INDEXO — Board/Management Information 2025

Mar 7, 2025

IPAS INDEXO

Reg.No.: 40203042988, Roberta Hirša iela 1, Riga, LV-1045, e-mail: info@indexo.lv

Supervisory Board's report

For the meeting of shareholders of IPAS "Indexo"

The IPAS "INDEXO" (hereinafter "INDEXO") Supervisory Board prepared this report after evaluating the financial position of INDEXO and the work of the Management Board, as well as after reviewing the 2024 financial year report and financial statements with appendices submitted by the Management Board and reviewing the report of the sworn auditors on these financial statements and the additional information included in the financial statements.

In 2024, the Supervisory Board monitored INDEXO's activities through regular meetings where they reviewed and discussed reports from the Management Board covering the company's operations, results, risks, strategic proposals, and management of internal audit activities, fulfilling other responsibilities as set forth by regulatory requirements. A total of 13 Supervisory Board meetings were held that year, and the Audit Committee, which is also part of the Supervisory Board, conducted 6 meetings.

From the Supervisory Board's perspective, 2024 should be considered a year of growth and crucial strategic decisions for INDEXO, advancing both business expansion and responsible actions towards employees and society. The amount of second-pillar pension capital managed by INDEXO has exceeded the significant €1 billion threshold and continued to grow.

During this year, INDEXO not only solidified its position as the fastest-growing pension manager but also delivered strong profitability, satisfying its clients. The Supervisory Board appreciates the Management Board's efforts in attracting capital, as well as the Audit Committee's contribution to preparing the annual report, ensuring effectiveness in internal control, risk management, and auditing, as well as monitoring the audit process of the report.

A significant development took place in INDEXO's subsidiary, AS IDX1R (hereinafter "INDEXO Bank"), which received a banking license in the second quarter of 2024 and shortly thereafter changed its name to AS INDEXO Bank, officially launching banking services. The results of the first months of operation confirm that INDEXO Bank with its well-recognized and positively received brand, modern IT infrastructure, and user-friendly interface—is wellpositioned to compete successfully in the banking services market. The Supervisory Board acknowledges that additional capital will be required for the further development of INDEXO Bank's operations.

The Supervisory Board considers INDEXO's financial position to be stable, but additional financial resources will be needed for successful business expansion and the development of new services. The Supervisory Board is pleased with the Management Board's efforts in ensuring INDEXO's strategic growth and the achieved results, highly appreciating their work and accomplishments in 2024.

The composition of the Supervisory Board changed in 2024 – I. Asare left the Supervisory Board in June 2024. The Supervisory Board thanks INDEXO shareholders for their support and the Board, employees and partners for the results achieved in 2024.

Chairman of the Supervisory Board V. Vancovičs

THIS DOCUMENT IS SIGNED WITH A SECURE ELECTRONIC SIGNATURE AND CONTAINS TIME