• 1

1

PRESENTATION FOR INVESTORS

December 2018

2

LC CORP GROUP – SUMMARY 2018

Housing sector

• 1710 units sold

• 2036 units delivered

• 1123 units in the offer

Commercialisation sector

• Preliminary Sales Agreements Concluded for Silesia Star Office Buildings and Retro Office House Office

Building as part of a single portfolio transaction for total transaction price of EUR 113,175,000

• Commercialisation of the Retro Office House office building at the level of 98.8%

• Commercialisation of the Wola Retro office building at the level of 57.0%

• Decrease in the fair value of the Arkady Wrocławskie property, impact on the gross financial result 85.144

kPLN

LC Corp Group - results

• Consolidated net profit 160,4 mPLN (2018) vs 80,2 mPLN (2017)

• Adjusted consolidated net profit, adjusted by the sum of net revaluations (by income tax) settled by the

financial results 166,9 mPLN (2018) vs 145,5 mPLN (2017)

• Separate net profit of LC Corp S.A. 118,7 mPLN (2018) vs 100,9 mPLN (2017)

• Increase in the fair value of investment property in the amount of 16.074 kPLN

• Increase in the valuation of liabilities on account of loans in EUR in the amount of 17.846 kPLN

• The cumulative impact of the change in the EUR exchange rate and fair value of real estate on the Group's

consolidated financial result in 2018 amounted in total to 1.772 kPLN and resulted in a decrease in the

consolidated gross profit

AGENDA

3

Financials

Residential projects

Commercial property

Attachments

4

Flats for sale and sold yearly compared with the offer Average prices of flats for sale – a trend

Source: REAS, aggregate for main biggest markets (Warsaw, Wrocław, Gdańsk, Sopot, Gdynia, Cracow, Poznań, Łódź)

Number of building permits granted, constructions started and

flats delivered by developers on a quarterly basis

Source: GUS

Source: NBP as at 31/12/2017

Source; Bankier.pl, as at 31/12/2018

Average cost of construction of m2 of usable floor area of a

residential building on selected markets (PLN/m2)

HOUSING MARKET

Source: own calculations based on Sekocenbud.

