Initiation of the process of reviewing of options for actions regardingthe investment in the associated company Calypso Fitness S.A.TheManagement Board of Benefit Systems S.A. with its registered seat inWarsaw (hereinafter, the "Issuer", "Company") herby announces that on 7October 2022 it has made a decision to initiate a process of a thoroughreview of options of possible activity ("Review") regarding theinvestment in the associated company Calypso Fitness S.A. ("CalypsoFitness") in connection with the substantial amounts of liabilities ofCalypso Fitness to the Issuer, both payable as well as outstanding to besettled in future.

The Issuer owns 33.33% shares in the Calypso Fitness share capital;remaining shares are in the possession of: 50.10% - RING Capital FunduszInwestycyjny Zamknięty Aktywów Niepublicznych (previously: GlastonburyVentures Limited) and 16.57% - Cal Capital sp. z o.o. The Issuer hadacquired shares in 2011-2014. The value of investment in Calypso Fitnessin the Issuer's accounts amounts to 0 PLN. In addition the Issuer andsubsidiaries from Issuer's capital group granted Calypso Fitness and itssubsidiaries loans and fitness equipment leases in the amount of 67.6million (as of the date of this report), which in the substantial parthave been provisioned for as communicated by the Issuer in currentreport No. 12/2021 of 18 March 2021.

In the course of the planned Review the Issuer will consider variousscenarios regarding the investment in Calypso Fitness and assets held byCalypso Fitness, including acquiring selected assets from CalypsoFitness or from its shareholders primarily, but not only, in exchangefor full or partial settlement of Calypso Fitness liabilities to theIssuer. Thus the Review could be concluded with the Issuer executing oneor more transactions, including transaction with Calypso Fitness. TheReview could be also concluded with no actions pursued and maintainingcurrent conditions.

The Management Board shall disclose to the public information on thedevelopments of the Review process and decisions made in accordance withit.