Company presentation May 2017 Disclaimer

Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia or Japan. By attending this meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the following terms, conditions and limitations. The above applies to the Presentation, the oral presentation of the information in the Presentation by the Company (as defined below) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation, if any (collectively referred to as the Presentation). This Presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of Dino Polska S.A (the “Company”) or any member of its group (the “Group”), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding any securities of the Company or its Group. This Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified herein or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments which are based on the Company's or third-party sources' experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party, such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared appropriately reflects the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein. 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Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this Presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless otherwise required by the applicable provisions of law. 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The information contained in the Presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made by any person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of, the information or the opinions contained herein. Only currents and periodic (financial) reports of the Company are legally binding document containing information about the Company and may contain information that is different from the information contained in this Presentation. 2 Dino today

Foundation phase Expansion phase • One of the leading Polish food chains Net sales area (’000 m2) 20 25 32 50 81 119 151 192 238 • 628(1) stores located No. of stores mainly in Western 628 511

• Track record of 410 rapid growth 324 234 • No. 1 fastest-growing 154 nd 111 chain and 2 largest in 81 90

proximity segment

2008 2009 2010 2011 2012 2013 2014 2015 2016 Proximity operate close to residential areas in large, medium and small cities. Stores have net sales area of 2 Second logistics 200-500m and offer 4,000-8,000 SKUs PEF VI(2) invested in Third logistics centre of which 90% is typically food centre in Piotrków Dino in Jastrowie (owned) Tryb. (leased)

Source: Company information (July 2016), IFRS financial information, Roland Berger report (1) As of year-end 2016 (2) A company advised by Enterprise Investors; PEF VI sold all shares in Dino’s IPO in April 2017

Dino at a glance Investment highlights Growth strategy 3 Financials 3 Dino at a glance: fast growth, increasing scale, improving margins

2016 LFL(2) Sales CAGR sales growth over last 3 years(1) Selling space CAGR EBITDA CAGR (1) over last 3 years over last 3 years(1),(4),(8) 11.3% 26% Growth 25% 40%

Attractive 2016 ROIC(9)

30.3% PLN +1.6pp 3.4bn PLN FY 2016 +0.9pp Δ EBITDA margin(7),(8) Revenues(3) 288m 22.9% Profitability 8.6% FY 2016 (6) EBITDA(3),(4),(8) Δ Gross profit margin FY 2016 FY 2016 Gross EBITDA profit margin(3) margin(3),(5),(8) Source: Company information, IFRS financial information (1) CAGR for the last three financial years ended Dec-14, Dec-15, Dec-16 (2) Like-for-like (“LFL”) sales based on monthly data of stores in operation for 13 months or more (6) Change in gross profit margin between the financial year ended Dec-14 and the financial year ended Dec-16 (3) Based on the last financial year ended Dec-16 (7) Change in EBITDA margin between the financial year ended Dec-14 and the financial year ended Dec-16 (4) EBITDA defined as earnings before interest, tax, depreciation and amortisation (8) Adjusted for the management incentive plan cost of PLN5.7m and other IPO-related one-off expenses of PLN1.8m (5) EBITDA margin defined as EBITDA divided by revenues over the same period (9) ROIC defined as: EBITDA for the period divided by average property, plant and equipment plus average net working capital over the period 4 Dino's winning concept Full Operational Control & Quality

1 2 • 628 mainly owned locations(1)

• regional, high-traffic locations • approx. 5,000 SKUs Product • stores ownership • fresh products • proximity and parking • Branded products

• proximity format – approx. 400 m2 • own meat production Location& estatereal • consistent store design

4 3 own logistic system • • competitive prices

centralized store management Price • • transparent price points efficient IT systems • • tailored promotions

• cost effective marketing

efficiency Operational

(1) As of 31.12.2016

Dino at a glance Investment highlights Growth strategy Financials 5 Investment highlights 1 2 Solid macroeconomic Leading position in environment in the attractive and Poland with favorable growing proximity trends in retail format

8 3 Proven rapid Highly incentivised network roll-out management team, capabilities and real with Dino since 2002 estate ownership Logo/Text 7 4 Differentiated Strong financial offering focused on performance fresh and branded products at competitive prices

6 5 Clear strategy for exploiting Lean, cost efficient significant growth and scalable potential business model

