Disclaimer

This presentation does not constitute or form part of and should not be construed as an advertisement of securities, an offer or invitation to sell or issue or the solicitation of an offer to buy or acquire or subscribe for securities ofEmperia Group or any of its subsidiaries or any depositary receipts representing such securities in Any jurisdiction or an invitation or inducement to engage in investment activity in relation thereto. In particular, this presentation does notconstitute an advertisement or an offer of securities in Poland.

No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with,any contract or commitment or investment decision whatsoever.No representation, warranty or undertaking, express or implied, is given by or on behalf of Emperia Group or any of its directors, officers, employees, shareholders, affiliates, advisers, representatives or any other person as to, and noreliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein or any other material discussed at the presentation. Neither Emperia Group nor any of its directors,officers, employees, shareholders, affiliates, advisors,representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or any othermaterial discussed at the presentation or their contents or otherwise arising in connection with the presentation.

This presentation includes statements that are, or may be deemed to be, “forward-looking statements”, with respect to the financial condition, results, operations and businesses of Emperia Group. These forward-looking statements canbe identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”, “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or otherwords of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Emperia Group’s control. As a result, EmperiaGroup’s actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Emperia Group assumes no responsibility to update any of the forward looking statements containedin this presentation.

This presentation is not for distribution in, nor does it constitute an offer of securities for sale, or the solicitation of an offer to subscribe for securities in Australia, Canada, Japan or in any jurisdiction where such distribution, offer orsolicitation is unlawful. Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, itsterritories or possessions or to, or viewed by any U.S. person as defined In Regulation S under the US Securities Act 1933 (the "Securities Act”). Any failure to comply with these restrictions may constitute a violation of United States,Australian, Canadian or Japanese securities laws. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this document or any other document or other informationreferred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities law of any such jurisdiction.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. Some of the information is still in draft form and neither Emperia Group nor any otherparty is under any duty to update or inform recipients of this presentation of any changes to such information or opinions. In particular, it should be noted that some of the financial information relating to Emperia Group and itssubsidiaries contained in this document has not been audited and in some cases is based on management information and estimates.

Neither Emperia Group nor any of its agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the statements contained in this presentation.

05-07-2016 2

05-07-2016 3

Emperia Group

Emperia is one of Poland’s largest and most dynamic retail groups (158th in the 500 Largest Companiesin Poland ranking*), extending its reaching throughout the country. Established in 1990, Emperia operates in theretail FMCG segment.The group’s parent company, Emperia Holding S.A., is responsible for developing strategy and monitoring progress atall of the Emperia Group companies.

Emperia Holding S.A. has been listed on the Warsaw Stock Exchange since 2002. Long-term valuecreation combined with a stellar record in corporate governance and business ethics are at the core of our relationswith shareholders and investors.

* Rzeczpospolita’s 500 Largest Companies in Poland ranking, 18th edition.

05-07-2016 4

Emperia Holding S.A. – management board

Dariusz Kalinowski – President

• 13 years with Emperia Holding S.A. • Graduated from the University of Szczecin, Economics Department • MBA from the European University Centre for Management Studies in

Switzerland• President of the Management Board, Stokrotka Sp. z o.o.

Cezary Baran – Vice-President

• 15 years with Emperia Holding S.A.• Graduated from the Maria Curie-Skłodowska University,

Economics Department• Investment adviser licence no. 241• Member of the Management Board, Finance Director,

Stokrotka Sp. z o.o.

05-07-2016 5

Emperia Holding S.A. – supervisory board

Artur Kawa – Chairman

• Co-founder of Emperia Holding S.A.• President of Emperia Holding’s management board from

founding to 2013• Graduated from the Lublin University of Technology, Electrical

Engineering Faculty• MBA from the University of Minnesota

Jarosław Wawerski – Member

• Co-founder of Emperia Holding S.A.• Graduated from the Lublin University of Technology, Electrical

Engineering Faculty• Vice-President of Emperia Holding’s management board

during 1995-2012

Artur Laskowski – Member

• Co-founder of BOS S.A. (acquired by Emperia Holding S.A.), long-termmanagement board member of the Company

Aleksander Widera – Member

• Degree in Finance and Banking from the Warsaw School of...Economics, completed post-graduate studies in management…at the same university

Michał Kowalczewski – Independent Member

• PhD in economic sciences; graduate of Warsaw School of Economics(SGH) Finance and Statistics Department

05-07-2016 6

Emperia Holding S.A. on the Warsaw Stock Exchange

Having been listed on the Warsaw Stock Exchange for 14 years, Emperia operates in a manner that is openly transparent for our shareholders.

