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PPF Group is an international investment group founded in the Czech 
Republic in 1991. It has grown to manage operations in 25 countries around the world.

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Czech Republic

Zonky, operated by Benxy (a subsidiary of Air Bank), is a P2P fintech platform. Zonky offers to lend money via a simple digital platform and application. Using a computer or smartphone, customers can handle the whole borrowing process, from submitting an application to signing a contract, in minutes. Zonky typically charges lower interest than traditional lenders

Zonky

Under the Terms of Use of these websites, it is forbidden to use the photographs contained in the Annual Reports posted on the aforementioned websites for any purposes other than for exclusively personal and non-commercial use, to copy, reproduce, edit, modify, rearrange or otherwise tamper with the photographs contained in the Annual Reports, or to disseminate any such photographs treated in this way. You may display the content of the Annual Reports, including photographs, on a&nbsp;computer, tablet, or mobile telephone screen, print individual pages on paper (but not photocopy them), and store such pages in electronic form on a&nbsp;disk or on your mobile telephone (but not on any server or other networked storage device) for your personal, non-commercial use only.

Annual Reports Agreement

PPF a.s., with its registered office in Prague 6, Evropsk&aacute; 2690/17, postal code 16041, Czech Republic, entered in the Commercial Register kept by the Municipal Court in Prague, Section B, Insert 4495, IČ: 25099345 (hereinafter referred to as the &ldquo;PPF Company&rdquo;), offers download on the website <a href="//www.ppf.eu">www.ppf.eu</a> (hereinafter referred to as the "website") official photos that are intended for download by PPF (such photos hereinafter referred to as "Photos").
Photographs, as well as all other material placed on any part of the website (including text, website design, graphics, all images on this website, as well as the selection and arrangement of files contained on this website) - hereinafter "content", are subject to protection pursuant to Act No. 121/2000 Coll., on Copyright, on Rights Related to Copyright and on Amendments to Certain Acts (Copyright Act), as amended (hereinafter referred to as the &ldquo;Copyright Act&rdquo;). Only PPF is entitled to exercise proprietary copyrights to the Photos and content, as well as to the website.
If you are interested in downloading and using some of the Photos, you must always accept the license agreements listed below. It is expressly stated that you acknowledge that you are not authorized to download and use any Photograph without accepting these license agreements.
License Agreement
The photo is provided for download and use under the conditions set forth in these license agreements. PPF grants you the right to download and use the Photo only if you unconditionally accept the license agreement set forth in this section. Unless otherwise agreed between you and PPF, any use of the Photograph that is not in accordance with these license agreements is prohibited.
By accepting these license agreements, you acquire a free, non-exclusive, non-transferable, territorially and time-limited license to download and view the Photos on your computer, tablet or mobile phone and print them on paper (but not to make copies). Unless otherwise stated or agreed below, you are entitled to use the Photos only for your own personal purposes.
Unless otherwise stated or agreed below, it is excluded and prohibited to copy (make copies), reproduce, modify, change, transform or otherwise interfere with the Photographs and further reproduce the Photographs concerned. Furthermore, it is forbidden to hand over, sell or otherwise provide the Photographs for use to another person (including the granting of a license or sublicense) or to make the Photographs available to another person in any way.
You further exclude and by accepting these license agreements you agree not to:
<ul>
 <li>Use the photographs in such a way that the persons depicted can give the public the impression that they support or promote political, religious, economic or other ideological movements, parties and other groups or political, religious, economic or other currents of thought (including and their display on promotional materials, including billboards);</li>
 <li>Use and edit photographs in such a way that the persons shown on them may give the public the impression that they are promoting erotic or sexual services, sexual health products or the promotion of sexual desire and libido;</li>
 <li>Use and edit the photographs so that the persons depicted on them may give the public the impression that the persons depicted on them promote drugs, alcohol (of any kind) and / or cigarettes;</li>
 <li>Use photographs for advertising purposes of any kind;</li>
 <li>Use photographs for the purpose of publication on billboards;</li>
 <li>Take photos by placing them on gift items;</li>
 <li>Use photographs as part of business communications;</li>
