E X P E R T A N D S T R AT E G I C H R A D V I S O R 1

WORK SERVICE GROUPH1’16 Results | Management Presentation

E X P E R T A N D S T R AT E G I C H R A D V I S O R 2

EXECUTIVE SUMMARY

E X P E R T A N D S T R AT E G I C H R A D V I S O R 3

1

2

3

Management Board CommitmentsMay 2016 and beyond

TOPLINE growth commitment ↑

FY EBIT commitment →

EBIT restructuring commitment ↗

+25%

2016 ≈ 2015

Mainly Germany and Poland

E X P E R T A N D S T R AT E G I C H R A D V I S O R 4

Key Topline Growth Contributors

977

1203

89,8

56,9

37,8

34,2 27,013,7

-10,0

800

850

900

950

1 000

1 050

1 100

1 150

1 200

1 250

1 300

ConsolidatedH1'15

Acquisitions WS Poland WS Hungary Exact Systems IT Kontrakt All Others ConsolidatedH1'16

40%

42%

27%

Revenue [m PLN] COMMENTS

Acquisitions (Q4’15) contributed 40% of the growth in YoY revenues.

Core flexible employment markets of Work Service Poland and Work ServiceHungary contributed additional 42% of the growth in YoY revenues.

High margin, specialized companies i.e. Exact Systems and IT Kontrakt added27% of the growth in YoY revenues.

All others represent:• In plus: WS Czech and Slovakia, Antal and Work Service Express (+13,7m PLN),• In minus: WS Germany and WS Russia (-10,0m PLN)

The difference between bridge analysis and consolidated sales is the result of intercopany charges not reflected in disegregated business units.

Source: The Company

Revenues

[m PLN]WS PL WS HU WS DE WS RU WS CZ WS SK

Exact

Systems

IT

KontraktAntal

Work

Express

H1'15 313,4 160,4 152,4 36,2 26,7 17,5 80,2 64,1 16,0 117,7

H1'16 370,3 198,1 150,2 28,0 27,0 22,6 114,4 91,1 17,9 123,9

DYNAMIC 118% 124% 99% 77% 101% 130% 143% 142% 112% 105%

E X P E R T A N D S T R AT E G I C H R A D V I S O R 5

Restructuring GermanyActions taken and first results

TOPLINE INITIATIVES:New management, commercially oriented setup, including experienced external advisors and a professional sales executive.Increased sales firepower, as sales staff has been changed/hired.Operations Managers get proactive sales responsibility to better utilize labor resources. Introduced Sales Performance Management.Taking over 65% of competitor’s business in 5 Fiege locations with an impact of 0,7m EUR EBIT still in FY16.New minimum wage level increase introduced by Federal Government as of June 1st: (+2.3% West / +3.0% East).

MARGIN IMPROVEMENT:External staff efficiency is clear focus area for the whole organization.New conditions introduced for advance notice of employment changes (<20FTE – 5 days, 20-40FTE 10 days, >40FTE 20 days).Rules for bookings and cancelations introduced, with an impact on efficiency.Introduced price increase on Fiege and non-Fiege customers (i.e. BASF). Margin improved by 1.3pp compared to H1’15.

BOTTOM LINE INITIATIVES:Development costs of Enloyd DE to be minimized as of H2’16 (c.a. 1m PLN loss in H1’16).Stabilized situation in critical location: Fiege Dieburg. Branch office back in black in H2’16.Decision to close other loss making branches of Fiege – Fiege Buerstadt and Fiege ICD (impact already visible on FTE levels, however not reflected inH1’16 results as restructuring costs to be covered).

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Restructuring PolandActions taken and first results

TOPLINE EFFICIENCY FACTORS:1. Non-invoiced services are being corrected and invoiced properly according to binding contractual agreements.2. Low profitability contracts are in the process of renegotiation/withdrawal.3. Major project of annual price indexation and new trade terms for 2017 has been launched (Jul’16).4. Increasing share of high margin contracts based on Ukraine sourcing, new sales margin higher than average.

