BSC DRUKARNIA OPAKOWAŃ S.A. GROUP Consolidated financial statement for I quarter of BSC Drukarnia Opakowań S.A. Group

BSC Drukarnia Opakowań S.A. Group CONSOLIDATED QUARTERLY FINANCIAL STATEMENT FOR I QUARTER OF 2018 1

Contents: The consolidated quarterly report contains the following elements: Page A. Selected consolidated and separate financial data 3 B. Semiannual condensed consolidated financial statement of BSC Drukarnia Opakowań S.A. Group for 3 months of 2018 7 C. Semiannual condensed separate financial statement of BSC Drukarnia Opakowań S.A. for 3 months of 2018 27 D. Board s report on the activity of BSC Drukarnia Opakowań S.A. Group for 3 months of 2018 32 Janusz Schwark Arkadiusz Czysz Andrzej Baranowski President of the Board Vice-president of the Board Vice-president of the Board Poznań, 15.05.2018 2

A. SELECTED FINANCIAL DATA 1. Selected consolidated financial data thousands PLN thousands EUR SELECTED FINANCIAL DATA data from 01.01.2018 to 31.03.2018 data from 01.03.2017 to 31.03.2017 data from 01.01.2018 to 31.03.2018 data from 01.01.2017 to 31.03.2017 Net revenues from sales 54 426 57 572 13 026 13 423 Profit (loss) from sales 6 585 7 493 1 576 1 747 Profit (loss) from operating activity 7 741 8 566 1 853 1 997 Profit (loss) before taxation 7 920 8 632 1 895 2 013 Net profit (loss) 6 383 7 079 1 528 1 650 Net profit (loss) attributable to BSC 6 382 7 058 1 527 1 646 shareholders Net cash flow from operating activity 4 035 22 321 966 5 204 Net cash flow from investment activity -9 209-2 165-2 204-505 Net cash flow from financial activity -496-727 -119-169 Total net cash flow -5 670 19 429-1 357 4 530 Total assets/ liabilities 314 726 297 706 74 783 70 550 Non-current assets 155 545 160 480 36 960 38 030 Current assets 159 181 137 226 37 824 32 520 Equity attributable to shareholders 264 182 245 913 62 773 58 276 Total liabilities 49 612 50 878 11 789 12 057 Long-term liabilities 22 633 23 563 5 378 5 584 Short-term liabilities 26 979 27 315 6 411 6 473 Number of shares (in thousands) 9 808 9 808 9 808 9 808 Profit (loss) per one ordinary share (in PLN/ EUR) Book value per one share (in PLN/ EUR) 0.65 0.72 0.15 0.17 26.94 25.07 6.40 5.94 Applied for the conversion of EUR exchange rate 31.03.2017 31.03.2018 Average exchange rate of the period - 4.2891-4.1794 Exchange rate of the last day of the reporting period - 4.2198-4.2085 3

2. Changes in significant items of the comprehensive income statement and financial standing statement Selected consolidated financial data (in thousands PLN) IQ2018 IQ2017 Change in thousand s Dynamics Revenue from sales of products, services, 54 426 57 572-3 146-5% commodities and materials EBITDA 10 831 11 808-977 -8% Profit from operating activity (EBIT) 7 741 8 566-825 -10% Profit before taxation 7 920 8 632-712 -8% Net profit 6 383 7 079-696 -10% Long-term liabilities 22 633 22 621 12 0% Short-term liabilities 26 979 27 273-294 -1% Equity attributable to shareholders of the parent entity 264 182 257 799 6 383 2% Share capital 9 808 9 808 0 0% Number of shares 9 807.52 9 807.52 0 0% Profit per 1 ordinary share 0.65 0.72 0-10%, compared to I quarter of 2017 appeared to be worse, mainly because of high base. In I quarter of 2017 the Group still fully realised the contract for Mondelez Group that is mainly the reason for lower revenues in the year 2018. In the Group s revenue decreased by 5% but the Group s results, such as EBITDA, operating profit and net profit decreased respectively by 8%, 10% and 10%. The Group s liabilities remained on the similar level. 3. Financial ratios Change in percentage point 14.22% 14.88% -0.66% Margins I Q 2018 I Q 2017 Margin on operational level Operational result x 100 / revenue from sales EBITDA margin ( Operational result + amortization) x 100 / revenue from sales Gross profit margin Gross result x 100 / revenue from sales Net profit margin Net result x 100 / revenue from sales 19.90% 20.51% -0.61% 14.55% 14.99% -0.44% 11.73% 12.30% -0.57% In compared to the year 2017 the Group s margins decreased. However, they slightly improved compared to the whole year 2017. 4

Ratios I Q 2018 I Q 2017 Dynamics Liquidity ratio I 6.73 5.84 15.3% Current assets / short-term liabilities Liquidity ratio II (current assets inventory) / short-term liabilities 4.98 4.26 16.8% Debt ratio short-term and long-term liabilities / assets sum Net working capital 15.76% 17.09% -7.8% 135 540 113 728 19.2% The Group still maintains relatively high liquidity ratios. 5

4. Selected separate financial data SELECTED FINANCIAL DATA data from 01.01.2018 to 31.03.2018 thousands PLN data from 01.03.2017 to 31.03.2017 data from 01.01.2018 to 31.03.2018 thousands EUR data from 01.03.2017 to 31.03.2017 Net revenues from sales 52 006 55 159 12 446 12 860 Profit (loss) from sales 5 632 5 575 1 348 1 300 Profit (loss) from operating activity 6 994 6 828 1 674 1 592 Profit (loss) before taxation 7 208 6 943 1 725 1 619 Net profit (loss) Net cash flow from operating activity 5 833 5 525 1 396 1 288 3 889 18 619 931 4 341 Net cash flow from investment activity Net cash flow from financial activity -8 920-2 138-2 135-498 -385-707 -92-165 Total net cash flow -5 416 15 774-1 296 3 678 Total assets/ liabilities 273 390 259 406 64 961 61 474 Non-current assets 129 778 133 468 30 837 31 629 Current assets 143 612 125 938 34 124 29 845 Equity attributable to shareholders 232 371 217 080 55 215 51 443 Total liabilities 41 019 42 326 9 747 10 030 Long-term liabilities 14 953 15 523 3 553 3 679 Short-term liabilities 26 066 26 803 6 194 6 352 Number of shares (in thousands) Profit (loss) per one ordinary share (in PLN/ EUR) Book value per one share (in PLN/ EUR) 9 808 9 808 9 808 9 808 0.59 0.56 0.14 0.13 23.69 22.13 5.63 5.25 Applied for the conversion of EUR exchange rate 31.03.2017 31.03.2018 Average exchange rate of the period - 4.2891-4.1784 Exchange rate of the last day of the reporting period - 4.2198-4.2085 6