16 000 17 500 17 500

16 400 14 900

16 100 15 500

19 200 18 600

17 600 17 500

18 900 18 400

15 600 14 200 16 600

50 200 50 000 50 800 48 200

44 700 45 100 46 800

50 700

0

10 000

20 000

30 000

40 000

50 000

60 000

1Q'2017 2Q'2017 3Q'2017 4Q'2017 1Q'2018 2Q'2018 3Q'2018 4Q'2018

Nu

mb

er o

f uni

ts

Flats for sale Flats for sold Offer at the end of quarter

7 425

7 626

5 575

8 393

7 050

4 500

5 000

5 500

6 000

6 500

7 000

7 500

8 000

8 500

2014 2015 2016 2017 2018

Fla

t pri

ces

in P

LN

Trójmiasto Kraków Łódź Poznań Warszawa Wrocław

20

45

0

22

39

8

23

19

1

30

59

5

25

77

0

25

84

5

30

73

2

35

63

1

33

98

1

31

28

3

18

57

1

25

83

4

18

95

4

18

54

6

23

48

0

28

47

4

24

89

8

23

26

1

29

26

4

33

76

1

26 464

30 91433 165

37 977

27 07430 268

43 963

38 64434 928

42 382

- 5 000

10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000

3Q'2016 4Q'2016 1Q'2017 2Q'2017 3Q'2017 4Q'2017 1Q'2018 2Q'2018 3Q'2018 4Q'2018

Construction started Flats delivered Building permits granted

Warsaw Poland

5

Time of selling flats on offer – a trend

Source: based on data of Emmerson

Events on local housing market

Housing availability index

Source: ZBP

The current level of

indexIDM Index line cut off = 100

HOUSING MARKET

The current level of index IDM Index line cut off = 100

2,8

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

5,5

I II III IV I II III IV I II III IV IV IV IV IV I II III IV

2014 2015 2016 2017 2018

Num

ber

of q

uarr

ters

Kraków Wrocław Warszawa Gdańsk Average

2019 Market Situation – an expected economic

downturn leading to lower demand for flats and

increasing production costs arising from new

regulations expected to be issued and the land

market situation

The declining growth rate of flat prices on the

primary housing market – there will be no sudden

drops in flat prices, but only a slowdown in their

growth and stability rates is to be expected

Decline in supply – shortage of land and

postponing project completion dates due to high

construction costs

Amendments to regulations already underway –

special-purpose act on housing projects, accounts

closed, government grant schemes for the purchase

and lease of flats

Sales 15,7% ↑ -13,0% ↓

Placed on the market for sa le 24,8% ↑ 15,7% ↑

Sales in the previous four quarters -3,7% ↓ -11,1% ↓

Placed on the market in the previous four quarters 4,2% ↑ -2,6% ↓

Offer at the end of the quarter 8,4% ↑ 5,0% ↑

Including ready, but not sold 5,6% ↑ -29,2% ↓

An average price of flats placed on the market in the quarter [gross ] 9,3% ↑ 18,3% ↑

An average price of flats sold in the quarter [gross ] 3,5% ↑ 11,0% ↑

An average price of flats in offer [gross ] 4,0% ↑ 12,0% ↑

Change 4Q'2018

of

3Q'2018

Change 4Q'2018

of

4Q'2017

Source: REAS, aggregate for main biggest markets (Warsaw, Wrocław, Gdańsk, Sopot, Gdynia, Cracow,

Poznań, Łódź)

6

DEVELOPER INDUSTRY 2018 vs 2017number of premises sold by selected companies listed on the WSE and Catalyst

Source: PAP Biznes (as at 10/01/2019)

(*) development agreements, preliminary sales agreements and non-refundable reservations in total

(**) sales weighted by the Polnord’s share in subsidiaries

(***) company listed on the Catalyst

2018 2017year-to-year

change

Dom Development 3 602 3 975 -9,4%

Murapol (***) 3 560 3 605 -1,2%

Robyg (***) 2 520 3 470 -27,4%

Atal 2 420 2 787 -13,2%

LC Corp 1 710 2 029 -15,7%

Archicom 1 370 1 431 -4,3%

J.W. Construction (*) 1 248 1 819 -31,4%

Budimex Nieruchomości 1 208 1 457 -17,1%

Victoria Dom (***) 1 055 803 31,4%

Lokum Deweloper 1 011 1 052 -3,9%

Echo Investment 986 1 427 -30,9%

Marvipol 843 765 10,2%

Polnord (**) 836 1 389 -39,8%

Vantage Development (***) 824 1 034 -20,3%

Inpro 801 739 8,4%

Ronson 773 815 -5,2%

i2 Development 397 813 -51,2%

Wikana 238 270 -11,9%

Suma 25 402 29 680 -14,4%

7

HOUSING UNITS SOLD IN 2018housing sector as at 31/12/2018

2433 housing units sold and not delivered, including 753 finished housing units

CITY 1Q 2Q 3Q 4Q 2017 1Q 2Q 3Q 4Q 2018

SALE 553 399 477 600 2029 649 341 407 313 1710

WARSZAWA 240 219 235 265 959 320 142 147 125 734

WROCŁAW 138 68 99 104 409 76 33 140 40 289

KRAKÓW 105 66 88 159 418 175 79 69 91 414

GDAŃSK 67 45 55 71 238 78 86 51 57 272

ŁÓDŹ 3 1 1 5 1 1

cumulatively in the year 553 952 1429 2029 649 990 1397 1710quarter cumulatively year to year +17% +4% -2% -16%

