INTEGER.PL SA CAPITAL GROUP KRAKÓW, UL. MALBORSKA 130 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2015

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1 INTEGER.PL SA CAPITAL GROUP KRAKÓW, UL. MALBORSKA 130 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2015 INCLUDING THE OPINION OF AN INDEPENDENT CERTIFIED AUDITOR AND THE AUDIT REPORT

2 CONTENTS OPINION OF AN INDEPENDENT CERTIFIED AUDITOR... 3 REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS OF INTEGER.PL SA CAPITAL GROUP FOR THE FINANCIAL YEAR I. GENERAL INFORMATION 5 1. Identification details of the ed Parent Company Structure of the Capital Group Information on the consolidated financial statements for the previous financial year Identification details of the authorised entity and the key certified or conducting the on its behalf Availability of data and the statement of the Parent Company's Management Board... 9 II. ASSETS AND FINANCIAL POSITION OF THE CAPITAL GROUP III. DETAILED INFORMATION Information on the ed consolidated financial statements Consolidation documentation Accuracy and correctness of preparation of notes and explanatory information and the report on the Group's operations IV. FINAL COMMENTS CONSOLIDATED FINANCIAL STATEMENTS OF THE CAPITAL GROUP FOR THE FINANCIAL YEAR Consolidated statement of financial position 2. Consolidated statement of comprehensive income 3. Statement of changes in consolidated equity 4. Consolidated statement of cash flows 5. Notes comprising a summary of significant accounting policies and other explanatory information REPORT ON THE GROUP'S OPERATIONS FOR THE FINANCIAL YEAR 2015

3 Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. with its registered office in Warsaw Al. Jana Pawła II Warsaw Poland Tel.: , Fax: OPINION OF AN INDEPENDENT CERTIFIED AUDITOR To the Shareholders and the Supervisory Board of INTEGER.PL SA We have ed the accompanying consolidated financial statements of the Integer.pl SA Capital Group (further referred to as the "Capital Group"), where Integer.pl SA is the parent company (further referred to as the "Parent Company"), with its registered office in Kraków, at ul. Malborska 130. The financial statements comprise the consolidated statement of financial position prepared at 31 December 2015, the consolidated statement of comprehensive income, the statement of changes in consolidated equity, the consolidated statement of cash flows for the financial period from 1 January 2015 to 31 December 2015 and the notes comprising a summary of significant accounting policies and other explanatory information. The Management Board of the Parent Company is responsible for the preparation of the consolidated financial statements and the report on the operations of the Capital Group in accordance with the applicable laws. The Management Board and members of the Supervisory Board of the Parent Company are required to ensure that the consolidated financial statements and the report on the Group's operations meet the requirements provided for in the Polish Accounting Act of 29 September 1994 (Journal of Laws of 2013, item 330, as amended), hereinafter referred to as the "Accounting Act". Our responsibility was to and express an opinion on the compliance with the applicable accounting principles (policy) of these consolidated financial statements and to state whether they give, in all material respects, a true and fair view of the Capital Group's assets and financial position as well as its financial results. The was planned and performed in accordance with: - Chapter 7 of the Accounting Act; - National Auditing Standards issued by the National Council of Certified Auditors in Poland. The of the consolidated financial statements was planned and conducted in such a manner as to obtain reasonable about whether the financial statements are free of material misstatement. In particular, the included assessing the accounting policies used and significant estimates made by the Parent Company and its subsidiaries. The also included examining, mostly on a test basis, evidence and records supporting the amounts and disclosures in the consolidated financial statements, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the provides a reasonable basis for our opinion.

4 In our opinion, the ed financial statements, in all material respects: - give a true and fair view of all the information relevant for the assessment of the Group's assets and financial position at 31 December 2015, as well as its financial result for the financial year from 1 January 2015 to 31 December 2015; - were prepared in line with International Accounting Standards, International Financial Reporting Standards and related interpretations published in the Regulations of the European Commission, and within the scope not covered by these Standards - in line with the requirements of the Accounting Act and applicable implementing acts issued thereunder; - comply with all the provisions of law and the provisions of law that apply to the consolidated financial statements of the Parent Company and the Group entities. The report on the Group's operations for the financial year 2015 is complete within the meaning of Article 49(2) of the Accounting Act and the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities, and the conditions under which certain information required under the laws of a non-member State may be considered equivalent (Journal of Laws of 2014, item 133) and the disclosures therein derived from the ed consolidated financial statements are consistent therewith. Marek Turczyński Key Certified Auditor conducting the, License No On behalf of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k., i.e. the entity authorised to financial statements entered on the list of authorised entities maintained by the National Council of Certified Auditors under number 73: Marek Turczyński - Vice President of the Management Board of Deloitte Poland Sp. z o.o., General Partner of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. Warsaw, 21 March 2016