B. CONDENSED CONSOLIDATED SEMI-ANNUAL FINANCIAL STATEMENT OF BSC DRUKARNIA OPAKOWAŃ S.A. GROUP FOR I QUARTER OF 2018 CONDENSED CONSOLIDATED SEMI-ANNUAL FINANCIAL STATEMENT OF COMPREHENSIVE INCOME Notes (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Continued activity Revenues from sales 3 54 426 57 572 - including sales of goods 150 - Other operating revenues 4 1 371 1 210 Change in the balance of products 55 797 58 782 Consumption of materials -3 027 1 371 Payroll and benefits 30 949 29 731 External services 9 081 8 530 Depreciation 6 440 5 903 Change in the balance of products 3 090 3 242 Other expenses 1 381 1 439 Value of goods and materials sold 142 - Total operating expenses 5 48 056 50 216 Profit (loss) from operating activity 7 741 8 566 Financial revenues 6 237 139 Financial costs 6 58 73 Profit (loss) before taxation 7 920 8 632 Income tax 7 1 537 1 553 Net profit (loss) from continued activity 6 383 7 079 Discontinued activity Net loss from discontinued activity Net profit (loss) 8 6 383 7 079 Attributable to: Shareholders of the parent entity 6 382 7 058 Non-controlling shareholders 1 21 Other comprehensive (net) income Total comprehensive income 8 6 383 7 079 Attributable to: Shareholders of the parent entity 8 6 382 7 058 Non-controlling shareholders 1 21 7

CONDENSED CONSOLIDATED SEMI-ANNUAL STATEMENT OF FINANCIAL STANDING Notes as at 31.03.2018 as at 31.12.2017 Non-current assets Tangible non-current assets 11 152248 151 722 Intangible assets 1 590 1 688 Deferred tax assets 1 707 1 798 Other assets - - Total non-current assets 155 545 155 208 Current assets Inventory 12 41504 37 224 Trade receivables 13 56 616 55 400 Income tax receivables - - 91 Other receivables 1 973 1 847 Financial assets 14 35 818 30 843 Monetary assets 14 22 132 27 803 Other assets 1 138 208 Total current assets 159 181 153 416 Assets classified as held for sale - - Total assets 314 726 308 624 8

CONDENSED CONSOLIDATED SEMI-ANNUAL STATEMENT OF FINANCIAL STANDING Notes as at 31.03.2018 as at 31.12.2017 Equity Share capital 9 808 9 808 Supplementary capital 215 787 215 787 Effect of increasing involvement in subsidiary entity 2 348 2 348 Retained profits 36 239 29 856 Capital attributable to shareholders of the parent entity 264 182 257 799 Capital attributable to non-controlling shareholders 932 931 Total equity 265 114 258 730 Long-term liabilities Credits and loans 15 6603 7 094 Other financial liabilities 123 130 Provision for deferred income tax 13 726 13 230 Provision for retirement 230 230 Other provisions 17 - - Other liabilities - - Future revenues - subsidies 18 1 951 1 937 Total long-term liabilities 22 633 22 621 Short-term liabilities Credits and loans 15 1 890 1 828 Other financial liabilities 162 213 Trade liabilities 16 15 188 16 964 Income tax liabilities 35 290 Other liabilities 6 366 4 804 Other provisions 17 3 338 2 812 Future revenues - subsidies 18-362 Total short-term liabilities 26 979 27 273 Liabilities directly connected with non-current assets held for sale Total payables 49 612 49 894 Total liabilities 314 726 308 624 9

CONDENSED CONSOLIDATED SEMI-ANNUAL STATEMENT OF CASH FLOWS (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Net cash from operating activity Gross profit 7 920 8 631 Depreciation 3 090 3 241 Interest -203 38 Currency conversion differences -17-243 Result of investment activity -19 - Trade and other receivables change in the balance -1 347 9 306 Inventory- change in the balance -4 279 671 Other assets - change in the balance - 20 Trade and other liabilities - change in the balance 996 1 512 Provisions - change in the balance 911 2 114 Other accruals change in the balance -1581-1 473 Income tax - paid -1 436-1 496 Net cash flows from operating activity 4 035 22 321 Cash flows from investment activity Interest 212 35 Inflows from sales of investments - - Inflows from sales of non-current and intangible assets 19 - Outflows for purchase of non-current assets and intangible assets -4 462-2 200 Loans granted - - Loans repaid - - Outflows for purchase of securities -4 978 - Net cash from investment activity -9209-2 165 Cash flows from financial activity Dividend paid and other payments to shareholders - - Net inflows from issuance of shares - - Repayment of bank credits and loans -430-487 Payment of liabilities from financial leases -57-167 Raising bank credits - - Interest -9-73 Net cash from financial activity -496-727 Increasing /(decreasing) net cash and cash equivalents -5 670 19 429 Opening cash balance and cash equivalents 27 802 13 377 Closing cash balance and cash equivalents 22 132 32 806 10

CONDENSED CONSOLIDATED SEMI-ANNUAL STATEMENT OF CHANGES IN EQUITY as at 31.03.2018 as at 31.12.2017 Share capital Opening balance Increase in capital Closing balance 9808 9808 - - 9 808 9 808 Supplementary capital Opening balance Distribution of retained profit Issuance of shares Closing balance Effect of increasing involvement in subsidiary entity Opening balance Increasing involvement in subsidiary entity Closing balance 215 787 195 618-20 169 - - 215 787 215 787 2 348 2 348 - - 2 348 2 348 Retained profit Opening balance Payment of dividend Supplementary capital Adjustments Net financial result Change of non-controlling share structure Closing balance 29 856 30 912 - -6 179 - -24 733 - - 6 383 25 292-4 564 36 239 29 856 Capital attributable to non-controlling shares Opening balance Change in the structure of non-controlling share Result attributable to non-controlling shares Closing balance 931 893 - - 1 38 932 931 Total equity Opening balance Closing balance 258 730 265 114 239 579 258 730 11