8

SELECTED INVESTMENTS AVAILABLE FOR SALEhousing sector as at 31/12/2018

Cracow

Centralna Park – sale in 2018 – 244 apartments

Warsaw

Osiedle na Woli – sale in 2018 – 296 apartments

Gdańsk

Świętokrzyska Park – sale in 2018 – 141 apartments

Wrocław

Kamienna – sale in 2018 – 148 apartments

9

HOUSING UNITS DELIVERED 2018housing sector as at 31/12/2018

CITY 1Q 2Q 3Q 4Q 2017 1Q 2Q 3Q 4Q 2018

DELIVERY 503 344 668 286 1801 702 610 341 383 2036

WARSZAWA 52 138 230 157 577 198 313 322 184 1017

WROCŁAW 36 7 159 116 318 153 232 9 2 396

KRAKÓW 415 99 274 13 801 83 44 2 127 256

GDAŃSK 97 3 100 267 21 7 70 365

ŁÓDŹ 3 2 5 1 1 2

cumulatively in the year 503 847 1515 1801 702 1312 1653 2036quarter cumulatively year to year +40% +55% +9% +13%

10

HOUSING UNITS IN OFFERhousing sector as at 31/12/2018

CITYin of f er

as at 31/12/2018

added

in 2018

to be added

in 2019

to be added

af ter 2019

OFFER 1123 827 2445 3485

WARSZAWA 393 177 661 62

WROCŁAW 292 180 503 203

KRAKÓW 111 108 674 2011

GDAŃSK 323 362 517 617

ŁÓDŹ 4

KATOWICE 90 592

11

UNITS TO BE ADDED IN 2019housing sector as at 31/12/2018

2445 units to be added in 2019

827 units added in 2018

Gdańsk

Wrocław

Świętokrzyska Park EVI - 54 units

Nowa Racławicka - 231 units

Między Parkami EIII - 86 units

Dąbrowszczaków - 239 units

Gdańska - 87 units

Letnicka EI - 137 units

Kamienna EII - 186 units

Katowice

Ceglana Brama EI - 90 units

Warsaw

Na Woli EIX- 305 units

Mały Grochów EI- 105 units

Mały Grochów EII- 137 units

Trzcinowa EI- 114 units

Cracow

Słoneczne Miasteczko EIX - 102 units

Grzegórzecka 77 EV - 104 units

Centralna Park II EI- 266 units

Mogilska EI- 65 units

Mogilska EII- 137 units

Warsaw

Wrocław

Katowice

Cracow

Gdańsk

517 units

503 units

661 units

674 units

90 units

12

CHANGING INVESTMENT PORTFOLIO IN 2018as at 31/12/2018; (*) event after the balance sheet date

Monitoring of offers / Seeking new locations

Activation of projects from the investment portfolio

depending on a market situation

Location

acquired / tender won

Housing unit usable floor

area (sq.m.)

Estimated

number of

units

preliminary contract concluded

Housing unit usable floor area

(sq.m.)

Estimated

number of

units

TOTAL

Housing unit

usable floor

area (sq.m.)

GDAŃSK 20 252 404 - - 20 252

CRACOW 61 000 1 170 - - 61 000

WROCŁAW 26 604 475 16 500 300 43 104

WROCŁAW (*) 8 660 170 - - 8 660

WARSAW 16 848 328 29 851 584 46 699

TOTAL 133 364 2 547 46 351 884 179 715

(*) event after the balance sheet date

Location

Land in analysis - potential

purchase

Housing unit usable floor

area (sq.m.)

Estimated

number of

units

GDAŃSK 107 600 2 155

CRACOW 17 783 323

WROCŁAW 22 373 351

WARSAW 131 820 2 430

TOTAL 279 576 5 259

AGENDA

13

Financials

Attachments

Residential projects

Commercial property

INVESTMENT MARKET

14

Value of investment transactions in particular

sectors

Rates of return on the best properties in particular sectors

Source: Colliers International. Source: Colliers International and Knight Frank.

