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Warsaw, September 11th, 2018
H1 2018 RESULTS
1
2
AGENDA
Q2 2018 business overview
H2 2018 financial overview
Investment Portfolio
> Completed investment projects
> Projects in progress
> Closed-end Investment funds
> Joint venture projects
Financial results for H1 2018
> Profit and loss
> Balance sheet
> Cash flow
ArtN
Dictionary
About Capital Park Group
Disclaimer
Q2 2018 OVERVIEW
4
▪ The opening of the Hampton By Hilton Old Town Gdańsk on June 14th 2018.
▪ The issue of EUR 7m bonds and the redemption of 44 mPLN series E-F
bonds.
▪ The execution of credit facility of EUR 10m with Getin Noble Bank
(multifunctional loan) in June 2018. The loan was utilised on July 13, 2018.
Q2 2018 BUSINESS OVERVIEW
5
H1 2018 FINANCIAL OVERVIEW
▪ Growing and secured rental income and FFO.
▪ Lower cost of debt and continuation of decrease in interest expense.
▪ Growing property value and net asset value (NAV).
▪ Safe debt maturity profile and stable cash position.
▪ Positive impact of FX change rate movement on financial results;
Jun 30, 2018: 4.3616 vs. Dec 31, 2017: 4.1709.
Rental income: PLN 70m
+ 17% vs. H1 2017
FFO: PLN 28m+ 60% vs. H1 2017
Net debt to assets: 46.0%
vs. 45% as of Dec 2017
Portfolio value: PLN 2.3bn
(consolidated with fullmethod)
Av. cost of debt: 3.03%
vs. 4.30% as of Dec 2016
83% 86%
7%
0%
20%
40%
60%
80%
100%
31/12/2017 28/08/2018
decisions/LOI
occupancy
+3%
92% 96%
3%
0%
20%
40%
60%
80%
100%
31/12/2017 28/08/2018
decisions/LOI
occupancy
92% 95%
4%
0%
20%
40%
60%
80%
100%
31/12/2017 28/08/2018
decisions/LOI
occupancy75%
88%
7%
60%
70%
80%
90%
100%
31/12/2017 28/08/2018
decisions/LOI
occupancy
LETTING PROGRESS
6
93% Occupancy in completed
investment projectsvs 88% as of Aug 30, 2017
17,922 m2
new area leased in 2018*
* Reffers to EurocentrumOffice Complex, Royal
Wilanów and ArtN
+4%
+3%
+13%
EUROCENTRUM DELTA
EUROCENTRUM ALFA EUROCENTRUM BETA & GAMMA
ROYAL WILANÓW
INVESTMENT PORTFOLIO
8
PORTFOLIO OVERVIEW
Eurocentrum Alpha
Type Office
Occupancy 88%
Valuation EUR 26m
Eurocentrum Beta, Gamma
Type Office
Occupancy 95%
Valuation EUR 112m
Eurocentrum Delta
Type Office
Occupancy 86%
Valuation EUR 71m
Royal Wilanów
Type Mixed Use
Occupancy 97%
Valuation EUR 102m
ArtN
Type Mixed Use
Occupancy 24% (Pre-Let)
Valuation EUR 84m
Vis à Vis Przyczółkowa
Type Mixed Use
Occupancy 74%
Valuation EUR 5m
Galeria Zaspa
Type Retail
Occupancy 93%
Valuation EUR 15m
Hampton by Hilton Old Town Gdańsk
Type Hotel
Occupancy 100%
Valuation EUR 15m
ETC Swarzędz
Type Retail
Occupancy 88%
Valuation EUR 36m
Crowne
Type Mixed Use
Occupancy 33% (Pre-Let)
Valuation EUR 11m
Vis à Vis Lódź
Type Retail
Occupancy 99%
Valuation EUR 9m
Investment assets Development assets
Warszawa
Łódź
Swarzedz
Gdańsk
Poznań
Rezydencje Pałacowa II
Type HouseOccupancy Sold: 10,
booked: 2
Valuation EUR 6m
Joint venture assets
EUROCENTRUM BETA, GAMMA, Warsaw
EUROCENTRUM DELTA, Warsaw
EUROCENTRUM ALFA, Warsaw
GLA: 43,182 sqm
Completion date – June 2014
Yield1: 6.30%
Book value: PLN 488m (EUR 112m)
Occupancy: 95%
WAULT: 3.4 years
Top tenants: Unilever, Randstad, Coty, Comarch, Pelion, Group One
GLA: 27,135 sqm
Completion date – February 2016
Yield1: 6.30%
Book value: PLN 308m (EUR 71m)
Occupancy: 86%
WAULT: 5.7 years
Top tenants: Polskie Sieci Elektroenergetyczne, Centralny Ośrodek Informatyki, SAGE
COMPLETED INVESTMENT PROJECTS
9
GLA: 14,319 sqm
Acquisition date – March 2007 (Completion date –2002)
Yield1: 7.75%
Book value: PLN 116m (EUR 26m)
