AB S A : 2020/2021, first half-year Auditors' Report AB unitary

AB S.A. ECA S.A.

INDEPENDENT AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM ABBREVIATED FINANCIAL STATEMENTS COVERING THE PERIOD FROM 01.07.2020 TO 31.12.2020.

02.03.2021

An independent member of UHY international

INDEPENDENT AUDITOR'S REVIEW REPORT

For the Company's General Meeting and the Supervisory Board

Introduction

We have reviewed the accompanying semi-annual abbreviated financial statements of AB S.A. (hereinafter "the Company"), which comprise the semi- annual abbreviated statement of financial position as at 31.12.2020, the semi- annual abbreviated statement of comprehensive income, the semi-annual abbreviated statement of cash flows and the semi-annual abbreviated statement of changes in equity for the period from 01.07.2020 to 31.12.2020 and selected condensed notes and explanatory notes (hereinafter "the interim abbreviated financial statements").

Liability of the Company's Management Board

The Management Board of the Company is responsible for the preparation and presentation of the interim abbreviated financial statements in accordance with the requirements of International Accounting Standard 34 "Interim Financial Reporting" as promulgated by the European Commission regulations.

Auditor's responsibility

We are responsible for forming a conclusion on the interim abbreviated financial statements based on our review.

Scope of the review

We conducted our review in accordance with National Standard on Reviews 2410 as set out in International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" adopted by Resolution No. 3436/52e/2019 of the National Council of Statutory Auditors of 08.04.2019.

A review of the financial statements involves making enquiries primarily of those responsible for financial and accounting matters, performing analytical and other review procedures.

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A review is substantially narrower in scope than an audit conducted in accordance with the National Standards on Auditing in the wording of International Standards on Auditing adopted by Resolution No. 3430/52a/2019 of the National Council of Statutory Auditors of 21.03.2019. As a result, the review is not sufficient to provide assurance that all significant matters that would have been identified in the audit have been disclosed. Accordingly, we do not express a review opinion on these interim abbreviated financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim abbreviated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting" as promulgated by the European Commission regulations.

UHY ECA Audyt

Spółka z ograniczoną odpowiedzialnością Sp. k.

Electronically signed

by PAWEŁ ADAM MRÓZ

Date: 2021.03.02 17:15:21

+01'00'

………………………………………………………

Paweł Mróz

Key statutory auditor Licence No. 12600

conducting the review on behalf of UHY ECA Audyt

Spółka z ograniczoną odpowiedzialnością Sp. k.

No. 3115

Wrocław, 02 March 2021

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