 <li>Use the photographs in such a way that the persons depicted on them may give the public the impression that those persons purchase, use or promote any goods or services;</li>
 <li>Use the Photographs in a manner that may give rise to reasonable doubt that such use could infringe or otherwise disparage the personal rights of the persons depicted in the Photographs.</li>
</ul>
If you have any doubts as to whether you are entitled to use the Photograph, taking into account the restriction mentioned above under the last indent, you undertake to seek the opinion of PPF before using the Photograph itself.
If you are interested in using the Photograph in a manner or to the extent beyond the scope of these license agreements, please contact PPF, specifically contact PPF at the e-mail address <a href="mailto:images@ppf.cz">images@ppf.cz</a>. In the e-mail message, state which Photo, for what purpose, to what extent, in what way and for how long you are interested in using it. With regard to the purpose, scope and manner of use of the Photograph that you specify in your application, it will be at PPF's sole discretion whether your application will be approved or rejected and you will be able to use the Photograph. In order to obtain consent to the use of the Photograph, you are obliged to provide only true and complete data in the application. If your application is approved, you will be able to download the requested Photo and use it for the purpose, manner and to the extent specified in the application. However, PPF reserves the right to set the conditions for the scope and method of use Photography.
By downloading the Photo, you do not become its owner in any way. The User who has been allowed to download the Photo undertakes to use the Photo only in accordance with the purpose and to the extent to which the Photo has been allowed to download and use, and only once.
For the media
Notwithstanding the above license agreements, media representatives are entitled, based on the acceptance of these license agreements, to use the Photographs under a news license and in an editorial sense, ie primarily as part of an article in newspapers, magazines and newspaper and magazine websites, including for commercial purposes. In the cases described in this paragraph, you may modify the Photo only by common technical interventions that do not change the image content of the Photo, which means cropping the Photo, and common color adjustments that do not change the meaning or image meaning of the Photo. With the exception of the above, the restrictions on the use of the Photograph resulting from the license agreements also apply to media representatives and the media itself.
General provisions
In the event that you request to combine the Photograph with the author's work (literary or artistic), you are obliged to ask PPF for consent to combine the Photograph with the author's work by sending a request to the e-mail address images@ppf.cz. PPF reserves the right, prior to the actual issuance of the consent, to request from you the submission of such copyright work for approval and as a basis for the decision to issue such consent. PPF also reserves the right not to issue a consent to the merger of the Photograph and the author's work after the assessment of the author's work. PPF also reserves the right to request the submission of a graphic design of each material on which the Photograph is to be displayed.
If you wish to use the Photograph on behalf of your employer, you represent and agree that you are authorized to accept these license agreements on behalf of your employer.
Only PPF is entitled to change or supplement these license agreements. The legal relations that arose between PPF and the user of Fotografie before the change or cancellation of these license agreements are governed by the wording effective as of the date of these relations.
These license agreements are governed by the applicable laws of the Czech Republic. All disputes arising in connection with the use of the Photograph will be heard by a locally competent court in the Czech Republic in accordance with the laws of the Czech Republic.
These license agreements are valid and effective on the date of their publication. These license agreements were published on 17/6/2021.
These license agreements are also prepared in English and Czech. In the event of a conflict between the Czech and English texts of the license agreements, the Czech text of the license agreements shall apply.

Terms of use of website content

Air Bank Group - Unaudited combined financial results for 2021

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Air Bank

Air Bank is a new-generation retail bank. 

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www.airbank.cz

Air Bank routinely introduces innovative financial services and solutions to the Czech market and leads the way by focusing on customers&rsquo; needs. Its customer-centric approach attracts new clients while increasing the lending volume and income from regular retail banking services. At the end of 2023, Air Bank was serving over 1.2 million customers via 1,061 employees at 32 branches across the Czech Republic.

