Cognor Holding S.A.

Legal Proceedings Report • Apr 15, 2025

Delayeddisclosure of confidential information -

Suspicionof unfair competition acts against a subsidiary of Aforti Exchange S.A.

TheManagement Board of AFORTI Holding S.A. w restrukturyzacji (inrestructuring) with its registered office in Warsaw (hereinafterreferred to as the "Company", "Issuer"), acting under Article 17paragraph 1 in conjunction with Article 17 paragraph 4 of Regulation(EU) No 596/2014 of the European Parliament and of the Council of 16April 2014 on market abuse and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC ("MAR Regulation"), hereby makespublic the content of the delayed inside information, the provision ofwhich was delayed in the second quarter of 2023.

Contentof confidential information whose publication has been delayed:

TheManagement Board of AFORTI Holding S.A. with its registered office inWarsaw (hereinafter referred to as the "Company") hereby informs that inthe period April-May 2023, as a result of unfair competition, the entiresales team of Aforti Exchange S.A. transferred in its entirety (enteredinto cooperation) to a competitive entity, i.e. a competitive currencyexchange platform based in Poland. All former collaborators had accessto the Aforti Exchange S.A. customer database containing the fullhistory of transactions performed, including the number of transactions,their value and currency exchange rate, as well as the price offer anddiscount plans. The database is invaluable for every currency exchangeplatform and is the basis for the business. The coordinated transfer ofthe entire sales team with access to the data to a competitive entityconstitutes a violation of the trade secret of Aforti Exchange S.A.During the cooperation with the competitive entity, i.e. a competitivecurrency exchange platform based in Poland, the former collaboratorsslandered the Company and Aforti Exchange S.A. on the Internet, theyslandered the Company and Aforti Exchange S.A. in front of the customersof the Company and Aforti Exchange S.A. by sending e-mails with falseinformation and offered them the same price conditions in the new entityor more favorable ones as they had previously had in Aforti ExchangeS.A. Additionally, after the end of cooperation with Aforti ExchangeS.A., they logged in to the currency exchange platform from the accountmanager level.

In2023, Aforti Exchange S.A.'s turnover decreased by approximately 37%year-on-year.

Accordingto data resulting from the financial statements of a competitivecurrency exchange platform based in Poland publicly available in theNational Court Register, the turnover of the competitive currencyexchange platform based in Poland remained at a constant level of PLN162-186 million for many years, and at the end of 2023 increased by 432%year-on-year and amounted to PLN 718 million.

Revenuesfrom currency exchange transactions of a competing currency exchangeplatform based in Poland for the years 2019-2023:

2019 2020 2021 2022 2023

213 662 632 zł 160 409 637 zł 152 748 828 zł 166 450 616 zł 718925 050 zł

Reasonsfor delay in publication of confidential information:

Inthe opinion of the Management Board, the delay in providing the aboveinformation met the conditions specified in the MAR Regulation at thetime of the decision to delay. Its disclosure could violate thelegitimate interests of the Issuer and Aforti Exchange S.A., by damagingthe image necessary for conducting business in the financial sector, andalso have a negative impact on the legal actions taken.

AfortiExchange S.A. brought the case to the Court. Due to the prolonged legalproceedings and the impossibility of estimating their end, as well asdue to the Court's failure to consider the application for security, theIssuer's Management Board decided on April 14, 2025 to disclose thisconfidential information. The delay in the information did not misleadthe public, and the confidentiality of the information was ensured.

Legalbasis: Article 17 paragraph 1 of the MAR- confidentialinformation