Press-release

On October 14, ART CAPITAL distributed Equity Research update on Milkiland N.V. shares with a Buy recommendation and a 12-month target price of USD 8.7 (PLN 27.08) per share (30% upside). This recommendation is based on the positive company’s financial outlook stemming from product mix optimization toward higher value added products, boosting cheese export to Russia and Kazakhstan, strengthening vertical integration of the business by introducing milk cooperatives and building new milk farms, as well as implementing of the investment plans aimed at the reconstruction of key production assets in Russia and Ukraine.