SELECTED COMMENTARY 1. Basic information on the parent company BSC Drukarnia Opakowań Spółka Akcyjna ( the company, the parent entity, the parent company, the issuer ) runs their business activity as a joint-stock company set up by the notarial deed on 1 July1999 before the notary Piotr Kowanda (Rep. No: A 8000/1999) in Poznań. The registered office of the parent company is Poznań, ulica Żmigrodzka 37. The company is registered in Poland and at present entered in the register of entrepreneurs, run by the District Court in Poznań at the number KRS 0000032771. The parent company was given the CRO Certificate (REGON) number: 639627371 and received the Tax Identification Number (NIP) 779-20-76-889. The basic fields of the parent entity s business activity are: Printing activity, Supporting graphic activity, Activity related to packing. In the reporting period the personnel of the parent entity s Board was as follows: Janusz Schwark - the President of the Board, Andrzej Baranowski - Financial Vice-President of the Board, Arkadiusz Czysz - Commercial Vice-President of the Board. In the analyzed period there were no changes in the personnel of the parent entity Board. In the reporting period the personnel of the parent entity s Supervisory Board was as follows: Hans Christian Bestehorn, Stephan Bestehorn, Andrzej Borowiński, Michael Mehring, Frank Ohle, Krzysztof Kaczmarczyk, Jarosław Wesołek In the analyzed period there were no changes in the personnel of the Supervisory Board of the parent entity. As at the date of drawing up the consolidated financial statement, the structure of the parent entity s shareholding was as follows: Number of shares Total nominal value of shares (in thousands PLN ) Participation in share capital Number of votes Participation in votes at the General Meeting of Shareholders Colorpack GmbH 3 599 300 3 599 36.70% 3 599 300 36.70% ALTUS TFI S.A. 1 205 507 1 205 12.29% 1 205 507 12.29% JS Holding Sp. z o.o. 1 200 758 1 201 12.24% 1 200 758 12.24% Green Place S.A. 1 134 586 1 135 11.57% 1 134 586 11.57% 12

PKO BP Bankowy Otwarty Fundusz Emerytalny 721 614 722 7.36% 721 614 7.36% Others 1 945 751 1 946 19.84% 1 945 751 19.84% Total 9 807 516 9 808 100.00% 9 807 516 100.00% 2. Information on the Group BSC Drukarnia Opakowań S.A. the Group ( the Group ) consists of the parent company BSC Drukarnia Opakowań S.A. and the subsidiaries: BSC Pharmacenter sp. z o.o., POSBAU S.A. Budownictwo Uprzemysłowione and POSBAU Nieruchomości sp. z o.o. In May 2015, on the basis of concluded agreements, the parent company took control over companies POSBAU S.A. and POSBAU Nieruchomości sp. z o.o. Basic information concerning subsidiaries as at 31 March 2018: Company name Office Object of business activity Participation in share capital BSC Pharmacenter sp. z o.o. Poznań printing 100.00% POSBAU S.A. Budownictwo Uprzemysłowione Poznań Lease/construction 93.29% POSBAU Nieruchomości sp. z o.o. Poznań Lease 93.29% Consolidatio n method Full consolidation Full consolidation Full consolidation The financial statements of the subsidiaries were drawn up for the same reporting period as the financial statement of the parent company, applying consistent accounting principles. 3. Information on principles applied while drawing up the condensed consolidated semi-annual financial statement Declaration of conformity and general principles for drawing up the statement This condensed consolidated semi-annual financial statement is prepared in accordance with the requirements of IAS 34 Interim financial reporting and the order of the Minister of Finance dated 19 February 2009 on current and periodic information delivered by issuers of securities and conditions for recognizing information required by the law of a non-member state as equivalent and presents the Group s financial standing as at 31 March 2018 and 31 December 2017, the result of their activity and cash flows for the period of 3 months ended 31 March 2018 and 31 March 2017. The duration of the parent entity and the entities belonging to the Group is unspecified. This condensed consolidated semi-annual financial statement was drawn up with the assumption of continuing the business activity by the Group in the foreseeable future. As at the date of approving this consolidated financial statement there are no circumstances stated which indicate any threat to the continuation of the Group s business activity. This condensed consolidated semi-annual financial statement, with the exception of the financial statement of cash flows, was drawn, in accordance with the principle of accrual based accounting. Accounting principles and amendments to the International Financial Reporting Standards In this condensed consolidated semi-annual financial statement, the accounting principles applied by the Group and significant judgements and main estimations of uncertainty made by the Board of the parent company 13

were the same as the ones described in the selected commentary in the consolidated financial statement for the year 2017. The group intends to apply the amendments to IFRS which were published but not effective until the date of publishing this condensed consolidated semi-annual financial statement, in accordance with their effective date. The estimation of the influence of the new IFRS on the future consolidated financial statement was demonstrated in the financial statement for the year 2017. Functional currency and reporting currency This condensed consolidated semi-annual financial statement was drawn up in the Polish zloty (PLN). The Polish zloty is the functional and reporting currency of the Group. The financial data was reported in thousands zlotys, unless it was reported with higher accuracy in certain situations. 4. Revenue from operating activity 4.1. Territorial structure 2018 (from 01.01.18 to 31.03.18) 2017 (from 01.01.17 to 31.03.17) - domestic 46 070 43 612 -export 8 356 13 960 Total net revenues from sales of goods and services 54 426 57 572 Including goods 150-4.2. Revenue from sales according to branches of business 2018 (from 01.01.18 to 31.03.18 2017 (from 01.01.17 to 31.03.17) Packaging, printing services and goods 53 363 56 326 Packaging for cosmetics branch 30 811 29 518 Packaging for food branch 14 512 19 911 Packaging for pharmaceutical branch 3 676 3 235 Packaging for other branches 4 214 3 662 Goods 150 - Other not connected with main business activity 1 063 1 246 Lease 665 590 Construction services - - Hotel services 398 656 Total net revenues from sales of goods and services 54 426 57 572 5. Other operating revenues (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Profit from disposal of non-financial fixed assets 19 - Subsidies 97 150 Other operating revenues, including: 1 255 1 060 - sales of scrap and other utility waste 895 781 - settlement of revenues concerning fixed assets 97 37 14

