NLB

Quarterly Report • May 12, 2022

NLB Group Presentation

Q1 2022 Results

Disclaimer

This presentation has been prepared by Nova Ljubljanska banka d.d., Ljubljana (the "Company"). This presentation has been prepared solely for the purpose of informative presentation of the business conduct of the Company. This presentation has not been approved by any regulatory authority and does not constitute or form part of any offer to sell or issue or invitation to purchase, or any solicitation of any offer to purchase, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

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Executive Summary Excellent performance supported by N Banka acquisition

Q1 2022 Key Highlights

• Profit a.t. of EUR 231.5 million due to one-off effects from the acquisition of N Banka. However, noteworthy Q1 result was recorded also with recurring profit before provisions reaching EUR 70.3 million or 29% QoQ and 28% YoY growth.
• EUR 1,531.1 million increase of the Group's gross loans to customers YtD, with EUR 1,132.7 million increase due to the acquisition of N Banka and strong growth of individual and corporate loan book; impressive new housing loans production compensated reduction in interest rates, and supported growth of net interest income.
• Net fee and commission income growth continues with strong momentum – YoY recorded a 17% growth without N Banka contribution
• EUR 4.9 million net released impairments and provisions for credit risk
• EUR 4.9 million net released impairments and provisions for credit risk (without EUR 8.9 million of 12-month expected credit losses were recognised at acquisition date for the performing portfolio for N Banka ).
• Positive trends in asset quality continued, resulting in a further decline of the NPL ratio and negative cost of risk. Direct and indirect exposure of NLB Group toward Russia and Ukraine is moderate.
• Cost of risk (-17 bps) remains negative. Acquired N Banka contributed to its increase, otherwise other members of the Group experienced positive effects due to successful NPL resolution.
• The capital position was above regulatory requirements (TCR of 15.8%, 1.9 p.p. lower YtD). Acquisition of N Banka, which resulted in higher RWA on one side and lower capital due to negative revaluation adjustments on the other, had a negative impact on the capital position. Capital consumption of N Banka will be fully funded with inclusion of its negative goodwill into capital.

Key Events

• S&P Rating: On 11 May, 2022 S&P upgraded NLB to BBB with stable outlook.
• Management Board change: On 20 January, the Supervisory Board appointed Hedvika Usenik, Antonio Argir and Andrej Lasič as members of the Management Board, thus expanding it to six members in total.

Key Developments

Key performance indicators of NLB Group Impressive recurring performance with strong loan production

					in EUR million / % / bps
	Q1 2022	Q4 2021	Q1 2021	Change YoY	Change QoQ
Key Income Statement Data
Net operating income	174.5	167.0	154.0	13%	4%
Net interest income	107.8	107.0	97.5	11%	1%
Net non-interest income	66.7	60.0	56.5	18%	11%
o/w Net fee and commission income	64.5	64.6	54.1	19%	0%
Total costs	-102.7	-118.2	-96.6	-6%	13%
Result before impairments and provisions	71.8	48.8	57.5	25%	47%
Impairments and provisions	-4.4	-16.5	15.5	-	73%
Impairments and provisions for credit risk	-4.0	1.8	16.0	-	-
Other impairments and provisions	-0.4	-18.3	-0.5	22%	98%
Negative goodw ill	172.8	0.0	0.0	-	-
Result after tax	231.5	30.9	64.6	-	-
Key Financial Indicators
Return on equity after tax (ROE a.t.)(iv)	12.0%	13.0%	-1.0 p.p.
Return on assets after tax (ROA a.t.)(iv)	1.2%	1.3%	-0.1 p.p.
Net interest margin (on interest bearing assets)	2.07%	2.09%	-0.02 p.p.
Operational business margin(i)	3.32%	3.25%	0.07 p.p.
Cost to income ratio (CIR)	58.9%	62.7%	-3.8 p.p.
Cost of risk net (bps)(ii, iv)	-17	-78	61
	31 Mar 2022	31 Dec 2021	31 Mar 2021	Change YtD	Change YoY
Key Financial Position Statement Data
Total assets	23,019.1	21,577.5	19,959.0	7%	15%
Gross loans to customers	12,434.6	10,903.5	10,208.2	14%	22%
Net loans to customers	12,108.7	10,587.1	9,824.5	14%	23%
Deposits from customers	18,525.8	17,640.8	16,732.1	5%	11%
Equity (w ithout non-controlling interests)	2,254.4	2,078.7	2,014.1	8%	12%
Other Key Financial Indicators
LTD(iii)	65.4%	60.0%	58.7%	5.3 p.p.	6.6 p.p.
Total capital ratio	15.8%	17.8%	16.1%	-1.9 p.p.	-0.2 p.p.

Total risk exposure amount (RWA) 13,843.4 12,667.4 12,615.1 9% 10% Employees Number of employees 8,475 8,185 8,725 290 -250

Gross loans to customers (in EURm)

0 5,000 10,000

Net fee and commission income (in EURm)

Recurring result before impairments and provisions (in EURm)

Notes: (i) Operational business net income annualized / average assets. (ii) Cost of risk = credit impairments and provisions (annualized level) / average net loans to customers. (iii) LTD = Net loans to customers / deposits from customers. (iv) ROE and ROA for 2022 calculated without negative goodwill from acquisition of N Banka and effects of EUR 8.9 million of 12-month expected credit losses recognised at acquisition date for performing portfolio for N Banka not annualized; for CoR 2022 calculation effects of EUR 8.9 million of 12-month expected credit losses recognised at acquisition date for performing portfolio for N Banka not annualized.

Revenues and Cost Dynamics Strong recurring income momentum and negative CoR

Costs (Group, EURm)

Cost of risk(i) (Group, bps)

Note: (i) Cost of risk = credit impairments and provisions (annualized level) / average net loans to customers; for CoR 2022 calculation effects of EUR 8.9 million of 12-month expected credit losses recognised at acquisition date for performing portfolio for N Banka not annualized. 6

N Banka contribution

Loan dynamics Strong loan production across all markets

Resilient Operating Income Performance

Result reflects great performance and important milestones achieved

Net profit of NLB Group – evolution YoY (in EURm)

Strong performance of the NLB Group in Q1 2022 led to a profit of EUR 231.5 million due to one-off effects from the acquisition of N Banka. However, noteworthy Q1 result was recorded also with recurring profit before provisions reaching EUR 70.3 million or 29% QoQ and 28% YoY growth.

Income Statement Recurring pre-provision profit is growing QoQ and YoY

Result before impairments and provisions (Group, EURm)

Result before impairments and provisions w/o non-recurring income and regulatory costs Non-recurring net non-interest income

Regulatory costs

Result before impairments and provisions EUR 71.8 million, EUR 14.3 million higher YoY, EUR 12.9 million without N Banka contribution, as a result of:

• Net interest income increased EUR 7.7 million without N Banka's contribution, due to higher volume of loans, especially to individuals, and lower interest rates for deposits in bank members. Increase of net interest income was recorded in all banks; the highest increases were recorded in the Bank, EUR 4.2 million, Komercijalna Banka, Beograd, EUR 1.6 million, and NLB Banka, Prishtina, EUR 1.2 million.
• Net fee and commission income increased 17% YoY without N Banka's contribution; increase was recorded in almost all Group banks, mostly due to higher fees from investment funds and bancassurance products, high balance deposit fee and higher fees from cards and payments (normalization after COVID-19 in Q1 2021), and in Komercijalna Banka, Beograd EUR 2.9 million or 33%, mostly due to repricing of services.

Balance Sheet Structure – NLB Group Deposit driven balance sheet

(31 March 2022, in EUR million)

Performance indicators across SEE countries(1)

	Slovenia		North Macedonia		Bosnia and Herzegovina		Montenegro	Serbia
	NLB, Ljubljana	N Banka, Ljubljana	NLB Banka, Skopje	NLB Banka, Banja Luka	NLB Banka, Sarajevo	NLB Banka, Prishtina	NLB Banka, Podgorica	NLB Banka, Beograd	Komercijalna Banka, Beograd	NLB Group
					Data on stand-alone basis					Consolidated data
Result after tax (EURm)	32.7	-8.2	11.0	4.5	2.6	7.5	4.2	2.1	11.3	231.5
Total assets (EURm)	13,075	1,433	1,755	923	740	931	769	669	4,110	23,019
RoE a.t.	8.4%	-	17.7%	18.0%	11.8%	29.3%	17.8%	10.4%	7.1%	12.0%
Net interest margin	1.32%	1.26%	2.98%	2.35%	2.64%	4.10%	3.76%	3.35%	2.35%	2.07%
CIR (cost/income ratio)	58.9%	64.1%	40.0%	47.2%	60.9%	31.4%	53.5%	69.2%	66.1%	58.9%
LTD net	53.7%	133.2%	80.0%	64.5%	79.3%	86.6%	82.0%	120.8%	58.9%	65.4%
NPL ratio	1.5%	1.4%	4.1%	1.4%	2.9%	1.9%	6.2%	1.6%	1.2%	2.2%
Branches (#)	7 5	1 2	4 8	4 7	3 6	3 3	2 2	2 8	180	481
Active clients (#)(i)	674,374	52,769	411,650	214,729	131,241	227,662	78,762	140,835	908,996	1,879,253
Market share by total asssets (%)	26.9%	3.6% as at 31 Dec 2021	16.9% as at 31 Dec 2021	19.1% as at 31 Dec 2021	5.5% as at 31 Dec 2021	16.7% as at 31 Mar 2022	14.0% as at 28 Feb 2022	1.6% as at 31 Mar 2022	9.6% as at 31 Mar 2022	/

.