Occupancy: 88%
WAULT: 3.4 years
Top tenants: Provident Polska, IPF Polska, QUMAK, GIDT
EUROCENTRUM OFFICE COMPLEX, GLA: 84.636 sqm
➢ Yield: 6.48%
➢ Book value: PLN 912m
➢ Occupancy: 91%
➢ WAULT: 4.1 years
1 Core yield used in valuation process.
ROYAL WILANÓW, Warsaw
GALERIA ZASPA, Gdańsk
VIS À VIS ŁÓDŹ, Łódź
COMPLETED INVESTMENT PROJECTS
10
GLA: 36,923 sqm
Completion date – August 2015
Yield1: 6.5%
Book value: PLN 443m (EUR 102m)
Occupancy: 97%
WAULT: 4.6 years
Top tenants: Sygnity S.A., ERBUD, BoehringerIngelheim, Artis, Medicover
GLA: 8,683 sqm
Completion date – April 2016
Yield1: 7.50%
Book value: PLN 65m (EUR 15m)
Occupancy: 93%
WAULT: 5.1 years
Top tenants: Intermarche, Rossmann, EURO RTVAGD, Calypso, Pepco, KIK, ZooKarina, TextilMarket, DOZ Pharmacy, Dominos Pizza, YES,MAC
GLA: 5,711 sqm
Completion date – December 2014
Yield1: 8.0%
Book value: PLN 37m (EUR 9m)
Occupancy: 99%
WAULT: 4.7 years
Top tenants: Intermarche, Fit Fabric, Rossmann, Pepco, Blue Medica Clinic
1 Core yield used in valuation process.
INVESTMENT PROJECTS COMPLETED IN Q2 2018
11
HAMPTON BY HILTON OLD TOWN GDAŃSK
GLA: 7,000 sqm (174 hotel rooms)
Completion date: June 2018
Yield1: 8.50%
Book value: PLN 64m (EUR 15m)
Occupancy: 100%
WAULT: 17.5 years
Capex to be paid after H1 2018: PLN 2m
Top tenants: VHM (hotel operator – Hampton by Hilton), Kos Delicatessen,
Manufaktura Nalewki, Pan Cake
1 Yield in accordance with the preliminary CP Gdańsk sp. z o.o. share purchase agreement.
PROJECTS IN PROGRESS
ARTN, Warsaw
CROWNE, Warsaw
GLA: 67,351 sqm (office: 40,405 sqm, retail: 26,946 sqm)
Completion date: 4Q 2020
Yield1: 5.38%
Planned capex after H1 2018: PLN 730m
Book value: PLN 366m (EUR 84m)
Current prelease: 24% (office: 5%, retail: 51%)
Top tenants: OH Kino, Food Hall operator, BioBazar, Piotr i Paweł, SuperPharm, Car
Spa, L'Oreal Professionel, Weranda, Etno Cafe, Soul Food 12
GLA: 28,220 sqm (217 hotel rooms and 390 apartments)
Planned start of construction: 1Q 2019
Yield1: 6,72%
Book value: PLN 48m (EUR 11m)
Current prelease: 33%
Top tenants: VHM (hotel operator - Holiday Inn)