- cutting tools 78 64 - lease 18 15 - discounts for non-current assets 21 21 - logistic services 45 36 - compensations and bonuses received 55 73 - other operating revenues 46 33 Other operating revenues, in total 1 371 1 210 The basic item of other operating revenues are revenues from sales of scrap paper. Besides, the Group receives subsidies to remuneration of the handicapped and subsidies granted for their purchase and settled for the period of depreciation (amortization) of fixed assets. 6. Costs of operating activity 6.1. Other costs (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Amortisation 3 090 3 242 Use of materials and energy 30 949 29 731 External services 6 440 5 903 Taxes and fees 784 985 Remuneration 7 468 7 009 Social insurance and other benefits 1 613 1 521 Other costs by nature 382 317 Total costs by nature 50 726 48 708 Loss from sales of non-financial fixed assets - - Revaluation of non-financial assets - - Other operating costs, including: 215 137 - involuntary shortage and liquidation 94 102 - amortization-liquidation of buildings and structures - - - compensations, cash bonuses and other 49 16 - other operating costs 72 19 Cost of sales of goods 142 - Change in product balance -3 027 1 371 Operating expenses, in total 48 056 50 216 Costs of material and energy consumption and labor cost dominate in the structure of the nature expenses of the Group because of the production character of the business run. In the first quarter of 2018 they constituted respectively 61% and 18% of the costs by nature in total. Among the other operating costs there are expenses and losses not connected directly with the Group s operating activity. The category includes most of all involuntary shortage and liquidations. 7. Revenue and financial costs (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Financial revenues 237 139 -interest 208 35 15

-exchange rate differences 29 104 Profit from bargain purchase - - Financial costs 58 73 - interest 58 73 - exchange rate differences - - Net financial revenues (costs) 179 65 The interests from deposits and exchange gains constitute financial revenues. Financial costs include most of all the cost of interest from bank credits. Exchange differences concerning operating activity adjust revenues from sales and operating expenses. 8. Current income tax and deferred income tax (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Current income tax: 950 1 535 Current income tax liabilities 950 1 535 Adjustments concerning current tax from past years - - Deferred income tax: 587 18 Tax liability demonstrated in comprehensive income statement The most essential items that the Group generates deferred tax provisions and assets from are: Non-current assets different depreciation rates, Exchange rate differences gains, losses, Provisions for employee benefits, Allowance for uncollectible accounts. Fair value of non-current assets as at the date of taking over control. 1 537 1 553 Over the period of the semi-annual condensed consolidated financial statement the Group did not generate deferred tax whose effects would be recognized directly in equity. 9. Profit per one share (from 01.01.18 to 31.03.18) I quarter of 2017 (from 01.01.17 to 31.03.17) Net profit/ net revenue 6 383 7 079 Number of shares 9 807 516 9 807 516 Basic profit per share 0.65 0.72 - from continued activity 0.65 0.72 - from discontinued activity - Diluted net profit 6 383 7 079 Diluted number of shares 9 807 516 9 807 516 Diluted profit per share 0.65 0.72 - from continued activity 0.65 0.72 - from discontinued activity - - 16

10. Operating segments Until the year 2014 the Board of the parent entity recognized the following segments: Card board packaging (manufacturing cardboard packaging of solid board), Labels and paper leaflets and packaging printing service. After taking over the company POSBAU S.A. and POSBAU Nieruchomości sp. z o o. in the year 2015, the Board as the body responsible for making operational decisions isolated two operational segments in the Group s business activity: - cardboard packaging and labels - other - construction - hotel services - lease of utility rooms The above presented division is connected with assigning risks for individual types of activity and the possibility to anticipate unfavourable phenomena in individual segments by active management involving resources allocation and monitoring the results of the business activity. 10.1. Report balance items in segments without consolidation adjustments Cardboard packaging and labels Other as at31.03.2018 as at 31.03.2018 Fixed assets 140 857 20 602 Tangible assets 131 892 20 357 Intangible assets 1 590 - Long-term investments 5 915 - Other assets - - Deferred Income Tax assets 1 460 245 Current assets 159 003 933 Inventory 41 489 14 Receivables 58 258 333 Financial assets 36 573 - Short-term investments 21 823 308 Other assets Unassigned assets Total assets Equity Share capital 860-299 860 257 135 9 808 278-21 535 13 892 524 Supplementary capital and other reserve capitals Profit from past years 216 186 13 354 24 772 - Net profit Liabilities and provisions for liabilities 6 369 42 725 14 7 643 17

Longterm liabilities Short-term liabilities Total payables 17 333 25 392 42 725 4 105 3 538 7 643 Total liabilities 299 860 21 535 10.2. Report revenues and costs according to segments without consolidation adjustments Cardboard packaging and labels as at 31.03.2018 in thousands PLN Other segments Construction Hotel services Lease as at 31.03.2018 in thousands PLN as at 31.03.2018 in thousands PLN as at 31.03.2018 in thousands PLN Profit (loss) from sales 53363-398 664 Other operational revenues 46 827-486 573 Other operational costs 6 536 - -42 91 Profit (loss) from sales 1 332 30 4 5 Other operational revenues 205 1 4 5 Financial revenues 242 - - - Financial costs 10-28 25 Gross profit 7 895 29-70 66 Income tax 1 526 10 Net profit (loss) * 6 369 14 11. Tangible fixed assets 11.1. of tangible fixed assets As as 31.03.2018 As as 31.12.2017 Tangible fixed assets Fixed assets - lands - buildings and structures - technical devices and machines - means of transport - other fixed assets Fixed assets under construction 152 248 151 722 144 402 146 964 19 204 19 204 44 526 44 738 78 680 80 994 1 570 1 509 422 519 7 846 4 758 11.2. Ownership structure of tangible fixed assets 18

