Adriatic Croatia International Club za djelatnost marina d d : Independent Limited Assurance Report on the Remuneration Report for ADRIATIC CROATIA INTERNATIONAL CLUB, for marina d.d., Rijeka

Independent Limited Assurance Report

on the Remuneration Report for

ADRIATIC CROATIA INTERNATIONAL CLUB,

for marina d.d., Rijeka

Tel: [phone]	BDO Croatia d.o.o.
Fax: [phone]	10000 Zagreb
E-mail:bdo-croatia.hr	Radnička cesta 180

Independent Limited Assurance Report on the Remuneration Report for ADRIATIC CROATIA INTERNATIONAL CLUB za djelatnost marina d.d., Rijeka for 2021

To the Management and Supervisory Board of Adriatic Croatia International Club, for the activities of marina d.d.

We were engaged by the Management Board of ADRIATIC CROATIA INTERNATIONAL CLUB za djelatnost marina d.d., ("Company"), to express, pursuant to the provisions of Article 272.r paragraph 3 of Companies Act, limited assurance on the Remuneration Report for the year ended 31 December 2021 prepared by Management and Supervisory Board

Our engagement is to form an independent limited assurance conclusion on Remuneration report, based on our work performed and evidence obtained.

Subject matter and reporting criteria

Limited assurance engagement refers to the following subject matter for which the applicable reporting criteria are as follow:

• Remuneration Report prepared by the Company for year ended 31 December 2021 contains information required by the paragraphs 1 and 2 of Article 272.r of the Companies Act.

Basis of preparation

Reporting requirements for the preparation of the Remuneration Report are information required by the paragraphs 1 and 2 of Article 272.r of the Companies Act.

Management and Supervisory Board responsibilities

The Management and the Supervisory Board are responsible for:

• preparing the Remuneration Report for the year 2021 in accordance with disclosure requirements of Article 272.r paragraphs 1 and 2 of the Companies Act,
• identifying the individuals to be included in the Remuneration Report in accordance with Article 272.r paragraph 1 of the Companies Act,
• selecting and applying appropriate remuneration policies as well as making reasonable judgements and estimates in relation to the information disclosed in the Remuneration report,
• measurement of Remuneration for the year ended 31 December 2021 in accordance with provisions of Article 272.r paragraphs 1 and 2 of the Companies Act, and
• publishing the Remuneration Report on the Company´s website in accordance with provisions of Article 272.r paragraphs 1 and 2 of the Companies Act.

Management and Supervisory Board are responsible for maintaining an internal control system that provides limited assurance that the information described above is free from material misstatements whether due to fraud or error. Additionally, Management and Supervisory Board are responsible to ensure completeness and accuracy of documentation provided to us.

Registrirano kod Trgovačkog suda u Zagrebu pod brojem 080044149

OIB 76394522236

BDO Croatia d.o.o.

Independent Limited Assurance Report on the Remuneration Report for ADRIATIC CROATIA INTERNATIONAL CLUB za djelatnost marina d.d., Rijeka (continued)

Our responsibility

Our responsibility is to review the Remuneration Report and, based on the work performed and the evidence gathered, to express a conclusion in the form of an independent report with expressing limited assurance on the Remuneration Report. Our limited assurance engagement was performed in accordance with International Standard on Assurance Engagements 3000 (amended) issued by the International Auditing and Assurance Standards Board (IAASB). The standard requires that we plan and perform the engagement and gather sufficient appropriate evidence to form our conclusion as to whether the Remuneration Report has been prepared, in all material respects, in accordance with the Reporting Requirements.

We have acted in accordance with the independence requirements and ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, which is based on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional conduct.

BDO Croatia d.o.o. operates in accordance with International Standards on Quality Control (ISQC 1) and maintains a comprehensive quality management system, including documented policies and procedures regarding compliance with ethical requirements of professional standards and applicable legal and regulatory requirements.