6 1 Strong macro trends in Poland favouring Dino’s format

The largest economy in the CEE region Attractive GDP forecast Stable fiscal environment Efficient labour market

Population Nominal GDP and consumer spending GDP CAGR 2017–19E (%) Public debt % of GDP (2016(3)) Unemployment rate 2016 (%) across CEE (%) Total CEE 86.2 Bulgaria 3.0 38m Slovakia nominal GDP: 2.7 5 8 Poland €1,011bn 10.3 Hungary 5 44 (inner pie chart)o 11m 8 53.2 51.3 5m 10 11 42 9.3 10m 17 1.3 9.0 18 Total CEE 20m 17 Romania consumer 15 spending: 7m Czech Republic €561bn (outer pie chart) (1) (2) (1) PL CEE WE (2) PL CEE (1) WE PL CEE WE (2) Source: Economist Intelligence Unit, 2016 Source: Economist Intelligence Unit, Source: Economist Intelligence Unit, 2016 Source: Economist Intelligence Unit, 2016 Source: Economist Intelligence Unit, 2016 Euromonitor, 2016 Increasing disposable income Recovering inflation Low urbanisation Clear suburbanisation trend

Disposable monthly income per rural and urban inhabitant in Poland (€) Inflation in Poland Population living in urban areas as % of total Fringe population as % of total city population population (%) 105 83% 103 103.1 80% Warsaw 35 43 102.0 75% 971 889 101 816 Cracow 40 48 750 61% 682 99 Wroclaw 32 43 97 586 648 716 32 58 479 531 95 Poznan Mar-14 Mar-15 Mar-16 Mar-17 2017E 2019E 2021E 2023E 2025E PL France UK CPI CPI—food 2002 2050 Rural Urban Source: Euromonitor Source: Central Office of Statistics (GUS) Source: World Bank, Central Office of Statistics (GUS) Source: Bulletin of geography based data from Central Office of Stattistics (GUS) (1) CEE excl. Poland: Czech Republic, Romania, Hungary, Slovakia and Bulgaria (2) Western Europe (EU15): Austria, Belgium, , Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom (3) Latest available Eurostat data as of Q3 2016 7 2 Key consumer trends and food retail formats in Poland

Impact on store development Proximity supermarket is one of the most attractive segments Proximity supermarkets' Large (1) Hypermarkets Discounters Convenience within the Polish food retail market strengths supermarkets Busy lifestyle Easy and fast shopping 25.0% due to close location and limited but sufficient Discounters assortment 20.0% New family Already wide selection of model ready meals or pre- 15.0% assembled/ PLN 55bn PLN 16bn Convenience semiprepared products Soft franchise

Demand for Wide assortment of fresh 10.0% higher quality, products, with fresh PLN PLN premium charcuterie, less premium 35bn 13bn

Hypermarkets 2015 2015 sales CAGR

products products than in large - 5.0% PLN 18bn stores Proximity

2010 PLN 33bn supermarkets Increasing Fresh assortment with health- high quality of products 0.0% consciousness but limited availability of (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% Large organic products supermarkets 2015-2020E sales CAGR Increasing price Prices of main SKUs (5.0%) awareness slightly higher than in PLN 41bn of customers case of discounters, remaining SKUs at higher (10.0%) prices than larger stores, Traditional limited promotions (15.0%) Regional Format preferred by small development shopping malls outside large agglomerations

Positive impact on format development Negative impact on format development Source: Roland Berger report based on PMR, EMIS, Euromonitor, company webpages and expert interviews 8 Source: Roland Berger analysis based on Nielsen, PMR, Industry expert interviews, industry press (1) Size of the bubble represents relative8 sales value in 2015 2 Leading position in the attractive proximity format

The fastest growing proximity chain in Poland Sales CAGR 2010-2015 37% st Fastest growing 1 proximity chain(1) 12% 8%

(4%) (2) (3) Dino Delikatesy Centrum Other Sales 2015 (PLN bn) 4.9

3.3 Largest proximity 2.6 2.4 nd 2 chain by sales and number of stores

(2) (3) Dino Delikatesy Centrum Polomarket Other

Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% are typically food

Source: Roland Berger analysis based on PMR, EMIS, Euromonitor, company webpages and expert interviews (1) 2010-2015; by sales and number of stores CAGR (2) Polomarket chain was split into Mila and Polomarket in 2015, Mila was included in other segment (3) Other includes Eko and 9 2 Dino’s position within the broader food retail market One of the largest and the fastest growing food retailers among the Top 20 players(1) in Poland