Total volume of investment transactions in 2018 – record-breaking growth of EUR 7.2 billion (45%-increase YOY) Compared to 2017, the highest 88%-increase in investment activity has been observed for the office sector. The second most dynamically growing sector included

storage properties – an increased value of transactions amounting to 72% 2018 witnessed mainly transactions concluded on the Warsaw market, with nearly 63% of the office sector volume being attributable to the said market The length of lease agreements determines the prices of the best assets The best rates of return on the Warsaw office market are approx. 5.00-5.40% (the city centre) and approx. 7.0-7.5% outside the city centre. In the main regional

cities (Cracow, Wrocław, Tricity, Łódź, Katowice) 6.0-6.75%. Best rates of return on the retail market at the level of approx. 5.25-5.50 % for modern, dominant shopping centres

Main investment indicators 2018

Volume of transaction EUR 7.2 bilion

Office - Warsaw approx. 5.0-5.4 %

Office - regional cities approx. 7.0-7.5 %

Commercial buildings approx. 5.25-5.5%Warehouses approx. 6.5-6.75%

Rates of return from the best real estate

2019 forecasts Seeing Poland as a recognised real estate market with a focus on the

status of a core market Poland’s position stronger as evidenced by assessments of rating

agencies (the promotion of Poland to Developed market status in the FTSE Russell’s ranking)

A good situation of the commercial property investment market will be maintained according to the forecasts, which stems, inter alia, from GDP growth, higher consumption rates, public investments and an unemployment rate falling to a record-breaking low

High activity of investors is expected mainly in the office property and storage&industrial property sector

Capitalisation rates should stand at the current levels

0

1

2

3

4

5

6

7

8

EUR billion

Commercial buildings Offices Warehouses Other

4,5%

5,0%

5,5%

6,0%

6,5%

7,0%

7,5%

8,0%

8,5%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Offices (Warsaw) Offices (regional markets) Commercial buildings

15

Warsaw

Wrocław

Katowice

INVESTMENT PORTFOLIOas at 31/12/2018

PLN 1.93

billion of carrying

amount

PLN 1.24

billion NAV

PLN 99,2

million NOI for 2018

6

completed

projects

201,000

sq.m.

Usable Flor Area

PU[sq.m.]: 21 937

Occupancy: 98.8 %

PU[sq.m.]: 52 659

Occupancy: 83,7 %

PU[sq.m.]: 38 649

Occupancy: 96.9 %

PU[sq.m.]: 25 655

Occupancy: 57.0 %PU[sq.m.]: 33 283

Occupancy: 100.0 %

PU[sq.m] EI and EII: 29 109

Occupancy : 95.5%

Focusing strategy in the commercial real estate sector on construction, commercialisation and sales

Reduction in the number of properties having own land and mortgage registers with a smaller portfolio and retained

scale of operations for new facilities

Change in the structure of cash flow – sales revenue instead of lease revenue

16

Preliminary Sales Agreements Concluded for Silesia Star Office Buildings and Retro Office House Office Building as part of

a single portfolio transaction for total transaction price of EUR 113,175,000

Commercialisation of the Retro Office House office building at the level of 98.8 per cent

Progress of works for Wola Retro in Warsaw according to schedule – commercialisation at a level of 57,0 per cent

The alteration of Sky Tower – 12,400 sq m under alteration, the final date of conversion into office space: 4Q of 2020,

projected Usable Floor Area: 33,732 sq m Office Usable Floor Area, 20,495 sq m Retail Usable Floor Area, which means an

increase in the area rented by 1,568 sq m

INVESTMENT PORTFOLIOas at 31/12/2018

CITY PROJECT STATUSYield

[%]

GAV

[mPLN]

NAV

[mPLN]

NOI

[mPLN]

Usable Floor

Area [sq.m.]

Office

Usable Floor

Area

[sq.m.]

Retail

Usable Floor

Area

[sq.m.]

