Digitree Group S.A.

Report Publication Announcement • Mar 20, 2017

Subject: Launch of Refinancing

Current Report No. 17/2017

Further to current report no. 13/2017, Pfleiderer Group S.A. (togetherwith its subsidiary PCF GmbH, "Pfleiderer") announces that they mandatedCredit Suisse International, Deutsche Bank AG, London Branch and GoldmanSachs Bank USA as Mandated Lead Arrangers and Joint Bookrunners toarrange €450.0 million senior secured credit facilities (the"Facilities") comprising (i) a €350.0 million 7-year covenant-lite termloan B facility and (ii) a €100.0 million 5-year revolving creditfacility. The proceeds from the Facilities are intended to be used toredeem the existing €321,684,000 7.875% senior secured notes issued byPCF GmbH (formerly Pfleiderer GmbH) ("Notes"), to refinance the existingsenior secured revolving credit facility and to fund related transactionfees, redemption premium and expenses as well as general corporatepurposes and working capital requirements.

Subject to the Facilities being completed, Pfleiderer currently intendsthe redemption of the Notes to occur on or after August 1, 2017 at aredemption price of 101.969%.

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This report was prepared pursuant to Article 17 Section 1 of Regulation(EU) No. 596/2014 of the European Parliament and of the Council of 16April 2014 on market abuse (market abuse regulation) and on repealingDirective 2003/6/EC of the European Parliament and of the Council andCommission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L173/1 dated June 12, 2014).

March 20, 2017