INVESTORS' REPORT LC CORP GROUP 3Q 2017

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Justyna Paluch
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1 INVESTORS' REPORT LC CORP GROUP 3Q

2 2 CHANGES IN OWNERSHIP In September, Leszek Czarnecki sold all his shares in LC Corp S.A. to dispersed institutional investors A positive market assessment share prices rose substantially Expected better access to debt financing Changes in the Supervisory Board Current shareholding structure SHARES COUNT NAME % QTY. OFE PZU Złota Jesień 15,17% Nationale-Nederlanden Powszechne Towarzystwo Emerytalne poprzez Nationale-Nederlanden Otwarty Fundusz Emerytalny i Nationale-Nederlanden Dobrowolny Fundusz Emerytalny 14,13% ALTUS Towarzystwo Funduszy Inwestycyjnych S.A. 13,37% Aviva OFE AVIVA BZ WBK 9,76% Nordea Otwarty Fundusz Emerytalny 5,15% Remaining shareholders 42,42% % Shareholders of LC Corp S.A. having more than 5% of shares. The information dated 31st October 2017.

3 3 ANOTHER GOOD QUARTER Housing sector The greatest number of delivered flats/ 668 units/ Verygoodlevelof flatsales/477 units/ The following have been added to the offer: Na Woli Stage VI /Warsaw, 147 units/ Krzemowe Stage III /Warsaw, 130 units/ Między Parkami /Wrocław, 164 units(59 units were added in the 2Q 2017)/ Słoneczne Miasteczko Stage VII /, 108 units/ Świętokrzyska Park Stage III /Gdańsk, 65 units/ Commercialisation sector The commercialisation process of Retro Office House continued The construction of the Wola Retro office building and its commercialisation started A verygoodfinancialresultadjustedfor the impactof EURexchange ratefor threequartersof 2017 cumulatively: Net profit of PLN m (3Q of 2017) vs PLN 84.6 m (3Q of 2016); Adjustednet profit of PLN m (3Q of 2017) vs PLN 71.5 m (3Q of 2016); -A decreasein the fair valueof investment propertiesin the amountof PLN 45,793,000. -A decreasein the measurementof loanliabilitiesfor loanstakenout in EURin the amountof PLN 21,038, The overallimpactof the changein the EURexchange rateon the consolidated financial performance of the Group for 3 quarters of 2017 amounted cumulatively to PLN 24,755,000 and as a consequence, reducedthe consolidatedgrossprofit by the saidamount.

4 DYNAMIC IMPROVEMENT OF FINANCIAL PERFORMANCE Systematic growth of income from sales (mpln) High gross sales margins (mpln) 38% 63% EBITDA 1 (mpln) Net profit and adjusted net profit 2 (mpln) 1 EBITDA adjusted for: (i) result of property revaluation, (ii) write-downs of inventories 2 Net profit adjusted for: (i) result of the revaluation of property and foreign currency loan, (ii) write-downs of inventories, (iii) discount of liabilities in connection with the purchase of Sky Tower (iiii) others 4

5 5 HIGH-VALUE AND HIGH-YIELD ASSETS Investment property (mpln) Includes Retro Office House and Wola Retro, both of which are measured at historical cost and Silesia II, which has not earned the target NOI yet NOI of investment property (mpln) Inventory value (mpln) -inventories include land, projects under construction and ready housing units, but not sold yet

6 6 HIGH EQUITY AND LOW DEBT Stability of debt ratios at a conservative level 1 Net financial debt divided into sectors (mpln) (as at 30/09/2017) 1 Financial liabilities do not include the liabilities connected with the purchase of Sky Tower Bank loans (mpln) No Project Balance Repayment date 1 Arkady Wrocławskie 122, Wola Center 190, Sky Tower 218, Silesia Star etap I 46, Silesia Star etap II 57, Retro Office House - k. inwest. 18, Retro Office House - k. VAT 0, Kredyt inwestycyjny 50, Kredyt inwestycyjny 38, TOTAL 742,0 1 ( loan and bond debts attributable to the sector cash of the sector)/balance sheet value of investment property 2 ( loan and bond debts attributable to the sector cash of the sector)/balance sheet value of inventories Bond maturity structure (mpln) Total PLN 305m Liabilities connected with the purchase of SkyTower (mpln) Interest-free liabilities. 3 instalments still to be paid off, payable at the end of each year: 2017, 2018, 2019.

7 7 INVESTMENT PORTFOLIO commercial real estate as at 30/09/2017 CITY PROJECT STATUS NAV [mpln] Usable Floor Area [sq.m.] Office Retail Usable Floor Usable Floor Area Area [sq.m.] [sq.m.] WARSZAWA Biurowiec WOLA CENTER COMPLETED 265, WARSZAWA Biurowiec WOLA RETRO UNDER CONSTRUCTION 54, WROCŁAW Centrum ARKADY WROCŁAWSKIE COMPLETED 347, WROCŁAW Biurowiec SKY TOWER COMPLETED 301, WROCŁAW Biurowiec RETRO OFFICE HOUSE UNDER CONSTRUCTION 65, KATOWICE Biurowiec SILESIA STAR - Etap I COMPLETED 102, KATOWICE Biurowiec SILESIA STAR - Etap II COMPLETED 68, TOTAL 1 205,