Top 10 players CAGR of sales value 2010-2015 (%)

80 63 60 37 Fastest growing 40 nd 21 20 2 19 18 16 15 15 food retailer 20 12

0 (5)

Legend(6) Hypermarkets Large supermarkets Discounters Convenience Soft franchise Proximity supermarkets

Top 20 players sales value 2015 (PLN bn) ∆ ranking 2010–15 - +4 (1) +4 +2 (3) (2) (4) +2 - +1 +2 - +5 +3 (7) (2) (2) (2) na in terms of sales 45 38.5 12.7 11.2 10.4 9.9 10 9.5 8.9 6.9 6.6 4.4 4.4 3.1 2.7 2.6 2.5 2.4 2.2 2.1 2.1 1.4 3.3 0 (2) (3) (4) (2) (2),(5) (2) (2) (2)

Legend(6) Hypermarkets Large supermarkets Discounters Convenience Soft franchise Proximity supermarkets(7)

Source: Roland Berger analysis based on PMR, EMIS, Euromonitor, company webpages and expert interviews (1) In terms of sales in 2015 (5) Żabka and (2) Estimated sales in stores (6) Segment in which grocery chain had the most stores in 2015 (3) Data for Group (7) Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and (4) Including Real offer 4,000-8,000 SKUs of which 90% is typically food 10 2 Delivering consistently superior LFL growth

Annual Dino ready to take advantage of the consumer trends with its: 2.6 4.3 3.7 0.9 0.0 (0.9) (0.6) Inflation (deflation) % Efficient logistics Flexibility to make

Annual 2.7 5.4 4.3 2.0 (0.9) (1.7) 0.8 Convenient network capable of quick adjustments Food inflation proximity format daily fresh to product mix and (deflation) % deliveries promotions

LFL growth Deflationary period Direct access to Own meat Poland is recovering from the temporary deflationary environment which is regional producers processing plant 20.0% already visible in the recent data for of branded ensuring highest 16.6% food inflation and LFL trading of the 15.5% leading food retail chains products quality 14.1% 15.0% 11.3% Market trends best addressed by Dino’s business model adding 10.0% 7.5% to LFL sales growth 5.1% 4.2% 5.0% Thriving in a competitive market

• 71% of Dino stores compete with at least one store from any network(1) 0.0% 2010 2011 2012 2013 2014 2015 2016 within 5 km

• 28% of Dino stores compete with at least one store from any network(1)

2011 2012 2013 2014 2015 2016 2010 within 0.5 km • Dino is able to successfully compete in even the most dense voivodeships Source: Company information, Central Statistical Office of Poland (1) , , , Polomarket, Freshmarket, Delikatesy Centrum, Mila, Stokrotka (data as at 30 January 2017) 11 11 3 Proven roll-out capabilities based on store ownership

2011: 154 stores, 1 distribution center 2013: 324 stores, 2 distribution centers 2016: 628 stores, 3 distribution centers – further roll-out

Gdańsk SzczecinW

Jastrowie Białystok Krotoszyn Krotoszyn Piotrków Trybunalski Poznań

Warsaw

Łódź Krotoszyn

Piotrków Trybunalski Lublin Wrocław

Net sales area (’000 m2)

20 25 32 50 81 119 151 192 238 Katowice Kraków No. of stores 628 511 410 324 83% 234 owned 154 81 90 111 stores

2008 2009 2010 2011 2012 2013 2014 2015 2016

Opened stores Preliminary agreements Purchased plots of land Source: Company information Stores under construction Logistics centers Major cities 12 3 Clear benefits from real estate ownership

1 Greater flexibility in selecting the most attractive sites

2 Makes smaller towns (villages) accessible for Dino

3 Consistent store format

4 Efficient distribution network and store design

5 Attractive roll-out economics with high ROIC

6 Lack of risk connected with lease model

7 Lower cost of developing and building a store

8 Lower maintenance costs

9 Potential for real estate value increase

Source: Company information (1) ROIC for the whole group, defined as: EBITDA for the period divided by average property, plant and equipment plus average net working capital over the period 13 Differentiated offering focused on fresh and 4 branded products at competitive prices

