ALTA S.A.Presentation of the Company

May 2015

Legal disclaimer

The following presentation has been drafted only in information purposes and does not aim at persuading to acquire or dispose of any financial instruments. The presentation does not constitute the advertisement, offer or the proposal of financial instruments acquisition. The presentation includes information sources which Alta S.A. considers as credibleand and accurate, it is not guaranteed however, that these sources are comprehensive and fully reflect the factual condition. The presentation may include the statements about the future which constitute investment risk or the source of uncertainty and may vary significantly from the factual results. Alta S.A. is not responsible for the effects of decisions taken on the basis of this presentation.The presentation should not be treated as a source of knowledge sufficient to make an investment decision. The accountability for the way of using the data included in this presentation lies exclusively on the person using this presentation. The presentation is subject to protection pursuant to the Copyright and Neighbouring Rights Act. Copying, publishing or dissemination of the presentation requires a prior written consent of Alta S.A.

Agenda

• Information about Alta S.A.• Financial results• Key projects

• SIEWIERZ JEZIORNA• TUP PROPERTY

Information about Alta S.A.

ALTA – INVESTMENT COMPANY

• ALTA S.A. is an investment entity in the meaning of IFRS 10. In accordance with the provisions of IFRS 10 which entered into force on 1 January 2014, the Management Board of the entity has qualified ALTA as an investment entity and the shares in its subsidiaries and affiliated companies as investments, respectively.

• ALTA S.A, as an investment entity, performs the function of a financial investor. The current Investments of ALTA are companies operating in property industry, holding there diversified positions, such as the lease of commercial, logistic and office properties, the sale of developed construction land with a project or the sale of houses and flats.

ALTA – MAIN INVESTMENTS

Chmielowskie Sp. z o.o. - Siewierz Jeziorna

project

Forest Hill Sp. z o.o. -- residential construction

Przystań Siewierz Sp. z o.o.– management of Siewierz

Jeziorna district and of construction land; leisure

services

TUP Property S.A. –commercial properties,

portfolio of lease properties

COMPANY BODIES AND SHAREHOLDERS

Robert Jacek Moritz – President of the Management Board(since 2005)

Educational background:- 1980-1986 Warsaw University of Technology, Transport DepartmentCareer path:- Since February 2005, President of the Management Board of ALTA S.A. (previously TUP S.A.)•- In 1991 – he founded a company Robert J. Moritz & Co. Forwarding; in 1996 he sold the shareholdings of the company to a German enterprise Hellmann Worldwide Logistics. Subsequently, the company changed its name to Hellmann Moritz International Forwarders.•- In 1987-91 he cofounded, and then managed a company called Servisco.

Ipopema TFI5,22%

Investors TFI7,79%

Others21,68%

The Moritz family and Hlamata Holdings Ltd

65,31%

MILESTONESALTA S.A.

1999 - debut on the Warsaw Stock Exchange

2005 - taking control over the company by the

Moritz family

2005 - sale of the transportation branch to Raven

2005 - change of operation profile to investment

company, followed by acquisition and disposal of

companies and properties

2006 - establishement of TUP Property,

subsequent merger with PHC

2007 - Issuance of shares – the value of issuance,

PLN 110 mln, used, i. a. for the purchase of the

portfolio of properties for the amount of PLN 93

mln,

Purchase of the property in Siewierz for PLN 57

mln

2008 - Acquisition of Chmielowskie property

2013 - Launch of the development of Sustainable

Town in Siewierz Jeziorna

SIEWIERZ JEZIORNA• October 2007 - Charrette workshops in Siewierz – urban planning

workshops aiming at creating an investment concept in cooperation with authorities and inhabitants of Siewierz. Such a planning method is referred to as charrette by urban planners.

• June 2008 – Ready architectural code, developed by Duany Plater-Zybert & Company Architects & Town Planners (DPZ Europe) – the set of architectural and urban planning principles, defining the external looks of Siewierz Jeziorna.

November 2008 - the Municipality and the Communal Office of Siewierz adopted a study of land use conditions and directions for the total area of Siewierz Jeziorna. • April 2010 – agreement with the municipality of Siewierz concerning

the development of the Investment - defining future obligations of the parties, connected with the realisation of the Investment, including the construction of particular elements of infrastructure.

June 2010 - the Municipality and the Communal Office of Siewierz adopted the Local Spatial Development Plan for a part of the Investment

SIEWIERZ JEZIORNA –LATEST OPERATIONSIn 2014 and in the first quarter of 2015 the Company Chmielowskie carried out the following works in the scope of tasks performed in the project of Siewierz Jeziorna:

- The architecture office completed the project of spatial development, of completion and installation solutions covering the second quarter and the parts of quarters 3 and 4; construction permits for the installation were obtained

- A division of land for water intake and a pump station was carried out

- Agreements concerning the following works were concluded: establishment of optic fibre networks, laying foundations, installing exterior lighting and connecting the building to power grid networks in quarters 2 and 3. An agreement was concluded for the creation of rain water drainage on a quarters 2 and 4.