8 8 HOUSING UNITS SOLD IN 2017 housing sector as at 30/09/2017 ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA WARSZAWA 1Q 2Q 3Q 4Q 1Q 2Q 3Q CITY 1Q Q1 2Q Q2 3Q Q3 4QQ Q Q1 2Q Q2 3Q Q3 Q SALE WARSZAWA WROCŁAW KRAKÓW GDAŃSK ŁÓDŹ cumulatively in the year quarter cumulatively year to year +20% +7% -1%

9 9 HOUSING UNITS DELIVERED IN 2017 housing sector as at 30/09/ ŁÓDŹ ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA Q 2Q 3Q 4Q Q 2Q 3Q GDAŃSK KRAKÓW WROCŁAW WARSZAWA CITY 1Q Q1 2Q Q2 3Q Q3 4QQ Q Q1 2Q Q2 3Q Q DELIVERY WARSZAWA WROCŁAW KRAKÓW GDAŃSK ŁÓDŹ cumulatively in the year quarter cumulatively year to year +203% +6% +68%

10 10 HOUSING UNITS ADDED TO THE OFFER IN 2017 housing sector as at 30/09/ ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA ŁÓDŹ 108 GDAŃSK KRAKÓW WROCŁAW WARSZAWA 1Q 2Q 3Q 4Q 1Q 2Q 3Q CITY 1Q Q1 2Q Q2 3Q Q3 4QQ Q Q1 2Q Q2 3Q Q NEW OFFER WARSZAWA WROCŁAW KRAKÓW GDAŃSK ŁÓDŹ cumulatively in the year

11 11 EXPANDING INVESTMENT PORTFOLIO IN 2017 Location acquired / tender won Housing unit usable floor area (sq.m.) preliminary contract concluded Housing unit usable floor area (sq.m.) TOTAL GDAŃSK KRAKÓW WARSZAWA WROCŁAW TOTAL Systematicallylargersharein the housingmarket in Warsaw, Wrocław,, Gdańsk Monitoring of offers/ Seeking new locations Activationof projectsfrom the investment portfolio dependingon a market situation

12 12 SELECTED FINANCIAL DATA (mpln) 3Q Q Q 2017/ 3Q 2016 Revenues 363,8 547,0 581,5 + 59,9% EBITDA 140,8 204,7 125,7-10,7% Net Profit 84,6 113,1 100,6 + 18,9% Adjusted net profit 71,5 118,0 135,8 + 90,0% Assets 3174,4 3197,1 3277,9 + 3,3% Equity 1365,9 1396,2 1467,7 + 7,5% Net liabilities 913,1 900,7 886,5-2,9% ROA 2,7% 3,5% 3,1% + 15,1% ROE 6,2% 8,1% 6,9% + 10,6% Net liabilities/equity 66,9% 64,5% 60,4% - 9,7%

13 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME PLN'000 3Q Q 2016 Sales revenue 581, ,755 Revenue from sales of services 107, ,570 Revenue from sales of goods and products 474, ,185 Cost of sales (365,294) (221,476) Gross profit on sales 216, ,279 Gain/(loss) on disposal of non-financial fixed assets (1) 37 Revaluation of investment property (61,104) 25,509 Write-downs of inventories 0 (971) Selling and distribution cost (11,354) (10,179) General administrative expenses (17,948) (18,191) Other operating income (expenses) (957) 1,589 Operating profit 124, ,073 Financial income 23,188 3,078 Financial expenses (24,112) (34,225) Gross profit 123, ,926 Income tax (tax burden) (23,357) (24,305) Net profit 100,611 84,621 13

14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ASSETS PLN'000 3Q Q 2016 A. Fixed assets 1,929,880 1,880, Intangible assets Property, plant and equipment 5,881 5, Tangible assets 5,842 5, Tangible assets under construction Non-current receivables 5,028 7, Land classified as fixed asset 86,250 86, Investment property 1,823,929 1,765, Long-term prepayments Deferred tax assets 7,709 15,554 B. Current assets 1,348,007 1,293, Inventory 922, , Trade and other receivables 36,896 31, Income tax receivable Short-term financial assets 4,543 13, Cash and other cash equivalents 372, , Short-term prepayments 11,364 7,098 C. Fixed assets held for sale - - Total assets 3,277,887 3,174,410 14

15 CONSOLIDATED STATEMENT OF FINANCIAL POSITION - LIABILITIES PLN'000 3Q 2017 3Q 2016 A. Equity 1,467,725 1,365,871 I. Equity attributable to shareholders of the parent 1,467,725 1,365,871 1.

15 15 CONSOLIDATED STATEMENT OF FINANCIAL POSITION - LIABILITIES PLN'000 3Q Q 2016 A. Equity 1,467,725 1,365,871 I. Equity attributable to shareholders of the parent 1,467,725 1,365, Share capital 447, , Other capital 919, , Net profits / losses 100,611 84,621 II. Minority interest 0 0 B. Non-current liabilities 1,087,104 1,203, Non-current financial liabilities 900, , Non-current liabilities on account of the acquisition of a subsidiary 75, , Provisions Deferred income tax reserve 110, ,483 C. Current liabilities 723, , Current financial liabilities 156,758 53, Current liabilities on account of the acquisition of a subsidiary 40,044 40, Current trade and other payables 132, , Income tax liabilities 9,039 5, Provisions 1,488 1, Accrued expenses and revenue 383, ,742 Total liabilities 3,277,887 3,174,410

16 THANK YOU FOR YOUR ATTENTION

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