Air Bank is steadily advancing the digitalisation of its services. By the end of 2023, more than 972,000 people were using Air Bank&rsquo;s mobile banking, with 57% of new accounts being opened and 90% of all loan applications being submitted online.
In 2023, the bank introduced several services, including services for the business community. It expanded its range of mortgage services to include the option of mortgages for foreign real estate and other features. It rolled out a new service designed to help people manage their household cash flow when faced with an unexpected expense.
Unity, a new brand shared by Air Bank and O2 (both part of PPF Group) that delivers benefits to clients when they use the services of both companies, received a strong market response. The number of clients signing up for this off er in the 2023 pilot phase exceeded expectations. In June 2023, Air Bank announced that it would be continuing its agreement with three other banks to share ATMs in the Czech Republic. Zonky, the P2P lending platform which has formally been part of Air Bank since 2021, continues to off er services branded under its own name. In 2024, Air Bank launched a new globally unique payment solution under the newly established Cvak brand and it plans to exounts (75% online), applying for loans (88% online), or taking out travel insurance (91% online).

<table>
 <thead>
 <tr>
 <td scope="col">Air Bank's Values</td>
 </tr>
 </thead>
 <tbody>
 <tr>
 <td>Simplicity</td>
 </tr>
 <tr>
 <td>Truthfulness</td>
 </tr>
 <tr>
 <td>Courage</td>
 </tr>
 <tr>
 <td>Friendliness</td>
 </tr>
 </tbody>
</table>

In February 2023, the Czech and Slovak arms of Home Credit became subsidiaries of Air Bank a.s. The change was a formal switch aimed at optimising synergies, especially in operations. These companies continue to do business independently, maintaining their individual brands and distinct management structures.

Established 12 years ago to compete with conventional banks by offering straightforward, customercentric and innovative services, Air Bank is a next-generation retail and hyper-digital bank. Air Bank&rsquo;s goal is to be the first choice retail bank on the market. It is the fastestgrowing neo-bank in the Czech Republic. Globally, only a few banks of this kind can match its size and profitability.

In 2023, Air Bank attracted multiple awards for its services, marketing, and standard of customer service. The My Air mobile app, the Air Bank current account and the Air Bank loan all scooped awards in the Golden Crown competition. The bank was also named Customer Bank of the Year and in doing so reclaimed its status as the Czech Republic&rsquo;s customer-experience leader. For the fifth time, it took the top spot as the most attractive employer in the banking and insurance industry.
Air Bank has committed itself to socially responsible business, increasing transparency in the provision of financial services and cultivating the consumer lending market. Both Air Bank and Zonky loans regularly rank at the top of the People in Need Responsible Lending Index.

Multiple Awards

Michal Strcula

“We are keen to remain a friendly bank that can help people understand their money in as many areas as possible with simple and friendly services.”

