ANNUAL REPORT 2020

REPORT BY THE BOARD OF DIRECTORS ON BUSINESS ACTIVITIES, ASSETS AND FINANCIAL PERFORMANCE IN 2020 AND INFORMATION ON THE BUSINESS PLAN Dear Shareholders, The past year 2020 was very challenging for our Company and the entire ŽP GROUP, mainly due to the outbreak of the global COVID-19 pandemic. The constantly-changing situation, which was unprecedented for us, our customers, suppliers and employees, as well as political decisions, which were often very confusing and unpredictable, caused a significant drop in global economic activity starting in Q2 2020.