Market announcement

Title

Outcome of AS Inbank Subordinated Bond Subscription

Message

ANNOUNCEMENT
16.12.2019
Inbank AS


Outcome of AS Inbank Subordinated Bond Subscription

The  public  offering  of  AS  Inbank  subordinated  bonds  ended on Friday, 13
December. As the initial issue volume of EUR 6,5 million was oversubscribed 5.8
times,  Inbank  used  its  right  to  increase  the  issue volume to the maximum
permitted volume of EUR 8 million.

Altogether 1348 investors participated in the issue, subscribing to subordinated
bonds  for a total of  EUR 38 million. This means  that the initial issue volume
was oversubscribed 5.8 times.

The Supervisory Board of Inbank decided to allocate the subordinated bonds based
on the following principles:

  * All subscription orders of the same subscriber were summed up;
  * The maximum subscription amount per investor is EUR 500,000;
  * All subscriptions up to the threshold of EUR 2,000 were fulfilled;
  * Inbank's shareholders were allocated 35% of their subscribed volume
    exceeding the EUR 2,000 threshold;
  * Inbank's bond investors and institutional investors were allocated 35% of
    their subscribed volume exceeding the EUR 2,000 threshold;
  * The remaining investors were allocated 8,63% of their subscription volume
    exceeding the EUR 2,000 threshold;
  * The number of bonds with decimal places was rounded down to the nearest
    whole number;
  * Of the 1348 subscribers, 26% received bonds at the desired volume, while
    74% were allocated less bonds than they desired.

Priit  Põldoja, Chairman  of the  Supervisory Board  of Inbank,  comments on the
results:

"Investors'  interest in Inbank bonds was higher than expected and this time the
issue  was oversubscribed  almost 6 times.  I am  pleased that  this time nearly
twice  as many local  retail investors and  most local funds  subscribed for the
bonds,  which  demonstrates  a  great  deal  of  confidence  in  Inbank  and our
innovative business model.

When  allocating the bonds, we aimed to  give all subscribers the opportunity to
invest  in Inbank. Because the  oversubscription was very large,  we had to make
difficult  choices. However, as promised,  we prioritized existing shareholders,
bond  investors and institutional investors  first, and then partially fulfilled
the new investors' subscriptions.

In doing so, we have met our goal of diversifying our investor base and enabling
local retail investors to share in Inbank's international growth."

Inbank  will use the  raised subordinated capital  as part of  its own funds for
international growth and to strengthen its capital structure.

Inbank  issued 6,500 subordinated  bonds with  the nominal  value of EUR 1,000,
interest  rate offered of 6.0% per annum and maturity date of 19 December 2029.
The  bonds will be transferred to  investors' securities accounts on 19 December
2019. The  bonds are expected to be listed and admitted to trading on the Baltic
Bond  List of the Nasdaq Tallinn Stock  Exchange granted on or about 20 December
2019.

Inbank  is a  consumer finance  focused digital  bank active  in the Baltics and
Poland   with   additional   deposits  accepted  in  Germany,  Austria  and  the
Netherlands. Inbank has over 1,750 active partners and 550,000 active contracts.
Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.

Additional information:

Kärri Brewster-Palts
Inbank AS
Head of Group Marketing
[email protected]
+372 5565 5500