Wide branded offering focused on fresh products … … with own meat processing plant

Product split by revenue (2016)1 • Agro-Rydzyna plant is conveniently located in Kłoda, close to Non-food Dino’s headquarters in Krotoszyn 13% Fresh food • The plant is the exclusive supplier of fresh meat for Dino 36% • Full control over quality and logistics in meat products is an important competitive advantage o/w meat and cold cuts 16%

Convenient location Dry food, beverages, alcohol and tobacco 51%

Jastrowie

Agro- Krotoszyn Rydzyna Fresh product offering driving daily Piotrków 5,000 SKUs at a typical Dino store Trybunalski visits

98%(1) of the offering is branded Agro-Rydzyna Source: Company information Distribution centers (1) Based on financial year ended Dec-16 14 14 Efficient cooperation with suppliers enables competitive 4 prices and attractive margins

Concentration of suppliers(1) ✓ Close and long-lasting cooperation (2016) with suppliers ✓ Majority of offering is sourced 17% directly from producers or their Top 10 main representatives, instead of suppliers wholesalers, to generate higher Others margins 83% ✓ Looking for efficiency in cooperation – Dino’s gross margin went up by 0.9pp in 2 years

Actively seeking the best purchasing terms

Dino is able to maintain competitive pricing policy while Global FMCG Same type of product Local, branded FMCG improving margins. supplier present in supplier competitive network Smart pricing policy is a sustainable competitive advantage.

Source: Company information (1) Excluding Agro-Rydzyna 15 5 Lean, cost efficient and scalable business model

Well-invested operational backbone supporting network expansion and driving cost efficiencies Dino's distribution centres

Increasing economies of scale Significant operational leverage

Gross margin (%) EBITDA margin (1) (%)

Jastrowie Total space: 2 23 600 m 8.6 22.6 22.9 8.1 Piotrków Tryb. 22.0 Krotoszyn Total space: 7.0 Total space: 27 100 m2 44 500 m2

2014 2015 2016 2014 2015 2016

• Logistics of supplies centrally managed from Krotoszyn and dispatched from three distribution facilities

Source: Company information 16 (1) For 2016 EBITDA margin adjusted by IPO costs and Incentive Management Programme (one-offs) 16 6 Strategy: roll-out + superior LFL + margin improvement

Strategic plan to exceed 1,200 stores by the end of 2020(1)

Over 1,200 Strong pipeline of secured locations stores by the end of 2020 Pipeline Actual net openings

628 Stores(2) 338 280 197 86 101 117

2016 '17F '18F '19F '20F end'20F Dec-114 Dec-215 Dec3-16 LFL growth Improving profitability

✓ Respond to key trends changing customer Gross margin ✓ Economies of scale improvement by 0.9 pp lifestyle and food shopping habits ✓ Operational leverage 11.3% (2014-2016) ✓ Active steps to support LFL growth by ✓ Smart approach to marketing LFL growth in 2016 stores traffic and favourable changes in (vs 0.8% food inflation) product mix EBITDA margin ✓ Logistics ✓ Capitalise on positive market trends improvement by 1.6 pp ✓ Modernisation of Agro-Rydzyna (2014-2016(3)) ✓ Further optimizations (1) Roll-out plan for 2017 – 2020 was developed by the Management and is based on own internal analysis, Roland Berger research report describing the main factors affecting the evolution of the Polish food retail market, the review by Roland Berger of Dino's roll-out plan and procedures in light of the findings of the research, and other market research (2) As at 31.12.2016 (3) 2016 EBITDA adjusted by one-offs (IPO costs and Incentive Management Programme) 17 7 Strong financial performance

Unparalleled growth Improving margins Stable selling expenses and G&A costs 2 Number of stores in relation to revenue (% of revenue) 22.6% 22.9% 22.0% 628 +0.9 p.p. 511 15.40% 15.12% 15.01% 410

2014 2015 2016 1.49% 1.37% 1.24% Revenue (PLNm)

2014 2015 2016 3,370 2,590 Selling expenses G&A costs 2,108 8.1% 8.6% 7.0% +1.6 p.p. Robust bottom line growth Adjusted net income3 (PLNm) 2014 2015 2016 EBITDA(1) (PLNm) 151 288 210 2014 2015 2016 110 148 66 Gross margin EBITDA margin(1)

