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's activity report 2022

Swedbank Support OÜ is a company belonging to the Swedbank Group, whose main activity is the procurement, realization and leasing of hardware and software. The company was registered in the Tallinn City Court Registry Department as a joint-stock company on 08.04.1998. According to the City Court Registry Department's transformation entry on 08.04.2002, the form of ownership is a partnership. The previous company name OÜ Crebit was changed

to Swedbank Support OÜ in March 2009.

The main function of Swedbank Support OÜ is still to deal with computer technology procurement, ensuring the necessary hardware and software availability

for Swedbank Group's Estonian entrepreneurs and maintaining the necessary buffer storage for uninterrupted business operations.

Since May 2004, hardware and software used centrally in the Swedbank Group have been acquired into Swedbank Support OÜ, which in turn provides the Group's companies with a central information technology resource usage service.

Investments made during the financial year into hardware used centrally in the Swedbank Group were 3,526 thousand euros and into software 1,037 thousand euros, in 2021 the investments were 1,576 thousand and 475 thousand euros respectively.

Investments planned for 2023 into hardware are 2,367 thousand euros and into software 358 thousand euros.

No significant development projects and related expenditures are planned for the reporting year and the following years.

Due to the rise in raw material prices and the sharp rise in inflation, hardware prices have risen essentially for all suppliers. There is also pressure on the rise in support service prices, as their prices also include possible hardware components.

In the opinion of the Management Board, the activities of Swedbank Support OÜ do not have significant environmental and social impacts.

The company has no economic activity with Russia and Ukraine, at the time of preparing the report, the Management Board does not see major risks associated with it.

The company is part of the Swedbank Group and follows the risk management principles of the Swedbank Group and is integrated into the risk management processes of the Swedbank Group. The most important thing is to support the Swedbank Group in achieving its business objectives with as low a risk as possible by providing a stable information technology environment and providing uninterrupted and modern workplace technology to the Group's employees.

In 2022 and during the preparation period of the annual report, no significant risks associated with changes in exchange rates and stock market prices were identified.

To manage exchange rate risk, transactions are mainly carried out in euros. Significant risks arose in risks associated with changes in interest rates. The company's interest rate risk mainly arises from a short-term floating interest rate loan obligation linked to EURIBOR.

According to economic analysts, a slight increase in EURIBOR interest rates is also expected in 2023, so the interest rate risk is high, considering the average interest rate growth. If the loan amount remains the same and the 6-month EURIBOR is fixed at the rate valid on the day of preparing the report (1.87%), the interest expense in 2023 will be 177 thousand euros (in 2022, 28.2 thousand euros). If EURIBOR rises by another 0.5% by the next fixing date, which takes place in April, the interest expense would increase by another 19 thousand euros. If in April EURIBOR is 1.87% and by the fixing date in October it rises by another 0.5%, the increase in interest expenses is another 7 thousand euros, i.e. the total projected interest expense for 2023 is 184 thousand euros. There are no transactions and agreements related to stock market prices.

In 2022, the company did not pay dividends. In 2021, the company paid dividends of 500 thousand euros, income tax of 104 thousand euros was paid on dividends.

There have been no changes in the seasonality of business operations compared to previous periods. In general, in 2023 we aim to continue providing the best service, which is providing central IT resources to the Swedbank Group's companies and procuring workplace computer technology for the Group's Estonian companies.

In connection with the reorganization of the Swedbank Group's Baltic units in 2022, an analysis has also been initiated regarding the ownership of Swedbank Support OÜ. As a result, there is a possibility that the shares of Swedbank Support OÜ will be sold by Swedbank AS to Swedbank AB during the 2023 financial year.

The main ratios characterizing the company's activities are: