CHAIRMAN& P’RESIDENTS REPORT

Bigger. Be er. Bolder. Those three words really highlighted the mentality ofVolCorp over the last couple of years.When the pandemic hit, we vowed to keep our feet moving and to come out of it an even stronger corporate than when we went into it.We wanted to haveideas, bigger provide evensolutions for our members, be er and to have aapproach to everything we bolder do. By those measures, among many others, 2022 was a very successful year. 2022 also required us to be nimble, however, as we, like everyone else, had a few unexpected curveballs thrown our way.We seamlessly worked those into our roadmap and, again, never stopped moving. In fact, those curveballs turned out to be opportunities merely disguised as setbacks to enable us to execute on the vision of biggerbe erbolder,, and.

JOHN JACOWAY Board Chairman

VolCorp’s wholly-owned CUSO, Symphony LLC completed its second year of operations in 2022 and the momentum only got stronger.You will likely recall Symphony aims to help credit unions to focus on their members while Symphony focuses on some of the tedious, but necessary, tasks which are critical to credit unions’success.The CUSO offers such services as Enterprise Risk Consulting, Business Continuity Consulting, and Supervisory Commi ee (and other accountingrelated)Audits with additional service offerings on the horizon.We are proud to report Symphony is adding value for credit unions of all sizes all over the country with no marketing, minimal advertising, and just a lot of word of mouth. Symphony is earning the trust of credit unions, following the‘we must earn it every day’ mentalityVolCorp possesses.As a result, many credit unions have signed up for services and come back for repeat engagements.The momentum of Symphony continues to lead to shared success for the CUSO and those it serves.

Just as in 2021,VolCorp received additional distributions from the U.S. Central Asset Management Estate in 2022.This year, we received two distributions totaling $23.9 million.Those distributions continue to come back toVolCorp as a result of the U.S. Central securities outperforming expectations as well as legal recoveries as pursued by the NCUA and their legal team.We are thrilled to have that capital returned to us and to use it to both bolster our capital position and to put it to work to support the,,future biggerbe erbolder ofVolCorp and our members.We anticipate a couple more modest distributions in 2023 and maybe into 2024 and then that chapter will finally be behind us.

JMEFFERRY President and Chief ExOfficer ecutive

ChairmanPresident’s Report Continued...

& It is virtually impossible to discuss 2022 without acknowledging the unprecedented rate hikes and asset size corrections we all experienced. Given the business model of a corporate credit union, the near-zero interest rate environment we have all operated in for such a long time puts considerable strain on thefinancials and operations of a corporate. Rates increasing, on the other hand, can cause interest rate risk for any organization depending upon your balance sheet composition. For a corporate, however, we maintain minimalfixed rate exposure and, as such, interest rate hikes present minimal IRR risk.At the same time we have been managing the IRR, we have also remained very prepared for the inevitable run-offof assets we have all expected since the Federal Governmentfirst started distributing checks.We remained cautiously invested and very liquid in anticipation of both of these events. Bo om line–our members can rest easy knowingVolCorp was postured and ready for what we experienced in 2022.

And, of course, we always like to report back how we are doing based on the feedback we receive in our annual member survey of over 330 credit unions of all sizes in nearly 20 states across the country. Our goal is to serve you in a way that positions us, not as your vendor, but as yourTrusted Strategic Partner. In 2022, aVERY humbling 100% of respondents agreed with the statement that they view us as such.

We cannot thank you enough for continuing to place your trust in us.We strive every single day to use that day to earn your trust so we may be blessed with the opportunity to serve you the next.We never take it for granted.We never rest on our laurels.And, we know complacency is the biggest risk for any organization. In the year(s) ahead, we will continue a never-ending pursuit of,, and. Stay tuned biggerbe erbolder throughout 2023 and 2024 as the byproduct of these efforts are revealed and our members can see what a,, andVolCorp biggerbe erbolder looks like.We are excited and we think you will be too.