Remuneration report 2025 - signed

Plava laguna d.d.

We have been engaged by the Management Board of Plava laguna d.d. (the "Company") on the basis of the agreement dated 29 September 2025 to conduct a limited assurance engagement on the Management Board and Supervisory Board remuneration information included in the Remuneration report of the Supervisory and Management Board members for the year ended 31 December 2025 (the "Remuneration Report").

The Company's Management Board has prepared the Management Board and Supervisory Board remuneration information included in the Remuneration Report in accordance with the provisions of Article 272r of the Croatian Companies Act ("the Companies Act").

The applicable criteria regarding the Management Board and Supervisory Board remuneration information, for identifying the individuals to be included in the Remuneration Report and the disclosure requirements of their remuneration, are contained in the provisions of Article 272r items 1 and 2 of the Companies Act.

The requirements stated above determine the basis for preparation of the Remuneration Report (the "Applicable Criteria") and, in our view, constitute appropriate criteria to form the limited assurance conclusion.

According to the requirements of Article 272r item 3 of the Companies Act, the Remuneration Report is subject to verification by an independent auditor whether it contains information that is in accordance with the requirements of Article 272r items 1 and 2 of the Companies Act. The independent auditor's report is required to be published on the Company's website together with the Remuneration Report in accordance with the provisions of Article 272r item 4 of the Companies Act. This report was prepared to assist the Company in fulfilling these requirements.

PricewaterhouseCoopers Ltd. Heinzelova 70, 10000 Zagreb, Croatia T: +385 1 632 8888, F: +385 1 6111 556

https://www.pwc.hr

Commercial Court in Zagreb, no. Tt-99/7257-2, Reg. No.: 080238978; Company ID No.: 81744835353; Founding capital: 240,228.28 EUR, paid in full; Management Board: Tamara Macasovic, President; Sinisa Dusic, Member; Slaven Kartelo, Member; Marija Mihaljevic, Member; Banking account: Raiffeisenbank Austria d.d., Magazinska 69, Zagreb, Croatia, IBAN: HR8124840081105514875.

The Company's Management Board and the Supervisory Board are responsible for:

• the preparation of the Remuneration Report for the year 2025 in accordance with the disclosure requirements of Article 272r items 1 and 2 of the Companies Act,

• identifying the individuals to be included in the Remuneration Report in accordance with Article 272r item 1 of the Companies Act,

• selecting and applying appropriate remuneration policies as well as making judgments and estimates that are reasonable in relation to the information disclosed in the Remuneration Report,

• measurement of remuneration for the year ended 31 December 2025 in accordance with provisions of Article 272r items 1 and 2 of the Companies Act, and

• publishing the Remuneration Report on the Company's website in accordance with provisions of Article 272r item 4 of the Companies Act.

  The Company's Management Board and Supervisory Board are also responsible for the selection and application of appropriate methods for the preparation of financial data and non-financial information, as well as for the design, implementation and maintenance of systems and processes of internal control and accounting records, that are necessary to enable the preparation of the Remuneration Report that is free from material misstatements, whether due to fraud or error, and complies with the applicable requirements.

  ‌Our responsibility

  Our responsibility was to assess the compliance, in all material respects, of the Remuneration Report with the Applicable Criteria and to express, based on the evidence obtained, an independent limited assurance conclusion.

  We conducted our engagement in accordance with International Standard on Assurance Engagements 3000 (Revised) - Assurance Engagements Other than Audits or Reviews of Historical Financial Information ("ISAE 3000"). This standard requires that we comply with ethical requirements and plan and perform procedures to obtain limited assurance whether the Remuneration Report is prepared, in all material respects, in accordance with the Applicable Criteria.