WROCŁAW center ARKADY WROCŁAWSKIE COMPLETEDretail: 7,80

office: 7,80298,2 201,5 19,5 38 649 10 054 28 595

WROCŁAW office building SKY TOWER COMPLETED

retail: 6,50

office B1 & B3: 6,50

office B2: 6,50

522,0 320,1 28,0 52 659 27 544 25 115

820,2 521,6 47,4 91 308 37 598 53 710

assets with a real sale perspective

WARSAW office building WOLA CENTER COMPLETED 5,90 439,9 228,7 31,0 33 283 31 448 1 835

WARSAW office building WOLA RETROUNDER

CONSTRUCTION6,00 182,8 182,8 0,0 25 655 24 055 1 600

assets held for sale

WROCŁAW office building RETRO OFFICE HOUSE COMPLETED 6,60 252,8 165,9 3,4 21 937 19 725 2 212

KATOWICE office building SILESIA STAR - Etap I COMPLETED 8,36 119,8 77,0 9,6 14 910 13 841 1 068

KATOWICE office building SILESIA STAR - Etap II COMPLETED 8,36 114,1 60,4 7,7 14 199 13 039 1 160

1 109,3 714,8 51,8 109 984 102 108 7 876

TOTAL 1 929,5 1 236,3 99,2 201 292 139 706 61 586

(*) in reconstruction

AGENDA

17

Attachments

Residential projects

Financials

Commercial property

18

MARKET POSITION

Sales of apartments in Poland (by number of apartments)

Cost effectiveness

((selling costs + administrative expenses) / revenue)) Focused on project effectiveness for years

Since 2009, no project budget has been exceeded.

Since 2009, all projects have been successfully completed,

generating higher-than-expected margins.

Since 2009, all purchased land has been developed, with the

projects yielding higher-than-budgeted revenues.

Long-established presence in the key markets (Warsaw,

Wrocław, Gdańsk, Kraków) – experience in project

development and sales.

Source: PAP Biznes (as at 10/01/2019)

(*) development agreements, preliminary sales agreements and non-refundable reservations in total

(**) company listed on the Catalyst

Gross margin on sales

19

FINANCIAL PERFORMANCES

Income from sales (mPLN) Gross margin on sales (mPLN)

Net profit and adjusted net profit2 (mPLN)EBITDA1 (mPLN)

1EBITDA adjusted for: (i) result of property revaluation, (ii) write-downs of inventories2Net profit adjusted for: (i) result of the revaluation of property and foreign currency loan, (ii) write-downs of inventories, (iii) others

13%

15%

15%

31%

23%

20

ASSETS

Investment property (mPLN)

Inventory value (mPLN)

NOI of investment property (mPLN)

- inventories include land, projects under

construction and ready housing units, but

not sold yet

21

SELECTED FINANCIAL DATA

(mPLN) 2015 2016 2017 20182018/

2017

Revenues 449,9 547,0 706,2 796,7 + 12,8%

EBITDA 155,2 204,7 90,3 255,5 + 182,9%

Net profit 108,9 113,1 80,2 160,4 + 99,9%

Adjusted net profit (*) 90,3 118,0 145,5 166,9 + 14,7%

Assets 2 890,9 3 197,1 3 299,6 3 574,7 + 8,3%

Equity 1 364,6 1 396,2 1 448,4 1 497,8 + 3,4%

Interest-bearing debt 840,6 850,1 814,1 785,8 - 3,5%

ROA 3,8% 3,5% 2,4% 4,5% + 84,5%

ROE 8,0% 8,1% 5,5% 10,7% + 93,3%

ND/E ratio 61,6% 60,9% 56,2% 52,5% - 6,7%

(*) Net profit adjusted for: (i) result of the revaluation of property and foreign currency loan, (ii) write-downs of inventories,

Interest-free liabilities.

last installment payable at the end of

2019.