Business Performance

Net interest income Strong loan growth contributed to NII growth

Net interest income of NLB Group (in EURm)

• Higher interest income due to higher volume of loans.
• Lower interest expenses YoY:
  • TLTRO financing with ECB at very favourable interest rate of -1% p.a.,
  • decrease in other member banks due to lower interest rates for customer deposits.
• On the QoQ basis the interest income and expenses were lower due to lower interest rates on loans and some outflow of deposits in SEE banking members, due to war in Ukraine (conservative behaviour of customers).
• Continued pressure on net interest margins in all bank members.

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

The net interest margin of 2.07% was 0.02 p.p. lower YoY, while operational business margin of 3.32% increased 0.07 p.p. YoY, due to higher operating business net income growth (backed by the net fee and commission growth) compared to the net interest income growth.

Net non-interest income Outstanding growth of F&C income

Net non-interest income of the NLB Group (in EUR million)

• Net fee and commission income increased by EUR 9.4 million YoY w/o N Banka contribution

Net fee and commission income (in EUR million)

*Other includes investment funds, guarantees, investment banking, insurance products and other services.

• Outstanding result in payment transactions and related services
• Fee for high balances in the amount of EUR 2.6 million in NLB
• Higher net fees from asset management and bancassurance

Continuous cost discipline Costs under control

# of employees

+290 YtD

• Without N Banka's contribution the costs increased YoY for EUR 3.6 million due to an increase in the Bank and in most of the Group SEE banking members.
• The highest increase of EUR 3.0 million was recorded in the Bank, mainly due to higher employee costs, costs of marketing (because of the acquisition in Slovenia and merger in Serbia), costs of services and operating costs (higher energy prices).
• Continuation of strategic initiatives on a Group level (channel strategy, digitalisation, paperless, lean process, branch network optimisation etc.) to optimize the sustainable cost base going forward.

NLB Group Assets

Asset side of the balance sheet remains highly liquid

(1) YtD 4% 0% 14% -2% 4,123.2 5,145.7 5,028.2 9,824.5 10,587.1 12,108.7 5,376.4 5,208.3 5,219.9 636.3 31 Mar 2021 634.9 31 Dec 2021 662.3 31 Mar 2022 19,959.0 23,019.1 21,577.5 +15% YoY +7% YtD Cash equivalents, placements with banks and loans to banks Net loans to customers Financial Assets Other Assets

Total assets of NLB Group – structure (EURm)

NLB Group Liabilities and Equity Deposit increase due to N Banka acquisition

▪ Sight deposits prevailing

Capital

Capital position enabling further growth and substantial dividend distribution

As at 31 March 2022, the TCR for the Group stood at 15.8% (or 1.9 p.p. lower than as at 31 December 2021), and the CET1 ratio for the Group stood at 13.7% (1.7 p.p. lower than as at 31 December 2021). The lower total capital adequacy derives from higher RWA (EUR 1,176.0 million from the end of 2021) and lower capital (EUR 58.5 million from the end of 2021). The capital is lower mainly due to negative revaluation adjustments (EUR 55.5 million from the end of 2021) on FVOCI.

The Overall Capital Requirement (OCR) is 14.25% for the Bank on a consolidated basis, consisting of:

• 10.75% TSCR (8% P1R and 2.75% P2R); and
• 3.5% CBR (2.5% Capital Conservation Buffer, 1% O-SII Buffer and 0% Countercyclical Buffer).

Pillar 2 Guidance is set at 1.00%.

In February 2022, the ECB issued a new SREP decision for NLB under which it has reduced the Pillar 2 Requirement from 2.75% to 2.60% while Pillar 2 guidance remains at 1.00%. New SREP decision applies as of 1 March 2022.

RWA structure

Prudent RWA management to improve capital ratios

RWA OPTIMIZATION ACTIONS:

• Decrease in KB trading book;
• Banking book portfolio optimization;
• Credit risk optimization through further engagement with MIGA;
• Activities for optimisation of RWA collateralised with real estate in third countries

RWA structure (in EURm)

RWA for credit risk increased by EUR 1,161.5 million, where EUR 858.9 million of the increase relates to N Banka. The remaining part of RWA increase in the amount of EUR 302.6 million was mainly the consequence of increased lending activity, mostly in the Bank and Komercijalna Banka, Beograd. Higher RWAs for high-risk exposures is the result of a new loan given to a venture capital company, new loans for project financing as well as drawing of loans for project financing granted in the previous months. Repayments, upgrade, change in provisioning level reduced RWA for defaulted exposures. Furthermore, RWA decrease was observed for liquid assets due to a lower exposure to the Serbian central bank and maturity of some Serbian bonds, both in Komercijalna Banka, Beograd. The lower exposure to institutions also resulted in a reduced RWA in almost all Group banks, most in Komercijalna Banka, Beograd.

The increase in RWAs for market risks and CVA (Credit Value Adjustments) in the amount of EUR 14.5 million YtD is mainly the result of higher RWA for CVA risk in the amount of EUR 17.2 million (a consequence of the conclusion of long-term derivatives).

Asset Quality

Asset Quality – NLB Group Diversified credit portfolio, focused on core markets

Credit portfolio(1) by geography (Group, 31 Mar 2022, % and EURm)

Source: Company information; Note: (1) Credit portfolio also includes advances to banks and central banks; (2) State includes exposures to central banks; (3) The largest part represent EU members. (4) Institutions include Deposit-taking corporations except the central bank (mainly commercial banks) and Financial auxiliaries

Dec-19 Dec-20 Dec-21

Mar-22 w/o N Banka

NLB Group Asset Quality Portfolio diversification reduces risk, no large concentration in any specific industry

Corporate credit portfolio(1) (in EUR million)

	Credit porfolio				in EUR million
Corporate sector by industry	NLB Group	%	NLB Group w/o N Banka	%	∆
Accommodation and food service activities	225.7	4%	162.1	3%	63.6
Act. of extraterritorial org. and bodies	8.1	0%	0.0	0%	8.1
Administrative and support service activities	146.0	2%	103.8	2%	42.2
Agriculture, forestry and fishing	316.4	5%	315.2	6%	1.2
Arts, entertainment and recreation	27.1	0%	21.0	0%	6.1
Construction industry	522.4	9%	476.8	9%	45.6
Education	14.6	0%	12.9	0%	1.7
Electricity, gas, steam and air condition	468.0	8%	420.5	8%	47.5
Finance	116.1	2%	103.0	2%	13.1
Human health and social w ork activities	43.9	1%	37.1	1%	6.8
Information and communication	247.9	4%	239.0	4%	8.9
Manufacturing	1,326.8	22%	1,135.7	21%	191.1
Mining and quarrying	55.7	1%	50.4	1%	5.2
Professional, scientific and techn. act.	244.3	4%	154.7	3%	89.6
Public admin., defence, compulsory social.	168.7	3%	167.7	3%	0.9
Real estate activities	310.1	5%	265.8	5%	44.3
Services	18.1	0%	11.5	0%	6.6
Transport and storage	632.7	10%	604.1	11%	28.6
Water supply	57.2	1%	44.3	1%	12.8
Wholesale and retail trade	1,172.5	19%	1,078.2	20%	94.3
Other	4.5	0%	0.8	0%	3.7
Total Corporate sector	6,126.5	100%	5,404.6	100%	721.8

	Credit porfolio				in EUR million
Main manufacturing activities	NLB Group	%	NLB Group w/o N Banka	%	∆
Manufacture of food products	191.9	3%	178.5	3%	13.4
Manufacture of fabricated metal products, except machinery and equipment	186.1	3%	154.8	3%	31.4
Manufacture of basic metals	162.4	3%	149.5	3%	12.9
Manufacture of electrical equipment	142.2	2%	102.4	2%	39.8
Manufacture of other non-metallic mineral products	95.4	2%	73.2	1%	22.2
Manufacture of rubber and plastic products	70.0	1%	58.0	1%	12.0
Manufacture of machinery and equipment n.e.c.	61.6	1%	55.8	1%	5.8
Manufacture of motor vehicles, trailers and semi-trailers	59.1	1%	56.9	1%	2.2
Other manufacturing activities	358.0	6%	306.5	6%	51.5
Total manufacturing activities	1,326.8	22%	1,135.7	21%	191.1