- The following were opened for use: first three detached houses, a part of roads and networks in the first quarter as well as a rainfall water collector and sewage system

- The Company concluded with Murapol S.A. a preliminary conditional agreement of sale of plots of land in the Siewierz Jeziorna project. The object of sale are undeveloped plots of land covering 0,2187 hectares. On the property in subject the Acquirer will raise two multi-family residential blocks of flats, covering at least 2 500 square metres of residential space.

- Signing the letter of intent, followed by the sale agreement with another unconnected developer company, concerning the sale of 5 plots of land for single-family constructions (terraced houses).

EVENTS IN 2014 AND Q1 OF 2015

• Sale of Forrest Hill property and of Centrum Handlowe Bażanty – the acquirer, in accordance with the project drafted by TUP Property and ALTA (restructuring and spatial planning for the area) develops a residential neighbourhood with service functions

• Sale of almost 22% of shares of X-press Couriers Sp. z o.o – execution of Investment exit strategy

• Establishement of SPVs - on 3 March 2015 TUP Property S.A. established two Special Purpose Vehicles: Jeziorna 149 Sp. z o.o. and Traktowa 6 Sp. z o.o. The Companies have been created for investment and restructuring ventures and for the optimization of investment structure of of TUP Property S.A.

• Share capital increase of Jeziorna 149 Sp. z o.o. - TUP Property covered the shares in the increased share capital of Jeziorna 149 in exchange for the non-cash (in-kind) contribution in the form of organized part of the enterprise.

• Refinancing of debt of TUP Property – loan granted by mBank Hipoteczny for the amount of Euro 8,1 mln

2013 – 2020 strategy• In the period of 2005-2013 the Group of TUP S.A. carried out the assumptions of the strategy adopted after the

disinvestment of CJ International, consisting in diversified investments in prospective ventures in various industries and regions. The aim of the group was achieving high return rates with a limited risk (e.g. thanks to diversified industries)

• Changes in investment market, volatile market environment and increasing expectations as to return rates, made the group of TUP S.A. adopt a new strategy, assuming the sale of lower return rate projects.

• In 2013-15 it is planned to carry out disinvestment both in the scope of low value projects, even if they are still at the stage of fast growth, and in the scope of investments in leased properties. The leased properties are passive investments, absorbing considerable capital, which, considering the aversion of capital market towards the financing of this kind of small and medium facilities, results not only in a low return rate but also limits a positive cash flow.

• In accordance with a new strategy, the task will consist in continuing the potentially most profitable investment of Siewierz Jeziorna town (profitable both in terms of the return and the absolute value).

• The scope and versatility of this project, simultaneous development of residential areas, businesses, services connected with modern technologies (cleantech park), as well as leisure and educational projects will not only facilitate the sustainability, the cotrol of risks and the continuity of works but also it offers an opportunity to achieve attractive profits from the capital involved.

• The company intends to pay dividend.

Financial results

FINANCIAL RESULTS – BUSINESS MODEL

• Results of ALTA S.A. as an investment company are measured through the valuation of shares and the shares of companies from its portfolio

• The Company measures its shares and stocks at the balance sheet date at fair value on the basis of the valuations of assets of Companies-investments

• As at 31 March 2015 the value of shares and stocks from the portfolio of ALTA amounted to approximately PLN 173 mln

Result form sale and revaluation of financial assets at fair value

As at As at31

December2014

31 December

2013Result form sale of instruments - - Result from revaluation of instruments 8 075 1 683 Chmielowskie Sp. z o.o. 17 709 3 318 TUP Property S.A. (6 393) (1 792)Forest Hill Sp. z .o.o. (2 951) 171 RODA Sp.zo.o. in liquidation (8) - Przystań Siewierz Sp. z o.o. (314) - X-press Couriers Sp. z o.o. (180) (236)Powszechna Agencja Informacyjna S.A. (PAGI) 212 222

TOTAL RESULT 8 075 1 683

BASIC FINANCIAL DATA

(PLN thousand) 2014 2013 2012 2011 2010

Net profit/loss 8 856 607 (14 587) (10 940) 12 070

Total assets 188 964 182 247 179 233 195 943 208 851

Equity 186  207 177 351 176 744 191 332 202 897

Book value per 1 share  12,24 11,66 11,61 12,58 13,34

Dividend PLN1 per 1 share * - - - 0,05

Revaluation of shares owned at fair value Current period 31 December 2014 Compared period 31 December 2013

Name of the entity

Value of revaluation at the beginning

of period

Changes in

period

Value of revaluation at

the end of period

Value of revaluation at the beginning

of period

Changes in

period

Value of revaluation at the

end of period

Chmielowskie Sp. z o.o. 30 035 17 709 47 744 26 717 3 318 30 035

TUP Property S.A. 37 727 (6 393) 31 334 39 519 (1 792) 37 727

Forest Hill Sp. z o.o. (3 444) (2 951) (6 395) (14 090) 10 646 (3 444)

Roda Sp. z o.o. in liquidation (1 961) (8) (1 969) (1 961) - (1 961)

