Q3 2017

Disclaimer

This presentation is for information purposes only and does not constitute or form part of and should not be construed as an advertisement of securities, an offer or invitation to sell or issue or the solicitation of an offer to buy or acquireor subscribe for securities of Emperia Group or any of its subsidiaries, or any depositary receipts representing such securities in any jurisdiction or an invitation or inducement to engage in investment activity in relation thereto. Inparticular, this presentation does not constitute an advertisement or an offer of securities in Poland.

No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking,express or implied, is given by or on behalf of Emperia Group or any of its directors, officers, employees, shareholders, affiliates, advisers, representatives or any other person as to, and no reliance should be placed on, the fairness,accuracy, completeness or correctness of the information or the opinions contained herein or any other material discussed at the presentation. Neither Emperia Group nor any of its directors, officers, employees, shareholders, affiliates,advisors,representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or any other material discussed at the presentation or theircontents or otherwise arising in connection with the presentation.

This presentation includes statements that are, or may be deemed to be, “forward-looking statements”, with respect to the financial condition, results, operations and businesses of Emperia Group. These forward-looking statements canbe identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”, “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or otherwords of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Emperia Group’s control. As a result, EmperiaGroup’s actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Emperia Group assumes no responsibility to update any of the forward looking statements containedin this presentation.

This presentation is not for distribution in, nor does it constitute an offer of securities for sale, or the solicitation of an offer to subscribe for securities in Australia, Canada, Japan or in any jurisdiction where such distribution, offer orsolicitation is unlawful. Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, itsterritories or possessions or to, or viewed by any U.S. person as defined in Regulation S under the US Securities Act 1933 ("Securities Act"). Any failure to comply with these restrictions may constitute a violation of the securities laws ofthe United States of America, Australia, Canada or Japan or any other jurisdiction where such activities would constitute an infringement of the relevant laws or regulations. The distribution of this presentation in certain jurisdictions maybe restricted by law and persons into whose possession this document or any other document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Failure to comply withthese restrictions may constitute a violation of the securities law of any such jurisdiction.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. Some of the information presented in this document may still be in draft form. NeitherEmperia Group nor any other party is under any obligation to update or inform recipients of this presentation of any changes to such information or opinions. In particular, it should be noted that some of the financial information relatingto Emperia Group and its subsidiaries contained in this document has not been audited and in some cases is based on management information and estimates.

Neither Emperia Group nor any of its agents, employees or advisors intend or have any obligation to supplement, amend, update or revise any of the statements contained in this presentation.

2017-11-14 2

2017-11-14

Launch of 23 new stores

Launch of the 400th store in September

Significant improvement in like-for-like sales

Payment guarantee provided in tax proceeding

Expected date for case to be examined by Voivodship Administrative Court: end of Q2 2018

Significant events in Q3 2017

3

Emperia Group

Emperia Group – Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Capex

gross result on property disposals: Q3 2017:n/a, Q3 2016: PLN 8.5m

costs related to Emperia's tax proceeding: Q32017 PLN 0.6m, Q3 2016 PLN 0.2m

cost of strategic options review: Q3 2017 PLN2.7m, Q3 2016 n/a

3Q 2016 3Q 2017PLNm

Gross margin

5

585.7 645.110.2%

28.8% 28.2%-0.6

32.219.4

-39.8%

16.4

3.4

-79.2%

10.518.879.7%

Emperia Group - Q1-Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Capex

released provisions for compensation: Q1-Q32017 PLN 1.4m, Q1-Q3 2016 n/a

financing from the State Fund for theRehabilitation of the Disabled (PFRON)concerning previous periods in Q1-Q3 2017: PLN2.3m, Q1-Q3 2016: none

costs related to Emperia's tax proceeding: Q1-Q32017 PLN 0.8m, Q1-Q3 2016 PLN 0.5m