	Credit porfolio		in EUR million
Main wholesale and retail trade activities	NLB Group	%	NLB Group w/o N Banka	%	∆
Wholesale trade, except of motor vehicles and motorcycles	651.7	11%	593.4	11%	58.3
Retail trade, except of motor vehicles and motorcycles	395.5	6%	369.4	7%	26.2
Wholesale and retail trade and repair of motor vehicles	125.2	2%	115.4	2%	9.8
and motorcycles
Total wholesale and retail trade	1,172.5	19%	1,078.2	20%	94.3

NLB Group Assets Quality High % of Stage 1 Loan portfolio (measured at amortized cost & FVTPL)

Loan portfolio by stages (in EUR million)

	Credit portfolio								Provisions and FV changes for credit portfolio
		Stage1 Stage2					Stage3 & FVTPL			Stage1		Stage2		Stage3 & FVTPL
	Credit portfolio	Share of Total	YTD change	Credit portfolio	Share of Total	YTD change	Credit portfolio	Share of Total	YTD change	Provision Volume	Provision Coverage	Provision Volume	Provision Coverage	Provisions & FV changes	Coverage with provisions and FV changes
Total NLB Group	16,038.3	94.7%	1,400.3	517.6	3.1%	-14.8	381.2	2.3%	9.8	80.9	0.5%	32.5	6.3%	213.6	56.0%
o/w Corporate	5,482.0	89.5%	956.5	399.2	6.5%	-12.9	245.2	4.0%	3.4	58.3	1.1%	24.7	6.2%	135.0	55.1%
o/w Retail	5,987.7	95.9%	616.6	118.3	1.9%	-1.9	136.0	2.2%	6.3	21.0	0.4%	7.8	6.6%	78.6	57.8%
o/w State	4,219.5	100.0%	17.1	-	-	-	-	-	-	1.3	0.0%	-	-	-	-
o/w Institutions	349.1	100.0%	-189.9	-	-	-	-	-	-	0.3	0.1%	-	-	-	-

Stage 1 by segment (in EUR million)

Stage 2 by segment (in EUR million) Stage 3 by segment (in EUR million)

Asset Quality – NLB Group

NPL ratio is further decreasing. NPLs are fully covered by provisions and collateral

• The Group's decisive approach to NPL management puts a strong emphasis on restructuring and use of other active NPL management tools. In Q1 NPLs increased as a new NPLs from the acquired N Banka were recognized. Otherwise, favourable NPL movement, mostly due to repayments.
• NPL ratio decreased by 0.1 p.p to the level of 2.2%, NPE ratio reduced by 0.1 p.p. to 1.6%, while coverage ratio (CR1) increased to 86.6%. Further, the Group's NPL coverage ratio (CR2) stands at 56.8%, which is above the EU average as published by the EBA (44.5 % for Q4 2021).

Impairments and provisions(i) Solid asset quality performence continues

Net new impairments and provisions for credit risk (1-3 2022, in EUR million)

• Impairments and provisions for credit risk
• Other impairments and provisions
• Net impairments and provisions for credit risk were released in the amount of EUR 4.9 million, scattered across markets without material concentration in any member. First quarter on asset quality front does not indicate any worsening of the business environment. On the other hand EUR 8.9 million of 12-month expected credit losses were recognised at acquisition date for performing portfolio for N Banka.
• Cost of risk was negative, -17 bps.
• In Q1 2022 net impairments and provisions established in the amount of EUR 4 million (including EUR 8.9 million ECL from N Banka).
• Impairments and provisions by stages are established by the inflow of asset into each stage:
  • In Stage 1 for performing portfolio of N Banka,
  • in Stage 2 and 3 for clients where deterioration of credit quality was detected.
• Release of impairments and provisions triggered by:
  • partial repayments of written off receivables ,
  • minor change in risk parameters (release of conservativity buffer).
• New macroeconomic forecasts will be incorporated in H1 2022.

release

establishment

NII sensitivity to interest rate shifts – NLB Group Estimated impact on NII in the next 12 months to parallel interest rate shifts

NII sensitivity to -100bps, -50bps, +50bps, +100 bps (Group, EURm)

NLB Group	Nominal principal	NII (in 1Y period)
ASSETS	21.363.023	451.969
CB and cash	3.894.693	-2 328
Loans	12.444.633	389, 725
BB Securities	5.023.697	64.571
LIABIUTIES	-19.762.276	-40.864
NBS Deposits	-18 165.023	-18 116
Wholesale funcing	-1.312.216	-8971
Securities is sued	-285 036	-13.777
Derivatives	573.487	-7.728
TOTAL NI		403.376
% of Equity		21,16%

Parallel increase in interest rates would have positive impact on net interest income for the NLB Group. Decrease in interest rates would have a negative impact on NLB Group's NII, but to a lesser extent because of floor clause in the loan portfolio.

NII sensitivity is calculated on the balance sheet as of March 2022.

ESG & Digital

NLB's Dive Towards a Higher Integration of Sustainability in its Business Model

• Key priority is to address the topic of sustainable development, to accelerate the integration of ESG factors and the upcoming EU regulation and all related changes that affect its business model.
• Key Milestones:
• General
• IT Strategy ▪ NLB Group Sustainability Report 2021 published and available at: https://www.nlb.si/sustainability\_report\_2021.pdf
  • NLB Group Sustainability Framework published and available at: https://www.nlb.si/sustainability
  • NLB Group Sustainability training program published and is being carried out throughout the NLB Group.
• Environment & Social
  • Establishment of the ESMS (Environmental and Social Management System), in NLB d.d. and six banking subsidiaries based on the contractual agreements with MIGA and EBRD.
  • Impact analysis in alignment with the UNEP FI Principles of Responsible Banking, together with materiality assessment and target setting successfully concluded and available in NLB Group Sustainability report 2021.
  • As of second half 2021 particular focus on financing renewable energy and energy efficiency projects:
    • Green loan for financing of energy efficiency of business buildings implemented.
    • Digital card only product for our retail and corporate clientes implemented.
    • Product specification for solar power plant financing solutions for retail and business banking clients in Slovenia confirmed.
  • 1st NLB Group Carbon footprint measurement performed and available in NLB Group Sustainability report 2021.
    • ➢ In 2023 a report on Scope 1, Scope 2 and Scope 3, including bank's lending and investment activities (Scope 3, Category 15) => target is aligned with the Paris Agreement and will support the transition towards a net-zero economy by 2050.
  • EU Taxonomy application is under way, with the first reporting published in the NLB Group Sustainability report 2021.
• Governance
  • NLB Group Sustainability Committee established in December 2021 continues with its regular sessions.
  • ESG Coordinators appointed in the NLB Group to act as a single point of contact for all Sustainability and ESG related issues and tasks in the NLB Group member.
  • Interim status report on the implementation of requirements based on ´ECB Guide on climate-related and environmental risks´, submitted to ECB. It is expected that further deep dives on the NLB's practices will be conducted in the context of the full supervisory review in 2022.
  • Integration of ESG together with upgraded risk-related internal documents for NLB d.d. and NLB Group is under way (Lending Policy for Non-Financial Companies, Environmental and Social Transaction Categorization Methodology Framework, Policy Environmental and Social Transaction Categorization Framework, Manual MIGA Performance Standards in NLB Group, MIGA E&S Process Instructions in NLB Group).

NLB Group Sustainability implementation roadmap

Sustainability implementation focus	Task	Target
Sustainable/Green Product Portfolio – Retail&Corporate	Implementation of "Green partner loan (e.g. solar power plants financing with partners)"	Q2 2022
EU Taxonomy	First reporting	Apr 2022
Sustainable/Green Product Portfolio – Micro & SME	Development and implementation of green loan for financing environmental friendly investments (e.g. solar PV, heat pump, EV etc)	Q2 2022
ECB Climate-risk stress tests	Done	Q2 2022
Net-Zero committment	Review of global platforms and initiatives with the aim of reaching Paris agreement goals within the NLB Group	H1 2022
Sustainability Training	Updating and upgrading NLB Group's internal sustainability training	Q3 2022
ESG Rating	Applying for ESG Rating of the NLB	2022
Sustainability Corporate Governance	Continuously upgrading the NLB Sustainability Corporate Governance model	2022
Business Strategy - Transition Financing	Upgrading business strategy with ESG factors and alignment with Paris Agreement	2022
ESG disclosures and reporting	Implementation of ESG-related disclosures and reporting requirements (EU Taxonomy, BASEL PILLAR III)	2022
NLB Group Carbon footprint	Further upgrade of the Carbon footprint report with Scope 3 categories	2022
EBRD	EBRD E&S requirements implementation	Apr 2023
Climate-related and environmental risk management	Implementation of requirements defined in ECB Guide on climate-related and environmental risks into NLB Group Risk Management Framework	2023

IT Strategy

State-of-the art services & channels

The pioneer of banking innovation in Slovenia

First Slovenian bank enabling 24/7 opening of personal account and the only bank with full digital signing of documents in M-bank

First Slovenian bank sending cards' PIN via SMS

First Slovenian bank implementing Flik P2M (Person to Merchant) at all POSes

First Slovenian bank to launch chat and video call functionalities and the only bank with multichannel 24/7 support

Only bank with fully mobile express loan capabilities (Consumer & SME)