  A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

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  ‌Quality management requirements and professional ethics

  We apply International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

  We comply with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants, which is founded on the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

  ‌Summary of the work performed

  Our planned and performed procedures were aimed at obtaining limited assurance whether the Remuneration Report is prepared, in all material respects, in accordance with the Applicable Criteria. We have performed the following procedures:

• we inquired of members of the Management Board and the Supervisory Board and other persons within the Company to gain understanding of the remuneration policies and the process applied in preparing the Remuneration Report;

• we received from the Company a list of all members of the Management and Supervisory Boards during 2025 and checked whether their remuneration is disclosed in the Remuneration Report;

• we reconciled the remuneration information presented in the Remuneration Report with the Company's accounting records (general ledger and subledgers) for the year ended 31 December 2025;

• we reviewed, on a sample basis, the relevant documentation (contracts and payments) related to the remuneration information presented in the Remuneration Report; and

• we checked whether the Remuneration Report contains all the information required by the provisions of Article 272r items 1 and 2 of the Companies Act.

The Management Board and Supervisory Board remuneration information included in the Remuneration Report was not subject to audit as defined in International Standards on Auditing. In the course of performing the assurance procedures, we have not conducted an audit or review of the historical financial information used in the process of preparation of the Remuneration Report and therefore we do not accept any responsibility for the issuance or update of any reports or opinions on the historical financial information of the Company.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our limited assurance conclusion.

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Based on the assurance procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the Remuneration Report is not prepared, in all material respects, in accordance with the Applicable Criteria.

This report has been prepared by PricewaterhouseCoopers Croatia for the Company's Management Board and Supervisory Board and is intended solely to fulfil the purpose described in the section "Description of the subject matter and applicable criteria". It should not be used for any other purpose or distributed to other parties. In addition, based on the procedures performed and described above, this is a limited assurance report and it is not, nor is it intended to be, a legal opinion on the Company's compliance with Article 272r items 1 and 2 of the Companies Act.

In connection with this report, PricewaterhouseCoopers Croatia does not accept any liability resulting from contractual and non-contractual relationships (including for negligence) with entities other than the Company. The above does not relieve us of liability where such release is excluded by law.

We permit this report to be disclosed in the Remuneration Report, which will be published on the Company's website. The Management Board of the Company is responsible for publishing the Remuneration Report on the Company's website and for the reliability of information on the Company's website. The scope of our work does not include an assessment of these matters.

Accordingly, we are not responsible for any changes that may have been made to the information which is the subject of our assessment or for differences, if any, between the information covered by our report and the information provided on the Company's website.

Original report is signed in Croatian language

PricewaterhouseCoopers d.o.o. Marija Mihaljević

Heinzelova 70, Zagreb Member of the Management Board, Certified auditor 7 May 2026

This version of our report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.

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PLAVA LACJUNA

Pursuant to Article 272.r of the Companies Act, and the Corporate Governance Code of Zagreb Stock Exchange Inc. and the Croatian Financial Services Supervisory Agency, the Management Board and the Supervisory Board of PLAVA LAGUNA joint-stock company for hospitality and tourism submit to the General Meeting the following:

for members of the Supervisory Board and members of the Management Board for the year ended 31 December 2025

INTRODUCTION

In accordance with regulatory obligations, the recommendations of the Code and based on the adopted Remuneration Policy, the Management Board and the Supervisory Board of the Company prepare once a year a report on all remuneration paid by the Company to each member of the Management Board and the Supervisory Board during the 2025 financial year. The Company's General Meeting adopted on 9 July 2024 the Remuneration Policy for members of the Management Board, which regulates the fundamental principles of the remuneration and reward system for members of the Management Board. This policy reflects the Company's corporate values and tradition of corporate governance, based on responsibility and stability, realism in risk assessment, and at the same time encourages development while maintaining a balanced relationship with other stakeholders.

In 2025, the Company achieved the planned levels of key performance indicators, thereby confirming business stability and maintaining its market position.

Based on the above facts, and the fact that a bonus payment was made in 2025, it should be noted that there were no deviations from the Remuneration Policy in this respect.

