CPI FIM : 2022 Financial Information

FINANCIAL INFORMATION

2022

Including the

Consolidated financial statements

and

Report of the Réviseur d'Entreprises

for the financial year ended as at 31 December 2022

CPI FIM SA * Société Anonyme * 40 rue de la Vallée, L2661 Luxembourg

R. C. S. Luxembourg - B 44.996

SUMMARY

Part I.	Management report
Part II.	Declaration letter
Part III.	Consolidated financial statements of the Group
Part IV.	Auditors' Report
Part V.	Statutory financial statements

CPI FIM SA | Société Anonyme | 40 Rue de la Vallée, L-2661 Luxembourg RCS Luxembourg B 44996

MANAGEMENT REPORT | 2

Management Report as at 31 December 2022

MESSAGE FROM THE MANAGEMENT	6
YEAR 2022 AND POST-CLOSING KEY EVENTS	7
Annual general meeting of shareholders	7
Share Buy-back programme of the Company	7
Development of the Kolbenova park in Prague	7
Disposals of land plots in the Czech Republic	7
Disposal of the residential property in France	7
Intergroup financing	7
COVID-19 impact and the Russian invasion to Ukraine	8
MARKET ENVIRONMENT	9
OPERATIONS OF THE GROUP IN 2022	12
Financing of CPIPG Group	12
Rendering of services to CPIPG Group	12
PROPERTY PORTFOLIO	13
Total Property Portfolio	13
Property Valuation	14
Office…..................................................................................................................................................... 18
Land bank	21
Residential	23
Hotels…	25
Retail…. .................................................................................................................................................... 26
Development	27
FINANCING	28
Cash and cash equivalents	28
Financial liabilities	28
RESULTS AND NET ASSETS	29
Income statement	29
Balance sheet	30
CORPORATE GOVERNANCE	32
Principles	32
Board of Directors	32
Committees of the Board of Directors	35
Description of internal controls relative to financial information processing	36
Remuneration and benefits	36
	MANAGEMENT REPORT | 3

Corporate Governance rules and regulations	36
Additional information	38
SHAREHOLDING	41
Share capital and voting rights	41
Shareholder holding structure	41
Authorized capital not issued	41
POTENTIAL RISKS AND OTHER REPORTING REQUIREMENTS	42
Subsequent closing events	42
Other reporting requirements	42
Financial Risks exposure	42
Certain subsidiaries may be in breach of loan covenants	42
The Group's financing arrangements could give rise to additional risk	42
Market risk	43
Credit risk	43
Liquidity risk	44
Capital management	44
Risks associated with real estate and financial markets	44
CORPORATE RESPONSIBILITY	46
Environmental, social and ethical matters	46
Environmental matters	46
Social matters	46
Ethical matters	46
EU TAXONOMY	47
GLOSSARY & DEFINITIONS	49

MANAGEMENT REPORT | 4

CPI FIM SA, société anonyme (the "Company") and its subsidiaries (together the "Group" or "CPI FIM"), is an owner of income-generating real estate and land bank primarily in Poland and in the Czech Republic. The Company is a subsidiary of CPI Property Group (also "CPIPG" and together with its subsidiaries as the "CPIPG Group"), which holds 97.31% of the Company shares. The Company is also involved in providing equity loans and management services to other entities within the CPIPG Group.

The Company is a joint stock company incorporated for an unlimited term and registered in Luxembourg. The address of its registered office is 40, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg. The trade registry number of the Company is B 44 996.

The Company's shares registered under ISIN code LU0122624777 are listed on the regulated markets of the Luxembourg Stock Exchange and the Warsaw Stock Exchange.

MANAGEMENT REPORT | 5