• two successful public share offers,• all shares are publically traded and carry the same rights,• numerous recognitions for corporate governance.

Number of registered shares: 12,340,049

Shares owned by Emperia: 281,841*

Market capitalisation: approx. PLN 680 million**

Shareholding structure(as per the Company's latest data)

* Data on 5th July 2016. ** Data on 5th July 2016.

Free float 53.3%

Shares owned by Emperia

2.3%

Altus TFI 11.7%

Ipopema TFI 11.8%

AXA OFE 7.9%

Aviva OFE 6.8%

NN OFE6.1%

Emperia Group – business divisions

05-07-2016 7

Stokrotka Own and franchise stores

B2B communications, document management, ERP systems for retail

Elpro Development S.A. and other SPVs

Infinite

Property management and development

Retail

Property

IT

05-07-2016 8

History of Emperia Group’s business lines

Launch of wholesale food product operations

First Stokrotka store, in Łęczna near Lublin

Emperia Holding S.A. IPO on the WSE

1990 1996 2002

Consolidation with BOS Group

2006

Disposal of Tradis

2011

Dividend payment of PLN 56.41 per share

Implementation of new solutions in the retailsegment:• Stokrotka launched its own logistics network• improved format Stokrotka Supermarket

201420132012

Launch of Stokrotka Market format and franchise concept

2015

Company is founded

2002 2014 2015

Acquisition of competences and client portfolio of itBCG

2004

Merger of Infinite and Emperia Info

2010

Property segment carve-out Elpro Development becomes owner of the Group’s property assets

2001

Foundation of Elpro Sp. z o.o.

2013

Launch of one of the first SFA-class systems on the market

Retail

• population over 38.5 million

• nominal GDP $593 billion in 2015

• the 6th largest economy in the EU

• one of the fastest growing country within the EU

• the value of FMCG market reached about PLN 240 billion i

in 2015

• disposable income will continue its growth as a result of

the disparity between Poland and the EU

Poland Macro Snapshot

05-07-2016 10

* Source: Eurostat, GUS.

9698

100102104106108110

20

14M

01

20

14M

02

20

14M

03

20

14M

04

20

14M

05

20

14M

06

20

14M

07

20

14M

08

20

14M

09

20

14M

10

20

14M

11

20

14M

12

20

15M

01

20

15M

02

20

15M

03

20

15M

04

20

15M

05

20

15M

06

20

15M

07

20

15M

08

20

15M

09

20

15M

10

20

15M

11

20

15M

12

20

16M

01

20

16M

02

Retail trade turnover

Poland (GUS) EU (28 countries)

month year ago = 100

-5%

0%

5%

10%

15%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Disposable income of households per capita y-o-y

Poland EU (28 countries)

05-07-2016 11

Poland's retail market

19

2 b

illio

ns

PLN

Hipermarkets

Supermarkets

Discounts

Chains of small grocery and convenience stores.

Independent grocery stores

Specialty grocery stores

Others

2005 2011 2014

Value of retails sales at grocery stores in Poland (net, in PLN billions)

12

9 b

illio

ns

PLN

Channels in which Stokrotka operates are increasing their market share.

Data includes all sales for a given channel (not just groceries). Does not include petrol stations and cash&carry. Source: KPMG in Poland on the basis of data Euromonitor International; „At a crossroads. Challenges and priorities for grocery chains in Poland”, date of publication 27th May 2015.

05-07-2016 12

Retail

Retail segment – comprising Stokrotka Sp. z o.o.– polish retail chain. Founded in Lublin in 1994,the company operates throughout the country.The first Stokrotka supermarket was founded inŁęczna near Lublin in 1996. The chain currentlycomprises more than 340 Stokrotkasupermarkets and markets, located inresidential developments and mini-centres andshopping galleries. Stokrotka employs morethan 8 000 people and is considered a stableemployer.

Stokrotka – format supermarket i market

05-07-2016 13

LOCATION

stores opened up in sales catchment area with minimum population of 5,000

large differences in format depending on location: large cities vs. small towns in rural areas

convenient locations encouraging both dailyand larger shopping trips

locations encouraging quick shopping

ASSORTMENT

wide assortment, with a particular focus on fresh produce: meats, vegetables and fruits

basic assortment for daily and weekly shopping

between 5,500 and 10,000 SKUs between 3,500 and 6,000 SKUs

SALES FLOOR SPACE 400 - 800 [sqm] 200 - 400 [sqm]