CANDIDATE CARE EFFICIENCY FACTORS:1. Centralized call center to handle candidates/employees is to be launched as of Sep’16.2. B2C Mobile Application under development, to be deployed as of Oct’16.3. Re-launch of WWW with clear focus on candidate care, Oct’16.4. New standard of Candidate Management in front offices (new procedures).

INTERNAL PROCESSES EFFICIENCY FACTORS:1. Merger of sales and operations structures.2. Lean optimization and automatization: i.e. digital/remote employment contracts signature, digitalization of archive, new employee handling

procedure.3. Internal Headcount reduction by 78FTE til end of June, planned additional 20FTEs to be dismissed by the end of the year (~15% of internal staff).

E X P E R T A N D S T R AT E G I C H R A D V I S O R 7

FINANCIALS

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P&L StatementH1’16 vs. H1’15

Source: The Company

Comments

Revenues grew by 23%, and gross profit from sales increased by almost 31%.

Gross profit margin increased by 0.6 pp compared to H1’15 driven by positive marketenvironment and changes in product/customer mix.

Increase in costs is driven mainly by:• impact of consolidated costs of acquired entities (mainly CRS & Balkans) = 10,1m

PLN,• additional costs of integration and restructuring projects in Germany and Poland

6,2m PLN.

After 6 months – excluding impact of acquisitions and additional transformation costs– Revenue growth is 3.2pp higher than Indirect Costs growth.

EBIT value affected by a writedown (non-cash) of receivables in Germany. AdjustedEBIT (excluding write-off) increased by 7% compared to H1’15.

Net Profit decreased by 64% due to higher level of financial expenses (due to higherutilisation of loans) and income tax expense.

Specification [t PLN] H1'15 H1'16Dynamic

2016/2015

Net revenues from sales of products and

services 977 115 1 203 169 23,1%

Cost of products, goods and materials sold 878 344 1 074 127 22,3%

Gross profit (loss) on sales 98 771 129 041 30,6%

Selling costs 22 705 23 252 2,4%

General and administration costs 47 513 73 796 55,3%

Profit (loss) on sales 28 552 31 993 12,1%

Other operating revenues 12 260 10 803 -11,9%

Other operating expenses 7 922 10 624 34,1%

Profit (loss) on operating activities 32 890 32 173 -2,2%

Financial revenues 1 889 1 583 -16,2%

Financial expenses 14 313 16 154 12,9%

Gross profit (loss) 20 466 17 602 -14,0%

Income tax 7 256 9 590 32,2%

Net profit (loss) 13 210 8 012 -39,3%

Specification [t PLN] H1'15 H1'162016/2015

% change

Revenues (organic) 977 115 1 113 325 13,9%

Indirect Costs (organic) excl. Transformation Costs 130 344 144 293 10,7%

E X P E R T A N D S T R AT E G I C H R A D V I S O R 9

Comments

Revenue [m PLN]

• Cumulative 23% sales growth, is the result of a very strong dynamic in both the organic growth of the core, as well as in the consolidated entities acquired in the2013-2015 period.• Organic growth remains a solid engine of growth with 14% better like-for-like topline. Growth once again exceeds the expected market value growth in CY2016.• Core business Work Service Poland grew organically by 19% year-on-year.• Revenues growth (YoY) champions are Exact Systems (+43%), IT Kontrakt (+42%) and Work Service Hungary (+24%).

