Protocol of the Extraordinary General Meeting of Shareholders of Investment Friends Capital SE of 10/10/2025

Place of holding the meeting: Plock, ul. Padlewskiego 18C, 09-402, Poland.

Time of the meeting: 10 October 2025, starting at 12.00 (CET).

Pursuant to the printout from the central database of the registration department of the Tartu County Court dated 10 September 2025, and in accordance with the Statute of INVESTMENT FRIENDS CAPITAL SE (hereinafter referred to as the "Company"), the Company is an undertaking with passive legal capacity, which was filed with the registration department of the Tartu County Court on 30.11.2018 under the registry code 14618005, seat Harju maakond, Tallinn, Kesklinna linnaosa, Tornimäe tn 5, 10145, Estonia, with the share capital of 300 000 euros, which is divided into 3 000 000 non par value shares.

The circle of shareholders entitled to participate at the general meeting has been established as at 23:59 of 3 October 2025 (the date of fixing the list). According to the share ledger of the Company as at 23:59 of 3 October 2025, which is kept by NASDAQ CSD SE (Latvian registry code 40003242879), the Company has 2 shareholders who hold altogether 3 000 000 non par value shares / votes:

1.Polish register of securities (Krajowy Depozyt Papierów Wartościowych S.A. (Polish registry code PL-0000081582, hereinafter the "KDPW")), which holds 1 465 324 non par value shares/votes on its nominee account for and on behalf of the actual shareholders of the Company;

2.Patro Invest OÜ, Estonian registry code 14381342, which holds 1 534 676 non par value shares/votes.

The list of shareholders of the Company attending the meeting is annexed to these minutes (Annex 1). This list and the previous section show that 1 534 676 (i.e. 51,16%) of all the votes represented by the shares were duly represented at the general meeting.

The holding of the general meeting of the Company is subject to § 296 of the Commercial Code, which stipulates that if the requirements of law or of the articles of association for calling a general meeting are violated, the general meeting shall not have the right to adopt resolutions except if all the shareholders participate in or all the shareholders are represented at the general meeting. Resolutions made at such meeting are void unless the shareholders, with respect to whom the procedure for calling the meeting was violated approve of the resolutions.

Therefore, the meeting has a quorum.

I.OPENING THE GENERAL MEETING

The general meeting was opened by Damian Patrowicz. Damian Patrowicz (Estonian personal identification code 39008050063) was elected to chair the meeting and Martyna Patrowicz (personal identification code 49909190016) was elected the recorder of the meeting /the person co-ordinating the voting.

Voting results:

Number of shares: 3 000 000

Total number of votes at the meeting: 1 534 676

In favour: 1 534 676 votes, i.e. 100% of the votes represented at the meeting

Against: 0 votes, i.e. 0% of the votes represented at the meeting

Abstained: 0 votes, i.e. 0% of the votes represented at the meeting

Not voted: 0 votes, i.e. 0% of the votes represented at the meeting

Therefore, the Chair of the meeting and the recorder of the meeting / voting co-ordinator have been elected.

The Chair of the meeting and the recorder / voting co-ordinator of the meeting have verified the legal capacity of the shareholders participating at the meeting, and the identity and the right of representation of the representatives.

II.AGENDA

Pursuant to the notice of the general meeting of shareholders dated 18 September 2025 which are approved by the Supervisory Board of the Company, the agenda of the general meeting is the following:

1.Amendment of the articles of association of the Company and approval of the new version of the articles of association of the Company.

2.Cancellation of part of the shares of the Company without nominal value and share capital reduction.

III.VOTING AND RESOLUTIONS

1.Amendment of the articles of association of the Company and approval of the new version of the articles of association of the Company

1.1.The Shareholders shall amend and approve the new Articles of Association in order to decrease the share capital and the number of shares of the Company.

1.1.In connection therewith, to amend subsections 2.1 and 2.4 of the articles of association of the Company and to approve it in the new wording as follows:

"2.1. The minimum amount of share capital of the Company is 160 000 (one hundred sixty thousand) euros and the maximum amount of share capital is 640 000 (six hundred forty thousand) euros."

"2.4 The minimum number of the shares of the Company without nominal value is 1 600 000 (one million six hundred thousand) shares and the maximum number of the shares of the Company without nominal value is 6 400 000 (six million four hundred thousand) shares."

1.2.To approve the new version of the Company's articles of association with the abovementioned amendments.

Voting results:

Number of shares: 3 000 000

Total number of votes at the meeting: 1 534 676

In favour: 1 534 676 votes, i.e. 100% of the votes represented at the meeting

Against: 0 votes, i.e. 0% of the votes represented at the meeting

Abstained: 0 votes, i.e. 0% of the votes represented at the meeting

Not voted: 0 votes, i.e. 0% of the votes represented at the meeting

The resolution of the meeting was adopted.

2.Cancellation of part of the shares of the Company without nominal value and share capital reduction.

2.1.In order to reduce the number of shares and the amount of liabilities, the Chair of the meeting proposed to vote in favour of the resolution to cancel 1 400 000 shares of the Company and thereby reduce the share capital of the Company in accordance with the following rules:

2.1.1.The number of shares of the Company will be reduced by 1 400 000 shares, from 3 000 000 shares to 1 600 000 shares.

2.1.2.The share capital of the Company will be reduced by 140 000 euros, from 300 000 euros to 160 000 euros.

2.1.3.The share capital shall be reduced by cancelling 1 400 000 shares of the Company owned by Patro Invest OÜ. The book value of shares of the Company without nominal value will not be changed.

2.1.4.Following the cancellation of shares and reduction of share capital, the Company shall have a share capital of 160 000 euros consisting of 1 600 000 shares with a book value of 0.10 euros per share.

2.1.5.Patro Invest OÜ will receive 1,22 euros from the Company for each cancelled share as a result of the reduction of the share capital. In total Patro Invest OÜ shall receive 1 708 000 euros as fair compensation for cancelled shares.

2.2.To authorize and oblige the Company's Management Board to take all legal and factual actions related to the number of the Company's shares and amount of share capital resulting from the content of these resolutions, including in particular the extraordinary general meeting decides to:

2.2.1.authorize and oblige the Company's Management Board to carry out the registration procedure to reduce the number of shares and share capital in the Estonian Commercial Register;

2.2.2.authorize and oblige the Management Board of the Company to register a decrease in share capital and the number of shares in the National Depository of Securities and in the parent deposit of NASDAQ CSD kept for the Company;

2.2.3.authorize and oblige the Company's Management Board to carry out the operation of reducing the number of shares and share capital of the Company participating in trading on the Warsaw Stock Exchange; and

2.2.4.authorize the Management Board to indicate the date on which the shares will be cancelled and the share capital reduced.

2.3.Section 2.1 of these resolutions shall enter into force on the moment the entries pertaining to the share reduction and share capital of the Company without nominal value, filed under the adopted resolutions provided in sections 2.1 of these resolutions above, have been made in the Estonian Commercial Register. The other part of these resolutions enters into force at the moment of their adoption.

Voting results:

Number of shares: 3 000 000

Total number of votes at the meeting: 1 534 676

In favour: 1 534 676 votes, i.e. 100% of the votes represented at the meeting

Against: 0 votes, i.e. 0% of the votes represented at the meeting

Abstained: 0 votes, i.e. 0% of the votes represented at the meeting

Not voted: 0 votes, i.e. 0% of the votes represented at the meeting

The resolution of the meeting was adopted.

The meeting ended at: 12.30.

The meeting was held in the Polish language.