Update of the process of reviewing of options for actions regarding theinvestment in the associated company Calypso Fitness S.A.

The Management Board of Benefit Systems S.A., with its registered seatin Warsaw, Poland (hereinafter: the _quot;Issuer_quot; or the _quot;Company_quot;) announcesthat as part of the ongoing Review, of which the Company informed inReport No. 44/2022 published on October 7, 2022 (the _quot;Report_quot;), onNovember 9, 2022, among others, the shareholders of Calypso Fitness S.A.(_quot;Calypso Fitness_quot; or _quot;CF_quot;), which are: Camaro FIZAN (identified in theReport as RING Capital FIZAN - a subsidiary of Mr. Mikołaj Nawacki)(_quot;Camaro_quot;), the Issuer and Cal Capital sp. z o.o. (a person closelyrelated, within the meaning of MAR, to the chairman of the Issuer'ssupervisory board) (_quot;CC_quot;) decided on the following key elements of thetransaction, which is intended, among other things, to settle CalypsoFitness' liabilities to the Issuer (the _quot;Transaction_quot;):

As part of the Transaction, the Issuer may acquire:

(a) shares in companies with assets separated from CF in the form oftwelve organized parts of the CF enterprise (fitness clubs) located inthe Tri-City (6), Szczecin (4), Warsaw (1) and Wroclaw (1), and.

(b) one fitness club outside the spin-off procedure.

(a total of 13 fitness clubs hereinafter referred to as _quot;FitnessClubs_quot;). The spin-off will be carried out by transferring the twelveFitness Clubs to three acquiring companies (whose sole shareholders arethe respective shareholders of Calypso Fitness) in accordance with CF'sspin-off plan. The spin-off will be carried out pursuant to Article 529§ 1(4) of the Comercial Companies Code by spin-off, which, pursuant toArticle 530 § 2 of the Companies Act, will take place on the date onwhich the increase in the share capital of each of the acquiringcompanies is entered in the Register of Entrepreneurs of the NationalCourt Register.

It is the intention of the CF shareholders that the Issuer willultimately acquire from the other CF shareholders (i.e., Camaro and CC)the two acquiring companies owned by them, as a result of which theIssuer may become the sole shareholder of all the acquiring companies(the _quot;Fitness Clubs Acquisition_quot;).

At the current stage of negotiations, the parties to the Transactionhave agreed that the total valuation of the Fitness Clubs' equity willbe PLN 43.2 million, and the maximum total price for the acquisition ofthe acquiring companies from Camaro and CC will be PLN 28.8 million (67%of the total valuation, in proportion to the shares held in CF), andwill be paid through: (i) transferring to the other CF shareholders,respectively, CF liabilities to the Issuer in the total amount of PLN17.8 million, and (ii) payment of cash in the amount of PLN 11.0 millionto Camaro. The payment of cash referred to above is conditional, subjectto the fulfillment of certain conditions of the Transaction, and will bedeferred over time.

As part of the Transaction, the Issuer may additionally acquire 51.9% ofshares in the share capital of Instytut Rozwoju Fitness sp. z o.o.,based in Warsaw (_quot;IRF_quot;). The maximum price for the acquisition of sharesin the share capital of IRF will amount to PLN 13.0 million and will bepaid to CF by way of set-off against CF liabilities to the Issuer.

The final assumption of CF shareholders is to fully settle CF'sliabilities to CF shareholders, including, among others, by increasingCF's share capital and converting the liabilities remaining after theTransaction into shares in CF's increased share capital.

The Issuer's Management Board, in connection with the ongoingnegotiations, will keep the public informed of decisions related to theTransaction.