5 REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS OF INTEGER.PL SA CAPITAL GROUP FOR THE FINANCIAL YEAR 2015 I. GENERAL INFORMATION 1. Identification details of the ed Parent Company The Parent Company operates under the corporate name of Integer.pl SA ("the Parent Company"). The Company's registered office is situated in Kraków, ul. Malborska 130. The Parent Company operates as a joint stock company. The Parent Company is registered in the Register of Entrepreneurs of the National Court Register kept by the District Court for Kraków - Śródmieście in Kraków, 11th Commercial Division of the National Court Register in Kraków, under KRS number The Parent Company operates on the basis of the Polish Commercial Companies Code. The Parent Company's share capital at 31 December 2015 amounted to PLN 7,764,217 and was divided into 7,764,217 shares with the nominal value of PLN 1 each. As at the date of the opinion, the Management Board of the Parent Company was composed of: Rafał Brzoska - President of the Management Board, Krzysztof Kołpa - Vice-President of the Management Board, Rossen Hadjiev - Member of the Management Board. 2. Structure of the Capital Group The following entities were covered by the consolidated financial statements at 31 December 2015: a) Parent Company - Integer.pl SA We have ed the financial statements of the Parent Company for the period from 1 January to 31 December Following our, we issued an unqualified opinion on 21 March b) Fully consolidated entities: Name and registered office of the company Share in the capital (in %) Entity conducting the of the financial statements and the type of opinion issued Balance sheet date of the consolidated entity AQ-Tech Sp. z o.o. ul. Malborska 130, Kraków Bezpieczny List Sp. z o.o. 7) ul. Jana Pawła II24, Radzymin

6 Easy Pack Far East Limited 1) Suitę 801, Singga Commercial Centrę, Connaught Road West, Hong Kong 55% Easy Pack Russia LLC 5) Smirnovskaya street 4, bld Deloitte LLP Russia EasyPack Sp. z o.o. 3) % Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. E-commerce Innovations SL 1) Barcelona, Rambla Catalunya, 53 E-Solutions LLC 6) Moscow Lefortovsky Val 24 99% Giverty Holding Limited 2) Thasou, 3 Dadlaw House 1520, Nicosia, Cyprus 90% Granatana Limited 1) Thasou, 3 Dadlaw House 1520, Nicosia, Cyprus InltTec Sp. z o.o. InPost Australia PTY Level 30 Bourke Place, 600 Bourke Street, Melbourne VIC 3000 InPost Canada INC 1) 55 Browns Line, Toronto, ON M8W 3S2, Canada 75% InPost Finanse Sp. z o.o. 7) Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. InPost France SAS 1) 11 rue de Provence, Paris Deloitte LLP France InPost Hungary Kft. 1) Csorsz u. 41, 1124 Budapest, Hungary InPost Malaysia 1) No 26 Ialan Datuk Sulaiman, Taman Tun Dr Ismail, Kuala Lumpur, Malaysia InPost Norway AS 1) Owe Prinsdals vei 34C, 1266 Oslo, Norway InPost Paczkomaty Sp. z o.o. InPost SA 8) 58% Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k.