First Slovenian bank to offer card management functionalities and biometric recognition to confirm online purchases in mobile wallet

First Slovenian bank issuing digital only debit cards

Demonstrated success in digital activation

Mobile bank users(2) Digital users ('000s) (1) ('000s)

E-commerce purchases (EURm) M-Wallet NLB Pay in numbers

2019 2020 2021

44,097

of users Volume of transactions (in '000 EUR)

7,722

Q1 2021 Q1 2022

52,222

300

31 Mar 2021

KB Integration

Very challenging integration timeline was successfully met Merger has concluded in an impeccable manner

	Dec 2020					2022	Apr / May 2022	Today		Sep 2022
		Q1	Q2	Q3	Q4	Q1		Q2	Q3
Legal and M&A processes		• Merge Regulatory approvals • Ownership consolidation
HR integration		• • Management Appraisal • Comp & Ben harmonization • Voluntary leaves	Organization design and rightsizing	• implementation • • • Assessment of sales employees	Preparation of all activities for new organization Management nominations (B-1 and B-2 done) Salesforce migration in corporate done		• • • Management appointment • Culture integration • Relocation of employees	Organization implementation Implementation of target size
IT Integration		• • Target business model design	Target system architecture design	• • Gap development	Migration preparation (cycles 1 and 2 completed)			• Clean-up • Stabilization
Sales		• KPIs verification and setup • Branch footprint design		• • done)	Implementation of new sales model Branch network sizing (wave 1 and 2a			• optimization	Post-integration branch network
Marketing and Communications	• Communication on key milestones (organization design, management nominations, regulatory process, integration process) • Townhalls, Q&A sessions with employees and stakeholders								Branding approach implemented
Internal controls and Operations, Markets		• (Risk, Compliance, AML, I. Audit) • Securities portfolio adjustment	Internal controls sys. harmonization	• Funding strategy implementation
		Closing					Legal & Operational Merger (Serbia)

Key sales achievements of Komercijalna Banka Beograd – Highly satisfactory results in Retail and Corporate segments In Q1 2022, the Corporate segment achieved historically the highest result in new production, per quarter (218.4 EURm) and March stands out with new production of over 100 EURm (102.3 EURm)

Retail (KB)			Corporate (KB+NLB)
•	Total loan production in Q122 reached 147.6 EURm and exceeded production realized in the same period of the previous year by 56 EURm, (+61% YoY)	•	Loan portfolio oustanding recorded growth in amount of 99.8 EURm, or +13.4% since the beginning of the year (March 2022 is 842.8 EURm vs 743.0EURm in YE/21). Comapring Q1/22 vs Q1/21 growth is 210.6 EURm, or +33.3%
✓	Total production of cash loans equals 68 EURm (22 - EURm, 48% YoY)	•	New production of loans in Q1 2022 was 2,7 times higher compared to the
•	Total production of housing loans equals 33 EURm (18 - EURm, 115% YoY)		same period last year or abs. +137.6 EURm (218.3 EURm in 2022 vs 80.7 EURm in 2021).
•	Outstanding recorded growth in amount of 50 EURm, or +5% YtD	•	Off-balance (documentary business) outstanding recorded growth in amount
•	Finally, Net Income increased by 10.2 EURm or 48% YoY (5.8 EURm increase in Net Interest income, and 4.4 EURm increase in Net Non-interest income)		of 32.5 EURm, or +21.8% (March 2022 is 181.8 EURm vs 149.3 EURm in YE/21) or +21.8%. Comparing Q1/22 vs Q1/21 growth is 104.7 EURm, or 135.8%
		•	Finally, Net Corporate Income increased by 1.3 EURm or 24% YoY (5.6 EURm in 2021 vs 7.0 EURm in 2022)

On 29.4.2022 NLB and KB became NLB Komercijalna banka The merger set a new benchmark in what a successful integration looks like

After the merger, the total assets of NLB Komercijalna banka amount to EUR 4.7 billion. The loan portfolio has increased by 23% and now amounts to EUR 2.6 billion. The combined bank now has a wide network of 186 branches – one of the largest in Serbia – offering services, knowledge, and advice to more than one million clients

Integration costs expected to be fully covered with expected synergies by the end of 2023

More than 50% of the estimated spend has been realised by March 2022

Integration costs (in EUR million) by market

	Budgeted integration costs		Realisation End of Q1 2022*	Estimated final total integration spend for the project (final
		EUR million	% of est. costs	spend for BL and PG)
NLB d.d.	3.0	1.45	51.8%	2.8
Belgrade	29.0	12.5**	45.6%	27.4
Banja Luka	3.9	0.1	100%	0.1
Podgorica	4.0	3.3	100%	3.3
TOTAL	40.0	17.35	51.6%	33.6

Realised integration costs reflect the following circumstances:

• Podgorica integration was concluded on 12 November 2021. Final integration costs in total reached EUR 3.3 million
• Belgrade integration to be realized as anticipated, until end of April 2022. Integration costs within previous estimations.
• Banja Luka integration cancelled due to divestment of KB BL. Integration spend considered as sunk costs.

EUR 28.9 million (EUR 24.2 million excl. BL) of runrate synergies expected to kick in by the end of 2023

Synergies (in EUR million) by market

		Initial est. Run-rate 2023	New est. run rate 2023 (bottom-up)	End of Q1 2022 realisation
	Cost	19.3	19.7	0
Belgrade	Revenue (funding)	1.3	2.1	0.93
	Total	20.6	21.8	0.93
Banja Luka	Total	4.7	n/a	n/a
Podgorica	Total	3.6	3.8	1.67
TOTAL		28.9/24.2	25.6	2.6

According to current planning, full synergy potential to be reached by the end of 2023

• Belgrade by the end of 2023, to be fully visible in 2024 results,
• Podgorica 80% synergy potential to be visible in 2022, with full effect expected to be visible in 2023 results.

Due to divestment of KB Banja Luka, synergy estimation is no longer applicable.

*Total budget and realization including expense items (EUR 8.8 million), HR provisions (EUR 5.9 million) and IT Investments (EUR 2.6 million)

** Part of the HR provisioning budget for 2021 moved to 2022

Sberbank banka acquisition

As a complement to NLB's Slovenian franchise and as contribution to financial stability of Slovenian banking system NLB acquired Sberbank Slovenia in March 2022

After the stabilisation period and rebranding to N Banka d.d. we are entering into the integration process

Outlook

	Performance in Q1 2022	2022(3)	2023
Regular income	EUR 173.0 million	~ EUR 690 million	> EUR 700 million
Costs	EUR 102.7 million(1)	Costs in range of 2021	~ EUR 400 million
Cost of risk	-17 bps	30 bps(4)	30-50 bps
Loan growth	14% (4% w/o N Banka)	High single digit loan growth	High single-digit loan growth
Dividend	/	EUR 100 million(5)	EUR 110 million
ROE a.t.	12.0%	~ 10%, (ROE normalized(2): 12%)	> 10% (ROE normalized(2): > 12%)

*Outlook does not include Nbanka (except for the CoR)

Notes:

(1) Including integration costs;

(2) ROE normalized = Result a.t. w/o minority shareholder profit divided by consumed capital. Consumed capital computed as 13.06% of average RWA reduced for minority shareholder capital contribution;

(3) If legal remedies against the adopted law in February 2022 concerning loan agreements in Swiss francs concluded by banks operating in Slovenia (including NLB) and individuals are unsuccessful, the Bank estimated a negative pre-tax effect on the operations of NLB and NLB Group should not exceed EUR 70 - 75 million (not more than EUR 100 million if N Banka is included);

(4) Includes 8 bps of technical adjustment due to N Banka and excludes potential incremental major disruption(s).

(5) The Management and Supervisory Board of NLB d.d. will propose to the Shareholders at the Shareholders meeting on June 20th, 2022 that EUR 50 million shall be paid out to the shareholders as dividend, which amounts to EUR 2.50 gross per share.

Appendixes

Appendix 1: Business Performance 41

Appendix 2: Segment Analysis 44

Appendix 3: Macro Overview 54

Appendix 4: Financial Statements 60

40

Appendix 1:

Business Performance

Net interest income evolution

Net interest income evolution - NLB

Net interest income evolution – SEE banks

Off-balance sheet items

Off-balance sheet items of NLB Group – structure (in EUR million)

Commitments to extend credit and other risky commitments

			in EUR million
	31 Mar 2022	31 Dec 2021	31 Mar 2021
Loans	826.2	712.3	745.0
Overdrafts Retail	309.7	310.5	306.0
Overdrafts Corporate	218.1	216.1	189.9
Cards	317.8	311.0	306.6
Komercijalna Banka Group	371.1	335.9	288.1
N Banka	117.8
Other (Lease&Go, …)	29.0	21.2	9.1
Inter Company	-47.3	-14.8	-68.9
Total	2,142.5	1,892.1	1,775.7

• Majority in loans are from Corporate (99% on 31 March 2022)

• Majority in cards are from Retail (89% on 31 March 2022)

• Other include also inter company relations

Derivatives

			in EUR million
	31 Mar 2022	31 Dec 2021	31 Mar 2021
FX derivatives w ith customers	122.8	87.4	193.6
o/w NLB	142.0	102.5	190.8
Interest rate derivatives w ith customers	729.5	701.3	759.0
o/w NLB	715.1	694.7	759.0
FX derivatives - hedging (NLB)	108.4	87.9	95.5
Interest rate derivatives - hedging (NLB)	574.1	573.3	575.0
Options (NLB)	19.4	40.8	39.1
Derivatices (N Banka)	380.3
Total	1,934.5	1,490.8	1,662.1

Majority of NLB Group derivatives are concluded by NLB either for hedging of the banking book or for trading with customers. With acquisition of N Banka customer derivatives increased for EUR 380 million.