22

FINANCIAL SITUATION

Debt ratios decrease 1

1Financial liabilities do not include the liabilities connected with the purchase of Sky

Tower

Liabilities connected with the purchase of Sky Tower (mPLN)

40,4

1 (loan and bond debts attributable to the sector – cash of the sector)/balance sheet value of investment property2 (loan and bond debts attributable to the sector – cash of the sector)/balance sheet value of inventories

Net financial debt divided into sectors (mPLN)

In the basic scenario, the Company assumes maintenance of open accounts supplemented by a bank or insurance guarantee, which is in line with the

currently proposed amendment

23

FINANCIAL SITUATION

Maturity structure of bonds and loans (excluding the commercial sector)(mPLN)

Total bonds 450 mPLN

Bank loans (mPLN)

No ProjectTotal repayment

date

Balance as at

31/12/2018

1 Arkady Wrocław skie 2022-12-31 96,3

2 Wola Center 2026-06-30 203,2

3 Sky Tow er 2022-12-20 201,6

4 Silesia Star etap I 2025-12-31 42,1

5 Silesia Star etap II 2025-12-31 53,5

6 Retro Office House - k. inw est. 2029-05-30 86,8

7 Retro Office House - k. VAT 2019-10-31 0,2

8 Wola Retro - k. inw est. 2027-11-28 35,6

9 Wola Retro - k. VAT 2020-11-28 0,1

10 Kredyt inw estycyjny 2019-12-20 33,2

TOTAL 752,7

AGENDA

24

Residential projects

Commercial property

Financials

Attachments

25

CONSOLIDATED P&L

LC CORP GROUP

PLN'000 2017 2018

Sales revenue 706 187 796 734Revenue from sales of services 143 453 147 582

Revenue from sales of goods and products 562 734 649 152

Cost of sales (445 360) (496 158)

Gross profit on sales 260 827 300 576

Gain/(loss) on disposal of non-financial fixed assets 0 60

Revaluation of investment property (119 290) 12 510

Write-downs of inventories - (1 327)

Selling and distribution cost (15 513) (17 631)

General administrative expenses (35 120) (34 690)

Other operating income (expenses) (1 636) (5 151)

Operating profit 89 268 254 347

Financial income 44 885 6 159

Financial expenses (32 336) (58 773)

Gross profit 101 817 201 733

Income tax (tax burden) (21 577) (41 353)

Net profit 80 240 160 380

26

CONSOLIDATED STATEMENT OF FINANCIAL

POSITION – ASSETS LC CORP GROUP

PLN'000 2017 2018

A. Fixed assets 1 920 718 2 046 472

1. Intangible assets 452 382

2. Property, plant and equipment 5 749 5 632

2.1. Tangible assets 5 731 5 595

2.2. Tangible assets under construction 18 37

3. Non-current receivables 11 684 12 749

4. Land classified as fixed asset 86 254 86 400

5. Investment property 1 804 524 1 929 475

6. Long-term prepayments 2 459 659

7. Deferred tax assets 9 596 11 175

B. Current assets 1 378 931 1 528 196

1. Inventory 977 865 979 083

2. Trade and other receivables 31 972 52 767

3. Income tax receivable 1 191 3 030

4. Short-term financial assets 16 915 20 290

5. Cash and other cash equivalents 344 248 467 698

6. Short-term prepayments 6 740 5 328

C. Fixed assets held for sale - -

Total assets 3 299 649 3 574 668

27

CONSOLIDATED STATEMENT OF FINANCIAL

POSITION – LIABILITIES LC CORP GROUP

PLN'000 2017 2018

A. Equity 1 448 376 1 497 799

I. Equity attributable to shareholders of the parent 1 448 376 1 497 799

1. Share capital 447 558 447 558

2. Other capital 920 578 889 861

3. Net profits / losses 80 240 160 380

II. Minority interest - -

B. Non-current liabilities 1 047 931 1 207 757

1. Non-current financial liabilities 902 108 1 092 854

2. Non-current liabilities on account of the acquisition of a subsidiary 37 641 0

3. Provisions 22 22

4. Deferred income tax reserve 108 160 114 881

C. Current liabilities 803 342 869 112

1. Current financial liabilities 179 601 121 611

2. Current liabilities on account of the acquisition of a subsidiary 38 996 38 996

3. Current trade and other payables 118 423 142 049

4. Income tax liabilities 9 257 13 022

5. Provisions 1 799 3 060

6. Accrued expenses and revenue 455 266 550 374

Total liabilities 3 299 649 3 574 668

28

SEPARATE P&L

LC CORP S.A.