7 Inpost UK Limited 1) Unit 9 Cottesbrooke Park Heartlands Business Park Daven NN11 8YL, England Deloitte LLP UK InSupport Center Sp. z o.o. ul. Krakowska 342, Zabierzów, Integer EU Limited 2 Sophouli Street Chanteclair Building 8 floor Office 801, 1096 Nicosia Integer Group Services Sp. z o.o. ul. Malborska 130, Kraków, Integer Ukraine LLC 6) Obserwatorna 23/ Kijów 90% Locker InPost Italia S.r.l. 1) Lissone, via Fratelli Cairoli n. 17 Polska Grupa Pocztowa S.A. 7) ul. Stanisława Augusta 75, lok , Warsaw POSHTA 24 LLC 1) Zoologiczna 4A/139, Kijów Postał Terminals CZ s.r.0. 1) Opletalova 1284/37 Psc Prana 1, Nove Mesto 55.00% Postał Terminals s.r.0. 1) Lamacska cesta 109, Bratislava 47 Verbis 2 Sp. z o.o. 4) Zawiła 65L, Kraków Verbis 2 Sp. z o.o. S.K.A. 4 > Verbis Alfa Sp. z o.o. 4) Zawiła 65L, Kraków Integer.pl Inwestycje sp. z o.o. 3) ul. Malborska 130, Kraków 55.00% % % % 96.94% InPost do Brasil (BR) 90% InPost Express sp. z o.o. Pralniomaty sp. z o.o. (PL) 1 shares held by easypack Sp. z o.o. 2 shares held by Granatana Limited 3 shares held by Integer.pl SA and InPost Paczkomaty Sp. z o.o. 4 shares held by InPost Paczkomaty Sp. z o.o. 5 shares held by Granatana Limited and Giverty Holding Limited 6 shares held by IntegerEU Limited 7 shares held by InPost SA 8 shares held by Integer.pl Inwestycje Sp. z o.o. * Companies consolidated using the equity method,,,

8 c) Entities consolidated under the equity method: Name and registered office of the company Share in the capital (in %) Entity conducting the of the financial statements and the type of opinion issued Balance sheet date of the consolidated entity EasyPack Plus Self Storage LLC Dubai Real Estate Center, Al-Qouz, Dubai, United Arab Emirates 50% Tisak Inpost LLC Slavonska avenija 11a, Zagreb, Croatia 50% InQubit Sp. z o.o. ul. Stefana Dembego 10/100, Warsaw 49% In the ed financial year the following entities were consolidated by the Parent Company: - Integer.pl Inwestycje sp. z o.o. (PL), - InPost do Brasil (BR), - InPost Express sp. z o.o. (PL), - Pralniomaty sp. z o.o. (PL). 3. Information on the consolidated financial statements for the previous financial year In 2014, the Capital Group incurred a net loss of PLN 31,993 thousand. The consolidated financial statements of the Capital Group for the financial year 2014 were ed by an independent or. The was performed by an authorised entity, i.e. Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. On 19 March 2015, the or issued an unqualified opinion. The consolidated financial statements for the financial year 2014 were approved by the Annual General Meeting held on 1 June The consolidated financial statements for the financial year 2014 were filed with the National Court Register on 9 June Identification details of the authorised entity and the key certified or conducting the on its behalf The authorised entity was selected by the Supervisory Board. Our was conducted under an agreement dated 10 July 2015 concluded between the Parent Company and Deloitte Spółka z ograniczoną odpowiedzialnością Sp. k. with its registered office in Warsaw, Al. Jana Pawła II 19, entered on the list of entities authorised to financial statements maintained by the National Council of Certified Auditors under number 73. The of the consolidated financial statements was conducted under the supervision of Marek Turczyński, Key Certified Auditor (License No ) on behalf of the authorised entity at the registered office of the Parent Company between 23 November and 4 December 2015 and between 15 February and 18 March 2016 and till the date of this report outside the Parent Company's registered office.

9 Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. and the Key Certified Auditor conducting the, hereby confirm that they are authorised to financial statements and meet the requirements set out in Article 56 of the Act on certified ors and their self-government, entities authorised to financial statements and on public supervision (Journal of Laws of 2009, No. 77, item 649, as amended) to issue an impartial and independent opinion on the Group's consolidated financial statements. 5. Availability of data and the statement of the Parent Company's Management Board We were not restricted in the scope of our in any manner. During the, the authorised entity and the Key Certified Auditor were provided with all required documents and data as well as detailed information and explanations, which fact was, among others, confirmed in a written statement of the Management Board of the Parent Company dated 21 March 2016.

10 II. ASSETS AND FINANCIAL POSITION OF THE GROUP Below basic data from the consolidated statement of comprehensive income, the consolidated statement of financial position and financial ratios reflecting the Group's financial performance, economic and financial position as compared to the corresponding figures for the previous year are presented. Key figures from the statement of comprehensive income (in PLN '000) Revenues from sales 726, ,068 Operating expenses 786, ,615 Operating profit/loss (46,478) (5,156) Net profit (loss) (41,944) (31,993) Key figures from the statement of financial position (in PLN '000) Inventory 19,835 21,850 Trade receivables 293, ,363 Current assets 575, ,225 Total assets 1,438,012 1,209,192 Equity 961, ,664 Short-term liabilities (including short-term provisions and accruals) 284, ,271 Trade liabilities 150, ,533 Total liabilities and provisions 476, ,528 Profitability and efficiency ratios return on sales -6% -1% - return on equity (net) -4% -4% - assets turnover ratio receivables turnover in days payables turnover in days inventory turnover in days Liquidity/Net working capital - debt rate 33% 35% - equity to assets 67% 65% - net working capital (in PLN '000) 290, ,954 - liquidity ratio quick ratio The analysis of the above figures and ratios indicates the following trends in 2015: - decline in profitability of sales, - extension of the period of receivables, payables and inventory rotation, - decrease in debt ratio, - increase in net working capital, - increase in the liquidity ratio and quick ratio.

