Commencement of the share buyback program

The Management Board of Przedsiębiorstwo Przemysłu Spożywczego "PEPEES" S.A. (the "Company") announces that it has decided to initiate a share buyback programme under Resolution No. 28 of the Annual General Meeting of 14 April 2022.

1. The purpose of the share buyback programme is to redeem the Company's repurchased shares.

2. The acquisition of treasury shares may end no later than on 14 April 2027.

3. The share buyback programme will run from 29 June 2022 to 31 December 2023, with the stipulation that the Company's Management Board Members are entitled to:
(i) resign from the Buyback Programme or put it on hold at any stage;
(ii) terminate the Buyback Programme before the expiry of the authorisation granted by the General Meeting, also when the reserve capital has not been used in full.

4. Up to 7,125,000 (say: seven million one hundred and twenty-five thousand) ordinary bearer treasury shares of the nominal value of PLN 0.06 (say: six Polish grosz) each, designated with ISIN securities code: PLPEPES00018, fully paid up, listed on the main market of the Warsaw Stock Exchange or purchased beyond the regulated market operated by the said Exchange, are covered by the buyback programme.

5. The amount of funds earmarked for financing the buyback programme will not exceed PLN 14,250,000 (say: fourteen million two hundred and fifty thousand Polish złoty 00/100).

6. The minimum price at which the Company will purchase its treasury shares will be PLN 0.30 (say: thirty Polish grosz) per share.

7. As part of the implementation of the buyback programme, the Company may repurchase shares representing in total no more than 7.5% of the Company's share capital in the amount determined on the last day of the programme, until the funds allocated for this purpose from the reserve capital created by way of resolution no. 29 of the Company's Annual General Meeting of 14 April 2022 are exhausted.

8. The buyback programme will be conducted in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing the aforementioned Regulation as regards regulatory technical standards on terms and conditions applicable to buyback programmes and stabilisation measures.

9. The Company's Management Board the will make public the required information on such treasury shares as may be acquired under the buyback programme.

10. The Company's Management Board will make public any subsequent changes to the buyback programme and the occurrence of events affecting the implementation thereof, including:

(i) the abandonment or suspension of the programme during its term;
(ii) the termination of the repurchase programme prior to the expiry of the authorisation granted by the General Meeting, also in such situations where the reserve capital has not been used in full.

11. The Company's treasury shares will be purchased through Santander Bank Polska S.A. - Santander Biuro Maklerskie.

Legal basis: Article 2.1 of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 Supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse as regards regulatory technical standards on the terms and conditions applicable to buyback programmes and stabilisation measures.

Date Name Position/Function Signature
2022/06/29 Wojciech Faszczewski President of the Management Board
2022/06/29 Tomasz Rogala Member of the Management Board