1 Core yield used in valuation process.
13
CLOSED-END INVESTMENT FUNDS
Real Estate Income Assets FIZAN, GLA: 15,010 m2
Number of properties - 39
Established – June 2013
Yield: 7.49%
Book Value: PLN 182m (EUR 42m)
Occupancy: 93%
NAV: PLN 14.0m
Group’s ownership: 18%
Fund Management Company: Mount TFI
Real Estate Income Assets II FIZAN, GLA: 15,550 m2
Number of properties - 8
Established – December 2016
Yield: 7.36%
Book Value: PLN 151m (EUR 35m)
Occupancy: 96%
NAV: PLN 9.7m
Group’s ownership: 15%
Fund Management Company: Mount TFI
JOINT VENTURE PROJECTS
ETC SWARZĘDZ, Swarzędz
VIS À VIS PRZYCZÓŁKOWA, Warsaw
REZYDENCJE PAŁACOWA II, Warsaw
GLA: 20,104 sqm
Completion date – October 2017
Yield: 7.15%
Book value: PLN 158m (EUR 36m)
Occupancy: 88%
WAULT: 4.5
Group’s interest: 60%
Top tenants: Intermarche, Reserved, EURO RTV AGD, CCC, Deichmann, KIK, Empik, Smyk, MartesSport, Kids OK, Dealz, Pepco, Sinsay, Home&You
14
GLA: 4,210 sqm
Completion date – 3Q 2018
Yield: 7.25%
Book value: PLN 23m (EUR 5m)
Current prelease: 74%
Planned capex after H1 2018: PLN 12m (EUR 4m)
Group’s interest: 64%
Top tenants: Villa Nova Dental Clinic, RTV EURO AGD, COSMEDICA, Max Burgers, HEBE, Decathlon
GLA: 5,760
Completion date – 3Q 2018
Book value: PLN 28m (EUR 6m)
24 homes
Sold: 10, booked: 2
Group’s interest: 64%
FINANCIAL RESULTS FOR H1 2018
▪ Net Operating Income (NOI) of PLN 52m (H1 2017: PLN 44m); +17.2% vs. H1 2017 as a result of new agreements signed
and increase of area taken over by tenants.
▪ As 87% of contracted rental income expire after 2020 the Group has secured long-term cash flow.
▪ Weighted average unexpired lease term (WAULT), excluding closed-end funds – 5.1 years.
GROWING RENTAL INCOME AND SECURED LONG-TERM CASH FLOW
RENTAL INCOME / NOImPLN
16
30 3033 32
35 35
22 22
25 2426 26
74%74%
75%74%
73%74%
67%
69%
71%
73%
75%
77%
79%
81%
83%
85%
0
5
10
15
20
25
30
35
40
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2
Rental income Net operating income Margin
LONG-TERM LEASES
0%
5%
8%
18%
23%
13%
33%
2018 2019 2020 2021 2022 2023 > 2023
*Excluding closed-end funds
▪ FX rate: 4.3616 (Jun 30, 2018) vs. 4.1709 (Dec 31, 2017)
▪ + PLN 25m - total net fx change impact on P&L in H1 2018
▪ + PLN 96m - non-cash revaluation of property value
resulting from exchange rate differences
EXCHANGE RATE DIFFERENCE IMPACT ON P&L
FX CHANGES IMPACT ON P&L IN H1 2018
PLN m
17
4.21984.2265
4.3091
4.1709
4.2085
4.3616
4,0500
4,1000
4,1500
4,2000
4,2500
4,3000
4,3500
4,4000
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
EXCHANGE RATE FOR THE END OF REPORTING PERIOD
FX CHANGES NET IMPACT ON P&L
-27
-68
25
-80
-60
-40
-20
0
20
40
H1 2017 2017 H1 2018
PLN m
96 -56
-18
6 25
-1
▪ Average cost of debt: 3.03% vs. 4.30% (Dec 31,
2016)
▪ PLN 10m yearly savings due to change of
currency structure of bonds from PLN to EUR and
refinancing of the Royal Wilanów and
Eurocentrum Office Complex bank loans.
LOWER COST OF DEBT AND CONTINUATION OF DECREASE IN INTEREST EXPENSE
18*Excluded the impact of measurement of financial liabilities at amortised cost, in accordance with IFRS 9.