As as 31.03.2018 As as 31.12.2017 Own 151 645 146 314 Used on the basis of lease, tenancy agreement, lease agreement 603 650 Total 152 248 146 964 11.3. Assets pledged as collateral Value of collateral of liabilities Collateral form As at 31.03.2018 As at 31.12.2017 Printing hall Mortgage 5 200 5 200 Warehouse building Mortgage 6 821 6 821 Office building Mortgage 9 134 9 134 Office building PWUG POSBAU Mortgage 10 950 10 950 11.4. Impairment loss Over the period of the condensed consolidated financial statement there were no indications in the Group to make any allowance for uncollectible accounts on impairment losses of the owned fixed assets. 12. Inventory 12.1. of inventory as at 31.03.2018 as at 31.12.2017 Materials 13 708 13 488 Production in progress 2 322 2 966 Finished produce Goods 25 474 20 770 - - Total inventory 41 504 37 224 13. Trade receivables and other receivables 13.1. of trade receivables and other receivables as at 31.03.2018 As at31.12.2017 Net trade receivables 56 616 55 400 Allowance for trade uncollectible accounts 137 137 Other receivables 1 973 1 938 -including investment receivables 782 843 - allowance for other uncollectible accounts - - Total receivables, including: 58 589 57 338 - long-term - - - short -term 58 589 57 338 19

13.2. Age structure of trade receivables as at 31.03.2018 as at 31.12.2017 Current 45 840 43 503 Overdue 10 913 12 034 - from 1 to 30 days 6 710 10 445 - from 31 to 60 days 1 581 866 - from 61 to 90 days - 77 - from 91 to 180 dni 2 485 434 - Over 180 days 137 212 Gross trade receivables 56 753 55 537 Allowance for uncollectible accounts 137 137 Net trade receivables 56 616 55 400 13.3. Change in the balance of allowance for uncollectible accounts as at 31.03.2018 as at 31.12.2017 Opening balance 137 Increase arising from: - 61 - allowance for main uncollectible accounts - 61 - allowance for uncollectible accounts recognized in financial costs Decrease arising from: - 2 - Usage of allowance for uncollectible accounts - termination of allowance for uncollectible accounts Closing balance, in total 137 137 - - - 78-2 - 20

13.4. Currency structure of short-term net receivables as at 31.03.2018 as at 31.12.2017 Receivables in Polish currency 41 850 42 333 Receivables in foreign currencies (in currencies and after conversion into PLN) 14 903 13 204 - EURO 3 496 3 117 - after conversion into PLN 14 598 13 000 - USD - - - after conversion into PLN - - - CZK 17 70 - after conversion into PLN 3 11 - GBP 64 41 - after conversion into PLN 302 193 Total 56 753 55 537 14. Financial assets 14.1. of financial assets as at 31.03.2018 as at 31.12.2017 Marketable financial assets - - Financial assets measured at fair value through profit and loss - - Financial assets held for sale - - Financial assets held to maturity 35 818 30 843 - corporate bonds, deposits 35 818 30 841 - loans - 2 Total 35 818 30 843 - corporate bonds, deposits: Date of purchase Date of buyout Value Profitability Bonds on secondary market (PKO Leasing S.A.) Bonds on secondary market (PKO Leasing S.A.) Bonds on secondary market (PKO Leasing S.A.) Bonds on secondary market (PKO Leasing S.A.) 23-01-2018 16-05-2018 6 958 1.92% 05-02-2018 07-05-2018 9 952 1.97% 12-02-2018 14-05-2018 2 986 1.92% 08-03-2018 08-06-2018 5 971 1.92% Bonds on secondary market (PKO Leasing S.A.) 21-03-2018 22-06-2018 9 951 1.91% Total 35 818 21

Cash 14.2. of cash as at 31.12.2017 as at 31.12.2016 Cash in hand and at bank 22 132 27 803 Other cash - - Total 22 132 27 803 15. Credits and loans granted 15.1. of credits and loans granted as at 31.03.2018 as at 31.12.2017 Long-term credits and loans 6 603 7 094 - credits 6 603 7 094 - loans - - Short-term credits and loans 1 890 1 828 - credits 1 890 1 828 - loans - - Total 8 493 8 924 16. Trade liabilities and other liabilities 16.1. of trade liabilities and other liabilities as at 31.03.2018 as at 31.12.2017 Trade liabilities 15 188 16 964 - including investment purchase liability 1 400 1 648 Other liabilities 6 401 5 094 - remuneration liabilities 1 797 1 709 - income tax liabilities 40 294 - other taxes and benefits liabilities 4 478 3 033 - other liabilities 86 58 - dividend due - - Total liabilities, including: 21 589 22 059 - long-term - - - short-term 21 589 22 058 22

16.2. Age structure of trade liabilities as at 31.03.2018 as at 31.12.2017 Current 13 254 15 351 Overdue 1 934 1 613 - from 1 to 30 days 1 694 1 254 - from 31 to 60 days 136 4 - from 61 to 90 days 59 14 - from 91 to 180 days - 293 - Over 180 days 45 48 Trade liabilities, in total 15 188 16 964 16.3. Currency structure of trade liabilities as at 31.03.2018 as at 31.12.2017 Trade liabilities in Polish currency 9580 11 190 Trade liabilities in foreign currency 5608 5 774 - EUR 1 324 1 375 - after conversion into PLN 5 563 5 690 - CZK 6 8 - after conversion into PLN 1 2 - USD 13 23 - after conversion into PLN 44 82 Trade liabilities, in total 15 188 16 964 17. Provisions 17.1. of provisions Retirement compensation provisions Other provisions Deferred tax provisions Total Balance of provisions as at 01.01.2017 274 2 862 11 810 15 128 Short-term provisions - 3 067-3 067 Long-term provisions 274-11 787 12 061 Balance of provisions as at 31.12.2017 230 2 813 13 230 16 273 Short-term provisions - 2 813-2813 Long-term provisions 230-13 230 13 460 Balance of provisions as at 31.03.2018 230 3 337 13 725 17 292 Short-term provisions - 3 337-3 337 Long-term provisions 230-13 725 13 955 18. Future revenues - subsidies 23

