Benefit Systems S.A.

Capital/Financing Update • Feb 24, 2025

Decision on series C bonds issue

The Management Board of Benefit Systems S.A. with its registered seat inWarsaw ("Issuer") in reference to the report No: 5/2025 of 23 January2025 hereby informs, that on 21 February 2025 the Management Board ofthe Issuer adopted a resolution on issuing up to 1,000,000 (one million)unsecured series C bearer bonds with face value of PLN 1,000 (onethousand zlotys) each and aggregate nominal value up to PLN1,000,000,000 (one billion zlotys) ("Bonds"), issued under the Issuer'sbond issuance programme with an aggregate nominal value of issued andunredeemed bonds not exceeding PLN 1,000,000,000 (one billion zlotys) atany time during the programme, by way of a public offering, based on theexemption from the obligation to publish a prospectus provided for inArt. 1(4)(a) of Regulation (EU) No 2017/1129 of the European Parliamentand of the Council of 14 June 2017 on the prospectus to be publishedwhen securities are offered to the public or admitted to trading on aregulated market and repealing Directive 2003/71/EC. The issue of theBonds was approved by the Issuer's Supervisory Board.

The interest rate on the Bonds will be variable, determined based on theprime rate of WIBOR 6M, plus a margin of 190 basis points (bps).

The scheduled date of issuance of the Bonds is on or about March 11,2025.

Pursuant to Article 35(1) of the Bond Act, the detailed terms andconditions of the Bonds issue will be attached to the purchase proposalmade available to investors on behalf of the Issuer.

The total amount of the Issuer's unaudited standalone financialliabilities as of December 31, 2024 was PLN 1,138 million, withstandalone financial liabilities past due amounting to PLN 1 million.

Forecasts of the Issuer's financial liabilities:

Estimated value of the Issuer's financial liabilities and estimatedstructure of the Issuer's financing (understood as the value andpercentage of liabilities from borrowings, debt instruments, leaseliabilities and other financial liabilities in the total equity andliabilities of the Issuer):

(I) as of the last day of the fiscal year in which the Bonds are to beissued, i.e. December 31, 2025:

a) Borrowings: PLN 385 million, 9% share in total equity and liabilities

b) Debt instruments: PLN 1,000 million; 24% share in total equity andliabilities

c) Lease liabilities: PLN 1,206 million; 28% share in total equity andliabilities

d) Other financial liabilities: PLN 22 million; 1% share in total equityand liabilities

e) Total financial liabilities: PLN 2,613 million; 61% share in totalequity and liabilities

(II) as of the date ending twelve months after the scheduled date ofissuance of the Bonds, i.e. March 11, 2026.:

a) Borrowings: PLN 385 million, 9% share in total equity and liabilities

b) Debt instruments: PLN 1,000 million; 23% share in total equity andliabilities

c) Lease liabilities: PLN 1,208 million; 28% share in total equity andliabilities

d) Other financial liabilities: PLN 22 million; 1% share in total equityand liabilities

e) Total financial liabilities: PLN 2,615 million; 60% share in totalequity and liabilities

The total amount of the Benefit Systems Group unaudited consolidatedfinancial liabilities as of December 31, 2024 was PLN 1,554 million,with consolidated financial liabilities past due amounting to PLN 1million.

Forecasts of the Benefit Systems S.A. Group financial liabilities:

Estimated value of the Benefit Systems S.A. Group financial liabilitiesand estimated structure of the Benefit Systems S.A. Group financing(understood as the value and percentage of liabilities from borrowings,debt instruments, lease liabilities and other financial liabilities inthe total equity and liabilities of the Benefit Systems S.A. Group):

(I) as of the last day of the fiscal year in which the Bonds are to beissued, i.e. December 31, 2025:

a) Borrowings: PLN 385 million, 7% share in total equity and liabilities

b) Debt instruments: PLN 1,000 million; 19% share in total equity andliabilities

c) Lease liabilities: PLN 1,801 million; 35% share in total equity andliabilities

d) Other financial liabilities: PLN 75 million; 1% share in total equityand liabilities

e) Total financial liabilities: PLN 3,261 million; 62% share in totalequity and liabilities

(II) as of the date ending twelve months after the scheduled date ofissuance of the Bonds, i.e. March 11, 2026.:

a) Borrowings: PLN 385 million, 7% share in total equity and liabilities

b) Debt instruments: PLN 1,000 million; 19% share in total equity andliabilities

c) Lease liabilities: PLN 1,804 million; 34% share in total equity andliabilities

d) Other financial liabilities: PLN 75 million; 1% share in total equityand liabilities

e) Total financial liabilities: PLN 3,264 million; 61% share in totalequity and liabilities