Polski Holding Nieruchomości S.A.

Capital/Financing Update • Mar 31, 2016

Current report No. 9/2016 of March 30, 2016

Concluding an agreement for the purchase of property by one of theIssuer's subsidiaries

Legal basis: Article 56.1.2 of the Act on Public Offering - currentand periodical information

In relation to Current report No. 28/2015 of August 14, 2015 and Currentreport No. 37/2015 of November 17, 2015, the Management Board of PolskiHolding Nieruchomości S.A. (the "Issuer") hereby informs that on March30, 2015, one of the Issuer's subsidiaries - PHN SPV 33 Sp. z o.o. basedin Warsaw ("PHN SPV 33") - concluded a final agreement for the purchasefrom Torus spółka z ograniczoną odpowiedzialnością spółka komandytowabased in Gdańsk ("TORUS") of the right of perpetual usufruct of propertylocated in Gdańsk at al. Grunwaldzka 409 and the ownership of A-classoffice building with an area of approx. 25,000 sq.m. located on theproperty, constituting the second phase of the complex known under thename of "Alchemia" (hereinafter jointly referred to as the "Property").

According to the final agreement, the final price of the Property hasbeen specified based on the price formula which takes into account thebasic rental rate and the agreed capitalization rate as well asadditional adjustments, including adjustments due to rent waivers, andamounts to EUR 60.6 million (which as at March 30, 2016, is theequivalent of PLN 257.2 million based on the average exchange rate ofthe National Bank of Poland). PHN SPV 33 has obtained external financingfor the transaction, which was communicated by the Issuer in Currentreport No. 8/2016 of March 25, 2016.

The Property was commissioned in October 2015 and consists of two parts:a 6-storey and an 8-storey one, which are joined by a common 4-storeybase but have separate reception areas. Main tenants include StateStreet investment bank, which has rented the entire tower, Wipro ITServices and Alexander Mann Solutions.

The terms and conditions of the final agreement do not significantlydiffer from standard terms and conditions used in such agreements. Theagreement does not include provisions about contractual penalties.

There are no relations between TORUS on the one side and the Issuer andPHN SPV 33 on the other, or between the persons who manage or superviseTORUS and the persons who manage or supervise the Issuer and PHN SPV 33.

The sale agreement and the related assets have been deemed assignificant because their value exceeds 10% of the Issuer's equity.

Concluding the final agreement for the sale of the Property is alignedwith the Issuer's strategy, which assumes acquisitions of modern officespaces.

Legal basis: Article 5.1.1 and 5.1.3 in relation with Article 7 and 9of the Regulation of Minister of Finance of February 19, 2009 on currentand periodical information published by issuers of securities and theconditions of recognizing information required by the regulations ofnon-member states as equivalent (Journal of Laws 2009 No. 33, item 259,as amended).