Benefit Systems S.A.

M&A Activity • Jan 15, 2019

The Management Board of Benefit Systems S.A. with its registered seat inWarsaw (the "Issuer") hereby announces that on 15 January 2019, theIssuer entered into agreement for acquisition of 47.5% of shares inBenefit Partners sp. z o.o. (the "Benefit Partners") at the price of PLN2.6 million. The agreement was entered into with Cal Capital sp. z o.o.,a company controlled in 100% by Ms Agnieszka van Bergh. As a result ofthe transaction, the Issuer now holds 95% of the share capital ofBenefit Partners and will be fully consolidating the results of thelatter company. The remaining 5% of the share capital are held by MrZbigniew Tatys, CEO of the company.

The activity of Benefit Partners consists in the purchasing of sportsequipment and leasing it out to fitness clubs (which form parts of theCapital Group of the Issuer with an option of cooperation also with theentities of the fitness sector from outside of the Issuer's CapitalGroup). Benefit Partners is financed by bonds (PLN 36.3 million as at 31December 2018) and loans granted by the Issuer (PLN 41.0 million as at31 December 2018).

The revenues of Benefit Partners amounted to PLN 4.5 million in 2017 andPLN 5.2 million in the first six months of 2018. At the web site ofBenefit Partners, in the section: relacje inwestorskie (investorrelations), semi-annual and annual financial statements of the companyare available.

Cal Capital sp. z o.o. acquired shares in Benefit Partners as a resultof capital increase in Benefit Partners in May 2017, which was announcedby the Issuer in the consolidated financial statements for the first sixmonths of 2017 and in the consolidated financial statements for 2017.