PLN'000 2017 2018

Operating income 183 814 248 436

Revenue from sale of services, products and goods 21 700 89 601

Revenue from interest and discounts 16 415 18 556

Revenue from dividend 117 931 136 899

Other financial income 26 989 2 634

Other operating income 779 746

Operating expenses (77 080) (128 570)

Operating expenses value of goods sold (48 393) (96 633)

Costs of interest and discounts (23 434) (25 927)

Other financial expenses (5 250) (4 139)

Other operating expenses (3) (1 870)

Gross profit 106 734 119 867

Income tax (5 825) (1 206)

Net profit / (loss) 100 909 118 661

29

STATEMENT OF FINANCIAL POSITION – ASSETS

LC CORP S.A.

PLN'000 2017 2018

A. Fixed assets 1 085 681 1 098 861

1. Intangible assets 384 304

2. Property, plant and equipment 730 740

2.1. Tangible assets 712 703

2.2. Tangible assets under construction 18 37

3. Non-current investments 909 110 944 562

4. Non-current loans and receivables 170 612 148 381

5. Long-term prepayments 0 0

6. Deferred tax assets 4 845 4 874

B. Current assets 384 835 404 466

1. Inventory 126 805 172 511

2. Trade and other receivables 4 950 21 247

3. Income tax receivable 0 240

4. Short-term financial assets 127 348 90 724

5. Cash and other cash equivalents 125 271 119 030

6. Short-term prepayments 461 714

C. Fixed assets held for sale - -

Total assets 1 470 516 1 503 327

30

STATEMENT OF FINANCIAL POSITION – LIABILITIES

LC CORP S.A.

PLN'000 2017 2018

A. Equity 882 436 893 683

1. Share capital 447 558 447 558

2. Balance of called-up share capital not paid 0 0

3. Reserve funds 330 901 324 396

4. Other reserve funds 0 0

2. Other capital 3 068 3 068

6. Retained profit/(Loss carried forward) 100 909 118 661

B. Non-current liabilities 391 136 398 114

1. Non-current financial liabilities 353 476 398 095

2. Non-current liabilities on account of the acquisition of a subsidiary 37 641 0

3. Provisions 19 19

4. Deferred income tax reserve 0 0

C. Current liabilities 196 944 211 530

1. Current financial liabilities 142 386 136 574

2. Current liabilities on account of the acquisition of a subsidiary 38 996 38 996

3. Current trade and other payables 4 221 26 291

4. Income tax liabilities 0 0

5. Provisions 370 0

6. Accrued expenses and revenue 10 971 9 669

Total liabilities 1 470 516 1 503 327

31

SHAREHOLDERS

18,22%

17,25%

11,65%

7,71%6,38%

38,80%

SHARES COUNT

NAME % QTY.

Nationale-Nederlanden Otwarty Fundusz Emerytalny 18,22 81 530 228

OFE PZU „Złota Jesień” 17,25 77 195 648

Aviva OFE AVIVA BZ WBK 11,65 52 121 000

MetLife Otwarty Fundusz Emerytalny 7,71 34 528 295

Aegon Otwarty Fundusz Emerytalny 6,38 28 546 601

Remaining shareholders 38,80 173 636 539

100,00 447 558 311

Shareholders of LC Corp S.A. having more than 5% of shares.

The information dated 7th of March 2019.

DISCLAIMER

32

By taking part in a meeting during which this Presentation will be displayed and by reading slides presented you undertake to comply with the below restrictions. The foregoing

applies to the Presentation, information contained herein presented orally by the Company or any person acting on behalf of the Company and any answers to questions

relating both to the Presentation and information presented orally.

