Varengold Bank AG corrects preliminary result for the financial year 2022
and raises earnings forecast for 2023

EQS-Ad-hoc: Varengold Bank AG / Key word(s): Annual Results/Change in
Forecast
Varengold Bank AG corrects preliminary result for the financial year 2022
and raises earnings forecast for 2023

26-Oct-2023 / 16:02 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Hamburg, 26 October 2023 - Due to the ongoing special audit of business
operations in accordance with Section 44 Paragraph 1 Sentence 2 of the
German Banking Act (KWG) by the Federal Financial Supervisory Authority
(BaFin), PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft has not
yet been able to complete the annual audit at Varengold Bank AG for the
financial year 2022 - both audits are currently ongoing.

After the original preparation of the annual financial statements 2022,
positive as well as negative adjusting factors must now be considered in the
finalisation of the statements, which significantly reduce the previous
preliminary and not yet audited earnings before taxes (EBT*) as a key
performance indicator in the amount of EUR 33.3 million to EUR 27.0 million.
This mainly relates to costs in the context of the §44 audit amounting to a
total of EUR 7 million, for which a provision must be created in the full
(expected) amount in the financial year 2022. In addition, a provision was
made for possible fines because of the §44 audit.

This consideration of essential costs in the financial year 2022, which were
previously booked in the current year, will at the same time lead to an
increase in the earnings forecast for the financial year 2023 with earnings
before taxes from previously EUR 15-20 million to now EUR 25-30 million.

The Bank will keep the capital market informed about the progress of the
audits.

Dr. Bernhard Fuhrmann
Management Board

Frank Otten
Management Board

Disclaimer

This notification is a mandatory notification according to Art. 17 MAR. The
assessments contained are subject to the following caveats.

Disclaimer on forward-looking statements / no duty to update

This communication contains forward-looking statements that are subject to
certain risks and uncertainties. Future results may differ materially from
those currently expected, namely due to various risk factors and
uncertainties such as changes in the business, economic and competitive
situation, fluctuations in exchange rates, uncertainties regarding legal
disputes or investigations, and the availability of financial resources. The
reader should therefore not over-rely on these statements, particularly in
connection with contracts or investment decisions. Varengold Bank AG assumes
no responsibility for updating the forward-looking statements contained in
this communication.

Note

This announcement does not constitute an offer or invitation to subscribe
for or purchase any securities of Varengold Bank AG in the United States of
America, Germany or any other jurisdiction. This announcement does not
constitute a recommendation regarding the placement of the securities
described in this announcement.

Contact:
Ms. Sanja Schultz-Szabo (Head of Corporate Development)


End of Inside Information

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26-Oct-2023 CET/CEST The EQS Distribution Services include Regulatory
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   Language:       English
   Company:        Varengold Bank AG
                   Große Elbstraße 39
                   22767 Hamburg
                   Germany
   Phone:          +49 (0)40 / 668649-0
   Fax:            +49 (0)40 / 668649-49
   E-mail:         investorrelations@varengold.de
   Internet:       www.varengold.de
   ISIN:           DE0005479307
   WKN:            547930
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Frankfurt (Basic Board), Hamburg, Munich, Stuttgart,
                   Tradegate Exchange
   EQS News ID:    1758543

End of Announcement EQS News Service
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1758543 26-Oct-2023 CET/CEST