gross result on property disposals: Q1-Q3 2017:n/a, Q1-Q3 2016: PLN 8.6m

cost of strategic options review: Q1-Q3 2017 PLN3.1m, Q1-Q3 2016 n/a

decline in IT segment's EBITDA by PLN 5.0m

1-3Q 2016 1-3Q 2017PLNm

Gross margin

6

1 758 1 8776.8%

28.3% 28.5%0.2

78.7 69.4-11.8%

34.825.6

-26.3%

44.930.3

-32.5%

Emperia Group – adjusted EBITDA

2017-11-14 7

3Q 2016 3Q 2017 1-3Q 2016 1-3Q 2017

EBITDA 32.2 19.4 78.7 69.4

Result on property disposals -8.5 - -8.6 -

Tax proceeding costs 0.2 0.6 0.5 0.8

Strategic options review costs - 2.7 - 3.1financing from the State Fund for the Rehabilitation of the Disabled (PFRON) concerning previous periods

- - - -2.3

release of provision for compensations - - - -1.4

Total ADJUSTMENTS -8.3 3.2 -8.1 0.5

Adjusted EBITDA 23.9 22.6 70.6 69.9

23.9 22.6-3.9% 70.6 69.9-0.8%

Emperia Group – financial results

2017-11-14

Retail

Revenue structure

IT

EBITDA(in PLNm)

1-3Q 2016 1-3Q 2017

94,82% 94,35%

Property development

Central

management

8

95.45% 96.00%

34.139.3

7.1

-2.1

42.8

29.9

2.1

-5.2

Emperia Group – balance sheet

2017-11-14

PLNm 3Q2016 2016 3Q2017

Goodwill 52.0 52.0 52.0

Property, plant and equipment 519.5 510.6 517.1

Net working capital -47.1 -89.3 -92.5

Other 9.2 9.1 20.5

Invested assets 533.6 482.4 497.1

Borrowings 17.1 1.7 0.9

Cash 98.7 146.4 150.9

Net debt -81.6 -144.7 -150.0

Equity 615.2 627.1 647.1

9

Increase in cash over the past 12 monthsby PLN 52m despite dynamic growth

Proceeds from asset disposals, decreasedby corporate income tax, in the past 12months: PLN 15.3m

Buy-back expenditure in the past 12months: PLN 8.5m

Capex in the past 12 months: PLN 49.8m

Retail segment

11

According to GUS, retail sales inQ3 2017 advanced 7.4% on theprevious year.

According to Nielsen, third-quarter sales at Stokrotkaincreased by 99% from the yearbefore, while the Supermarketssegment saw a 2.4% increase y/y,and the Hypermarkets segmentincreased by 1.3%, compared tothe previous year.

Poland's retail market 2014-2017

Quarterly change in sales value y/y

* Total retail sales, y/y, during 2013-2015, since 2016 sales in the following categories: food, beverages and tobacco products, GUS data** Nielsen data - overall sales (Hypermarkets: Real, Auchan, Tesco>2500sqm, Carrefour>2500sqm, E. Leclerc>2500sqm, b1,

Supermarkets: Carrefour<2500m2, Carrefour Market, Simply Market, E.Leclerc <2500m2, Intermarche, Netto, Polomarket, Mila, Tesco <2500m2)

2017-11-14

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

3Q2017

Retail sales* 5.0% 4.5% 1.8% 1.3% 0.6% 1.4% 0.3% 3.0% 2.1% 5.6% 5.8% 12.5% 3.0% 8.1% 7.4%

Stokrotka 0.3% 9.3% 8.3% 6.7% 4.4% -0.8% 5.9% 13.1%22.1%20.4%14.9% 9.6% 2.0% 7.0% 9.9%

Supermarkets** 1.2% 10.5% 2.6% 2.3% 0.3% -2.0% 4.0% 3.7% 6.5% 2.7% 0.9% 1.9% -1.7% 3.9% 2.4%