2014 2015 2016

Source: Company consolidated financial statements for the period of 2014 – 2016 (1) Adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016 2014 2015 2016 (2) 2016 G&A costs adjusted for the management incentive plan cost of PLN5.7m and other IPO-related one-off expenses of PLN1.8m (3) Net profit adjusted by temporary differences arising on Group reorganization and associated with its joint – stock companies 18 Effective working capital management 7 and strong operating cash flow

NWC split(1) EBITDA conversion into OCF OCF covering significant share of CapEx(6) needs (days) (PLNm, %) (PLNm, %) 84% 81% Total NWC (31) (36) (38) 79% 324

3 3 4 288 325 245 40 39 39 189 245

210 (199) (278) 188 (75) (78) (81) (27) (382) 148 (25) (30)

2014 2015 2016 2014 2015 2016 2014 2015 2016 OCF Days payables outstanding (2) Financial expenses Days sales outstanding (3) (5) OCF EBITDA CapEx Days inventories held (4) OCF / CapEx + financial expenses

Source: Company consolidated financial statements for the period of 2014 – 2016 (1) Working capital calculated as of the end of the respective year due to high pace of rollout requiring a substantial amount of the stock at the end of the year (2) Days inventories held defined as a value of inventories divided by COGS for the last twelve months and multiplied by 365 (3) Days sales outstanding defined as a value of receivables divided by sales for the last twelve months and multiplied by 365 (4) Days payables outstanding defined as a value of trade payables divided by COGS for the last twelve months and multiplied by 365 (5) Adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016 (6) CapEx is presented as total additions of PPE and intangible assets in each year (as presented in notes 14 and 16 of Company consolidated financial statements for the period of 2014 - 2016); includes assets acquired under financial leases 19 19 7 Strong balance sheet

Net debt structure Net debt/EBITDA(1), (2) Improving debt service (PLNm) 6.6% 496 2.6x 429 5.4% 5.3% 380 2.0x 110 1.7x 102 118 6.4x 7.0x 452 266 362 4.0x (24) (34) (66)

2014 2015 2016 2014 2015 2016 2014 2015 2016 Cash and cash equivalents (2), (3) Interest coverage ratio Current portion on intrest-bearing loans and finance leases Financial expenses as a % of debt Interest-bearing loans and finance leases

✓ Dino historically has been able to finance majority of its expansion costs from cash flow – operating cash flow covered ca. 80% of the CAPEX and financial expenses in 2014 - 2016 ✓ The Management Board does not foresee a need for equity funding to execute its growth strategy ✓ Expected net debt to EBITDA ratio is ca. 2x ✓ Due to the growth profile of Dino and quality of collateral (real estate), banks are willing to finance growth of Dino at attractive terms ✓ In the past three years, Dino has not paid out any dividends, instead using cash flow from operations primarily to fund its profitable organic network expansion ✓ Given Dino’s rapid roll-out plans, the Management does not intend to recommend any dividend pay-outs for 2016 on the Shareholders’ Meeting

Source: Company consolidated financial statements for the period of 2014 – 2016 (1) Net debt to EBITDA defined as net debt divided by EBITDA for the last twelve months (2) EBITDA and EBIT adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016 (3) Interest coverage ratio defined as EBIT divided by financial expenses for the last twelve months 20 Investment highlights 1 2 Solid macroeconomic Leading position in environment in the attractive and Poland with favorable growing proximity trends in retail supermarket format

8 3 Proven rapid Highly incentivised network roll-out management team, capabilities and real with Dino since 2002 estate ownership Logo/Text 7 4 Differentiated Strong financial offering focused on performance fresh and branded products at competitive prices

6 5 Clear strategy for exploiting Lean, cost efficient significant growth and scalable potential business model