REMUNERATION OF MEMBERS OF THE SUPERVISORY BOARD

The Supervisory Board of Plava laguna d.d. consists of 7 (seven) members: six members are appointed by the General Meeting, and one member is appointed through the Works Council in the capacity of the employees' representative.

The Supervisory Board operates through meetings which are generally held once a month, and during 2025 a total of 13 meetings were held.

During 202S, the Supervisory Board operated in the following composition:

Davor Luksic Lederer

Patricio Tomas Balmaceda Tafra Davor Domitrovic

Neven Staver

Ignacio Andrés Pardo Christiaan Paul Dijk Veljko Santek

Chairman, since August 2011

Deputy Chairman, since September 2002 Member, since August 2011

Member, since October 2019 Member, since July 2024 Member, since May 2023

Member - employees' representative, since April 2024

Based on the Decision of the Extraordinary General Meeting of 31 October 2019, confirmed by the Decision of the Annual General Meeting held on 30 August 2023, members of the Supervisory Board are entitled to remuneration for their work in the fixed amount of EUR 2,000.00 net per Supervisory Board meeting attended, reflecting the estimated commitment and responsibilities of members. Remuneration recorded as remuneration for 2025 was paid based on these decisions.

Remuneration of Supervisory Board members does not include a variable component, i.e., it is not linked to business performance.

In 2025 (regardless of the period to which the payment relates), the following remuneration was paid to members of the Supervisory Board in gross I amounts in EUR:

The stated fees do not include payments to Supervisory Board members in the form of reimbursement of costs related to their work on the Company's Supervisory Board (travel and accommodation expenses), to which they are entitled pursuant to the Company's Articles of Association.

Group Plava laguna companies did not enter into transactions with members of the Supervisory Board, nor were any payments made to Supervisory Board members on any other basis, except as stated above, and there are also no financial obligations of any nature towards the appointed members. Supervisory Board members do not have the right to share or share options.

REMUNERATION OF MEMBERS OF THE MANAGEMENT BOARD

During 2025, the Management Board consisted of three members:

Dragan Pujas

Damir Mendica Danira Rancié

Chairman, since October 2019 (previously a member from January 2018 to October 2019)

Member, since January 2018 Member, since January 2018

Remuneration for members of the Management Board is determined by the Company's Remuneration Policy, which was submitted by the Supervisory Board to the General Meeting and adopted by the General Meeting Decision of 9 July 2024. In addition to fixed remuneration in the form of salary, the policy also regulates the payment of a variable component in the form of a cash bonus, as well as other benefits and rights that may be granted to members of the Management Board.

LAVA LACgUN

In 2025 (regardless of the period to which the payment relates), the following remuneration was paid to members of the Management Board in gross I amounts in EUR:

Fixed remuneration refers to the agreed monthly salary of Management Board members; paid in gross I amounts in accordance with the employment contracts of the Chairman and the Member(s) concluded with the Chairman of the Supervisory Board.

Variable remuneration represents the bonus paid in gross I amount for 2024, in accordance with the set goals and business performance criteria under the Company's Balanced Scorecard (hereinafter: BSC) system, which, in addition to financial and short-term goals, also includes non-financial goals and a development component.

Based on achieved results and the requirements of IAS 19, the Company recognized a liability and expense for the bonus within the 2025 financial year; the payment will be made once the conditions are met (determination of audited annual financial statements by the Supervisory Board) and once the proposal for payment to Management Board members and management at an individual level is approved by the Remuneration Committee. Upon occurrence of the event, this will be comprehensively presented in the Remuneration Report for the relevant financial period.

Other rights and benefits used by Management Board members during 2025 included the use of the Company's personal vehicle with all related costs covered, and an additional private health insurance policy.

The following table provides a comparative overview of the trends in operating revenue and net profit/loss, as well as the trend in average annual remuneration per employee, for the previous five financial years.

Trends in operating revenue, net profit and average gross I remuneration per employee:

* The number of employees was calculated based on paid hours (work and salary compensation) in relation to the total annual fund for payment.