INTERESTS & COST OF DEBTPLN m
2.87%expected average cost of
debt after refinance of the remaining PLN-bonds
26
23
21 21 204.50%
4.30%
3.29%3.15%
3.03%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
0
5
10
15
20
25
30
H1 2016 H2 2016 H1 2017 H2 2017 H1 2018
Total interest Average cost of debt
Consolidated statement of profit or loss and other comprehensive income (mPLN)
6M 2018 12M 2017 6M 2017
Rental income 70,3 125,8 60,0 Direct property operating expenses (18,5) (32,7) (15,8)
Net operating profit 51,8 93,1 44,2 Income from property management 1,3 1,5 0,4 Loss on disposal of investment property – 0,2 –Other income – – 0,2 Cost of SPV operations (2,6) (6,3) (3,3) Administrative expenses (3,8) (11,4) (5,8) Renovation and repair of property (0,2) (0,8) (0,3) Cost of incentive scheme measurement (1,3) (1,7) (1,4) Gain/(loss) on property revaluation 104,9 (84,7) (91,4) Receivable write-off costs (1,0) (3,6) (2,3) Share in net profit/(loss) ofequity-accounted entities
0,5 8,7 2,2
Other costs – –Operating profit/(loss) 149,6 (5,0) (57,5)
Interest income 1,3 2,2 1,5 Interest expense (19,1) (40,1) (19,8) Loss on measurement of financial liabilities (51,9) 46,7 37,2
Profit/(loss) before tax 79,8 3,8 (38,6) Corporate income tax (20,7) (13,6) 6,2
Net profit/(loss) 59,2 (9,7) (32,4) Exchange differences on translating foreign operations
(0,3) 7,7 7,8
Total comprehensive income 58,9 (2,0) (24,6)
19
PROFIT AND LOSS ACCOUNT
The observed increase in rental income (+17% y/y) resulting from new lease agreements
Non-cash revaluation of property value resulting mainly from exchange rate differences
Mainly the effect of exchange rate differences on revaluation of liabilities in EUR (investment loans) and change in revaluation of derivatives securing construction loans.
ArtN, PLN 30m
Hampton By Hilton Old Town Gdańsk, PLN 14m
EC Delta, PLN 4m
Crowne, PLN 3m
EC Beta & Gamma, PLN 2m
EC Alfa, PLN 2m
▪ Capex of PLN 55m (H1 2017: PLN 87m) paid mainly in ArtNand Hampton by Hilton Old Town Gdańsk
GROWING PORTFOLIO VALUE
CAPEXINVESTMENT PROPERTY MOVEMENT
mPLN
20
966 9841 066
879 882 937
9.08 9.179.93
8.27 8.21
8.73
7,00
7,50
8,00
8,50
9,00
9,50
10,00
10,50
0
200
400
600
800
1000
1200
30/06/2017 31/12/2017 30/06/2018
NAV (mln PLN) before restatement NAV (mln PLN)
NAV/share diluted (PLN) before restatement NAV/share diluted (PLN)
21
GROWING NET ASSET VALLUE
NAV/SHARE diluted [EUR] NAV/SHARE diluted [PLN]
▪ The Management Board of the Capital Park SA Group, taking into
account the possibility of changing the strategy in relation to the
Group’s investment properties, decided to recognise deferred tax
liability between the fair value and tax value of those properties in
the consolidated statements. According to reporting standards, the
historic financial data was restated as a base for comparison.
Impact of deferred tax on properties H1 2018
DTL on properties (132)
DTA on properties 3
total impact on equity (129)
retained earnings (103)
profit of 2018 (26)
229 236 244
208 211 215
2.13
2.212.28
1.981.99
2.02
1,80
1,90
2,00
2,10
2,20
2,30
2,40
2,50
0
50
100
150
200
250
300
30/06/2017 31/12/2017 30/06/2018
NAV (mEUR) before restatment NAV (mEUR)
NAV/share diluted (EUR) before restatement NAV/share diluted (EUR)
22
EPRA NAV
NAV & EPRA NAV [EUR] as of H1 2018 NAV & EPRA NAV [PLN] as of H1 2018
▪ European Public Real Estate Association (EPRA) established global leading real estate index to provide stakeholders with the most relevant
information on the fair value of the assets and liabilities within an ongoing real estate investment company with a long-term investment
strategy.
▪ The objective of the EPRA NAV measure is to highlight the fair value of net assets on an ongoing, long-term basis. Assets and liabilities that
are not expected to crystallise in normal circumstances such as deferred taxes on property valuation and the fair value of financial derivatives
surpluses are therefore excluded. It also adjusts the number of shares for the potential dilution of shares issuable under employee share
schemes.