Business with customers

• Customers are mainly using plain vanilla FX and Interest rate derivatives for hedging of their business model. Aside increase due to impact of N Banka customer derivatives on NLB d.d. slightly increased in first quarter, mainly due to increased volatility on FX, though clients still prefer fixed rate loan or open IR position over derivative hedging.

Hedging

• NLB is concluding interest rate swaps in line with fair value hedge accounting rules. Micro and macro hedges are used for hedging of fixed rate loan portfolio and micro Interest rate swaps are used for the purpose of securities hedging. In last year no new hedges were concluded due to sufficient risk appetite and negative effect of swap.
• FX swaps used for short term liquidity hedging increased in last year mainly due to placement of foreign currency.

Appendix 2:

Segment Analysis

NLB Group key business segments

	Retail banking in Slovenia	Corporate and investment banking in Slovenia	Strategic foreign markets	Financial markets in Slovenia	Non-core members
	Retail (NLB & N Banka) Micro (NLB & N Banka) NLB Skladi Bankart(1) NLB Lease&Go (retail clients)	NLB & N Banka: - Key corporates - SME corporates - Cross Border corporates - Investment banking and custody - Restructuring&workout NLB Lease&Go (corporate clients)	NLB Banka, Skopje NLB Banka, Banja Luka NLB Banka, Sarajevo NLB Banka, Prishtina NLB Banka, Podgorica NLB Banka, Beograd Komercijalna Banka, Beograd Kombank INvest, Beograd	NLB & N Banka: - Treasury activities - Trading in financial instruments - Asset and liabilities management (ALM)	REAM Leasing (except NLB Lease&Go) NLB Srbija NLB Crna Gora
(Mar 2022, in EUR million)	• Largest retail banking group in Slovenia by loans and deposits • #1 in private banking and asset management • Focused on upgrading customer digital experience and satisfaction	• Market leader in corporate banking with focus on advisory and long term strategic partnerships • Market leader in Investment Banking and Custody services • Regional know-how and experience in Corporate Finance and #1 lead organiser for syndicated loans in Slovenia • Strong trade finance operations and other fee-based business • Market leader at FX and interest rate hedges	• Leading SEE franchise with seven subsidiary banks(3, 4) and one investment fund company • The only international banking group with exclusive focus on the SEE region	• Maintaining stable funding base • Management of well diversified liquidity reserves • Managing interest rate positions with responsive pricing policy	• Assets booked non-core subsidiaries funded via NLB • Controlled wind-down of remaining assets, including collection of claims, liquidation of subsidiaries and sale of assets
Pre-provision result	17.5	11.0	40.8	7.0	-1.8
Result b.t.	16.3	15.1	44.1	5.5	-1.1
Total assets	3,435	3,053	9,661	6,397	94
total assets(2) % of	15%	13%	42%	28%	0%
CIR	62.6%	53.2%	56.6%	23.7%	317.4%
Cost of risk (bp)	25	-64	-26	/	/

Notes: (1) 39% minority stake; (2) Other activities 2%; (3) Merger of NLB Banka, Podgorica and KB Podgorica on 12 November 2021; (4) Sale of KB Banja Luka on 9 December 2021; (5) Merger of NLB banka Beograd and Komercijalna banka to NLB Komercijalna banka, at the end of April 2022. 45

Retail Banking in Slovenia

Retail Banking in Slovenia

									in EUR million consolidated
				Change YoY
	1-3 2022	o/w N Banka 1-3 2021 contribution		Q1 2022	Q4 2021	Q1 2021	Change QoQ
Net interest income	20.7	19.0	1.8	1.0	9%	20.7	20.7	19.0	0%
Net interest income from Assets(i)	23.2	19.6	3.7	0.9	19%	23.2	21.6	19.6	8%
Net interest income from Liabilities(i)	-2.5	-0.6	-1.9	0.1	-	-2.5	-1.0	-0.6	-160%
Net non-interest income	26.1	22.7	3.4	0.8	15%	26.1	26.8	22.7	-3%
o/w Net fee and commmission income	26.5	21.8	4.7	0.8	22%	26.5	26.2	21.8	1%
Total net operating income	46.8	41.7	5.2	1.8	12%	46.8	47.5	41.7	-1%
Total costs	-29.3	-26.6	-2.7	-1.4	-10%	-29.3	-33.6	-26.6	13%
Result before impairments and provisions	17.5	15.0	2.5	0.4	17%	17.5	13.9	15.0	26%
Impairments and provisions	-1.9	0.7	-2.5	-0.2	-	-1.9	-2.5	0.7	26%
Net gains from investments in subsidiaries, associates, and JVs'	0.6	0.1	0.5	0.0	-	0.6	0.2	0.1	-
Result before tax	16.3	15.8	0.4	0.2	3%	16.3	11.5	15.8	41%

31 Mar 2022 31 Dec 2021 31 Mar 2021

Change YtD Change YoY

Net loans to customers	3,337.4	2,731.6	2,463.1	605.9	22%	874.3	35%
Gross loans to customers	3,382.3	2,769.7	2,497.9	612.6	22%	884.5	35%
Housing loans	1,908.8	1,815.5	1,581.8	93.3	5%	327.0	21%
Interest rate on housing loans	2.24%	2.34%	2.40%	-0.10 p.p.			-0.16 p.p.
Consumer loans	638.1	635.6	648.0	2.5	0%	-10.0	-2%
Interest rate on consumer loans	6.92%	6.70%	6.64%	0.22 p.p.			0.28 p.p.
N Banka, Ljubljana	502.7	0.0	0.0	0.0	0 %	0.0	0 %
NLB Lease&Go, Ljubljana	48.4	40.4	13.0	8.1	20%	35.4	-
Other	284.3	278.2	255.0	6.0	2%	29.3	11%
Deposits from customers	8,412.6	7,703.6	7,495.4	708.9	9%	917.2	12%
(ii) Interest rate on deposits	0.03%	0.03%	0.03%	0.00 p.p.		0.00 p.p.
N Banka, Ljubljana	517.5
Non-performing loans (gross)	65.1	58.1	52.3	7.0	12%	12.8	24%

1-3 2022 1-3 2021 Change YoY

Cost of risk (in bps)	25	-12	37
CIR	62.6%	64.0%	-1.4 p.p.
Interest margin	1.48%	1.54%	-0.06 p.p.
(i) Net interest income from assets and liabilities w ith the use of FTP.

(ii) Interest rates only for NLB.

• Net interest income was EUR 1.8 million higher YoY, of which EUR 1.0 million was contributed by N Banka. The interest income in the Bank's retail segment increased mostly due to a higher volume of housing loans and overdrafts. As a result of several activities the production of new housing loans in the Bank was still high, with EUR 179.6 million of new loans approved in Q1 (in Q1 2021: EUR 106.2 million), and it resulted in the increase of the portfolio. The slight increase of balances was recorded in the consumer lending in the Bank YtD (EUR 2.5 million), while on YoY basis a EUR 10.0 million decrease was recorded. The portfolio of overdrafts recorded YtD and YoY increase, EUR 6.4 million and EUR 18.3 million respectively. The portfolio of cards decreased YtD (EUR 1.5 million), but recorded a slight increase YoY (EUR 4.2 million).
• Net non -interest income growth of EUR 3.4 million derived from fee and commission income, with EUR 4.7 million increase YoY, with N Banka contributing EUR 0.8 million. The growth was mostly related to normalization after COVID -19 -related restrictions in Q1 2021, the income from high balance fee of EUR 0.4 million from private individuals (not yet charged in Q1 2021) and with a slight increase recorded also from micro clients, as well as net fees from the asset management and bancassurance.
• Higher costs by EUR 1.3 million without N Banka's contribution, due to higher operating costs in the Bank.
• Net impairments and provisions were established, mostly due to a higher new production of loans.
• Deposits from customers increased by EUR 708.9 million YtD and EUR 917.2 million YoY in the Bank; growth of deposits from individuals in January and February was influenced by seasonality (more savings after higher consumption in December), social transfers and increase in pensions, while slight decrease was recorded in March.

Retail banking in Slovenia High and stable market shares across products

Upside from fee generating products

Market share of net loans to individuals in Slovenia Market share of deposits from individuals in Slovenia

• an impressive record production of new housing loans in Q1 2022.

Sight deposits Short-term deposits Long-term deposits

• More ESG products were added to the offer.