Hypermarkets** -4.9%-0.3%-4.7%-4.1%-2.8%-3.8% 0.0% -0.5% 1.3% -0.6%-0.8% 2.6% -3.8% 1.8% 1.3%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

12

*GUS inflation data for the food and non-alcoholic beveragecategory

LFL sales – Stokrotka

Year-on-year change in sales, on same-store basis

2017-11-14

LFL sales compared to 2016:

• Q3: 5.6%,

• Q1-Q3: 1.8%

LFL sales compared to 2015:

• Q3: 9.9%

• Q1-Q3: 7.6%1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

1Q2017

2Q2017

3Q2017

Inflation GUS -3.7% -2.1% -0.9% 0.1% 0.4% 0.8% 0.9% 1.4% 3.4% 3.4% 4.6%

LFL Stokrotka -3.6% -6.4% -3.0% 1.4% 8.5% 6.6% 5.4% 2.4% -2.7% 2.5% 5.6%

-3.7%

-2.1%-0.9%

0.1% 0.4% 0.8% 0.9% 1.4%

3.4% 3.4%4.6%

-3.6%

-6.4%

-3.0%

1.4%

8.5%

6.6%5.4%

2.4%

-2.7%

2.5%

5.6%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Retail segment – Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Capex

Launch of 23 stores in Q3 2017, Q3 2016: 11 stores

Deferred tax for Q3 2017: PLN 0.8m (releave ofimpairment losses on inventory, bonuses, loyaltyprogrammes)

3Q 2016 3Q 2017PLNm

Gross margin

13

574.3 635.210.6%

28.6% 28.1%-0.5

11.5 11.82.3%

1.7

0.3

-83.1%

9.8 11.011.3%

Retail segment – Q1-Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Capex

Release of compensations provision: Q1-Q3 2017PLN 1.4m, Q1-Q3 2016 n/a

Financing from the State Fund for the Rehabilitationof the Disabled (PFRON) concerning previousperiods in Q1-Q3 2017: PLN 2.3m, Q1-Q3 2016:none

1-3Q 2016 1-3Q 2017PLNm

Gross margin

14

1 7231 8477.2%

28.1% 28.5%0.4

34.142.825.5%

4.1

11.9187%

44.930.3

-32.5%

Retail segment – CAPEX

2017-11-14

Site upgrading

IT equipment

and systems

Store fit-out

Motor vehicles

1-3Q 2016 1-3Q 2017

15

12.527.8%

27.360.8%

2.55.6%

2.65.8% 5.7

18.8%

19.163.0%

3.210.6%

2.37.6%

574.1

Retail segment – sales drivers in Q3 2017Change, in PLNm

10.78%

3Q 2016older sites - stores open as of the end of Q2 2016, newer sites - opened since Q3 2016

2017-11-14 16

Retail – Stokrotka

Launch of 3 supermarkets, 6 markets, 1 Express market and 13 franchise stores

Total floor area of stores opened in Q3 2017: 8 486 sqm Capex per new own store: PLN 0.9m for supermarkets,

PLN 0.6m for markets

Number of stores

Average monthly sales per sqm (in PLN)

-Nielsen data - all Supermarkets: Carrefour<2500m2, Carrefour Market, Simply Market, E.Leclerc <2500m2, Intermarche, Netto, Polomarket, Mila, Tesco <2500m2) - amounts inclusive of VAT

Number of stores at the end of Q2 2017 386

Stores opened in Q3 2017 23

Stores closed in Q3 2017 2

Number of stores at the end of Q3 2017 407

3Q2016 3Q2017 change

Supermarkets 1 253 1 283 2.4%

Stokrotka 1 261 1 359 7.8%

Stores by format

Number of stores

Revenue from sales*

Own supermarkets 252 510.8Own markets 93 94.5

Express markets 3 0.8Franchise stores 59 25.0

Stores shut-down 2 1.1* / in PLNm/

172017-11-14

18

Stokrotka – chain expansion

2017-11-14

CAGR: 17%

Chain development by format 2012-2017P

+10+41

+75

+45

+72

Average sales per sqm*/**

* Values are inclusive of VATAverage sales per sqm is PLN 1 166 for stores opened until 2012 and PLN 1 330 for stores opened in 2013-2015** Value for the past 12 months

