Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 30

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 30
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’s website, ir.psbt.com,
at the “Corporate Info – Governance Documents” page. The primary purposes, duties and responsibilities of the audit
committee include:

| ● | oversee our accounting and financial reporting processes, including management’s preparation of 
 financial reports and other financial information;                                              |

| ● | oversee our management’s maintenance of internal controls and procedures for financial reporting, 
 accounting and financial reporting processes generally;                                           |

| ● | assist our board of directors in its oversight of our compliance with legal and regulatory requirements; |

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| ● | evaluate the independence and oversee the performance of our independent registered public accounting 
 firm and oversee the audits of the financial statements of the Company;                               |

| ● | assist our board of directors in risk assessment and risk management; |

| ● | pre-approve all auditing services and permitted non-audit services (including the fees for such services 
 and terms thereof) to be performed by our independent registered public accounting firm;                 |

| ● | establish and periodically review and, as appropriate, revise, procedures for the receipt, retention,                                           
 and treatment of complaints regarding accounting, internal accounting controls, or auditing matters, and the confidential, anonymous submission 
 by our employees of concerns regarding questionable accounting or auditing matters;                                                             |

| ● | oversee our internal audit function; and |

| ● | oversee any related party transactions. |

Audit Committee Report

In accordance with SEC regulations,
the audit committee has prepared the following report. As part of its ongoing activities, the audit committee has:

| ● | discussed with Baker Tilly, the Company’s independent registered public accounting firm, the matters                                  
 required to be discussed by Public Company Accounting Oversight Board Auditing Standard No. 16, Communications with Audit Committees; 
 and                                                                                                                                   |

| ● | received the written disclosures and letter from Baker Tilly required by applicable requirements of the                         
 Public Company Accounting Oversight Board regarding the independent registered public accounting firm’s communications with the 
 audit committee concerning independence, and has discussed with Baker Tilly such firm’s independence.                           |

Based upon its review and
the considerations and discussions referenced above, the audit committee recommended to the board of directors that our audited consolidated
financial statements be included in the Company’s annual report on Form 10-K, as filed with the SEC on March , 2025.

| Submitted                
 by the Audit Committee:  |
| Thomas                   
 J. Melone, CPA, Chairman |
| Sandra                   
 L. Bodnyk                |
| William