The Presentation does not constitute, or form part of or be treated as proposing to any person, inducing or inviting any person to subscribe for, ensuring or otherwise purchasing

any securities of the Company or any of its subsidiaries belonging to its group (“the Group”). Neither this Presentation, nor any part hereof should be a basis for any contract for

purchasing or taking up securities of the Company or any member of the Group, nor may this Presentation be relied on in relation to any contract for purchasing or taking up

securities of the Company or any member of the Group. Neither this Presentation, nor any part hereof is a basis for any contract or obligation, nor may it be relied on in relation

to any contract or obligation. This Presentation does not constitute any recommendation as to any securities of the Company or the Group.

This Presentation contains certain statistical and market-related information. The said market-related information has been obtained from sources and/or has been produced on

the basis of data provided by third parties referred to herein or – where such data has not been linked exclusively to third party sources – originating from the Company. Due to

the fact that the aforementioned market-related information has been partially prepared on the basis of estimates, assessments, adjustments and opinions which are based on

the Company's experience or third party sources, as well as on their knowledge of the sector of economy in which the Company is engaged, and that such estimates,

assessments, adjustments and opinions have not been verified by an independent third party, this market-related information is to a certain extent subjective in its nature.

Despite the fact that the foregoing estimates, assessments, adjustments and opinions shall be deemed to be reasonable and well-founded, and the market-related information

prepared to properly reflect the sector of economy and market in which the Company is engaged, it cannot be ensured that such estimates, assessments, adjustments and

opinions are the most suitable for arrangements concerning market-related information or that market-related information prepared by other sources will not be considerably

different from the market-related information contained herein.

Any issues which will be both discussed in this Presentation and presented orally may include forward-looking statements. These statements are other than those related to

historical facts. Any statements that contain such words as “expects”, “intends”, “plans”, “believes”, “foresees”, “anticipates”, “will be”, “tends towards”, “is aimed at”, “may be”,

“would be”, “could be”, “continues” or any other similar declarations concerning the future or relating to plans shall be construed as declarations referring to the future. The

declarations referring to the future include declarations pertaining to the Company's future financial results, business strategy, plans and goals concerning its future activity

(including the Company's development plans). Any forward-looking statements contained in this Presentation and presented orally refer to issues associated both with known

and unknown risks, uncertainties and other factors which may have an impact on the actual performance or results of the Company, and which can be therefore considerably

different from those presented in the forward-looking statements and from the past performance and results of the Company. The aforementioned forward-looking statements

are based on various assumptions about future events, including a variety of assumptions about the Company's current or future business strategies and the future operating

environment. Although the Company believes that the foregoing estimates and assumptions are well-founded, they may prove to be incorrect. The Company and its relevant

representatives, employees or advisers do not intend and expressly declare that they are not obliged to make or distribute any supplements, amendments, revisions or

corrections to any information, opinions or forward-looking statements contained in this Presentation to the extent in which they reflect the change of events, conditions or

circumstances.

Neither this Presentation, nor information presented orally constitutes any offer to dispose of securities, nor an invitation to subscribe for or acquire securities of the Company in

the United States of America. Neither any Shares, nor any other securities of the Company have been nor will they be registered under the American Securities Act of 1933

(“the American Securities Act”), or by any securities regulatory authority in any state or other jurisdiction of the United States. Neither any Shares, nor any other securities of the

Company may be offered or disposed of in the United States of America (subject to specific exceptions) unless registered in accordance with the American Securities Act and

applicable state law, or exempted from registration requirements, or traded in a transaction not subject to such registration. The Company does not intend to register either

Shares or other securities under the American Securities Act, nor offer its Shares or other securities in the United States. Offers presented outside the United States will be in

accordance with the Regulation S issued pursuant to the American Securities Act.

The Company's current and periodic reports are the only legally binding documents containing information about the Company and they may contain information other than

those presented herein.

33www.lcc.pl

THANK YOU