Corrections of the separate and consolidated annual report for 2018

The Board of Directors of Przedsiębiorstwo Przemysłu Spożywczego PEPEES S.A. (‘the Company’) hereby inform about the corrections of the separate and consolidated annual reports of the Company’s Group for 2018 of 29 March 2019, including the following amendments:

1. in the Report on the Operations of the Company’s Group for 2018 (including the disclosures required for Reports of the Board of Directors on the operations in the aforementioned period):

1. on page 6, the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of votes: 23,345,498; percentage of total votes at the GMS – 24.57%;”

has been replaced with the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of shares: 23,345,498; the number of votes: 1,929,768; percentage of total votes at the GMS – 2.03% (pursuant to Article 89(1)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies).”

2. on page 7, the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of votes: 27,609,982; percentage of total votes at the GMS – 29.06%,”

has been replaced with the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of shares: 27,609,982; the number of votes: 2,205,252; percentage of total votes at the GMS – 2.32% (pursuant to Article 89(1)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies).”

3. on page 52, the table with the wording:

SHAREHOLDERS	Number of shares/votes [pcs]	Percentage of share capital/total number of votes at GMS %
Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych	23 345 498	24,57%
Mr Michał Skotnicki*	21 325 780	22,45%
Mr Maksymilian Maciej Skotnicki *	20 703 282	21,79%
Mr Newth Jonathan Reginald	7 995 200	8,42%
Richie Holding Ltd	6 133 100	6,46%
Others	15 497 140	16,31%
Total	95 000 000	100,00%

* Mr Maksymilian Maciej Skotnicki and Mr Michał Skotnicki are persons referred to in Article 87(4)(1) of the Act on Public Offering [...] and, thus, together they hold the total of 42,029,062 shares/votes representing 44.24% of the share capital of/the total number of votes in the Company.”

has been replaced with the following table:

SHAREHOLDERS	Number of shares/votes [pcs]	Percentage of share capital/total number of votes GMS %
Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych*	23 345 498 / 1 929 768	24,57% / 2,03%
Mr Michał Skotnicki**	21 325 780	22,45%
Mr Maksymilian Maciej Skotnicki **	20 703 282	21,79%
Mr Newth Jonathan Reginald	7 995 200	8,42%
Richie Holding Ltd	6 133 100	6,46%
Others	15 497 140	16,31%
Total	95 000 000	100,00%

* The prohibition to exercise the voting rights pursuant to Article 89(1)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies.”

** Mr Maksymilian Maciej Skotnicki and Mr Michał Skotnicki are persons referred to in Article 87(4)(1) of the Act of 29 July 2005 on Public Offering and Conditions Governing the Introduction of Financial Instruments to Organised Trading, and on Public Companies, and, thus, together they hold the total of 42,029,062 shares/votes representing 44.24% of the share capital of/the total number of votes in the Company.”

4. on page 53, the table with the wording:

SHAREHOLDERS	Number of shares/votes [pcs]	Percentage of share capital/total number of votes at GMS %
Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych	27 609 982	29,06%
Mr Michał Skotnicki*	21 325 780	22,45%
Mr Maksymilian Maciej Skotnicki *	20 703 282	21,79%
Mr Newth Jonathan Reginald	7 995 200	8,42%
Richie Holding Ltd	6 133 100	6,46%
Others	11 232 656	11,82%
Total	95 000 000	100,00%

* Mr Maksymilian Maciej Skotnicki and Mr Michał Skotnicki are persons referred to in Article 87(4)(1) of the Act on Public Offering [...] and, thus, together they hold the total of 42,029,062 shares/votes representing 44.24% of the share capital of/the total number of votes in the Company.”
has been replaced with the following table:

SHAREHOLDERS	Number of shares/votes [pca]	Percentage of share capital/total number of votes at GMS %
Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych*	27 609 982 / 2 205 252	29,06% / 2,32%
Mr Michał Skotnicki**	21 325 780	22,45%
Mr Maksymilian Maciej Skotnicki **	20 703 282	21,79%
Mr Newth Jonathan Reginald	7 995 200	8,42%
Richie Holding Ltd	6 133 100	6,46%
Others	11 232 656	11,82%
Total	95 000 000	100,00%

* The prohibition to exercise the voting rights pursuant to Article 89(1)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies.

** Mr Maksymilian Maciej Skotnicki and Mr Michał Skotnicki are persons referred to in Article 87(4)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies, and, thus, together they hold the total of 42,029,062 shares/votes representing 44.24% of the share capital of/the total number of votes in the Company.”

2. in the separate financial statements for the period from 1 January 2018 to 31 December 2018, i.e. on page 35, the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of votes: 27,609,982; percentage of total votes at the GMS – 29.06%;”

has been replaced with the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of shares: 27,609,982; the number of votes: 2,205,252; percentage of total votes at the GMS – 2.32% (pursuant to Article 89(1)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies).”

3. in the consolidated financial statements for the period from 1 January 2018 to 31 December 2018, i.e. on page 40, the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of votes: 27,609,982; percentage of total votes at the GMS – 29.06%;”

has been replaced with the wording:

“Epsilon Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych – the number of shares: 27,609,982; the number of votes: 2,205,252; percentage of total votes at the GMS – 2.32% (pursuant to Article 89(1)(1) of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to organised trading, and on public companies).”

The corrected Report on the Operations of the Company’s Group for 2018 is attached to this current report.

Legal basis:

§ 15(4) and (5) of the Regulation of the Polish Minister of Finance dated 29 March 2018 on current and periodic information provided by issuers of securities and conditions for recognising as equivalent the information required by the law of a non-member state.