CAPEX PER AVERAGE OWN STORE

PLN 1.1 milion PLN 0.6 milion

Stokrotka’s franchise

05-07-2016 14

Stokrotka’s franchise concept is the best offering onthe market for those wanting to run their own retailbusiness, in market and supermarket formats:

• own-brand marketing unmatched in the country

• the only Polish chain providing logistics

• completeness of assortment – over 80% of products

delivered to retail locations via own logistics network

• retail know-how available to franchisees

• very good procurement terms

Acceleration of growth

05-07-2016 15

Total number of stores in 2012-2016

+75+15+10

NU

MB

ER

O

F

ST

OR

ES

Implementation of new solutions in the retail segment:• own logistics network• improved format - Stokrotka

Supermarket• new format - Stokrotka Market

F supermarkets

market stores

franchise

Data on 31st December 2015.

* with Maro Markety i Społem Tychy attached in 2014

05-07-2016 16

Stokrotka stores – structure by format

216 221241

261

115

120

125

130

135

140

145

150

155

0

50

100

150

200

250

300

2013* 2014 2015 2016P

Supermarkets

NU

MB

ER

O

F

ST

OR

ES

SA

LE

S

AR

EA

(i

n 0

00

s sq

m)

2028

56

86

0

5

10

15

20

25

0

10

20

30

40

50

60

70

80

90

100

2013 2014 2015 2016P

Markets*F F F

05-07-2016 17

Retail segment – structure by format in Q1 2016

Supermarkets

Markets

Franchise stores

1.5%12.7%

1Q 2015 1Q 2016

Number of stores

Sales value

5.2% 2.6%10.5%

0.7%

71.5%

8.8%

19.7%

85.7%

94.1% 86.9%

05-07-2016 18

Stokrotka supermarket and market sales structure by assortment category in 2015

* Data from company calculations.

Strategic category:

•meat products

• fruits and vegetables

• bakery products

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

alcoholicbeverages

bakery products confectionery dairy fruits andvegetables

householdchemicals

meat products other

Market Supermarket

Retail segment – in-house logistics

05-07-2016 19

Central warehouses:

• Teresin – 27 000 sqm

• Lublin – 5 500 sqm

131 warehouse trolleys

55 trucks

central warehouse

regional warehouse

Regional warehouses

(total area 7 000 sqm):

• Sosnowiec

• Białystok

• Bydgoszcz

• Olsztyn

• Gdynia

• Szczecin

• Wrocław

• Tarnobrzeg

05-07-2016 20

Growth drivers

Store chainexpansion

Growth in sales per floormetre

Improved logisticsperformance

Margin expansion

• organic:

market stores franchise new supermarkets

• M&A

• assortment management optimisation

• price perceptionimprovement

• further focus on regionalproducts

• ramped-up marketing activities

• additional services

• higher effectiveness of warehouse processes

• reduction in transport coststhrough a denser store chain

• improvement in productsupply terms

• increase of the share of store brands

• assortment selectionoptimisation

05-07-2016 21

Competitive advantages

• wide offering of fresh and regional products,important to clients

• good quality and price perception amongst clients• modern logistics dedicated to fresh products• trusted supply sources and attractive procurement

terms• capacity for dynamic organic growth thanks to a

multi-format strategy• strong, recognisable brand, particularly in eastern

parts of the country• proven management team• advanced operational, sales and IT solutions

22

Sales dynamics

Sales per floor metre in all own shops*

05-07-2016

1Q 2016

Supermarkets < 1500* distance Stokrotka

*Own calculations based on Nielsen

LFL sales in Stokrotka increased by 8.5% in 1Q2016

5.2%

1.1%

6.3%

Retail segment – preliminary sales results

05-07-2016 23

Sales of goods

June

2015 2016PLNm

Sales od goods

January - June

LFL at own stores

April Jan-Apr2016 June January -June

151 19327.6%

917 1 14224.4%

10.0% 7.5%

315

320

325

330

335

340

345

350

January February March April May June

Number of stores at the end of period

(+1)

336

(+8)

328

340

(+4)

341(+1)

(+3)

344348(+4)

Retail segment – Q1 2016 results

05-07-2016

Revenue

from sales

EBITDA

Net profit

Capital expenditures

Revenue growth: LFL and new store openings

New pricing policy - substantial investment inprice perception

Margins impacted by settlement of customerloyalty programmes and launch of new stores

Costs to launch new distribution centre inLublin

Costs connected with new store openings in Q12016: PLN 1.8m (15 own stores); Q1 2015: PLN0.9m (8 own stores)