18.1. of revenues accruals as at 31.03.2018 as at 31.12.2017 Long-term 1 951 1 937 ZFRON subsidies - - EU subsidies 1 951 1 937 Short-term - 362 ZFRON subsidies - 353 EU subsidies - 9 Other - - Total 1 951 2 299 Accruals include most of all the subsidies granted for subsidy of fixed assets purchase from the Union funds. The subsidies granted are accounted for and recognized in profit and loss account within other operating revenues over the period of amortization of fixed assets which the individual subsidy concerns. 19. Financial instruments 19.1. Capital risk management The Group manages capital risk in order to ensure that the entities belonging to them will be able to continue their activity at the same time maximizing profitability for shareholders thanks to optimization of the proportion between debt and equity. Leverage index as at the end of the : as at 31.03.2018 as at 31.12.2017 Debt 30 367 31 323 Cash and cash equivalents 57 950 58 644 Net debt - - Equity 265 114 258 730 Net debt to equity ratio - - * This item includes equivalents in the form of bonds purchased at the amount of PLN 35 818 thousand. 19.2. Categories of financial instruments as at 31.03.2018 as at 31.12.2017 Financial assets 116 539 115 984 Held-to-maturity investments Receivables and loans (including 116 539 cash and cash equivalents) 115 984 Recognized in the statement of financial standing as: Financial assets 35 818 30 843 Trade receivables 56 616 55 400 Other receivables 1 973 1 938 Cash and cash equivalents 22 132 27 803 Financial liabilities 30 367 31 323 Depreciated cost 24

Demonstrated in the statement of 30 367 financial standing as: 31 323 Long-term bank credits and loans 6 603 7 094 Trade and other liabilities 21 589 22 058 Short-term bank credits and loans 1 890 1 828 Other financial liabilities 285 343 19.3. Objectives of financial risk management Bank credits are the main financial instruments used by the Group. The main objective of those instruments is gaining financial means for the Group s activity. The Group also owns financial assets, such as trade receivables, cash assets and short-term deposits which are generated directly in the course of the Group s activity. The main types of risks arising from the Group s financial instruments include the interest rate of cash flow risk, liquidity risk, currency risk and credit risk. The Board verifies and arranges the rules of management of each of the risk types the rules are briefly discussed below. Interest rate risk The Issuer s Group is a party in credit agreements based on variable rates of WIBOR, LIBOR and EURIBOR. Because of that the Group is exposed to the interest rate risk. In the Issuer s Board s opinion, there is no need to provide protection in relation to that kind of risk. Credit risk The Group enters transactions only with renowned companies of good creditworthiness. All clients who intend to take advantage of commercial credits undergo the procedures of initial verification. Moreover, thanks to current monitoring of receivables balance, the Group s exposition to the risk of irrecoverable receivables is little. Still, some problems with individual clients may arise. But their participation in sales is so insignificant that it will not cause liquidity problems of the Issuer. It may only influence the financial result of the period. Liquidity risk The Group monitors the risk of lack of funds with the use of periodical liquidity planning. The tool takes account of maturity dates of both investments and financial assets (for example receivables accounts, other financial assets) and forecasted cash flows from operating activity. The Group s objective is to maintain the balance between continuity and flexibility of financing by taking advantage of different sources of financing, such as credits in current account, financial lease agreement with purchase possibility. Currency risk Exchange rate influences the Group s activity in two ways. On one hand high rate of Polish zloty in comparison to the rate of euro allows cheaper purchase of cardboard in foreign paper mills. On the other hand, it affects the Group s revenues in a negative way. Sales of packaging on foreign markets is currently approximately 15% (mainly in EUR), it is worth mentioning, though, that some prices of packaging sold on the Polish market are established in EUR and sold in EUR. Currently, in EUR the Issuer operationally is marginally exposed to the increase in the exchange rate of EUR. Investment purchases are made mostly in EUR. Additionally, the Issuer took out mortgage credits in CHF, and on account of that, as far as their financial position is concerned, the Issuer is exposed to the risk of weakening of the Polish zloty against Swiss franc. The Issuer s Board uses the instruments of financial futures market in order to secure currency exchange rate. 20. Remuneration of executive management members 25

Remuneration of members of the Board and other members of the executive management in the financial year was as follows: as at 31.03.2018 as at 31.03.2017 Managing Board 276 256 Supervisory Board 68 86 Total 344 342 21. Merger of business entitites In May 2015 the Parent Entity by acquiring 2,749 shares of POSBAU S.A. Budownictwo Uprzemysłowione (hereinafter referred to as POSBAU S.A.) constituting 55.07% of that company s share capital, took control over POSBAU Group including the parent entity POSBAU S.A. and its subsidiary POSBAU Nieruchomości sp. z o.o. By 31 March 2018 BSC Drukarnia Opakowań S.A. had increased their participation in the share capital of Posbau Group to 93%. 22. Events after balance sheet date After the date of drawing up this financial statement, there occurred no other significant events which, in the Parent Entity Board s opinion, would require demonstrating in this condensed consolidated semi-annual financial statement. 23. Financial statement approval The condensed consolidated semi-annual financial statement was approved for publication by the Board of the parent entity on 15 May 2018. 26

C. CONDENSED SEMI-ANNUAL SEPARATE FINANCIAL STATEMENT OF BSC DRUKARNIA OPAKOWAŃ S.A. SEPARATE STATEMENT OF COMPREHENSIVE INCOME I quarter I quarter Notes 01.01.2018-31.03.2018 01.01.2017-31.03.2017 Continued activity Revenues from sales 52 006 55 159 - including foods and materials 6 738 7 042 Other operating revenues 1 549 1 381 Total revenues from operating activity 53 555 56 540 Change in the balance of products -3 356 1 475 Consumption of materials 27 140 26 445 Payroll and benefits 6 382 5 305 External services 6 766 6 229 Depreciation 2 400 2 579 Other costs 1 154 1 192 Value of goods and materials sold 6 075 6 487 Total operating expenses 46 561 49 712 Profit (loss) on operating activities 6 994 6 828 Financial revenues 224 135 Financial expenses 10 20 Profit (loss) before taxation 7 208 6 943 Income tax 1 375 1 418 Net profit (loss) from continued activity 5 833 5 525 Discontinued activity - - Net loss from discontinued activity - - Net profit (loss) - - Attributable to: 5 833 5 525 Other comprehensive (net) income - - Total comprehensive income 5 833 5 525 27