• 1 player in Private Banking(1)

  • Leading position being strengthened with reaching over EUR 1.2 billion of assets under management.

• 1 player in Slovenian asset management(2)

  • AuM of 2,040.1 EURm as of 31 March 2022 including investments in mutual funds and discretionary portfolios
  • Market share of NLB Skladi at mutual funds in Slovenia increased to 37.4% as of 31 March 2022, despite demanding global circumstances affecting net inflows.

Corporate and Investment banking in Slovenia

Corporate and Investment Banking in Slovenia

									in EUR million consolidated
				Change YoY
	1-3 2022	1-3 2021	o/w	N Banka contribution		Q1 2022	Q4 2021	Q1 2021	Change QoQ
Net interest income	10.2	9.0	1.2	0.6	14%	10.2	9.2	9.0	11%
Net interest income from Assets(i)	12.1	10.2	1.9	0.6	19%	12.1	10.7	10.2	13%
Net interest income from Liabilities(i)	-1.9	-1.2	-0.7	0.0	-59%	-1.9	-1.5	-1.2	-27%
Net non-interest income	13.3	11.7	1.6	0.6	14%	13.3	12.3	11.7	8%
o/w Net fee and commmission income	11.2	9.5	1.8	0.4	19%	11.2	9.5	9.5	18%
Total net operating income	23.5	20.7	2.8	1.2	14%	23.5	21.5	20.7	9%
Total costs	-12.5	-10.4	-2.1	-1.0	-20%	-12.5	-12.9	-10.4	3%
Result before impairments and provisions	11.0	10.3	0.7	0.2	7%	11.0	8.6	10.3	28%
Impairments and provisions	4.1	11.0	-6.9	0.2	-63%	4.1	7.4	11.0	-45%
Result before tax	15.1	21.3	-6.3	0.4	-29%	15.1	16.0	21.3	-6%

	31 Mar 2022	31 Dec 2021	31 Mar 2021	Change YtD		Change YoY
Net loans to customers	3,060.8	2,332.4	2,103.3	728.5	31%	957.5	46%
Gross loans to customers	3,122.8	2,390.7	2,217.4	732.2	31%	905.4	41%
Corporate	2,962.7	2,258.5	2,066.9	704.2	31%	895.8	43%
Key/SME/Cross Border Corporates	2,211.9	2,110.6	1,875.2	101.2	5%	336.6	18%
Interest rate on Key/SME/Cross Border Corporates loans	1.76%	1.79%	1.80%	-0.03 p.p.		-0.04 p.p.
Investment banking	0.1	0.1	0.1	0.0	-4%	0.0	-4%
Restructuring and Workout	83.6	88.2	164.4	-4.6	-5%	-80.8	-49%
N Banka	592.0	0.0	0.0
NLB Lease&Go	75.1	59.6	27.1	15.6	26 %	48.0	177 %
State	160.0	131.9	150.2	28.1	21%	9.9	7%
Interest rate on State loans	3.89%	1.82 p.p. 2.07% 3.34%					0.55 p.p.
Deposits from customers	2,322.6	1,938.2	1,558.0	384.5	20%	764.7	49%
(ii) Interest rate on deposits	0.03%	0.03%	0.04%	0.00 p.p.		-0.01 p.p.
N Banka, Ljubljana	326.9
Non-performing loans (gross)	85.5	72.5	154.2	12.9	18%	-68.7	-45%

1-3 2022 1-3 2021 Change YoY

Cost of risk (in bps)	-64	-212	147
CIR	53.2%	50.1%	3.0 p.p.
Interest margin	1.64%	1.91%	-0.28 p.p.
(i) Net interest income from assets and liabilities w ith the use of FTP.

(ii) Interest rates only for NLB.

• Net interest income was EUR 0.6 million higher YoY without N Banka's contribution. The interest income from loans in the Key, SME and Cross Border Corporates in the Bank was EUR 1.3 million higher YoY, mostly due to higher volumes in all sub segments (EUR 101.2 million YtD growth).
• Net fee and commission income recorded an EUR 1.4 million increase YoY without N Banka's contribution, mostly due to normalization after COVID-19-related restrictions in Q1 2022, a higher fee for high balances (EUR 2.0 million in 1-3 2022, EUR 0.5 million higher YoY), and arrangement fees for the organization of syndicated loans.
• Total costs increased EUR 1.1 million YoY without N Banka's contribution, due to higher operating costs in the Bank.
• Net impairments and provisions were released in the amount of EUR 3.9 million, mostly due to repayments of previously written-off receivables.
• The total value of assets under custody in Investment Banking and Custody decreased YoY (31 March 2021: EUR 16.4 billion) but increased YtD (31 December 2021: EUR 15.9 billion) and amounted to EUR 16.2 billion.

Corporate & Investment Banking in Slovenia High market shares across products

• Market shares - evolution and position on the market Largest bank in the country with high capacity to lend to and service large clients serving over 10,000 corporate clients as of 31 March 2022.
  • Cross-border financing is becoming increasingly important.
  • New cross-selling potential with leasing financing added to the offer.
  • Digital transformation is bringing new opportunities for addressing customers and adaptation of sales channels with distant digital signing being implemented.
  • Leading Slovenian bank in the field of trade finance with products that support the export economy.
  • As the leading bank in the Slovenian market for the organization of syndicated loans, the Bank continues to successfully support and finance the expansion of Slovenian companies in the region.
  • Investment Banking being also successful organizer of issuance of instruments on debt capital markets.

Strong local corporate fee business, across merchant acquiring, investment banking and custody services

EUR 290 million of syndicated loans arranged

36.7% market share (2) in merchant acquiring

EUR 16.2 bn assets under custody

Strategic Foreign Markets

Strategic Foreign Markets

								in EUR million consolidated
	1-3 2022	1-3 2021		Change YoY	Q1 2022	Q4 2021	Q1 2021	Change QoQ
Net interest income	66.3	63.3	3.1	5%	66.3	68.7	63.3	-3%
Interest income	72.9	72.0	0.8	1%	72.9	76.1	72.0	-4%
Interest expense	-6.5	-8.8	2.2	25%	-6.5	-7.4	-8.8	11%
Net non-interest income	27.8	21.6	6.2	29%	27.8	22.2	21.6	25%
o/w Net fee and commmission income	27.1	23.3	3.9	17%	27.1	28.5	23.3	-5%
Total net operating income	94.2	84.9	9.3	11%	94.2	90.9	84.9	4%
Total costs	-53.3	-52.3	-1.1	-2%	-53.3	-65.4	-52.3	18%
Result before impairments and provisions	40.8	32.6	8.2	25%	40.8	25.6	32.6	60%
Impairments and provisions	3.2	1.9	1.4	73%	3.2	-22.4	1.9	-
Negative goodw ill (KB)	0.0	0.0	0.0	-	0.0	0.0	0.0	-
Result before tax	44.1	34.5	9.6	28%	44.1	3.2	34.5	-
o/w Result of minority shareholders	4.1	3.8	0.3	9%	4.1	1.0	3.8	-

	31 Mar 2022	31 Dec 2021	31 Mar 2021	Change YtD					Change YoY
Net loans to customers	5,660.8	5,441.9	5,144.3	218.9	4%	516.5	10%
Gross loans to customers	5,850.2	5,632.2	5,329.5	218.0	4%	520.8	10%
Individuals	2,982.9	2,877.3	2,647.6	105.6	4%	335.3	13%
(i) Interest rate on retail loans	5.55%	5.83%	6.00%	-0.28 p.p.		-0.45 p.p.
Corporate	2,732.8	2,613.5	2,486.9	119.3	5%	245.9	10%
(i) Interest rate on corporate loans	3.60%	3.96%	3.95%	-0.35 p.p.		-0.35 p.p.
State	134.6	141.4	195.0	-6.8	-5%	-60.4	-31%
(i) Interest rate on state loans	3.13%	3.35%	3.33%	-0.22 p.p.		-0.20 p.p.
Deposits from customers	7,775.2	7,998.8	7,678.3	-223.6	-3%	96.9	1%
(i) Interest rate on deposits	0.18%	0.29%	0.35%	-0.11 p.p.		-0.17 p.p.
Non-performing loans (gross)	185.2	191.7	202.9	-6.5	-3%	-17.6	-9%

1-3 2022	1-3 2021	Change YoY

Cost of risk (in bps)	-26	-32	6
CIR	56.6%	61.6%	-5.0 p.p.
Interest margin(i)	2.83%	2.85%	-0.02 p.p.

(i) Changed methodology.

• Net interest income was higher YoY (EUR 3.1 million), with an increase recorded in all banking members, due to higher volumes in all of them and despite a lower interest margin in most of the banking members.
• Net non-interest income increased by EUR 6.2 million YoY, o/w net fee and commission income EUR 3.9 million. The largest increase was recorded in Komercijalna Banka, Beograd due to repricing of services.
• Total costs have increased YoY in all banking members, except in NLB Banka, Podgorica.
• A net release of impairments and provisions for credit risks in the amount of EUR 3.2 million, mainly due to impacts arising from successful NPL resolution.
• Gross loans to customers increased by EUR 218.0 million (4%) YtD, equally distributed between individuals and corporate. The increase of the loan portfolio is visible in all of the banking members, except NLB Banka, Beograd, due to the integration process with Komercijalna Banka, Beograd. Housing loans continued its enviable growth, with almost EUR 90 million newly approved in Q1.
• Deposits from customers decreased by EUR 223.6 million YtD, mostly from individuals as a response to the war in Ukraine; decrease was recorded in all banking members, except in NLB Banka, Podgorica.

