Digitree Group S.A.

Report Publication Announcement • Feb 28, 2017

Subject: Refined Refinancing Plans

Current Report No. 13/2017

Further to current report No. 63/2016 dated 8 December 2016 (the"Report"), the Management Board of Pfleiderer Group S.A. (the "Company")hereby announces that it has refined its refinancing plans in respect ofthe existing EUR 321,684,000 7.875% Senior Secured Notes issued by PCFGmbH (formerly Pfleiderer GmbH) on 7 July 2014 (the "Notes") and theexisting EUR 60 million and PLN 200 million revolving facilities (the"Existing Facilities").

Based on the current strong and favourable conditions in theinstitutional loan and bond markets, the Company is currently working ona capital markets oriented refinancing solution for its Notes and theExisting Facilities, to enhance the Company's operational flexibilityand financing cost. The Company intention to early redeem the Notescontinues and it will report separately on the redemption and theredemption date.

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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).

February 28, 2017