Cost of rent per sqm**

-18%

-1,5pp

Cost of rent /% of sales/ **

1 299

1 483

1 200

1 300

1 400

1 500

opened until2012

opened 2013-2015

+14%

5.5%4.0%

0.0%

2.0%

4.0%

6.0%

opened until 2012 opened 2013-2015

38 zł 31 zł

 -   zł  10 zł  20 zł  30 zł  40 zł  50 zł

opened until2012

opened 2013-2015

200 210 221 241 250 260

28

5677

113

1 1

3

30

45

71

201 211

252

327

372

444

2012 2013 2014 2015 2016 2017PSupermarkets Markets Francise stores

19

Stokrotka – chain expansion

2017-11-14

CAGR: 17%

Chain development by format 2012-2017P

W trakcie procedowania

Sklepy otwarte

Podpisane -do otwarcia

Chain development 2016-2017 *

+10+41

+75

+45

+72

* As at 14 November 2017

Zamknięte

200 210 221 241 250 260

28

5677

113

1 1

3

30

45

71

201 211

252

327

372

444

2012 2013 2014 2015 2016 2017PSupermarkets Markets Franchise stores

250

49

258

-10

260

77113

45

71372

444

50

100

150

200

250

300

350

400

450

500

2016 2017P

Supermarkets Markets Franchise stores

20

Stokrotka – chain expansion

2017-11-14

Number of contracts signed in 2014-2017 *

* As at 14 November 2017

1 1

1 2

2 1

1 1

1

1

1 1

12

14 7

FTE/ wakaty

Development department personnel

Number of contracts signed in Q1-Q3 2016 – Q1-Q32017

1

24

53

0

10

20

30

40

50

60

1-3Q 2016 1-3Q 2017

+121%

1

1

1

9

6

16

7 8

13

8

3

9

12 11

15 15

23

29

0

5

10

15

20

25

30

35

1Q'14

2Q'14

3Q'14

4Q'14

1Q'15

2Q'15

3Q'15

4Q'15

1Q'16

2Q'16

3Q'16

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

2017-11-14 21

Retail segment – structure by format in Q3

Supermarkets

Markets

Franchise stores

3Q 2016 3Q 2017

Number of stores

Sales value

62.4%

14.6%

23.0%64.0%

18.0%

18.0%

85.2%

3.2%11.6%

81.0%

4.0%

15.0%

22

Stokrotka – store profitability*

* 287 Stokrotka stores operating at the end of 2015

1-3Q 2016 1-3Q 2017

Revenue from product sales 1 579.7 1 591.1

Store operating costs 357.2 364.3

Operating costs as % of revenue 22.6% 22.9%

EBITDA 86.9 89.6

% EBITDA 5.5% 5.6%

/PLNm/

2017-11-14

Productivity per worker /PLN k/

+9%

29.7

32.3

20.0

22.0

24.0

26.0

28.0

30.0

32.0

34.0

IX 2016 IX 2017

23

Retail segment – central office

2017-11-14

2.5% 2.4% 2.2% 2.2% 2.1% 2.3% 2.0% 1.8%2.3% 2.1% 2.1%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017