Capital Group ResultsRevenue and EBITDA

8,6 10,218,0 19,0 20,4

9,6 9,6

18,3 19,5 19,69,4

12,5

23,628,3

15,719,9

38,837,4

0

10

20

30

40

50

60

70

80

90

100

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

Q4

Q3

Q2

Q1

170,6 188,7 345,9 474,5 591,9182,8 221,4

390,0

502,6611,3

186,1238,8

488,3

548,8

187,9269,5

515,6

610,8

0

500

1000

1500

2000

2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

Q4

Q3

Q2

Q1

EBITDA [m PLN]

Source: The Company

E X P E R T A N D S T R AT E G I C H R A D V I S O R 10

Scale of Our Operations

1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16

WESTERN EUROPE (UK, BG) 19 38 134 118 147 156

BALKANS (TR, CRO, SLO, RO) 74 86 134 222 186 191 261 1 171 1 274 1 378

CENTRAL EUROPE (CZ, SK, HU) 557 585 638 639 627 1 393 1 650 1 710 7 127 7 576 8 563 7 184 9 268 9 615 10 222 8 258 10 323 10 090

RUSSIA 1 910 1 946 1 646 1 665 1 822 1 220 1 365 1 392 1 790 1 505 1 560 1 377 1 297 1 209 1 326 1 245 778 594

GERMANY 77 154 231 236 217 378 402 464 437 478 2 828 2 231 2 396 2 207 2 457 1 991 1 930 1 884

POLAND 11 872 11 785 12 062 11 234 12 983 15 320 16 844 17 526 19 641 19 383 21 530 18 574 22 598 22 332 26 291 24 216 25 597 26 871

10 000

15 000

20 000

25 000

30 000

35 000

40 000

Comments

Total Group employment level again exceeded40.000 FTE, mainly driven by the strong growth oncore domestic market.

Poland represents 2/3 of Group FTEs, growing by5% QoQ and 20% YoY.

Central Europe (CZ,SK,HU) stays strong and stable,contributing 25% of Group FTEs.

Average Group employment level in H1’16 is 9%higher than in whole FY2015 and 14% higher v.H1’15.

Drops of employment levels in Germany andRussia are the effect of organizationalrestructuring of Work Service Business Units inGermany and Russia.

E X P E R T A N D S T R AT E G I C H R A D V I S O R 11

0

200

400

600

800

1 000

1 200

H1'15 H1'16

POLAND GERMANY

RUSSIA CENTRAL EUROPE

BALKANS WESTERN EUROPE

0

30

60

90

120

150

180

H1'15 H1'16

POLAND GERMANY

RUSSIA CENTRAL EUROPE

BALKANS WESTERN EUROPE

Comments

Revenue [m PLN]

• Group Gross Profit grew by 19% YoYfollowing Revenues which grew by 23%.

• Key Gross Profit growth contributors arePoland and Central Europe Region (Czech,Slovakia and Hungary).

• Germany due to the restructuring projectregistered a 6% drop in revenues vs. previousyear but its Gross Profit remained stable. Thisresulted in a Gross Profit improvement inWork Service Germany of 1.3pp (18,8 %->20,2%).

• Gross Profit Margin is diluted by theenormous growth of mass margin businesses(Work Service Poland and Hungary), whichgrew even faster than high margin BusinessUnits growth.

Country/Region SplitRevenue and Gross Profit

+23% +19%

Gross Profit [m PLN]

Source: The Company

E X P E R T A N D S T R AT E G I C H R A D V I S O R 12

Financial RatiosH1’16 vs. H1’15

Comments

• Lower level of profitability ratios due to consolidated costsof recent acquisitions, set up of new structures, as well aslower profitability ratios in Germany. Increase of G&Acosts.

• EBIT & EBITDA margin affected by one-off receivablewritten of in Germany

• Higher debt utilization drives financial costs increase.

• Receivables turnover ratio remained stable while revenueincrease by 23%.