Compensation and penalties paid in Q1 2016:n/a, Q1 2015: PLN 0.1m

Store closure costs in Q1 2016: PLN 0.8m, Q12015: PLN 0.6m

Q1 2015 Q1 2016PLNm

Gross margin

24

47259325.6%

28.7% 26.4%-2.3

10.3 9.2-10.1%

1.6

-0.4

8.0

18.8134%

Retail segment – adjusted EBITDA

05-07-2016 25

Q1 2015 Q1 2016

EBITDA 10.3 9.2

store closure costs 0.6 0.8

compensation and penalties 0.1 -

new store opening costs 0.9 1.8

ADJUSTMENTS total 1.6 2.6

Adjusted EBITDA 11.9 11.8

11.9 11.8-0.3%

EBITDA breakdown*

05-07-2016 26

12.0 PLNm

11.8PLNm-1.7%

1Q 2015 EBITDA Gross margin Operating costs Marketing New stores Other 1Q 2016 EBITDA

2.5% -2.3% 2.1% -0.3% -0.1% 0.1% 2.0%

• EBITDA adjusted for new store launch costs and one-off items*

Property segment

05-07-2016 28

Property segment

The property segment manages Emperia Group'sproperty assets. The segment invests exclusively infacilities intended for retail operations (not just withinthe Group).The segment manages Emperia's properties, procuresnew locations and executes property developmentprojects through several SPVs.The segment focuses on facilities such as mini shoppinggalleries and retail parks.

Property segment – Q1 2016 results

05-07-2016

Revenue from sales

EBITDA

Net profit

Capital expenditures

Q1 2015 Q1 2016PLNm

Gross result on property disposals in Q12016: n/a, in Q1 2015: PLN 7.8m

Profit on sales

29

17.9 17.7-1.6%

7.8 7.6-2.1%

18.310.2

-44.4%

14.1

6.3

-55.0%

5.9

0.8

-85.9%

Property segment

05-07-2016

Retail sites

Type of property

Structure of operating properties

Other

Q1 2015 Q1 2016

Operating facilities

Non-operating facilities

Change in number of properties

-1.1%

30

Property segment – adjusted EBITDA

05-07-2016 31

Q1 2015 Q1 2016

EBITDA 18.3 10.2

gross result on property disposals -7.8

ADJUSTMENTS total -7.8

Adjusted EBITDA 10.5 10.2

10.5 10.2-3.2%

05-07-2016 32

* NOI (net operating income) for a property is the difference between operating revenue and operating costs, less

depreciation; in PLNm.

Property segment

IT Business

05-07-2016 34

IT Sector

Infinite Sp. z o.o. is the provider of specialized IT solutions for companies with 14 years of market experience. Thecore idea of systems developed by Infinite revolves around the automation of key business processes, such aselectronic data interchange, e-archiving, the management of incoming and outgoing mail, the management ofmobile sales force.

Infinite products and services have been successfully deployed in over 5 000 companies in Europe as well asMiddle East and North Africa, including both small and medium-sized enterprises as well as large internationalcompanies of various industries: FMCG, automotive, heavy industry, logistics, DIY, ICT, banking, finance.Infinite employs nearly 200 people.

The company’s dynamic development stems from the consistentcompletion of the strategy undertaken coupled with a strong customer focus.

05-07-2016 35

IT Sector

Flagship systems and services by Infinite

Infinite EDI is a set of advanced solutions whichfacilitate the exchange of e-documents betweenbusiness partners worldwide, thus eliminating time-consuming and error-prone paper transactions. Theautomation of processes within the supply chaincontributes to more efficient management ofproduction operations and supplies, consequentlyreducing overall operational costs.

Infinite SFA is a cut-edge solution which facilitates theperformance of tasks by mobile employees. Themobile system boosts their workflow andaccommodates top customer service. Thanks to a vastarray of features, the app allows users to report on keyaspects of their work as well as plan and define tasksessential to completing the business targets.

ERP (Enterprise Resource Planning) system offered byInfinite streamlines the management of key processes,which take place in both small and large enterprises ofthe retail and FMCG sectors.

Infinite BI is the Business Intelligence software whichtransforms raw data into business information. Thesystem allows for drill-down analysis, reportsautomation and geomarketing.

05-07-2016 36

IT Sector

Flagship systems and services by Infinite

Infinite ECM is a comprehensive package of toolswhich facilitate the management of incoming andoutgoing mail. By integrating and processing data fromvarious ICT systems, ECM tools generate digitaldocuments and accommodate their fast distribution.

Infinite RCP allows companies to plan and record worktime of employees in accordance with the binding law.The solution is recommended to small and medium-sized businesses as well as enterprises with adispersed, multi-layer organisational structure.

