Vseobecna uverova banka : Annual report 2022 (Non-official

Contents

Address by the Chairman of the VUB Supervisory Board

Address by the Chairman of the VUB Management Board

VUB Management Board Report on the business activities of the Company

Development of the External Environment

VUB's 2022 Commercial Performance

Review of VUB's Economic and Financial Position

Information on the Expected Economic and Financial Situation for 2023 Registered Share Capital and the Structure of VUB Shareholders Subsidiaries of VÚB, a.s.

Statement on Compliance with the Corporate Governance Code for Slovakia

Non-financial statement

Basic indicators

Consolidated financial statements

Separate financial statements

Information on Securities issued by the Bank

List of VUB Retail Branches

List of VUB Corporate branches

Organization Chart of VUB as at 31 December 2022

Address by the Chairman of the VUB

Supervisory Board

Dear Shareholders, Clients and Business Partners, Employees

VUB had in 2022 a very good year. The Group has succeeded to continue grow its balance sheet even amidst the difficult economic situation marred by the war in the neighbouring Ukraine and dramatic increases in costs of energy imports, which Slovak economy critically depends on. VUB also delivered nice financial results, exceeding expectations. Indeed, net profit grew almost by half over the preceding year. Increase in profitability was driven both by external factors such as an increase in interest rates, but also by further improvements in operation efficiency and prudent approach to risk, which are critically important to set VUB's performance apart from peers and competitors.

VUB's superior performance on the market has also been noted by outside observers, such as Global Finance magazine, which also in 2022 recognized VUB as the Best Bank in Slovakia. On behalf of Supervisory Board, I would like to thank the management and employees for these excellent achievements.

Besides fine quantitative results, I nonetheless view VUB's success also in a different context. In particular, I see VUB as an upstanding corporate and public citizen, who has launched and participated in several initiatives to help and support people from Ukraine seeking safety from the war. I also see VUB as a proud and responsible member of the community, who has implemented the principles of ESG and sustainability in its day-to-day operations as well as strategic positioning. I also see contribution of VUB Foundation, through which the Group organised a donation program, gave away Atlas prizes, supported environmental organizations, young painters, restoration of monuments and much more with various grants. VUB's approach and impact in sustainability stands apart, which is a fact noted also by outside observers. The Global Finance magazine, for example, presented VUB with the Sustainable Finance Award for the year 2022.

Looking ahead to 2023, I realize it will be difficult to sustain commercial performance of the past years. Slovak economy, much as the broader Eurozone economy will be flirting with recession. Asset quality will inevitably worsen and appetite for further financial leverage weaken. Operating costs will have to adjust to still very high inflation, while the remaining ECB monetary stimulus to bank funding, for example, via TLTROs will gradually be withdrawn. Still, I remain convinced that with the continued trust of clients and business partners, VUB will continue to deliver. And I attest that Intesa Sanpaolo remains committed to help VUB in any respect.

Ignacio Jaquotot,

Chairman of the Supervisory Board

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