Financial Markets in Slovenia

Financial Markets in Slovenia

									in EUR million consolidated
				Change YoY
	1-3 2022	1-3 2021		o/w N Banka contribution		Q1 2022	Q4 2021	Q1 2021	Change QoQ
Net interest income	10.3	6.1	4.2	0.7	70%	10.3	8.3	6.1	24%
ALM(i) o/w	6.5	3.3	3.2	0.5	99%	6.5	5.9	3.3	11%
Net non-interest income	-1.1	-0.7	-0.4	0.0	-54%	-1.1	-2.1	-0.7	47%
Total net operating income	9.2	5.3	3.9	0.7	72%	9.2	6.3	5.3	47%
Total costs	-2.2	-1.9	-0.3	0.0	-16%	-2.2	-2.8	-1.9	22%
Result before impairments and provisions	7.0	3.5	3.6	0.7	103%	7.0	3.5	3.5	103%
Impairments and provisions	-1.5	-0.6	-0.9	-0.4	-140%	-1.5	0.0	-0.6	-
Result before tax	5.5	2.8	2.7	0.3	95%	5.5	3.4	2.8	61%
	31 Mar 2022	31 Dec 2021	31 Mar 2021	Change YtD			Change YoY
Balances w ith Central banks	3,116.8	2,982.2	1,772.3	134.6	5%	1,344.5	76%

Banking book securities	3,223.8	2,977.5	3,288.9	246.3	8%	-65.2	-2%
(ii) Interest rate on banking book securities	0.72%	0.68%	0.67%	0.04 p.p.		0.05 p.p.
Wholesale funding	1,046.5	873.5	143.4	173.1	20%	903.2	-
(ii) Interest rate on wholesale funding	-0.89%	-0.46%	0.52%	-0.43 p.p.		-1.41 p.p.
Subordinated liabilities	287.0	288.5	286.8	-1.5	-1%	0.2	0%
(ii) Interest rate on subordinated liabilities	3.69%	3.70%	3.69%		-0.01 p.p.	0.00 p.p.
(i) Net interest income from assets and liabilities w ith the use of FTP.
(ii)Interest rates only for NLB.

(ii)Interest rates only for NLB.

• Net interest income was EUR 4.2 million higher YoY, of which EUR 0.7 million from N Banka. Excluding N Banka, net interest income increased primarily due to changed FTP policy which partially transferred the costs of placing the excess liquidity from treasury to retail and corporate segment to de-stimulate the deposit collection.
• Lower net non-interest income, EUR -0.4 million YoY, mostly due to negative effect from securities divestments and higher premium for RWA optimization measure.
• Increases in balances with central banks (EUR 134.6 million YtD) and the banking book securities (EUR 246.3 million YtD) were mostly caused by increase of deposits in the Bank.
• Wholesale funding amount increased by EUR 173.1 million YtD due to the acquisition of N Banka.

Financial markets in Slovenia

Liquid assets evolution (EURm)

Well positioned and funded division

• Strong liquidity buffer provides solid base for future core growth consisting of liquid assets which are not encumbered for operational or regulatory purposes
• Banking book securities portfolio is well diversified in terms of asset class and geography to minimize concentration risk, and is invested predominantly in high quality issuers on prudent tenors
• Liquidity ratios (as of 31 Mar 2022): LCR 295% (NLB d.d.) and 233% (NLB Group); NSFR (preliminary) 171% (NLB d.d.) and 174% (NLB Group).

Well diversified banking book by geography (31 Mar 2022)

SEE International Slovenia

Note: Numbers refer to NLB d.d. only; (1) Incl. trading and banking book securities; (2) Includes other European countries, USA, Canada, Kazakhstan, Israel and Russian Federation; (3) Including state guaranteed bonds; (4) Loans booked under segment Corporate Banking Slovenia. 52

Non-Core Members

Non-Core Members

								in EUR million consolidated
	1-3 2022	1-3 2021	Change YoY		Q1 2022	Q4 2021	Q1 2021	Change QoQ
Net interest income	0.1	0.2	-0.2	-65%	0.1	0.1	0.2	-42%
Net non-interest income	0.7	0.6	0.1	12%	0.7	0.8	0.6	-6%
Total net operating income	0.8	0.9	-0.1	-9%	0.8	0.9	0.9	-11%
Total costs	-2.6	-2.5	0.0	-1%	-2.6	-3.4	-2.5	25%
Result before impairments and provisions	-1.8	-1.6	-0.1	-7%	-1.8	-2.5	-1.6	30%
Impairments and provisions	0.6	0.8	-0.1	-18%	0.6	2.9	0.8	-79%
Result before tax	-1.1	-0.9	-0.2	-28%	-1.1	0.4	-0.9	-

31 Mar 2022 31 Dec 2021 31 Mar 2021 Segment assets 93.8 95.9 124.8 -2.1 -2% -31.0 -25% Net loans to customers 22.0 24.3 40.7 -2.3 -9% -18.7 -46% Gross loans to customers 51.6 53.9 90.1 -2.3 -4% -38.6 -43% Investment property and property & equipment received for repayment of loans 65.5 65.6 68.6 -0.1 0% -3.1 -5% Other assets 6.3 6.0 15.4 0.3 5% -9.2 -59% Non-performing loans (gross) 44.7 45.0 70.2 -0.3 -1% -25.5 -36% Change YtD Change YoY

• The segment recorded EUR 1.1 million of loss before tax and also a minor decrease of the total assets of the segment YtD (EUR 2.1 million), which is in line with the divestment strategy.
• Impairments and provisions were net released in the amount of EUR 0.6 million, mostly due to successful NPL collection.

Other

Other
							in EUR million consolidated
	1-3 2022	1-3 2021		Change YoY	Q1 2022	Q4 2021	Q1 2021	Change QoQ
Total net operating income	1.5	1.4	0.1	9%	1.5	1.7	1.4	-7%
Total costs	-4.4	-3.7	-0.7	-19%	-4.4	-1.9	-3.7	-135%
Result before impairments and provisions	-2.9	-2.3	-0.6	-25%	-2.9	-0.2	-2.3	-
Impairments and provisions	-8.9	1.8	-10.7	-	-8.9	-1.8	1.8	-
Negative goodw ill (N Banka)	172.8				172.8
Result before tax	161.0	-0.5	161.5	-	161.0	-2.0	-0.5	-

• Negative goodwill from N Banka acquisition in the amount of EUR 172.8 million attributable to this segment.
• EUR 4.4 million of total costs (EUR 0.7 million higher YoY); costs related mostly to IT, cash transport, external realization, and costs, regarding vacant business premises.
• Net impairments and provisions established in the amount of EUR 8.9 million; in this amount 12-month expected credit losses were recognised at acquisition date for performing portfolio for N Banka.

Appendix 3:

Macro Overview

NLB Group – Macro overview

NLB d.d. & 7 subsidiary banks operate in Slovenia (EU member) & 5 SEE countries (convergence to EU)

	EUR
GDP (EURbn)	52.0
Population (m)	2.1
GDP(1) NBS loans as % of	47.8%
GDP(1) NBS deposits as % of	70.1%
Credit ratings (S&P / Moody's / Fitch)	AA- / A3 / A

	EUR(3)
GDP (EURbn)	19.4
Population (m)	3.3
NBS loans as % of GDP(1)	56.4%
GDP(1) NBS deposits as % of	73.8%
Credit ratings (S&P / Moody's / Fitch)	B / B3 / n.a.

	EUR
GDP (EURbn)	4.9
Population (m)	0.6
NBS loans as % of GDP(1)	69.7%
GDP(1) NBS deposits as % of	84.4%
Credit ratings (S&P / Moody's / Fitch)	B / B1 / n.a.

Slovenia	EUR
GDP (EURbn)	52.0
Population (m)	2.1
GDP(1) NBS loans as % of	47.8%
NBS deposits as % of GDP(1)	70.1%
Credit ratings (S&P / Moody's / Fitch)	EUR AA- / A3 / A

Bosnia and Herzegovina(2)	EUR(3)	Kosovo	EUR
GDP (EURbn)	19.4	GDP (EURbn)	7.8
Population (m)	3.3 EUR(3)	Population (m)	1.8 EUR
NBS loans as % of GDP(1)	56.4%	GDP(1) NBS loans as % of	46.7%
GDP(1) NBS deposits as % of	73.8%	GDP(1) NBS deposits as % of	60.1%
Credit ratings (S&P / Moody's / Fitch)	B / B3 / n.a.	Credit ratings (S&P / Moody's / Fitch)	n.a. / n.a. / n.a.