The current phenomenon of business digitalisationdrives the demand for qualified IT staff. By branchingout its services to outsourcing, Infinite supportscompanies in the process of recruiting top ITspecialists.

Infinite ICT is a package of services which includesamong others: maintenance and purchase of hardware,fiscal and network equipment of top producers. Thequality of services is guaranteed by the SLA adjusted tothe requirements of a client.

IT segment – Q1 2016 results

05-07-2016

Revenue from sales

EBITDA

Net profit

Development of owned products

Entrance into new sectors - banking

Growth in service sales in Q1 2016 by 17.8%, including to external entities by 27.0%

Share of external sales of services in Q1 2016: 74.0%; in Q1 2015: 68.7%

Q1 2015 Q1 2016PLNm

37

Sale of services

11.0 10.2-6.8%

7.1 8.417.8%

2.6 2.2-14.9%

2.0 1.6-18.9%

Emperia Group financial results

Emperia Group – Q1 2016 results

05-07-2016

Revenue

from sales

EBITDA

Net profit

Capital expenditures

Costs connected with new store openings inQ1 2016: PLN 1.8m (15 own stores); Q1 2015:PLN 0.9m (8 own stores)

Gross result on property disposals in Q1 2016:n/a, and in Q1 2015: PLN 7.8m

Compensation and penalties paid in Q1 2016:n/a, Q1 2015: PLN 0.1m

Store closure costs in Q1 2016: PLN 0.8m,Q1 2015: PLN 0.6m

Q1 2015 Q1 2016PLNm

Gross margin

39

48660524.5%

28.8% 26.7%-2.2

30.921.2

-31.4%

18.8

7.6

-59.7%

13.719.844.9%

Emperia Group – adjusted EBITDA

05-07-2016 40

Q1 2015 Q1 2016

EBITDA 30.9 21.2

result on property disposals -7.8

store closure costs 0.6 0.8

compensation and penalties 0.1

new store opening costs 0.9 1.8

ADJUSTMENTS total -6.2 2.6

Adjusted EBITDA 24.7 23.8

24.7 23.8-3.7%

Emperia Group – balance sheet

05-07-2016 41

Expenditure in Q1 2016:

Share buy-back PLN 10.3m

Capital expenditures PLN 19.8m

Decrease in cash in Q1 2016: PLN23.2m, including growth in cash flowsfrom operating activities: PLN 3.8m

PLNm Q1 2015 2015 Q1 2016

Goodwill 52.0 52.0 52.0

Property, plant and equipment 499.9 522.8 527.3

Net working capital -60.9 -97.8 -83.5

Other -11.6 5.6 7.1

Invested assets 479.4 482.6 502.9

Borrowings 3.4 2.6 2.4

Cash and cash equivalents 135.0 114.9 91.7

Net debt -131.6 -112.3 -89.3

Equity 611.0 594.9 592.2

42

Constant buyback

05-07-2016

2010 2011 2012 2013 2014 2015 IQ2016 Total

Number of shares 141,448 381,048 97,519 645,104 1,016,486 717,818 161,660 3,161,083

Average cost per share(PLN)

100.85 103.57 115.32 64.48 57.04 62.95 62.94 69.57

Money spent (PLNm) 14.26 39.46 11.25 41.60 57.98 45.19 10.17 219.91

Shares traded at the end of year

14,973,713 14,592,665 14,495,146 13,850,042 12,897,984 12,267,619 12,110,732 -

28th April 2015 – redemption of 2,031,547 shares owned by Emperia

31st March 2016 – redemption of 900,219 shares owned by Emperia

Retail Business

Emperia Group – valuation (key figures) in 2015.

05-07-2016 43

Revenue 2015: PLN 2 047.3m

Number of stores: 327

Total sales area: 162 K sqm

Property Business

Revenue 2015*: PLN 71m

Expected Target EBITDA margin: 3.5%-4.5%

Number of properties: 86Rent area: 86 K sqm

Monthly NOI 2015*: PLN 3.5m

IT Business

Revenue 2015*: PLN 38.1m

EBITDA 2015*: PLN 9m

The latests no. of shares on the market (excluding own shares): 12,058,208 **

* Data on 25.01.2016** Data on 05.07.2016

Market Consensus for 2016*

EBITDA of PLN 107m

Share price between PLN 70 and PLN 84.6 per share

Thank you for your attentionEmperia Holding S.A.

20-566 Warszawa, ul. Puławska 2 budynek B

tel. +48 81 745-17-78

fax +48 81 746-32-89

e-mail: emperia@emperia.pl

www.emperia.pl