Central management costs as % of revenue

0.9% 0.9%1.1% 1.2%

0.9% 1.0%1.3% 1.3%

0.9% 1.0%1.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017

Marketing costs as % of revenue

Retail segment – working capital turnover

2017-11-14

3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017

Inventory turnover 47.7 45.5 49.3 47.6 41.5

Receivables turnover 6.0 6.6 7.0 6.6 5.8

Payables turnover 63.2 71.7 69.8 69.0 62.7

Cash conversion cycle -9.5 -19.6 -13.5 -14.9 -15.4

Turnover ratios presented in days

24

Retail segment – developments

2017-11-14

Continued productivity improvement activities at stores

Continued implementation of new inventory management solutions

Intensified work on own brand products

Completion of the expansion of distribution centre in Lublin

Record number of new store openings planned for fourth quarter

Reinforcement of own store development department

Implementation of new loyalty campaign

Testing convenience store model under new brand

25

Retail segment – preliminary sales results

2017-11-14 26

Product sales

October

2016 2017PLNm

Product sales

January-October

LFL at own stores

October Jan-Oct2017

20322511.0%

1 913 2 0617.7%

5.8%2.2%

375 (+3)

375 (+0)

380 (+5)

381 (+1)

383 (+2)

386 (+3)

389 (+3)

397 (+8)

407 (+10)

410 (+3)

350

360

370

380

390

400

410

420

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Number of stores at the end of period

Property segment

Property segment

2017-11-14

Retail sites

Type of property

Structure of operating properties

Other

3Q 2016 3Q 2017

Operating facilities

Non-operating facilities

Change in number of properties

2.3%

28

83

5

81

9

78

5

76

5

10 land parcels secured as at 14 November 2017

Property segment

2017-11-14

Number of facilitiesAverage monthly NOI

in Q3 2017

NOI – operating facilities 81 3.4

including retail sites 76 3.2

NOI* (in PLNm)

Related tenants Other tenants

Lease space [sqm 000s] 53.4 28.6

Average lease rate [PLN per sqm] 44.4 40.4

Retail sites

* NOI (net operating income) is defined as the difference between a property’s operating revenue and operating costs, less depreciation

29

354

57

25

20 7

1

2

3

4

4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017

3.5 3.6 3.6 3.6 3.5 3.4 3.4 3.4

Average monthly NOI* - operating facilities

2017-11-14 30

* NOI (net operating income) for a property is the difference between operating revenue and operating costs, less

depreciation; in PLNm.

Property segment

Number of properties Estimated market value

Total PLN 463m

66

10

41

9

retail - Stokrotka

retail - non-related

warehouses

offices

non-operating

86 8685

83

81 81 81 81

78

80

82

84

86

88

4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017

Number of operating facilities

54.6 55.8 55.8 54.3 53.4 53.4 53.4 53.4

31.3 31.8 31.9 29.8 29.5 29.5 29.0 28.6

0

20

40

60

80

100

4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017

Lease area (in 000s sqm)

related tenants other tenants

Property segment – Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Capex

3Q 2016 3Q 2017PLNm

Gross result on propery disposals: Q3 2017 n/a, Q32016 PLN 8.5m

Gross profit

31

17.5 16.8-4.2%

19.09.9

-48.1%

16.4

7.8-52.8%

13.36.2

-53.1%

0.5

7.61359%

Property segment – Q1-Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Capex

1-3Q 2016 1-3Q 2017PLNm

Gross result on property disposals: Q1-Q3 2017 n/a,Q1-Q3 2016 PLN 8.6m

Gross profit

32

52.5 51.3-2.3%

39.329.9-24.1%

31.4 23.1-26.3%

25.917.9

-30.8%

1.5

10.1560%

IT segment

2017-11-14 34

IT segment

Infinite’s new solutions

INFINITE PAPERLESS is a package of integratedsystems intended to improve corporateprocesses based on e-documents. Its scopecovers internal corporate processes andcollaboration with counterparties(suppliers/customers) where the exchange ofinformation is currently based on paperdocuments.

