reasonable assurance
To the General Meeting and the Supervisory Board of Apator S.A.Scope of the service
At the request of Apator S.A. ("the Entity"), we have carried out an independent assurance engagement providing reasonable assurance regarding the assessment of the remuneration report of the Management Board and the Supervisory Board for 2025 ("Remuneration Report") as to the inclusion therein of the information required under Article 90g(1)-(5) and (8) of the Act of 29 July 2005 on Public Offerings and the Conditions for Introducing Financial Instruments to Organised Trading and on Public Companies ("the Act").
Liability of Members of the Entity's Supervisory Board
The members of the Entity's Supervisory Board are responsible for preparing the Remuneration Report in accordance with Article 90g of the Act. This responsibility also includes
the design, implementation and maintenance of an internal control system ensuring that the Remuneration Report is prepared free from material misstatements caused by fraud or error.
The Auditor's Responsibility
Our task was to assess the completeness of the information contained in the Remuneration Report on remuneration against the criteria set out in the section 'Identification of criteria' and to issue an
independent conclusion on the assurance engagement providing reasonable assurance, based on the evidence obtained.
We conducted the service in accordance with the provisions of National Standard on Assurance Services Other than Audits and Reviews 3000 (Z), as set out in International Standard on Assurance Services 3000 (as amended) "Assurance Services Other Than Audits or Reviews of Historical Financial Information", adopted by the National Council of Certified Auditors ("KRBR"). This standard requires us to plan and perform procedures in such a way as to obtain reasonable assurance that the Remuneration Report has been prepared completely and that the information has been disclosed in the detail required by Article 90g(1)-(5) and (8) of the Act.
As a firm, we apply International Standard on Quality Management (PL) 1 "Quality Management for Firms Performing Audits or Reviews of Financial Statements or Other Assurance or Related Services Engagements" adopted by the Council of the Polish Audit Oversight Agency as National Quality Control Standard 1, which requires us to design, implement
and maintain a quality management system, including policies or procedures regarding compliance
KPMG Audyt spółka z ograniczoną odpowiedzialnością sp.k.
ul. Inflancka 4A, 00-189 Warsaw, Poland
tel. +48 (22) 528 11 00, fax +48 (22) 528 10 09, kpmg@kpmg.pl
KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp.k., a Polish limited partnership and a member of the global KPMG organisation comprising independent member firms
associated with KPMG International Limited, a private English company with liability limited to the amount of the guarantee.
The company is registered with the District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register.
KRS 0000339379
NIP: 527-26-15-362
REGON: 142078130
with ethical principles, professional standards and applicable regulations and legal provisions.
We meet the requirements regarding independence and ethics set out in the "Handbook of the International Code of Ethics for Professional Accountants (including International Standards on Independence)", adopted by a resolution of the KRBR, which is based on the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional conduct, as well as other independence and ethical requirements applicable to assurance services in Poland.
The selection of procedures depends on our judgement, including our assessment of the risk of
of material misstatement due to fraud or error in the Remuneration Report. In assessing this risk, we take into account the internal controls relating to the preparation of the Remuneration Report in accordance with Article 90g(1)-(5) and (8) of the Act,
in order to design procedures that provide reasonable assurance and are appropriate to the circumstances, rather than to express a conclusion on the effectiveness of those controls.
The procedures we carried out included, in particular:
reviewing the content of the Remuneration Report and verifying that it contains quantitative and qualitative (descriptive) disclosures to the extent required by the Act;
determining, by comparison with corporate documents, the list of persons for whom there is a requirement to include information in the Remuneration Report, and determining, by making enquiries to the persons responsible for preparing the
and, where we deemed it appropriate, also directly to the persons concerned by the disclosure requirement, whether all information required by the criteria for preparing the Remuneration Report has been disclosed;
reviewing the resolutions of the Entity's General Meeting concerning the remuneration policy for members of the Management Board and the Supervisory Board, as well as the Supervisory Board's resolutions detailing these policies
and assessing whether the information presented in the Remuneration Report is consistent with the remuneration policy adopted and in force during the period covered by the report;
verifying whether the remuneration figures presented are consistent with the information contained in the Entity's accounting records, and, in respect of remuneration from entities belonging to the capital group, with the information obtained by the Entity regarding individual members of the Management Board and Supervisory Board;
verifying whether the remuneration of members of the Management Board and Supervisory Board includes cash or non-cash benefits granted to their immediate family members in accordance with the requirements of the Act;
verifying - with regard to information concerning financial instruments granted or offered, including the main terms and conditions - whether the information presented is consistent with the adopted and approved variable remuneration scheme in force at the Entity.
The Remuneration Report was not subject to an audit within the meaning of the National Auditing Standards. The procedures we carried out do not constitute an audit or review of this financial information; therefore, we do not accept responsibility for issuing or updating any reports or opinions on the Entity's historical financial information.
Our procedures were designed solely to obtain evidence that the information included by the Supervisory Board in the Remuneration Report, in terms of its completeness, complies
with the applicable requirements. The purpose of our work was not to assess the adequacy of the information included in the Remuneration Report in relation to the purpose of preparing the Report on remuneration, nor an assessment of the accuracy and reliability of the information contained therein, in particular with regard to the disclosed amounts, figures, dates, breakdowns, allocation methods, and compliance with the adopted remuneration policy.
The procedures we carried out also included an assessment of whether the subject matter of the service is appropriate and whether the criteria adopted in preparing the Remuneration Report are appropriate to the circumstances
Determination of criteria
The criteria for assessing the Remuneration Report are set out in Article 90g(1)-(5) and (8) of the Act.
Application
Our conclusion is based on the matters described above, and should therefore be read in the light of those matters.
We consider that the evidence we have obtained is sufficient and appropriate to form the basis for our conclusion.
In our opinion, the attached Remuneration Report contains, in all material respects, all the elements listed in Article 90g(1)-(5) and (8) of the Act.
Limitation of application
Our report has been prepared for the General Meeting of Shareholders and the Supervisory Board to meet the requirements of Article 90g(10) of the Act and should not be used for any other purpose.
KPMG accepts no liability in connection with this report arising
contractual and non-contractual relationships (including negligence) in relation to third parties. The foregoing does not relieve us of liability in situations where such relief is excluded by law.
On behalf of the audit firm
KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp.k.No. on the list of audit firms: 3546
RAFAŁ WIZA
Signed with a qualified electronic signature
Rafał Wiza Chartered Accountant
Register number 11995
Authorised representative
Poznań, 26 May 2026