Procedures aimed at gathering evidence for the purpose of limited assurance engagements are more limited than is the case when issuing a reasonable assurance and accordingly less assurance is given than in the case of a reasonable assurance or an audit. Our engagement did not include the audit or review of the Remuneration Report or any accounting and other evidence on the basis of which it was prepared. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. The nature and scope of our work were determined on the basis of risk assessment and our professional judgement exercised for the purpose of obtaining a limited assurance and do not include an opinion of the appropriateness of the remuneration of Management and Supervisory Board.

In respect of the subject matter we have performed following procedures:

• Inquiries to responsible persons in order to gain understanding of the remuneration policy and procedures related to preparation of the Remuneration Report, as well as inquiries regarding the accuracy of disclosures in the Remuneration Report,
• We received from the Company a list of all members of the Management and Supervisory Board during 2021 and we verified whether their Remuneration is disclosed in the Remuneration Report,
• Comparison of the names of persons entered in the court register with the names of persons listed in the Remuneration Report as current and former members of the Management and the Supervisory Board during the financial year ended 31 December 2021,
• We reviewed, on sample basis, the relevant documentation, related to the Remuneration information presented in the Remuneration Report
• We inquired whether the Remuneration Report contains all information required by provisions of Articles 272.r paragraphs 1 and 2 of the Companies Act.

BDO Croatia d.o.o.

Independent Limited Assurance Report on the Remuneration Report for ADRIATIC CROATIA INTERNATIONAL CLUB za djelatnost marina d.d., Rijeka (continued)

Limitations in the preparation of the Remuneration Report

The interpretation of performance results is to some extent subjective because it takes into account both qualitative and quantitative aspects. Due to the inherent subjectivity in the interpretation of qualitative reward criteria, but also subjectivity in measuring quantitative goals (for example, related to the subsequent risk monitoring for variable receipts), various acceptable methodologies for measuring the achievement of individual goals and subsequent risk monitoring are possible. Furthermore, in the preparation of the Remuneration Report, various other assessments and judgments were used, which include, those related to: compliance with the remuneration policy; an explanation of how employees' remuneration were taken into account in the calculation of average remuneration and which employees were included in that calculation.

Statement of the Management and the Supervisory Board

The Management Board and the Supervisory Board of the Bank declare that the Remuneration Report for 2021 is accurate and complete and that it contains all the regulations of the Reporting Requirements.

Conclusion

Based on our work performed and evidence gathered, nothing has come to our attention that causes us to believe, that the Remuneration Report for 2021 is not prepared in such a way that it contains information required by paragraphs 1 and 2 of Article 272.r of the Companies Act. This conclusion is formed on the basis of, and is subject to, the inherent limitations set forth in the Limitations in the preparation of the Remuneration Report and Limitations of distribution and use sections.

Limitations of distribution and use

Our report is intended solely for Management and Supervisory Board for the purpose of reporting on the Remuneration Report prepared by the Company for year ended 31 December 2021 as prescribed in Article 272.r of the Companies Act and may not be published or used for any other purpose. Our report is not, nor does it represent legal opinion on compliance with Article 272.r of the Companies Act.

In the case of additional information or data provided to us, or in the case of misleading oral or written statements or explanations, our findings, interpretations or conclusions in our independent report with limited assurance may be incomplete or may result in the need for additional procedures not included in the scope of this engagement.

To the fullest extent permitted by law, we do not accept responsibility and do not agree to any obligations to any party other than the Company in connection with our work, this independent report with expressing limited assurance or the conclusions we have reached.

BDO Croatia d.o.o. Radnička cesta 180 10000 Zagreb

Attachment:

1. Remuneration report for 2021

ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.

Rudolfa Strohala 2, 51000 Rijeka

Ordinary shares: ISIN HRACI0RA0000 Economic

Activity: 9329

Market: Regular market

LEI:7478000090X86WBQ6C10

Home member state: Croatia

2021

REMUNERATION REPORT

2