2017-11-14 35

IT segment

Infinite’s additional solutions

INIFINITE’S SUPPLEMENTARY SOLUTIONS:+ enterprise management (ERP)+ warehouse management (WMS)+ worktime planning and recording (RCP)+ outsourcing and recruitment of IT experts+ comprehensive technical support (ICT)

IT segment – Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Existing product development

Development expenditures in Q3 2017: PLN 1.5m, Q3 2016: PLN 1.2m

Formation of company in Romania

3Q 2016 3Q 2017PLNm

36

Service sales

8.9 8.0-10.1%

8.0 7.0-12.8%

2.21.2

-44.6%

1.50.7

-50.9%

IT segment – Q1-Q3 2017 financial results

2017-11-14

Revenue from sales

EBITDA

Net profit

Existing product development

LFL sales to external clients in Q1-Q3 2017: PLN 14.0m, Q1-Q3 2016: PLN 13.0m (up by 7.6%)

Sale of services to Group companies in Q1-Q3 2017: PLN 7.0m, Q1-Q3 2016: PLN 6.7m

Development expenditures in Q1-Q3 2017: PLN 4.7m, Q1-Q3 2016: PLN 3.7m

1-3Q 2016 1-3Q 2017PLNm

37

Service sales

28.8 25.0-13.2%

24.6 21.0-14.8%

7.1

2.1

-69.9%

5.1

0.7

-86.3%

Corporate governance

Corporate governance in 2017

2017-11-14

Total number of own shares for cancellation as at 14 November 2017: 428 237 (i.e. 3.47%), including 60 246 shares purchased in Q1-Q3 2017 for PLN 4.2m

Number of registered shares: 12 342 027

Number of shares publicly traded: 11 913 790

Shareholding structure(as per the Company’s latest data)

39

Free float 48.8%

Own shares3,5%

Altus TFI 15.1%

Ipopema TFI 11.8%

AXA OFE 7.9%

Aviva OFE 6.8%

NN OFE6.1%

2017-11-14

31 January 2017 - receipt of a decision by the Head of the Tax Control Office in Lublin issued in inspection proceedings regarding CIT for 2011,

establishing the Company’s tax liability at PLN 143m plus interest

The Company does not agree with these findings and the legal assessment carried out by the Head of the Tax Control Office in the decision

The circumstances of the matter and the accusations made by the Tax Control Office were analysed by renowned representatives of

academia, tax law and corporate law, who have considered that the position of the Tax Control Office is completely unjustified and in

violation of the law

The Company sees no grounds for recognising a provision for the amounts of tax liabilities indicated in the decision.

10 February 2017 – Emperia appealed the decision

8 August 2017 – the Head of the Tax Authority Chamber in Warsaw issued a decision upholding the decision issued by the Head of the Tax

Control Office

21 August 2017 – the Company lodged a complaint with the Voivodeship Administrative Court, with the intermediation of the Head of the Tax

Authority Chamber, regarding the decision issued by the Head of the Tax Control Office

5 September 2017 – the Company received a ruling from the Head of the 2nd Mazowieckie Tax Office in Warsaw on acceptance until 20

August 2018 of a security for the payment of corporate income tax for 2011 in the form of four bank guarantees (PKO BP S.A., BGŻ BNP

Paribas S.A., mBank S.A., Bank Pekao S.A.) up to a maximum amount of PLN 198.1m

5 September 2017 – the Company received a ruling from the Head of the 2nd Mazowieckie Tax Office on suspension of a decision issued by

the head of a tax administration chamber until 20 August 2018

Expected deadline for the case to be examined by the Voivodship Administrative Court: end of Q2 2018

Status of tax proceeding

40

2017-11-14

August 2016: start of strategic options review

9 May 2017: decision on selection of specific option – search for an investor

The aim is to bring in an investor to support further dynamic growth

The selected investor would be interested in acquiring all of the Company's shares on equal terms

Rothschild Global Advisory is exclusive adviser in the process

November 2017: start of negotiations with Maxima Grupe

Search for investor

41

Thank you for your attentionEmperia Holding S.A.

02-566 Warszawa, ul. Puławska 2 budynek B

tel. +48 81 745-17-78

fax +48 81 746-32-89

e-mail: emperia@emperia.pl

www.emperia.pl