11 III. DETAILED INFORMATION 1. Information on the ed consolidated financial statements The ed consolidated financial statements were prepared at 31 December 2015 and comprise: - consolidated statement of the financial position prepared as at 31 December 2015 showing the total balance of assets and liabilities in the amount of PLN 1,438,012 thousand; - consolidated statement of comprehensive income for the period from 1 January 2015 to 31 December 2015 showing a net loss of PLN 41,944 thousand and negative comprehensive income of PLN 40,111 thousand; - statement of changes in consolidated equity for the period from 1 January 2015 to 31 December 2015 showing an increase in equity by PLN 171,737 thousand; - consolidated statement of cash flows for the financial year from 1 January 2015 to 31 December 2015 showing increase in cash balance by the amount of PLN 83,995 thousand; - notes on the applied accounting policies and other explanatory information. The covered the period from 1 January 2015 to 31 December 2015 and primarily involved: - assessing the correctness and accuracy of the consolidated financial statements prepared by the Management Board of the Parent Company, - examining the consolidation documentation, - assessing the correctness of methods and procedures applied in the consolidation, - reviewing the opinions and reports on the of financial statements of subsidiaries and affiliates subject to consolidation prepared by other certified ors. 2. Consolidation documentation The Parent Company presented the consolidation documentation comprising: - financial statements included in the consolidated financial statements, - financial statements of subordinated entities adjusted to the principles (policy) applied in the consolidation, - financial statements of subordinated entities converted into Polish currency, - adjustments and exclusions made for consolidation purposes required to prepare consolidated financial statements, - calculations of goodwill and gain on bargain purchase, as well as impairment losses on goodwill, - calculations of non-controlling interests, - calculations of translation differences resulting from financial statements of subordinated entities denominated in foreign currencies, - calculations of translation differencesassociated with investments in subsidiaries.

12 Consolidation of the Capital Group, with respect to all subsidiaries was carried out using full consolidation method by totalling the full amounts of all relevant items of the financial statements of the Parent Company and its consolidated subsidiaries. Affiliates were consolidated using the equity-settled method. The value of the Parent Company's share in the affiliates was adjusted by increases or decreases in the affiliates' equity attributable to the Parent Company, which occurred during the period covered by the consolidation, and decreased by dividends payable on such entities. The Parent Company preparing consolidated financial statements did not apply any simplifications of or deviations from the adopted principles of consolidation in relation to the controlled entities. 3. Accuracy and correctness of the notes and the report on the Group's operations The Parent Company confirmed the going concern in preparing the consolidated financial statements. Significant principles of measurement of assets and liabilities, measurement of financial result and the method of preparation of the consolidated financial statements were described in the notes to the consolidated financial statements. The Parent Company provided other information and explanations in the form of tabular notes to the items of the consolidated statement of financial position and statement of comprehensive income as well as descriptions in accordance with IFRS. The Management Board of the Parent Company prepared a report on the Group's operations for the financial year 2015 and attached the same to the consolidated financial statements. The report is complete within the meaning of Article 49(2) of the Accounting Act and the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities, and the conditions under which certain information required under the laws of a non- Member State may be considered equivalent (Journal of Laws of 2014, item 133). We reviewed the report with respect to the disclosures derived directly from the ed consolidated financial statements.

13 IV. FINAL COMMENTS Statements of the Management Board Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. and the key certified or received a written statement from the Management Board of the Parent Company wherein the Management Board stated compliance with the provisions of law by the Capital Group. Marek Turczyński Key Certified Auditor conducting the, License No On behalf of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k., i.e. the entity authorised to financial statements entered on the list of authorised entities maintained by the National Council of Certified Auditors under number 73: Marek Turczyński - Vice President of the Management Board of Deloitte Poland Sp. z o.o., General Partner of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. Warsaw, 21 March 2016