Increase in the amount of unsecured guarantee established for thebenefit of Bank of MontrealThe Management Board of PCF GroupS.A. with its registered office in Warsaw (the "Company"), withreference to the current report No. 16/2023 dated 24 May 2023 regardingthe signing by the Company's subsidiary, People Can Fly Canada Inc. withits registered office in Montreal, Canada ("PCF Canada") with Bank ofMontreal (the "Bank") of the Offer of Financing (the "Agreement") andrelated security documents, informs that on 15 November 2024 it decidedto increase the amount of the unsecured guarantee established on 24 May2023 for the benefit of Bank to secure Bank's receivables towards PCFCanada arising under the Agreement (the "Guarantee"), from CAD 9,200,000to CAD 13,154,000.

The increase in the amount of the Guarantee is related to the intentionto enter into an amendment to the Agreement (Amendment to Offer ofFinancing) between PCF Canada and the Bank on or about 15 November 2024,pursuant to which the amount of the demand revolving facility intendedto prefinance future tax credits in Canada (the "Facility") is to beincreased from CAD 8,000,000 to CAD 11,954,000. As a result, certainsecurities established in favor of the Bank under the Agreement willhave to be amended to reflect the increased scope of the Bank's claimsunder the Loan.

In light of the above, there will also be an increase in the amount ofthe First Ranking Hypothec established by PCF Canada on all of itsmovable assets in favor of the Bank to secure the Bank's claims againstPCF Canada arising under the Agreement, from CAD 11,040,000 to CAD15,784,800. Other material provisions of the Agreement will remainunchanged.