Digitree Group S.A.

Earnings Release • Mar 20, 2017

Subject: Preliminary Financial Information for the Financial Year 2016

Current Report No. 16/2017

Pfleiderer Group S.A. (together with its subsidiary PCF GmbH,"Pfleiderer") announces selected preliminary financial information forthe financial year ended December 31, 2016:

• Consolidated net sales amount to approximately €960 million (adecrease of 2.4% compared to the financial year ended December 31,2015). Such decrease was primarily driven by lower sales prices and anegative exchange rate effect. Net sales of our Core West segment amountto approximately €659 million (an increase of 1.2% compared to thefinancial year ended December 31, 2015); the increase was primarilydriven by higher sales volumes and an increase of value-added productsales. Net sales of our Core East segment amount to approximately €339million (a decrease of 9.4% compared to the financial year endedDecember 31, 2015); the decrease was primarily driven by declining salesof our MDF plant in Grajewo, lower sales prices in Poland due to lowerraw material prices and a negative exchange rate effect.

• Consolidated gross profit amounts to approximately €252 million(adjusted for purchase price allocation effects of approximately €29million due to the reverse takeover and changes in the corporatestructure), which represents an increase of 3.4 % compared to thefinancial year ended December 31, 2015. Such increase was primarilydriven by increased sales volumes of value-added products and positiveraw material price effects.

• Sustainable EBITDA amounts to approximately €149 million (an increaseof 12.5% compared to the financial year ended December 31, 2015). Suchincrease was primarily driven by the positive gross profit developmentas well as cost savings and synergies. The main non-sustainable itemsare integration costs in connection with the "One Pfleiderer" project(approximately €12 million), costs and purchase price allocation effectsin relation to the reverse takeover and the re-IPO (approximately €10million) as well as follow-up cost regarding the anti-trust proceedingsin Germany (approximately €6 million). Sustainable EBITDA in our CoreWest segment amounts to approximately €101 million (an increase of 29.2%compared to the financial year ended December 31, 2015). SustainableEBITDA in our Core East segment amounts to approximately €49 million (adecrease of 9.7% compared to the financial year ended December 31, 2015).

• Sustainable EBITDA margin is equal to approximately 15.5% (compared to13.4% in the financial year ended December 31, 2015). Sustainable EBITDAmargin in our Core West segment is equal to approximately 15.3%(compared to 11.9% in the financial year ended December 31, 2015), withsuch increase primarily being driven by cost savings and operationalimprovement measures. Sustainable EBITDA margin in our Core East segmentis equal to approximately 14.5 % (compared to 14.6% in the financialyear ended December 31, 2015); due to cost savings and operationalimprovement measures, the margin was only slightly down despite the 9.7%decrease in sustainable EBITDA.

• Capital expenditures amount to approximately €52 million (compared to€47 million in the financial year ended December 31, 2015), thereofapproximately €17 million maintenance capex.

• Cost synergies achieved in relation to the implementation of the "OnePfleiderer" project amount to approximately €18 million, thereofapproximately €8 million in Core East and approximately €10 million inCore West.

• Net leverage ratio (net financial debt / sustainable EBITDA) is equalto approximately 1.6x.

The preliminary financial information above is based on internalmanagement accounts and has been prepared by the Pfleiderer'smanagement. This preliminary financial information has not been audited,reviewed or verified and no procedures have been completed byPfleiderer's external auditors with respect thereto. It is not intendedto be a comprehensive statement of Pfleiderer's financial or operationalresults for the financial year ended December 31, 2016, and you shouldnot place undue reliance thereon. This preliminary information issubject to confirmation in Pfleiderer's audited consolidated financialstatements and audit report for the financial year ended December 31,2016. Consequently, upon publication of Pfleiderer's audited results forthe year ended December 31, 2016, Pfleiderer may report results that arematerially different from those set forth in this current report. Theconsolidated annual report for the financial year ended December 31,2016 is expected to be published on April 26, 2017.

The preliminary financial information above includes the full 12 monthin 2016 as it does not reflect that the first-time consolidation ofPfleiderer group occurred on January 19, 2016. Further the preliminaryfinancial information include the adjustment of the amortization of thefair-value entries for the purpose of first-time consolidation ofPfleiderer group and "non-sustainable items". Therefore, the preliminaryfinancial information above will not be fully comparable with thereported audited financial statements for 2016 (period from January 19,2016 through December 31, 2016).

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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