The methodology for calculating the average annual remuneration is based on including all fixed and variable payments relating to the presented financial periods, in the form of base salary, salary compensation and related supplements to base salary, employee benefits (vacation allowance, Christmas bonus, child gift, gift in kind, long-service awards, severance payments and the like), taxexempt and taxable payments in the form of a salary supplement for work results during the seasonal months, other cash and in-kind benefits related to accommodation and meals, reimbursement of transport costs and other payments agreed in the Company's collective agreement. The scope of remuneration also includes the bonus for the Management Board and management for 2024 paid in 2025.

The number of employees by year was derived based on the working hours of all employees under employment contracts (permanent and seasonal workers) in relation to the total annual fund for payment.

The Chairman of the Management Board, Mr Dragan Pujas, performs the duties of Chairman of the Management Board of TRAVEL d.o.o. and a member of the Management Board of ISTRATURISTj.d.o.o., both subsidiaries of the parent company PLAVA LAGUNA d.d., and on that basis does not receive remuneration for 2025. Management Board member Ms Danira Rancic also performs duties as a member of the Management Board in TRAVEL d.o.o. and likewise does not receive remuneration on that basis for the reporting year.

The Chairman of the Management Board, Mr Dragan Pujas, and Management Board member Ms Danira Rancié are members of the Supervisory Board of Hotel Croatia d.d., a subsidiary headquartered in Cavtat, and on that basis each received remuneration in 202S in the amount of EUR 8,333.32, regardless of the period to which the payment relates.

During 2025, members of the Company's Supervisory Board received remuneration (regardless of the period to which it relates) for performing the following functions in the subsidiary Hotel Croatia d.d.:

1. The Chairman of the Supervisory Board, Mr Davor Luksic Lederer, serves as Chairman of the Supervisory Board of Hotel Croatia d.d. and on that basis received remuneration in the amount of EUR 8,667.06;

2. The Deputy Chairman of the Supervisory Board, Mr Patricio Tomas Balmaceda Tafra, serves as Deputy Chairman of the Supervisory Board of Hotel Croatia d.d. and on that basis received remuneration in the amount of EUR 8,333.32;

3. Mr Davor Domitrovié was a member of the Supervisory Board of Hotel Croatia d.d. until 31 May 2025 and on that basis received remuneration in the amount of EUR 4,166.68;

4. Mr Ignacio Andrés Pardo was a member of the Supervisory Board of Hotel Croatia d.d. until 31 May 2025 and on that basis received remuneration in the amount of EUR 4,166.68;

OTHER INFORMATION

During 2025, the Company did not require the return of variable components of remuneration from members of the Management Board. Members of the Management Board do not have the right to shares or share options.

During the reporting period, no remuneration was paid to members of the Management Board, nor is there any obligation to pay remuneration on any basis, by third parties and related parties in connection with the duties they perform as members of the Company's Management Board.

The Company has not defined an obligation to pay remuneration in the event of early termination of membership. In 2025, there were no early terminations of membership in the Company's Management Board.

Due to the expiry on 31 December 2023, the mandates of the Management Board members were extended in the same composition by a Supervisory Board decision dated 15 December 2023 for the next three years, i.e., from 1 January 2024 to 31 December 2026.

In the event of regular termination of Management Board membership, a Management Board member is entitled to severance pay in accordance with the Labour Act, provided that they refuse to conclude an employment contract for a position that the Company is obliged to offer them in line with their qualifications and experience, whereby their employment with the Company ends. During 2025, there were no payments on this basis.

This report, together with the auditor's report on the audit performed of this report, is submitted to the Supervisory Board and then to the General Meeting for decision-making, after which it is published on the Com any's website for the period prescribed by the relevant regulations.

PLAVA LAGUNA d.d.

D vor uksic Lederer

Damir 'endica

Me ber of the Management Board

C airm n of the Supervisory Board

s

Chair aU f theManagement Board

L AVA L AC,j UNA d.d.

Y'c›rF c

1

Danira Rancic

Member of the Management Board