Independent Auditor's Report on the Remuneration Report: PCF Group S.A.

The engagement was undertaken to provide an independent assessment of the remuneration report prepared by the Supervisory Board of PCF Group Spółka Akcyjna for the calendar year 2023. The primary objective was to verify that the report contains all information required under Articles 90g § 1‑5 and 8 of the Polish Public Offering Act, thereby delivering reasonable assurance of its completeness for shareholders and the supervisory board.

The audit was performed in accordance with the Polish Standard of Assurance Services KSUA 3000 (Z), which aligns with the International Standard on Assurance Engagements 3000. Procedures included a detailed review of the remuneration report, cross‑checking disclosed data against the statutory requirements, examination of the General Meeting resolutions on remuneration policy, and verification of the list of individuals for whom disclosure is mandatory. Inquiries were made to the preparers and, where appropriate, directly to the disclosed persons. The auditor did not evaluate the accuracy of disclosed amounts, the adequacy of the report for its intended purpose, or the effectiveness of internal controls over the report’s preparation.

The findings indicate that, in all material respects, the remuneration report satisfies the completeness criteria set out in the relevant legal provisions. No material omissions were identified, and the disclosed information meets the level of detail mandated by the Act. Consequently, the auditor expressed a conclusion that the report contains all elements required by the statutory framework.

The engagement adhered to ethical and independence standards prescribed by the International Ethics Standards Board for Accountants and to Polish quality‑control regulations. The report is intended solely for the shareholders’ meeting and the supervisory board and is not to be used for any other purpose. Limitations of the audit scope, including the absence of testing for the correctness of figures, were explicitly disclosed.