Commercial Court in Zagreb

MBS: 080000604

Uplaćen temeljni kapital - Paid capital stock

9.000.000.000,00 kn - HRK Broj izdanih dionica / Nominalna vrijednost

No. of issued shares / Nominal value 10.000.000 / 900,00 kn - HRK Matični broj - Reg. No. 3586243 OIB - 27759560625

PDV identifikacijski broj / VAT identification number HR27759560625

Article 5

The Articles of Association of the Company will be aligned with this Decision on adjusting share capital and shares by increasing share capital pursuant to the provisions of Article 21 of the Law on Amendments to the Companies Act.

Article 6

This Decision shall come into effect on the date of its adoption, and be applied as of the date of entry into the court registry."

Ad 8. The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

"Decision on the Amendments to the Articles of Association of INA - INDUSTRIJA NAFTE, d.d.

Article 1

Article 7 is amended and reads as follows:

The share capital of the Company is 1,200,000,000,00 (in letters: one billion and twohundred milion) Euro. Article 2.

Article 8. paragraph 1. is amended and reads as follows:

The share capital of the Company is divided into 10,000,000 (in letters: ten million) ordinary shares called "A" series

shares, with the nominal value of 120.00 Euro (in letters: one hundred and twenty euro) each. All subsequent share issues will have a different series designation.

Article 3.

Article 17.1.7 is amended and reads as follows:

"The variation or termination of any existing contract to which a member of the Group is a party with a value in excess of ten million euro (10,000,000.00 euro) where such variation or termination is otherwise than in the ordinary course of the business of the Group (contracts related to the customary business activities of the Group shall be considered as ordinary course of the business)

INA, d.d.	Banka - Bank	Adresa - Address	IBAN broj - IBAN Number,
Privredna banka Zagreb d.d.	Radnička cesta 50, 10000 Zagreb	HR92 2340 0091 1000 2290 2
Avenija Većeslava Holjevca	Raiffeisenbank Austria d.d.	Magazinska cesta 69, 10000 Zagreb	HR70 2484 0081 1006 1948 3
Zagrebačka banka d.d.	Trg bana Josipa Jelačića 10, 10000	HR62 2360 0001 1013 0359 5
10
OTP banka d.d.	Zagreb	HR96 2407 0001 1001 5214 9
10 002 Zagreb p.p. 555
Erste&Steiermärkische Bank	Domovinskog rata 61, 21000 Split	HR34 2402 0061 1006 8111 4
Hrvatska - Croatia
d.d.	Jadranski trg 3a, 51000 Rijeka	IT41 N056 9610 900E DCEU 0817 340
BIC (SWIFT): INAHHR22
BANCA POPOLARE DI	Viale Innocenzo XI n.71, 22100	(EUR)
Telefon - Telephone:	SONDRIO	COMO	HR54 2390 0011 1013 4019 7
08001112	Hrvatska poštanska banka, d.d.	Jurišićeva ulica 4, 10000 Zagreb	AT21 1200 0528 4400 3466	(EUR)
	UniCredit Bank Austria AG	Schottengasse 6-8,A-1010 Wien	AT91 1200 0528 4400 3467	(USD)

Predsjednik i članovi Uprave / President and members of the Management Board:

Péter Ratatics, Zsombor Marton, Krisztián Pulay, Miroslav Skalicki, Hrvoje Šimović, Marin Zovko

Predsjednik Nadzornog odbora / President of the Supervisory Board: Damir Mikuljan

Trgovački sud u Zagrebu

Commercial Court in Zagreb

MBS: 080000604

Uplaćen temeljni kapital - Paid capital stock

9.000.000.000,00 kn - HRK Broj izdanih dionica / Nominalna vrijednost

No. of issued shares / Nominal value 10.000.000 / 900,00 kn - HRK Matični broj - Reg. No. 3586243 OIB - 27759560625

PDV identifikacijski broj / VAT identification number HR27759560625

Article 4.

Article 21.2. of Articles of Association is amended and reads as follows:

"The term of office of the members of the Supervisory Board is up to four years. After the expiry of their term the members of the Supervisory Board may be re-elected without any restriction as to the number of terms."

Article 5

Other provisions of the Articles of Association shall remain unaffected.

Article 6

The decision on the amendments to the Articles of Association shall come into effect on the date of entry into the court registry."

Ad 9. The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

Approval of the full wording of the Company's Articles of Association of INA d.d.

Approval is given by the General Assembly for the full wording of the Articles of Association as in the enclosed text, which constitutes an integral part of this Decision. The amended provisions of the Articles of Association dated 15 June 2022 shall no longer be valid as of the date when the amended Articles of Association come into force.

Ad 10. The Management Board and the Supervisory Board of the Company propose to the General Assembly to adopt the following decision:

"The General Assembly approves the Management Board and Supervisory Board remuneration report for 2022 with respective Auditors' report, issued as Attachment 1 to the Invitation to this general Assembly, which makes an integral part of this decision.

This decision becomes effective as of date of its adoption."

INA, d.d.	Banka - Bank	Adresa - Address	IBAN broj - IBAN Number,
Privredna banka Zagreb d.d.	Radnička cesta 50, 10000 Zagreb	HR92 2340 0091 1000 2290 2
Avenija Većeslava Holjevca	Raiffeisenbank Austria d.d.	Magazinska cesta 69, 10000 Zagreb	HR70 2484 0081 1006 1948 3
Zagrebačka banka d.d.	Trg bana Josipa Jelačića 10, 10000	HR62 2360 0001 1013 0359 5
10
OTP banka d.d.	Zagreb	HR96 2407 0001 1001 5214 9
10 002 Zagreb p.p. 555
Erste&Steiermärkische Bank	Domovinskog rata 61, 21000 Split	HR34 2402 0061 1006 8111 4
Hrvatska - Croatia
d.d.	Jadranski trg 3a, 51000 Rijeka	IT41 N056 9610 900E DCEU 0817 340
BIC (SWIFT): INAHHR22
BANCA POPOLARE DI	Viale Innocenzo XI n.71, 22100	(EUR)
Telefon - Telephone:	SONDRIO	COMO	HR54 2390 0011 1013 4019 7
08001112	Hrvatska poštanska banka, d.d.	Jurišićeva ulica 4, 10000 Zagreb	AT21 1200 0528 4400 3466	(EUR)
	UniCredit Bank Austria AG	Schottengasse 6-8,A-1010 Wien	AT91 1200 0528 4400 3467	(USD)

Predsjednik i članovi Uprave / President and members of the Management Board:

Péter Ratatics, Zsombor Marton, Krisztián Pulay, Miroslav Skalicki, Hrvoje Šimović, Marin Zovko

Predsjednik Nadzornog odbora / President of the Supervisory Board: Damir Mikuljan

Trgovački sud u Zagrebu

Commercial Court in Zagreb

MBS: 080000604

Uplaćen temeljni kapital - Paid capital stock

9.000.000.000,00 kn - HRK Broj izdanih dionica / Nominalna vrijednost

No. of issued shares / Nominal value 10.000.000 / 900,00 kn - HRK Matični broj - Reg. No. 3586243 OIB - 27759560625

PDV identifikacijski broj / VAT identification number HR27759560625