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's activity report 2022

Coop Finants AS (hereinafter referred to as the "Company") is a subsidiary of Coop Bank Group. The main activity of the Company is to provide various financial services to individuals in the Estonian market and to mediate card payments in Coop Eesti stores.

The Company offers the following financial products to Estonian residents: Small loan, Hire purchase and Savings card Plus. The main sources of income for the Company are interest earned on financial products and service fees.

In 2022, Coop Finants AS had a credit provider's license in the sense of the Creditors and Intermediaries Act and a payment institution's license in the sense of the Payment Institutions and E-money Institutions Act.

In 2022, the keywords of the economic environment were inflation, rising interest rates and the war in Ukraine. The impact of COVID-19, which dominated in previous years, has not completely disappeared and new outbreaks occurred regionally (e.g. in China), but globally it remained in the shadow of major events.

The full-scale war against Ukraine started by Russia on February 24 left a strong mark on the entire European and a large part of the rest of the world's economic and political environment. This led to extensive economic sanctions

against Russia and the leaders and companies of its ally Belarus. The war caused additional price pressure, especially in the energy carrier market, but also in other raw material markets. In addition, the war led to a large wave of war refugees to European countries, including Estonia. However, this did not have a significant impact on the activities of Coop Finants AS.

At the beginning of the year, we responded to the energy crisis and the resulting sharply increased energy prices, and started offering energy loans for private clients to pay for utility bills. In the second half of the year, we responded to the wishes of our clients and raised the maximum amount of unsecured small loans to 25,000 euros, while extending the repayment period to up to 10 years, which are currently the most flexible conditions among Estonian universal banks.

The Company's environmental and social impacts are dealt with at the group level in the Coop Bank Group. In 2022, Coop

Bank Group joined the UNEP FI (United Nations Environment Programme Finance Initiative) financial initiative and signed the principles of responsible banking (see https://www.cooppank.ee/coop- pank-allkirjastas-uro-vastutustundliku-panganduse-pohimotted), aligning the Bank's business strategy with the UN's sustainable development and Paris climate agreement goals and increasing its positive impact on society. UNEP

With the Environmental Program, the Group conducts a comprehensive impact analysis to understand where the Bank has a significant positive and negative impact on society, the environment and the economy. Then specific goals are set to increase its positive impact and reduce its negative impact.

By the end of 2022, the gross portfolio amounted to 88.7 million euros. Coop Finants AS's activities are financed by the parent company Coop Pank AS. Liquidity and financial risk management also takes place in the parent company Coop Pank AS.

The total profit of Coop Finants AS in 2022 was 8,012 thousand euros (2021: 7,891 thousand euros). By the end of 2022, provisions made for expected credit losses in the balance sheet amounted to 3,447 thousand euros (2021: 3,423 thousand euros).

During 2022, a total of 416 thousand euros (2021: 513 thousand euros) was invested in intangible fixed assets. The investment amount is mainly related to the development of the loan management platform. The new loan management platform was introduced at the beginning of 2019. In 2023, the Company plans to continue investing in intangible fixed assets and developing existing software.