Montenegro	EUR	North Macedonia	MKD
GDP (EURbn)	4.9	GDP (EURbn)	11.7
Population (m)	0.6	Population (m)	2.1
NBS loans as % of GDP(1)	69.7%	GDP(1) NBS loans as % of	52.8%
GDP(1) NBS deposits as % of	84.4%	GDP(1) NBS deposits as % of	63.4%
Credit ratings (S&P / Moody's / Fitch)	B / B1 / n.a.	Credit ratings (S&P / Moody's / Fitch)	BB- / n.a. / BB+

Source: Central banks, National Statistics Offices, FocusEconomics, NLB

Note: (1) Non-banking sector loans/deposits as % of GDP, NBS loans as % of GDP annualised data for 3Q 2021 for Kosovo only; (2) Bosnia and Herzegovina is comprised of 2 entities, The Federation of Bosnia and Herzegovina and Republika Srpska; (3) Official currency is BAM – Bosnia-Herzegovina Convertible Mark, pegged to EUR.

Macro Overview – Economic data

Real GDP growth, % Average inflation rate, %

Sources: FocusEconomics, NLB Forecasts for 2022 and 2023. Sources: FocusEconomics, NLB Forecasts for 2022 and 2023 Note: HICP for Slovenia, Kosovo and Eurozone, other CPI

KEY FINDINGS:

The Group's region GDP is set to grow at around 3.5% in 2022, with private consumption and fixed investment posing as main drivers. Weakening external demand and tighter global financing conditions, increasing expenditure shares and high import dependence have left households exposed to commodity price shocks.

The effects of war in Ukraine will come from higher prices for gasoline, food, metals, and intermediate inputs to manufacturing, lingering global supply constraints. Looser restrictions, tighter labour markets and accumulated savings, coupled with EU fund disbursements and loose fiscal and monetary policies, will sustain activity. While inflation pressures intensify, consumers and firms grew more cautious. The willingness to spend has abated considering high uncertainty, suggesting a further slowdown in private consumption, while elevated levels of savings provide some buffer for consumption. Current inflation is greatly influenced by a supply shock. Demand is already being slowed significantly by the massive squeeze in real wages, production disruptions, dropping consumer confidence, and tighter financing conditions because of higher bond yields.

Macro Overview – Fiscal data

Fiscal Balance, % GDP

Sources: FocusEconomics

Note: Consensus Forecasts for 2022 and 2023, estimation for 2021 (BiH, Kosovo, Slovenia and Eurozone)

Public Debt, % GDP

Sources: FocusEconomics Note: Consensus Forecasts for 2022 and 2023, estimation for 2021 (Eurozone, Slovenia,

N.Macedonia and BiH).

KEY FINDINGS:

Public debts remained at elevated levels in 1Q 2022 after the increase in 2020 resulting from fiscal measures adopted to mitigate the economic and social impact of the pandemic-induced crisis. In general, public debts of countries in the Group's region are below the Euro area level.

Fiscal balances are expected to improve albeit at a gradual pace. Fiscal revenues should recover with economic activity while fiscal policy support should gradually wane. Diminishing real income poses a threat to improving fiscal balances.

Macro Overview – Monetary data

Sources: National Central Banks, ECB, Own calculations Note: residential deposits and loans for Montenegro

NFC loans and deposits, % GDP Household loans and deposits, % GDP

Sources: National Central Banks, ECB, Own calculations Note: residential deposits and loans for Montenegro

KEY FINDINGS:

Loans to non-financial corporations and households' loans as a percentage of GDP indicate that the whole Group has the potential for further growth, especially when compared to the levels in the Euro area. Montenegrin and Serbian companies in particular seem to have a strong deposit base.

Economic recovery in the Group's region reflected in encouraging credit activity with loans to non-financial corporations and households growing 7.9% in 2021. The inflow of deposits continued with non-financial corporations and households deposits growing 12.1% in the same period.

Macro Overview – external trade with Russia

Import/export with Russia, Ukraine and Belarus as % of totals % of Russian natural gas imports 2020

*Data for Slovenia, Serbia and Montenegro for 2021, the rest for 2020. Source: UN comtrade. *Data for Montenegro and Kosovo unavailable. Source: Aegis acer

KEY FINDINGS:

Countries of the NLB Group's region are substantially dependent on Russian gas. Imports from Russia present 5.3% of total imports in Serbia in 2021, by far the highest percentage in the region. Export to Russia again has the highest rate among regional countries– in Serbia, 3.9% in 2021 (Slovenia lagging at 2.2%). External trade with Ukraine and Belarus is marginal. Russian imports are of higher importance however, especially natural gas on which Serbia, BiH and N.Macedonia are totally dependent for heating, with Slovenia also exceeding 90% (the bulk of Russian gas bought via Austria).

Appendix 4:

Financial Statements

NLB Group Income Statement

(EURm)	1-3 2022	1-3 2021	YoY	Q1 2022	Q4 2021	Q1 2021	QoQ
Interest and similar income	123,0	114,6	7%	123,0	123,7	114,6	-1%
Interest and similar expense	-15,2	-17,1	11%	-15,2	-16,7	-17,1	9%
Net interest income	107,8	97,5	11%	107,8	107,0	97,5	1%
Fee and commission income	88,6	73,8	20%	88,6	89,9	73,8	-1%
Fee and commission expense	-24,1	-19,7	-22%	-24,1	-25,3	-19,7	5%
Net fee and commission income	64,5	54,1	19%	64,5	64,6	54,1	0%
Dividend income	0,0	0,0	-	0,0	0,0	0,0	-7%
Net income from financial transactions	5,2	5,3	-2%	5,2	5,0	5,3	3%
Other operating income	-3,0	-2,8	-7%	-3,0	-9,6	-2,8	68%
Total net operating income	174,5	154,0	13%	174,5	167,0	154,0	4%
Employee costs	-57,5	-55,1	-4%	-57,5	-63,1	-55,1	9%
Other general and administrative expenses	-33,7	-29,8	-13%	-33,7	-43,4	-29,8	22%
Depreciation and amortisation	-11,5	-11,6	1%	-11,5	-11,7	-11,6	2%
Total costs	-102,7	-96,6	-6%	-102,7	-118,2	-96,6	13%
Result before impairments and provisions	71,8	57,5	25%	71,8	48,8	57,5	47%
Impairments and provisions for credit risk	-4,0	16,0	-	-4,0	1,8	16,0	-
Other impairments and provisions	-0,4	-0,5	22%	-0,4	-18,3	-0,5	98%
Gains less losses from capital investments in subsidiaries,
associates and joint ventures	0,6	0,1	-	0,6	0,2	0,1	-
Negative goodwill	172,8	0,0	-	172,8	0,0	0,0	-
Result before tax	240,8	73,1	-	240,8	32,5	73,1	-
Income tax	-5,2	-4,7	-10%	-5,2	-0,6	-4,7	-
Result of non-controlling interests	4,1	3,8	9%	4,1	1,0	3,8	-
Result after tax attributable to owners of the parent	231,5	64,6	-	231,5	30,9	64,6	-

NLB Group Statement of Financial Position

(EURm)	31 Mar 2022	31 Dec 2021	YtD
ASSETS
Cash and balances with Central Banks
and other demand deposits at banks	4.865,4	5.005,1	-3%
Financial instruments	5.219,9	5.208,3	0%
o/w Trading Book	10,9	7,7	41%
o/w Non-trading Book	5.209,0	5.200,6	0%
Loans and advances to banks (net)	162,8	140,7	16%
o/w gross loans	163,1	140,9	16%
o/w impairments	-0,3	-0,2	-54%
Loans and advances to customers	12.108,7	10.587,1	14%
o/w gross loans	12.434,6	10.903,5	14%
- Corporates	5.884,6	4.996,0	18%
- State	307,9	286,3	8%
- Individuals	6.242,1	5.621,1	11%
o/w impairments and valuation	-325,9	-316,3	-3%
Investments in associates and JV	12,1	11,5	5%
Goodwill	3,5	3,5	0%
Other intagible assets	54,3	55,5	-2%
Property, plant and equipment	254,0	247,0	3%
Investment property	48,2	47,6	1%
Other assets	290,2	271,1	7%
Total Assets	23.019,1	21.577,5	7%

(EURm)	31 Mar 2022	31 Dec 2021	YtD
LIABILITIES & EQUITY
Deposits from banks and central
banks	115,0	71,8	60%
Deposits from customers	18.525,8	17.640,8	5%
- Corporates	4.934,8	4.463,7	11%
- State	493,6	496,4	-1%
- Individuals	13.097,3	12.680,8	3%
Borrowings	1.241,0	932,6	33%
Subordinated liabilities	287,0	288,5	-1%
Other liabilities	474,3	427,6	11%
Total Liabilities	20.643,1	19.361,4	7%
Shareholders' equity	2.254,4	2.078,7	8%
Non Controlling Interests	121,6	137,4	-12%
Total Equity	2.376,0	2.216,1	7%
Total Liabilities & Equity	23.019,1	21.577,5	7%