1 066
937
1052
9.93
8.73
9.80
7,50
8,00
8,50
9,00
9,50
10,00
10,50
11,00
0
200
400
600
800
1 000
1 200
NAV beforerestatment
NAV EPRA NAV
244
215
241
2.28
2.02
2.25
1,50
1,70
1,90
2,10
2,30
2,50
2,70
2,90
0
50
100
150
200
250
300
NAV beforerestatment
NAV EPRA NAV
37 34138
74
792
622 15
168
31
0
100
200
300
400
500
600
700
800
900
31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 >31.12.2022
mln
PLN
Bank loans Bonds
Eurocentrum – PLN 461mFIZ II – PLN 78mRoyal Wilanów – PLN 234m Warsaw, Belgradzka – PLN 15m
23
SAFE DEBT MATURITY
46%Net debt/total assets
DEBT MATURITYmPLN
FIZ I – PLN 99m
Vis à Vis Łódź – PLN 20mHampton by Hilton OldTown Gdańsk – PLN 37m
Galeria ZaspaPLN 37m
Series J-M bonds
Multifunctional loan(Getin) PLN 22m
99%Debt in EUR
24
STABLE CASH POSITION
CASH MOVEMENTS IN H1 2018
CASH FLOW
mPLN
193
133
47
3015 -55
-44
-18 -34
-3 0
0
50
100
150
200
250
300
350
Cash 31 Dec2017
Cash fromoperating
activity
Bonds seriesN issue
Bank loansutilisation
Capex Bondsrepayment
Interestsexpense
Creditrepayments
FIZ I & FIZ IIdividendpayment
Other Cash 30 Jun2018
▪ Change in cash and cash equivalents vs H1 2017 resultsmainly from repayment of PLN-bonds (PLN 44m) and multifunctional bank loan (EUR 2.5m).
▪ Increase in cash flow from operating activities (+34% vs. H1 2017) results from new agreements signed.
Cash flows H1 2018 H1 2017
Cash at the beginning of the period 193 157
operating CF 47 35
investment CF (55) (34)
financial CF (53) 17
Cash at the end of the period 133 175
Balance Sheet (mPLN) 30/06/2018 31/12/2017 30/06/2017
Long-Term Assets 2.414,8 2.248,6 2.167,9 Real estate properties 2.333,6 2.174,4 2.100,1 Deferred tax assets 32,8 26,7 27,2 Other non-current investments 44,3 42,7 34,7 Other financial assets 1,7 2,6 3,8 Other assets 2,4 2,2 2,1
Current Assets 170,2 227,2 211,1 Inventory – – –Other receivables 18,5 14,6 17,5 Tarde receivables 12,3 11,9 12,7 Other current investments 6,6 7,4 6,3 Cash 132,7 193,3 174,5
Balance Sheet (mPLN) 30/06/2018 31/12/2017 30/06/2017
Capital and Reserves, including: 1.053,5 996,5 979,8 Share Capital 106,6 106,5 106,4 Receivable equity contribution 797,7 858,3 858,3 Profit (loss) of the year 54,1 -14,1 (20,1) Non-controlling interests 116,3 114,9 100,6
Long-Term Liabilities 1.437,2 1.314,7 1.177,3Bank borrowings and other financial liabilities 1.084,3 1.014,8 994,7 Bonds liabilities 177,5 156,2 85,0 Other long term liabilities 19,0 11,4 0,0 Provision for deferred tax 156,3 132,3 97,5
Current Liabilities 94,2 164,6 221,6 Bank borrowings and other financial liabilities 47,7 83,2 66,5 Bonds liabilities 25,2 53,6 123,1 Other liabilities and provisions 21,3 27,8 32,0
Total equity 2.584,9 2.475,9 2.378,8Net debt 1.196,8 1.110,1 1.094,9 Net debt/(Capital and reserves) 1,14 1,11 1,12 Net debt/Total assets 46% 45% 46%
25
BALANCE SHEET
Decrease in cash due to: repayment of PLN 44m of bonds, EUR 2.5m of Getin loan, capex paid on ArtN.
As of 30 June 2018 the owners of 82% of REIA FIZAN and 85% in REIA II FIZAN
Investments in jointly controlled entities (ETC Swarzędz, Vis à Vis Pałacowa, Rezydencje Pałacowa II)
Mainly the increase in the balance of Hampton by Hilton Old Town Gdańsk construction loan.
Decrease in balance of current bonds as of 30 June 2018 due to repayment of PLN 44m bonds in 2018. Decrease in 2017 due to repayment of PLN 109m of bonds.
Increase in H1 2018 refers mainly to property revaluation (+ PLN 105m) and capex paid in ArtN and Hampton by Hilton Old Town Gdańsk (+ PLN 55m).
Deferred tax provision in respect of differences between the caryingamounts and tax bases of those properties
26
ArtN
Timeline
Q4 2017
Start of
construction
Q1 2018
• Transport of some historical
machinery.
• Demolition of non-historical buildings.
• 520 press building – cut at the time of
widening Prosta street.
• Support to secure existing buildings.