Air Bank's Growth

Air Bank Clients

Air Bank Group&rsquo;s unaudited combined financial results for the financial year 2021, contain figures from Air Bank a.s., Benxy s.r.o. (Zonky), Home Credit a.s., and Home Credit Slovakia, a.s.
Executive Summary
<ul>
 <li>Net profit CZK 2.252 billion, up from CZK 1.502 billion in 2020, an increase of just under 50% year-on-year</li>
 <li>The Group attracted more than 55,000 new customers over the course of the year, counting a total of 1.283 million active clients at the end of 2021</li>
 <li>The Group customer deposit base increased to CZK 129.3 billion at the end of 2021 compared to CZK 123.6 billion at the end of 2020</li>
 <li>Group mortgage net loan portfolio grew 60% to CZK 11.7 billion in 2021 from CZK 7.3 billion in 2020</li>
 <li>Total non-mortgage retail lending portfolio increased to CZK 47.0 billion at the end of 2021 compared to CZK 39.9 billion in 2020</li>
 <li>Group operating income was CZK 6.1 billion, up 5.8% year-on-year from CZK 5.8 billion in 2020</li>
 <li>Operating expenses were flat year on year</li>
 <li>The impairment losses significantly improved to CZK 27 million in 2021 from CZK 613 million in 2020 due to improvement in the portfolio and updated macroeconomic outlook.</li>
</ul>
Prague, 1 April 2022 &ndash; Retail bank Air Bank, P2P digital lending platform Zonky and consumer finance providers Home Credit Czech Republic and Home Credit Slovakia (&ldquo;Air Bank Group&rdquo;) recorded robust year-on-year growth in 2021 as pandemic restrictions eased and the economy revived, leading to a recovery in consumer demand.
Air Bank Group increased profit by 50% for the year to CZK 2.25 billion in 2021 with the headline figure backed by additional indicators of growth in the Group&rsquo;s lending operations and a notable uptick in new customer acquisitions.
&ldquo;Last year, Air Bank Group achieved several key milestones. Owing to the steadfast customer-centric strategy, we acquired new clients. Our loan portfolio expanded very robustly. Compared to 2020, the Group&rsquo;s retail loan book grew 24% and mortgages almost 60%. As our younger-than-market average clients get more mature, we see new product cross-selling opportunities. Our net fee income showed a positive dynamic thanks to added-value services. Our risk management is a key factor in achieving and maintaining good financial results. The gradual increase in market rates underpinned our solid net interest income performance and the quality of our loan portfolio, as evidenced by a significant improvement in impairment charges. Zonky achieved solid year-on-year growth, while our Home Credit operations were stable and profitable. Therefore, the Group delivered a significant net profit growth to CZK 2.252 billion. We are on track to meet our CZK 3 billion net profit target as early as this year,&rdquo; said&nbsp;Michal Strcula, Chief Executive Officer of Air Bank and a member of the supervisory boards at Home Credit and Home Credit Slovakia.
The results follow an announcement by Air Bank Group in December of 2021 that it will be acquired by Czech Moneta Money Bank in a transaction worth CZK 25.8 billion. At that time, Moneta shareholders gave approval for the company to acquire Air Bank Group in a deal that will see two of the Czech Republic&rsquo;s largest financial institutions combine. The deal is subject to ongoing regulatory processes.
&nbsp;
<table>
 <tbody>
 <tr>
 <td>
 Key combined financial
 metrics (in CZK millions)
 </td>
 <td>
 2021
 </td>
 <td>
 2020
 </td>
 <td>
 Y-on-Y change
 </td>
 </tr>
 <tr>
 <td>
 Net profit
 </td>
 <td>
 2,252
 </td>
 <td>
 1,502
 </td>
 <td>
 49.9%
 </td>
 </tr>
 <tr>
 <td>
 Operating income
 </td>
 <td>
 6,119
 </td>
 <td>
 5,781
 </td>
 <td>
 5.8%
 </td>
 </tr>
 <tr>
 <td>
 Operating expenses
 </td>
 <td>
 3,338
 </td>
 <td>
 3,344
 </td>
 <td>
 (0.2%)
 </td>
 </tr>
 <tr>
 <td>
 Impairment losses
 </td>
 <td>
 27
 </td>
 <td>
 613
 </td>
 <td>
 (95.6%)
 </td>
 </tr>
 <tr>
 <td>
 Total assets
 </td>
 <td>
 147,857
 </td>
 <td>
 137,842
 </td>
 <td>
 7.3%
 </td>
 </tr>
 <tr>
 <td>
 Total deposits
 </td>
 <td>
 129,320
 </td>
 <td>
 123,618
 </td>
 <td>
 4.6%
 </td>
 </tr>
 <tr>
 <td>
 Total equity
 </td>
 <td>
 12,719
 </td>
 <td>
 10,472
 </td>
 <td>
 21.5%
 </td>
 </tr>
 <tr>
 <td>
 Return on equity
 </td>
 <td>
 17.7%
 </td>
 <td>
 14.0%
 </td>
 <td>
 +367 bps
 </td>
 </tr>
 </tbody>
</table>
&nbsp;
&nbsp;About The Group
Air Bank Group comprises Air Bank, one of the Czech Republic&rsquo;s leading neo-banks, non-bank consumer finance lender Home Credit in the Czech Republic and Slovakia as well as Peer-to-Peer lender, Zonky.
Air Bank
Air Bank is the fastest and largest growing neo-bank and one of the few in the world to have already achieved both significant size and profitability. It offers a full range of retail banking products through its digital channels.
Home Credit CZ-SK
Home Credit is the biggest non-bank consumer finance company in the Czech market and offers point-of-sales financing, credit cards, consumer loans, car loans and micro credit. 
Zonky
Zonky is an exclusively online peer-to-peer lending platform that connects retail borrowers and investors. It offers digital onboarding and no paperwork that enables the ongoing growth of its customer base. The legal entity named Benxy merged with Air Bank in December 2021.

Air Bank Group FY 2021 combined unaudited results

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