SEPARATE STATEMENT OF FINANCIAL STANDING Non-current assets as at 31.03.2018 as at 31.12.2017 Tangible non-current assets 115 518 114 587 Intangible assets 1 545 1 638 Investments in subsidiaries 11 421 11 421 Financial assets - - Deferred tax assets 1 294 1 328 Other assets - - Total non-current assets 129 778 128 974 Current assets Inventory 39 985 35 514 Trade receivables 53 176 52 468 Income tax receivables - 91 Other receivables 1 842 1 702 Financial assets 30 610 25 676 Cash 17 169 22 585 Other assets 830 175 Total current assets 143612 138 211 Assets classified as held for sale - - Total assets 273 390 267 185 28

SEPARATE STATEMENT OF FINANCIAL STANDING as at 31.03.2018 as at 31.12.2017 Equity Share capital 9 808 9 808 Supplementary capital 195 569 195 568 Retained profits 26 994 21 162 Total equity 232 371 226 538 Long-term liabilities Credits and loans 3 254 3 573 Debt securities - - Other financial liabilities 124 130 Provision for deferred income tax 9456 8 971 Provision for retirement benefits 168 168 Other provisions - - Future revenues - subsidies 1 951 1 937 Total long-term liabilities 14 953 14 779 Short-term liabilities Credits and loans 1 450 1 450 Other financial liabilities 162 213 Trade liabilities 16746 18 796 Income tax liabilities - - Other liabilities 4 880 2 822 Other provisions 2 828 2 225 Future revenues - subsidies - 362 Total short-term liabilities 26 066 25 868 Liabilities directly connected with non-current assets held for sale Total payables Total liabilities - 41 019 273 390-40 647 267 185 29

SEPARATE STATEMENT OF CASH FLOW Net cash from operating activity I quarter 01.01.2018-31.03.2018 I quarter 01.01.2017-31.03.2017 Gross profit 7 208 6 943 Depreciation 2 399 2 578 Interest -185-16 Currency conversion differences -17-243 Result of investment activities - - Trade and other receivables change in the balance -967 8 682 Inventory- change in the balance -4 471 914 Other assets - change in the balance - - Trade and other liabilities - change in the balance 1 278 8 Provisions - change in the balance 963 2 057 Other accruals change in the balance -1 235-958 Income tax - paid -1 084-1 346 Other adjustments - - Net cash flow from operating activity 3 889 18 619 Cash flow from investment activity Interest 195 35 Inflows from sales of investments 48 Inflows from sales of non-current and intangible assets - - Outflows for purchase of non-current assets and intangible -4 181-2 023 assets Loans granted -150 Outflows for purchase of bonds, shares -4 982 - Net cash from investment activity -8 920-2 138 Cash flow from financial activity Dividend paid and other payments to shareholders - - Net inflows from issuance of shares - - Repayment of bank credits and loans -319-487 Payment of liabilities from financial leases -57-201 Raising bank credits - - Interest -9-19 Net cash from financial activity -385-707 Increasing /(decreasing) net cash and cash equivalents -5 416 15 774 Opening cash balance and cash equivalents 22 585 9 153 Change in cash balance due to exchange differences - - Closing cash balance and cash equivalents 17 169 24 927 30

SEPARATE STATEMENT OF CHANGES IN EQUITY as at 31.03.2018 in thousands PLN as at 31.12.2017 in thousands PLN Share capital Opening balance 9 808 9 808 Increase in capital - - Closing balance 9 808 9 808 Supplementary capital Opening balance 195 568 178 223 Distribution of retained profit - 17 345 Issuance of shares Closing balance - - 195 568 195 568 Retained profit Opening balance Payment of dividend Supplementary capital Net financial result Closing balance 21 162 23 524 - -6 179 - -17 345 5 833 21 162 26 995 21 162 Total equity Opening balance Closing balance 226 538 211 555 232 371 226 538 SELECTED COMMENTARY According to the Issuer s Board, all significant commentary concerning the Issuer was presented in, required by IAS 34, selected commentary to the condensed consolidated semi-annual financial statement of the Issuer s Group. Janusz Schwark Arkadiusz Czysz Andrzej Baranowski President of the Board Vice-President of the Board Vice-President of the Board Poznań 15-05-2018 31

D. THE BOARD S REPORT ON THE OPERATIONS OF FOR I QUARTER OF 2018 1. Description of the issuer s group with presentation of entities to be consolidated and in the case of the issuer who is the parent entity which on the basis of binding regulations is not obliged or may not draw up consolidated financial statements with indication of the cause and legal basis of lack of consolidation. BSC Drukarnia Opakowań S.A. Group consists of BSC Drukarnia Opakowań S.A. as the parent entity and subsidiaries located in Poland. The basic object of business activity is printing. The structure of the Group as at 31 March 2018 is presented below: BSC Drukarnia Opakowań S.A. (parent entity ) BSC Pharmacenter sp. z o.o. (100% shares) POSBAU S.A. Budownictwo Uprzemysłowione (93.29% stocks) All the subsidiaries are consolidated by the method of full consolidation. 2. Indicating the effects of changes in the business entity s structure, also resulting from merging of business entities, acquisition or sales of entities of the issuer s group, long-term investments, division, restructuring and discontinuing of the activity. In May 2015 the Parent Entity by acquiring 2,749 shares of POSBAU S.A. Budownictwo Uprzemysłowione, constituting 55.07% of the share capital of that company, took control over POSBAU Group including the parent company POSBAU S.A. and their subsidiary POSBAU Nieruchomości sp. z o.o. By 31.03.2017 the Parent Entity purchased another group of stocks, thus reaching 93.29 % of the share capital of POSBAU S.A. In the Parent Entity did not increase their shareholding in POSBAU SA. The change in the Group s structure is the part of realizing the strategy aiming at local expansion of the Group s production plant. POSBAU S.A. is the Group s direct neighbour holding properties as perpetual usufruct which are attractive from the point of view of the Group s further expansion. Some of the properties will be let or sold the Board will decide about it later having performed the market analysis. 3. The Board s position on the possibility of realizing formerly published result forecast for the definite year, in view of results presented in the quarterly report compared to the forecasted results. The Board did not publish financial forecast for the year 2018. POSBAU Nieruchomości sp. z o.o. (100% shares) 4. Indication of shareholders holding directly or indirectly through subsidiary entities at least 5% of the total number of votes at the issuer s annual general meeting as at the day of delivering 32