• Start of diaphragm walls construction
(specialist foundations).
Q2 2018
Entry of the
Lead Contractor
Q4 2018
Diaphragm
walls
completed
Q3 2019
Level „0”
completed
Q4 2019
Shell and core of
building A and B
Q2 2020
Roofed shell of
buildings A and B
Q4 2020
Completion
27
ARTN DEVELOPMENT UPDATE
28
DICTIONARY
► GLA – Gross Leasable Area
► WAULT – Weighted Average Unexpired Lease Term
► CAPEX – Capital expenditure
► NOI – Net Operating Income,
► FFO – Funds From Operations,
► NAV – Net Asset Value
► EPRA NAV – Net Asset Value calculated in accordance with European Public Real Estate Association’s metodology
(http://www.epra.com/). The net assets on the balance sheet excludes the effects of hedges, debt adjustments
associated with the hedges and deferred taxation. It also adjusts the share in issue for the potential dilution of
shares issuable under employee share schemes.
► NCI – Non-controlling Interest
29
ABOUT CAPITAL PARK GROUP
▪ 15 years of real estate experience on the Polish market.
▪ Listed on the Warsaw Stock Exchange since Dec 2013.
▪ Property investor, developer and manager with a strong reputation.
▪ The Group manages a portfolio of properties with a total area of 304,000 m2 and a
market value of PLN 2.5bn, of which 77% properties are located in Warsaw.
▪ High quality investment assets, comprising Eurocentrum and Royal Wilanów, 93%
leased out, with WAULT of five years.
▪ Experienced and reputable management team, with the knowledge and passion to
implement and manage innovative investment projects, supported by an in-house
team of 74 professionals.
▪ Originator of the unique Office Plus concept.
EUR 1bnof bank financing
(closed financing agreements)
304k sqmmanaged p
ortfolio area
66 projectsunder management
across Poland
74 professionals
30
DISCLAIMER
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reproduced, redistributed or passed on, in part or in whole, to any other person. In particular, neither this document nor any copy hereof may be taken, transmitted or distributed, directly or indirectly, into the United States (as defined in Rule 902 of Regulation S under the US Securities Act of 1933, as amended (the “Securities Act”)). The shares or other securities of the Company have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States, and, subject to certain exemptions, may not be offered or sold in the United States unless registered under the Securities Act and applicable state law, if any, or pursuant to an exemption from, or in a transaction not subject to, such registration. The Company does not intend to register its shares or any of its securities under the Securities Act or to conduct any offering of its shares or its securities in the United States. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any other jurisdiction. By accepting this document, you agree to be bound by the foregoing limitations.
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▪ In all cases, interested parties should conduct their own investigation and analysis of the Company, its business, prospects, operational results, financial condition and the information contained in this Presentation, and are recommended to seek their own financial, legal and other professional advice. Nothing in this Presentation constitutes investment advice and any information contained herein is not based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient.
▪ The issuance of this Presentation shall not be taken as any form of commitment to proceed with any transaction. Moreover, recipients will not initiate or engage in any contact with any employee of the Company or any person who has a business relationship with the Company.
▪ This Presentation is not a prospectus, offering memorandum or promotional campaign material which would need to be reviewed or approved by a relevant authority and does not constitute or form any part of an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire any securities of the Company, or the assets or business described herein in any jurisdiction, and shall not form the basis of any contract.
▪ This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts sometimes identified by the words “believes,” “expects,” “predicts,” “intends,” “projects,” “plans,” “estimates,” “aims,” “foresees,” “anticipates,” “targets” and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including, without limitation, changes in general economic conditions, in particular economic conditions in Poland, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damage, the potential impact of legal proceedings and actions, and the Company’s ability to achieve operational synergies from past or future acquisitions. The Company does not guarantee that the assumptions underlying the forward-looking statements in this Presentation are free from errors, nor does it accept any responsibility for the future accuracy of the opinions expressed in this Presentation or any obligation to update the statements in this Presentation to reflect subsequent events. The forward-looking statements in this Presentation are made only as of the date hereof. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients hereof shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Consequently, the Company does not undertake any obligation to review, update or confirm analysts' expectations or estimates, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the Presentation.
▪ The distribution of this Presentation does not constitute the making available of information to promote the purchase or acquisition of securities or an inducement of their purchase or acquisition within the meaning of Article 53 section 1 of Polish Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, as amended, and does not constitute a promotional campaign within the meaning of Article 53 section 2 of such Act.
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