21 Additional information 2014-2016 consolidated profit and loss account

('000 PLN) 2014 2015 2016

Sales 2,107,984 2,589,576 3,369,517 Cost of sales -1,644,080 -2,004,710 -2,599,005 Gross profit 463,904 584,866 770,512 Other operating income 1,522 3,120 2,616 Selling and marketing costs -324,634 -391,580 -505,855 Administrative expenses and general overheads -31,338 -35,354 -49,434 Other operating expenses -3,667 -998 -2,250 Operating profit 105,787 160,054 215,589 Financial income 168 99 473 Financial expenses -26,662 -24,922 -29,607 Profit before tax 79,293 135,231 186,455 Income tax -13,156 -13,059 -35,245 Net profit for the year 66,137 122,172 151,210

Profit attributable to equity holders of the parent entity 66,137 122,172 151,210

23 2014-2016 consolidated balance sheet

('000 PLN) 2014 2015 2016 ('000 PLN) 2014 2015 2016 Property, plant and Equity 410,073 532,235 683,476 798,948 1 024 199 1 337 207 equipment Share capital 9,804 9,804 9,804 Intangible assets 90,700 92,253 93,072 Reserve capital 316,048 393,019 510,720 Other non-financial assets Retained earnings 84,221 129,412 162,952 1,885 - - (long term) Non-controlling interests - - - Deferred tax assets 37,049 34,311 26,867 Total equity 410,073 532,235 683,476 Interest-bearing loans, borrowings and finance 285,962 361,774 452,378 Total non-current assets 928,582 1 150 763 1 457 146 lease liabilities Inventories 182,286 212,146 276,541 Other liabilities - - 300 Trade receivables and Provisions for employee benefits 533 758 1,115 18,796 21,687 33,665 other receivables Deferred tax liabilities 1,572 588 5,498 Income tax receivables 48 105 613 Accruals 76 73 87 Total long-term liabilities 288,143 363,193 459,378 Other non-financial assets 13,515 20 742 22,447 Trade and other payables 337,620 429,195 574,426 Cash and cash equivalents 23,739 33,920 66,428 Current portion of interest-bearing loans and 118,187 101,504 110,173 Total current assets 238,384 288,600 399,694 finance lease liabilities Income tax liabilities 4,608 3,368 10,268 TOTAL ASSETS 1 166 966 1 439 363 1 856 840 Accruals 8,286 9,796 13,227 Provisions for employee benefits 49 72 5,892 Total current liabilities 468,750 543,935 713,986 Total liabilities 756,893 907,128 1 173 364 TOTAL EQUITY AND LIABILITIES 1 166 966 1 439 363 1 856 840 24 2014-2016 consolidated cash flow

('000 PLN) 2014 2015 2016 ('000 PLN) 2014 2015 2016

Cash flows from operating activities Cash flows from investing activities Profit before tax 79,293 135,231 186,455 Proceeds from sale of property, plant and 374 925 1,112 Adjustments for: 109,185 110,163 137,868 equipment and intangibles Purchase of property, plant and equipment and Depreciation and amortization 41,880 50,177 65,202 -170,722 -243,487 -311,732 intangibles Gain/(loss) from investing activities 417 193 1,574 Interest received 153 60 440 Change in the balance of receivables 59,041 -10,808 -15,592 Net cash flows from investing activities -170,195 -242,502 -310,180 Change in the balance of inventories 25,464 -29,860 -64,395 Cash flows from financing activities Change in the balance of payables -45,513 84,204 127,224 except loans and borrowings Payment of financial lease liabilities -24,456 -30,024 -43,902 Interest income -153 -60 -440 Proceeds from loans and borrowings 111,653 141,770 219,061 Interest expenses 26,486 24,955 29,658 Repayment of loans and borrowings -72,771 -79,502 -127,136 Change in the balance of accruals 2,975 3,859 4,928 Interest paid -26,486 -24,955 -29,658 Change in the balance of provisions 249 114 6,178 Net cash flows from financing activities -12,060 7,289 18,365 Net increase/(decrease) in cash and cash Income tax paid -1,639 -12,599 -16,507 6,223 10,181 32,508 equivalents Other -22 -12 38 Cash and cash equivalents at the beginning of the 17,516 23,739 33,920 Net cash flows from operating activities 188,478 245,394 324,323 period Cash and cash equivalents at the end of the 23,739 33,920 66,428 period 25 Thank you

Calendar:

29 August 2017 – consolidated report for H1 2017 14 November 2017 – consolidated report for Q3 2017

Contact: Grzegorz Uraziński, Head of Investor Relations Phone: +48 695 234 561 [email protected] | www.grupadino.pl