Current Report no.20/2017 Issue date: 28-04-2017 at 16:41 Submission of a certificate of compliance

With reference to the issue of D and E series Bonds which the Management Board of Elemental Holding S.A. with the seat in Grodzisk Mazowiecki (hereinafter: "the Issuer") announced in Current Report no. 46/2014 dated October 16th, 2014, fulfilling the Issuer's obligations toward the Bondholders of D and E series Bonds, the Issuer's Management Board hereby submits (as an appendix to this Current Report) a Certificate of Compliance concerning the value of the calculated net financial indebtedness ratio/EBIDTA for D and E series Bonds. The Certificate was prepared as of December 31st, 2015 on the basis of the Consolidated Financial Statement of Elemental Holding Capital Group for the fiscal year ended on December 31st, 2016.

The Consolidated Financial Statement of Elemental Holding Capital Group for the fiscal year ended on December 31st, 2016, which constitutes an appendix to the Certificate of Compliance for D series Bonds and the Certificate of Compliance for E series Bonds, was published by the Issuer on the Issuer's website at the following address:

http://www.elemental.biz/gfx/elemental- holding/userfiles/_shared/redaktora/raporty_okresowe/rok2016/elemental_holding_sprawo zdanie_msr_grupa_2016_korekta.pdf.

Persons representing the Company:

Paweł Jarski - President of the Management Board

Appendices:

  1. Certificate of Compliance for D series Bonds

  2. Certificate of Compliance for E series Bonds

Elemental Holding SA published this content on 28 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 April 2017 15:24:02 UTC.

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