Update of the timeframe for the implementation of the Strategy

Referring to current report No. 15/2024 dated 7 August 2024, regardingthe commencement of the strategic options review and current report No.3/2023 dated 31 January 2023, regarding the update of the strategy ofPCF Group S.A. and the People Can Fly Group (the _quot;Strategy_quot;), theManagement Board of PCF Group S.A. with its registered office in Warsaw(the _quot;Company_quot;) announces the completion of the progress evaluation ofthe Strategy's implementation. As a result of the evaluation, theManagement Board has upheld the key assumptions of the Strategy, on thecondition of obtaining new financing, and has updated the followingobjectives defined in the Strategy:

- based on the current level of advancement in the implementation of theprojects carried out in the self-publishing model, the Company plans therelease of project Bison for 2025 and projects Bifrost and Victoria,under early access formula, for 2026;

- based on ongoing and planned projects, the Company plans to maintainthe involvement of teams carrying out work in the work-for-hire model atapproximately 370 FTEs in the period 2025-2028 (average during the wholeperiod);

- the strategic goal of the Company's capital group is to generate atleast PLN 3.3 billion in total revenues over the period 2024-2028, withapproximately 5% in the year 2025, approximately 27% in the year 2026,approximately 29% in the year 2027, and approximately 33% in the year2028;

- the Management Board does not envisage recommending to the Company'sGeneral Meeting a payment of dividends until the Company achievesrevenues, profits and positive income cash flows from plannedself-publishing activities, i.e., no earlier than in relation to theprofits generated for the financial year 2026.

A key condition for the further implementation of the Strategy will beobtaining new financing in the amount of approximately PLN 350 millionduring the period 2025-2026, i.e., to the extent necessary to maintainthe current scale of the Company's capital group's activities in thearea of projects carried out in the self-publishing model.

Due to the above, analytical work on introducing the incentive programbased on the condition of achieving PLN 1.5 billion cumulative EBITDAprofit by the Group in the years 2023-2027, described in the Company'scurrent report No. 3/2023 (due to the above-mentioned changes in releasedates, this condition would need to be adjusted, particularly byshifting the execution period to 2024-2028) has been suspended until thecompletion of the strategic options review and the acquisition of newfinancing as mentioned above.

As part of the strategic options review, the Management Board will alsoanalyze the scenario of not obtaining new financing in the requiredamount or not meeting other conditions related to projects intended tobe carried out in the work-for-hire model, and the consequent release ofthe Bifrost or Victoria project in the work-for-hire model.

Disclaimer

This document has been prepared by PCF Group S.A. with its registeredoffice in Warsaw ("PCFG") to provide a general overview of the PCFGGroup ("PCFG Group") through a set of selected highlights. It is purelyinformational and does not purport to be a complete analysis of the PCFGGroup's financial condition. All information contained herein speaksonly as of its date and therefore this document will not be revised,updated or rewritten to reflect any changes in circumstances subsequentto its date.

This document should not be construed as a recommendation or adviceregarding an investment opportunity, or as an offer to purchase or sellany securities or financial instruments or to participate in anybusiness venture of the PCFG Group.

While all reasonable care has been taken in preparing this document,PCFG does not warrant the accuracy and completeness of its contents,especially if any of the source materials on which they are based arefound to be incomplete or not fully reflecting the relevant facts.Anyone looking to make an investment decision in respect of anyfinancial instruments issued by the PCFG Group is advised to rely oninformation disclosed in PCFG's official reports, written and publishedin accordance with applicable laws which are a reliable source ofinformation about the PCFG Group. Statistical data or information aboutthe market in which PCFG or the PCFG Group or its companies operate,used in this document, has been obtained from public sources or as fromsources indicated in the strategy document and has not been subject toadditional or independent verification.

Neither PCFG nor any member of its governing bodies, any employee,associate or adviser involved in the work on this document or any entityof the PCFG Group, shall be held liable for the consequences of anydecisions taken on the basis of or in reliance on information containedin this document, or resulting from its contents or any use hereof.Furthermore, this document is not to be regarded as a representation orcommitment made by any of the persons mentioned above.

Although this document and descriptions contained herein may includeforward-looking statements, in particular "objectives, ambitions,planned", some of them referring to our expected financial results,_#160;theyare not profit forecasts and may not be construed as such. Theforward-looking statements contained herein are subject to a range ofboth known and unknown risks, uncertainties and other factors (some ofthem beyond PCFG's control) that may cause the actual results, levels ofbusiness or achievements of the PCFG Group and PCFG to differ materiallyfrom those anticipated in this document, including the expectedfinancial results described herein. This document may includeinformation or financial indicators that have not been audited, reviewedor otherwise assessed by an external auditor.

This document is not intended for distribution to or in the territory ofcountries where public dissemination of the information contained inthis document may be restricted or prohibited by law.