Capital Group

STRUCTURE OF VRG S.A. CORPORATE GROUP

The VRG S.A. Corporate Group consists of the following business entities with turnover at a level that is significant in relation to the total turnover of the corporate group:

1. VRG S.A. (parent company) with its registered office in Cracow at ul. Pilotów 10, zip code: 31-462. The company is registered in the Register of Entrepreneurs of the National Court Register at the District Court for Cracow- Śródmieście in Cracow, 11th Commercial Division of the National Court Register (KRS) under the KRS number 0000047082. The main subject of activity of VRG S.A. is the design, manufacture and retail sale of classic men's clothing such as suits, jackets, trousers, shirts and accessories. 1948 is the year considered to be the date of the creation of an independent enterprise, the tradition and legal successor of which is VRG S.A. VRG S.A. has developed competences in creation and distribution of formal and smart casual collections. The basic offer of VRG S.A. is a formal and informal collection of men's fashion under the Vistula, Bytom and Wólczanka which have been present on the Polish market from 1967, 1945 and 1948, respectively.

2. W.KRUK S.A. with its registered office in Cracow at ul. Pilotów 10, zip code: 31-462. The company is registered in the Register of Entrepreneurs of the National Court Register at the District Court for Cracow- Śródmieście in Cracow, 11th Commercial Division of the National Court Register (KRS) under the KRS number 0000500269. VRG S.A. holds 100% of shares in the share capital of W.KRUK S.A., which entitles to exercise 100% of votes at the General Meeting of this company. The main subject of activity of W.KRUK S.A. is the design, manufacture and retail sale of brand luxury products such as jewelry, watches and gift items. The offer of the W.KRUK brand, the oldest Polish jewelry brand, whose origins date back to 1840, includes jewelry made of gold, platinum, silver and other metals. The basic category of products is gold jewelry with diamonds and natural stones. Through selected jewelry stores of the W.KRUK brand there is also the distribution of luxury Swiss watches of such brands as Rolex, Hublot, Omega, Girard-Perregaux.

3. WK 1840 HU Kft.based in Budapest, Republic of Hungary. The company is registered at the Commercial Court of the Metropolitan Court of Budapest under the number CG.01-09-421401/8. The company is a subsidiary of W.KRUK S.A. based in Kraków. The company's core business is retail sales of jewelry and accessories under the W.KRUK brand in Hungary.

4. DCG S.A. with its registered office in Warsaw at ul. Bystrzycka 81a, zip code 04-907. The company is registered in the Register of Entrepreneurs of the National Court Register at the District Court in Warsaw, 21st Commercial Division of the National Court Register (KRS) under the KRS number 0000285675. The main business of DCG S.A. is managing a network of brand stores of own brand Deni Cler Milano, offering exclusive women's clothing. VRG S.A. owns 100% of shares in the share capital of DCG S.A., which entitles to exercise 100% of votes at the General Meeting of this company.

5. VG Property Sp. z o. o. with its registered office in Cracow at ul. Pilotów 10, zip code: 31-462. The company is registered in the Register of Entrepreneurs of the National Court Register at the District Court for Cracow-Śródmieście in Cracow, 11th Commercial Division of the National Court Register (KRS) under the KRS number 0000505973. The main subject of activity of VG Property Sp. z o. o. is the management of real estate and production assets used for clothing production. VRG S.A. holds 100% of shares in the share capital of VG Property Sp. z o. o., which entitles to 100% votes at the Shareholders' Meeting of this company.