the quarterly report with indication of the number of shares held by the entities, their percentage share in the seed capital, the number of votes resulting from them and their percentage participation in the general number of votes at the annual general meeting and indication of changes in the structure of ownership of the issuer s large block of shares over the period since delivering the previous quarterly report. Number of shares Total nominal value of shares (in thousands PLN) % participation in share capital Number of votes Colorpack GmbH 3 599 300 3 599 36.70% 3 599 300 ALTUS TFI S.A. 1 205 507 1 205 12.29% 1 205 507 JS Holding Sp. z o.o. 1 200 758 1 201 12.24% 1 200 758 Green Place S.A. 1 134 586 1 135 11.57% 1 134 586 PKO BP Bankowy Otwarty Fundusz Emerytalny 721 614 722 7.36% 721 614 OTHERS 1 945 751 1 946 19.84% 1 945 751 Since delivering the last quarterly report (annual statement for the year 2017) no changes have been made in the ownership structure of large block of the Issuer s shares. 5. Account of ownership of the Issuer s shares or allotment certificates by persons managing and supervising the Issuer as at the date of delivering the quarterly report with indication of the changes in ownership over the period since the last quarterly report, separately for each of the persons. Number of shares % participation in share capital Number of votes at Annual General Meeting % participation in the number of votes at Annual General Meeting Janusz Schwark through JS Holding S.A. 1 200 758 12.24% 1 200 758 12.24% Arkadiusz Czysz through Green Place S.A. 1 134 586 11.57% 1 134 586 11.57% Andrzej Baranowski 1 000 0.01% 1 000 0.01% The members of the Supervisory Board do not directly or indirectly hold the Issuer s shares. Since delivering the last quarterly report there were no changes in the ownership structure of the Issuer s shares held by the managing persons. 6. Indication of proceedings taking place in the Court, the body competent to settle industrial disputes or public administration body. Currently there are no other proceedings before the governmental bodies, either judicial proceedings or conciliation held with the participation of the Issuer or the companies of the Issuer s Group which might affect 33

the financial standing of the Issuer or the companies of the Issuer s Group. 7. Information on concluding one or many transactions with related subjects by the issuer or their subsidiary, if separately or together they are binding and were concluded on conditions other than market principles, except for transactions concluded by the issuer being bound by the fund with the related subject, with indication of their value, still the information concerning individual transactions may be grouped in terms of type, except for the case when information on individual transactions are necessary for understanding their influence on the material and financial situation and the financial result of the issuer. Companies belonging to the Group of BSC Drukarnia Opakowań S.A. concluded transactions with affiliated subjects only on market principles. 8. Information on guaranteeing one subject collectively or their subsidiary for a credit, loan or a warrantee by the issuer or the issuer s subsidiary if the total value of the existing guarantees constitutes the equivalent of at least 10% of the issuer s equity. The Group of BSC Drukarnia Opakowań S.A. did not guarantee credits, loans or warrantees exceeding 10% of the issuer s equity. 9. Other information which, according to the issuer is essential for evaluation of their personnel, material, financial situation or financial result and their changes and information which is essential for evaluation of the possibility of realizing liabilities by the issuer. In the presented period no such events occurred. 10. Indicating factors which, according to the issuer, will have influence on the results achieved by them within at least the next quarter. According to the Issuer s Board, no such essential factors occur. 11. Essential changes in appraised values. No essential changes in appraised values occurred. 12. Concise description of the issuer s essential achievements and failures over the period of this report with a list of the most important events concerning them. In the presented period no such events took place. 13. Description of factors and events, especially of untypical character, having considerable influence on the financial results achieved. According to the Board of BSC Drukarnia Opakowań S.A. there were no untypical factors or events having considerable influence on the financial results achieved in. 14. Commentary concerning the seasonal and cyclical nature of the issuer s activity in the presented period. Seasonal and cyclical activity of the Group did not take place in the presented period. 15. Information concerning issuance, redemption and repayment of non-equity and equity securities. In the presented period such events did not take place. 16. Information concerning paid (or declared) dividend calculated in total and per share with division into ordinary and priority shares. On 03 April 2018 the Board of the Company passed a resolution concerning the Board s proposal of profit distribution for the financial year ending 31 December 2017. The Board decided to put forward to the Company s General Meeting the recommendation of payment of dividend for the financial year 2017 at the amount of PLN 9,807,516.00 that is PLN 1.00 for one share, at the same time recommending that the rest of the Company s net profit for the financial year ending 31 December 2017 at the amount of PLN 11,354,159.80 is allotted for the Company s supplementary capital. 34

17. Indicating events which took place after the date of as at which the condensed quarterly financial statement was drawn up, not included in this report and which may significantly influence the issuer s future financial results. No events took place in the Group after the date of as at which the condensed quarterly financial statement was drawn up which may significantly influence the issuer s future financial results. 18. Information concerning changes in contingent liabilities or contingent assets which have occurred since the end of the last financial year. Contingent liabilities arising from performance bond and retention bond of total value of PLN 410 thousand as at 31 March 2018. This item exists in the company POSBAU S.A. 19. The type and amount of items influencing the assets, liabilities, capital, net financial result or cash flows which are untypical in terms of their type, amount or frequency. In the presented period such events did not take place. Janusz Schwark Arkadiusz Czysz Andrzej Baranowski President of the Board Vice-President of the Board Vice-President of the Board Poznań 15-05-2018 35