Current report no. 19/2017 - Decision to set up a program to issuebonds

Body of the report:

The Management Board of Dino Polska S.A. ("Company") reports that today,i.e. on 21 September 2017 it adopted a resolution to set up a programfor the Company to issue bonds up to the amount of PLN 500,000,000("Program").In connection with the Program, theCompany entered into a dealer agreement, an agency agreement and acustody agreement with mBank S.A.Under the Program the Companywill be able to conduct multiple issues of secured bearer bonds inelectronic form (not in paper form) denominated in Polish zloty. Thebonds issued under the Program will be offered for purchase pursuant toart. 33 item 2 of the Bond Act of 15 January 2015 (Journal of Laws of2015, Item 238 as amended).

Decisions to originate subsequent issues under the Program and theiramounts will be made based on the Company's current financing needs. Thespecific parameters of a bond issue will be determined prior to issuinga given series of bonds. The various series of bonds issued under theProgram may contemplate the possibility of registering the bonds in thesecurities depository run by Krajowy Depozyt Papierów Wartościowych S.A.and of introducing the bonds to be traded in the alternative tradingsystem run by Warsaw Stock Exchange S.A. or BondSpot S.A.

The Program's objective is to diversify the sources of funding theCompany's operations and optimize finance costs. The Program will notaffect the Company's current targets regarding the overall level of netdebt to EBITDA.

The cash funds obtained through the Program will be allocated to developthe Company's operations under its current growth strategy entailing inparticular the roll-out of its own supermarket network operating in theproximity segment along with its distribution centers and logisticsnetwork.