• Increase of net debt/EBITDA ratio is mainly a result ofcontinued M&A activity and significant organic growth ofthe Group which requires additional sources of financing

Source: The Company

Financial ratios H1'15 H1'16Change

2016-2015

Profitability ratios

Gross Margin 2.92% 2.66% -0.26%

EBIT Margin 3.37% 2.67% -0.70%

EBITDA Margin 3.94% 3.33% -0.61%

NP Margin 1.35% 0.67% -0.68%

ROA 1.43% 0.71% -0.72%

ROE 3.88% 2.33% -1.55%

Liquidity ratios

Cash conversion cycle 43 46 3

Turnover ratios

Turnover of receivables ratio 45 47 2

Turnover of liabilities ratio 6 6 0

Debt ratios

Net Debt / EBITDA 2.12 2.77 0.65

E X P E R T A N D S T R AT E G I C H R A D V I S O R 13

As at [t PLN] Dec 31st 2015 Jun 30th 2016

EQUITY 329 158 344 052

Share capital 6 509 6 509

Supplementary capital 312 423 341 944

Capital from the valuation of options -35 131 -35 131

Net profit (loss) 27 616 3 053

Exchange rates balance -25 786 -15 567

Minority Interest 43 526 43 244

LIABILITIES AND PROVISIONS FOR LIABILITIES 791 352 780 039

Long-term liabilities 291 504 257 713

Long-term credits and loans 147 725 136 556

Deferred income tax liabilities 3 296 2 372

Other provisions 1 475 2 514

Other liabilities 139 007 116 271

Short-term liabilities 499 849 522 326

Trade and other liabilities 387 300 419 916

Short-term credits and loans 84 031 72 535

Other provisions 28 518 29 875

TOTAL LIABILITIES 1 120 510 1 124 091

Balance SheetH1’16 vs. H2’15

Source: The Company

As at [t PLN] Dec 31st 2015 Jun 30th 2016

FIXED ASSETS 588 600 587 564

Intangible assets 64 596 60 753

Goodwill 466 899 471 139

Tangible fixed assets 32 989 33 635

Real property investments 1 607 1 642

Other financial assets 25 25

Other long-term assets 4 605 4 349

Other long-term financial assets 3 330 2 803

Deferred tax assets 11 794 12 056

Prepayments 2 756 1 161

CURRENT ASSETS 531 910 536 527

Inventory 17 243 20 539

Trade and other receivables 407 959 392 045

Other financial assets 16 046 29 254

Other short-term assets 8 932 11 653

Cash and other pecuniary assets 57 904 51 253

Prepayments 23 826 31 784

TOTAL ASSETS 1 120 510 1 124 091

Total assets remained stable in comparison to y.e. 2015. Fixed assets at the similar level as a result of :• No significant acquisitions in H1’16 (no incremental goodwill recognized),• Amortization of intangible assets with no major new investments in H1 2016.Trade and other receivables decreased even though total revenue increased by 23% .

Equity remained similar to y.e. 2015 and increased mainly as a result of net profit for theperiod. 2015 result increased the value of supplementary capital.Decrease of long term liabilities is mainly a result of the transfer of 20m PLN bondliability which has now became a short term liability.No other significant fluctuations in equity or liabilities.

E X P E R T A N D S T R AT E G I C H R A D V I S O R 14

Cash Flow StatementH1’16 vs. H1’15

Comments

• Positive inflows from operating activites aremainly the result of continuous process ofincreasing Sales Margin and improvement in cashmanagement .

• Lower level of outflows on investing activities arethe result of no significant amounts of M&Aoutflows v H1’15 (which mainly Prohuman andWork Express)

• Outflows in H1’16 from financing activities aremainly the result of a decrease in the utilization ofcredit at the end of 1H as well as higher interestexpense payments due to higher utilisation ofcredit intra-period.

Source: The Company

As at Jun 30th [t PLN] 2015 2016

Net profit (loss) 10 000 3 053

Total adjustments 18 277 35 138

Cash flows from operating activities 28 277 38 191

Inflows 10 741 753

Outflows 146 131 17 927

Cash flows from investing activities -135 390 -17 174

Inflows 102 416 7 200

Outflows 11 424 34 868

Cash flows from financing activities 90 992 -27 668

Increase (decrese) of cash and its net equivalents -16 121 -6 651

Cash balance at the begining of the period 72 488 57 904

Cash balance at the end of the period 56 367 51 253