Przystań Siewierz Sp. z o.o. (1 942) (938) (2 880) (1 942) - (1 942)

X-press Couriers Sp. z o.o. (1 699) 1 699 - (1 463) (236) (1 699)

Kino-Centrum Fordon Sp. z o.o. in liquidation - - - - - -

Powszechna Agencja Informacyjna PAGI S.A. 971 212 1 183 749 222 971

Duncon Sp. z o.o. (257) - (257) (257) - (257)

Polkombi S.A. (2) - (2) (2) - (2)

Total value 59 428 9 330 68 758 47 270 12 158 59 428Total balance sheet value of shares and stocks (PLN thousand)

173 276 168 360 *decision on the division of profit for 2014 will be made by General Meeting of Shareholders on 18 June 2015

RESULTS IN Q1 2015

• Iin the 1st quarter of 2015 the result from operational activity was negative and it amounted to PLN 717thousand (compared to the loss at the level of PLN 1,4 mln the year before)

• The net loss after three quarters amounts to PLN 540 thousand (compared to PLN 1,3 mln in the 1st quarter of 2014)

• The negative result is the effect of revaluation of asstets of companies-investments of Alta S.A. ( - PLN 341thousand) and of current operating expenses of the Company itself

(PLN thousand) I quarter 2015 I quarter 2014

Net profit/ loss (540) (1 356)

Total asstets 188 715 188 964

Equity 185 667 186 207

Book value per 1 share  12,21 12,24

Investments as at 31 March 2015 Value of

Investment at the price of purchase

Balance sheet value

31 March 2015Name of entity

Chmielowskie Sp. z o.o. 54 826 102 209TUP Property S.A. 31 568 63 164Forest Hill Sp. z o.o. 11 704 5 067Przystań Siewierz Sp. z o.o. 2 880 -Powszechna Agencja Informacyjna PAGI S.A. 812 1 995

Duncon Sp. z o.o. 229 -Polkombi S.A. 2 -Total gross value (PLN thousand) 102 022 172 435

Key projects

SIEWIERZ JEZIORNAFirst sustainable town in Poland

Sustainable district of Siewierz Jeziorna Designed during urban planning Charrette Workshops in accordance with the principles of new urban planning:

• Multifunctionality• Friendly public space created with consideration for inhabitants at any

age, promoting health and life in harmony with nature • Demographic diversity• High quality of life• Code assuring architectural harmony in the area of the investment and

dictating the principles of good neighbourhood • Respect for natural environment – limited emissions, water-saving

solutions and the explotation of natural assets of land

SIEWIERZ JEZIORNA

Display quarter: all types of buildings in the district

It covers 128 residential units, including: -- Trade and services-- Public space

Current commercialization:Out of the total number of 43 houses, flats and premises in the course of development, 20 are covered by the contracts of lease, reservations and contracts with developers

SIEWIERZ JEZIORNA

On the area covering approximately 120 hectares, four stages of the project will be developed: • Centrum• Zalew• Chmielowskie• Na Wzgórzu

SIEWIERZ JEZIORNAHigher profits from investment

•. Towns developed in accordance with the concept of new urban planning reach over 100% higher valuation than traditional projects. They bring above average profits to their investors, the example of which are such projects as Celebration or Baldwin Park. Why? Because from the beginning they are designed to satisfy the needs of inhabitants – their acquirers.

•. The investor of Siewierza Jeziornej creates the space which will simply make you want to be there.

TUP PROPERTY• TUP Property manages the portfolio of commercial, logistic and office properties

• In accordance with the strategy adopted by Alta S.A., the properties are to be sold, and the proceeds gained in this way, will be used for the financing of the most important project of Siewierz Jeziorna and for the financing of debt (a part of sales is subject to the repayment of the loan in the first place)

PROPERTIES AND PROJECTS IN COURSE OF DEVELOPMENT IN INVESTMENTS OF ALTA S.A.

 Value 31 Dec 2014

sale/expenditure/reclassifications

Valuation change

Value 31 March 2015

Investment propertiesCommercial, including: 109 861 -3 182 106 679

offices 21 027 6 649 27 676

trade premises 67 856 -1 545 66 311

logistic premises 20 978 -8 286 12 692

Investment grounds 2 817 0 2 817

Commercial properties in course of sale 5 000   0 5 000

  117 677   -3 182 114 495

CONTACT

Contact for investors:Elżbieta AndruszkiewiczALTA S.A.e-mail: elzbieta.andruszkiewicz@altasa.pl tel.: +48 663 759 728

Alta S.A.Bonifraterska 17 Street

00-203 Warszawatel. +48 22 250 88 20fax +48 22 721 38 57http://www.altasa.pl

Contact for media:Grzegorz ZybertMSLGROUPe-mail: grzegorz.zybert@mslgroup.com tel.: +48 534 780 007

Alta S.A.Bonifraterska 17 Street

00-203 Warszawatel. +48 22 250 88 20fax +48 22 721 38 57http://www.altasa.pl