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20/2022 Candidate to the Supervisory Board of Agora S.A.

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20/2022 Candidate to the Supervisory Board of Agora S.A.

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Company data

AGORA S.A.
Czerska 8/10 Street
00-732 Warszawa

AGO -0,95%
mWIG40 0,19%
WIG-MEDIA 0,05%

Regon: 11559486
Numer KRS: 59944
NIP: 526-030-56-44

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June 2, 2022 / 12:19

18/2022 Correction of the regulatory filing no. 18/2022 (Draft resolutions to be voted at the Ordinary General Meeting of Agora S.A. on 21 June 2022)

Regulatory filing

Management Board of Agora S.A. with its registered office in Warsaw ("Company", "Agora"), with reference to the current report no. 18/2022 of 26 May 2022 on draft resolutions that the Management Board intends to submit to the Ordinary General Meeting of the Company ("General Meeting") convened for 21 June 2022 at 11:00 a.m., corrects the content of the draft resolution on appointing members of the Supervisory Board.

The current wording of the resolution subject to correction:

“Resolution No. [...]

on appointing members of the Supervisory Board for a new term of office

Pursuant to the provisions of Art. 385 § 1 of the Commercial Companies Code and § 20 and § 21 of the Company’s Statutes, the General Meeting has decided to appoint Mr/Ms [name and surname] to the Supervisory Board for a joint term of office beginning at the end of this General Meeting and expiring on the date of the General Meeting approving the financial statements for 2024.”

is replaced with the following text:

“Resolution No. [...]

on appointing members of the Supervisory Board for a new term of office

Pursuant to the provision of art. 385 § 1 of the Commercial Companies Code and § 20 and § 21 of the Articles of Association, the General Meeting decides to appoint Mr. / Ms [name and surname] to the Supervisory Board for a joint term of office commencing at the end of this General Meeting."

 

The content of the other draft resolutions remains unchanged.

Corrected content of draft resolutions for the Ordinary General Meeting of Agora S.A. on 21 June 2022:

 “Resolution No. [...]

on the election of the Chairperson of the General Meeting

Pursuant to Article 409 § 1 of the Commercial Companies’ Code and § 6, item 3.1. of the By-laws of the General Meeting, the General Meeting hereby elects Mr/Ms [·] to chair the General Meeting.”

 “Resolution No. [...]

on adopting the agenda

Pursuant to § 10 item 2.1. of the By-laws of the General Meeting, the General Meeting hereby adopts the announced agenda.”

 “Resolution No. [...]

on electing the members of the returning committee

Pursuant to § 8 item 2.2. of the By-laws of the General Meeting, the General Meeting has decided to appoint Mr/Ms [·] and Mr/Ms [·] to the returning committee.”

Justification of the draft resolutions No. […]

Resolutions No. [...] are of a procedural nature.

 “Resolution No. [...]

on reviewing and approving the annual separate financial statements of the Company for the year 2021 and the Management Report for the financial year 2021

Pursuant to the provisions of Article 393 item 1 and 395 § 2 item 1 of the Commercial Companies Code and § 13, section 1 of the Company’s Statutes, in consideration of the result of the assessment of the annual separate financial statements for the financial year 2021 and the Management Report for 2021 by the Company’s Supervisory Board, pursuant to Article 382 § 3 of the Commercial Companies Code, the General Meeting has decided to approve the separate financial statements for the financial year 2021 and the Management Report for the financial year 2021.”      

 “Resolution No. [...]

on reviewing and approving the annual consolidated financial statements covering the Company and its subsidiaries and associates, and the Management Board's report on the activities of the Group in the financial year 2021

Pursuant to the provisions of Article 395 § 5 of the Commercial Companies Code and Article 63c. 4 of the Accounting Act, the General Meeting hereby resolves to approve the annual consolidated financial statements for 2021 comprising the Company, its subsidiaries and associates according to the regulations of the Accounting Act, and the Management Report for the financial year 2021.”

Resolutions No. [...] are resolutions the adoption of which at the Annual General Meeting is justified pursuant to the Commercial Companies Code.

 “Resolution No. [...]

on appropriation of the Company’s net profit for the year 2021

Pursuant to the content of Article 395 § 2.2 and taking into account presented by the Supervisory Board in acoordance with Article 382 § 3 of the Commercial Companies Code the result of the assessment of the Management Board's motion regarding the allocation of the Company's profit,, the General Meeting hereby decides to allocate the whole profit of PLN 27,762,812.14 (in words: twenty-seven million seven hundred and sixty two thousand eight hundred and twelve zlotys and 14/100) for the financial year 2021 to the Company’s reserve capital.”         

Justification for the draft resolution No. […]

Pursuant to Article 395 § 2.2 of the Commercial Companies Code, the Annual General Meeting should adopt a resolution on the appropriation of profit. In the opinion of the Management Board of Agora S.A., the impact of the global COVID-19 pandemic and the conflict in Ukraine could lead to additional risks to the Company’s operations, the scale of which is currently impossible to assess in a precise manner and which remains outside the real influence or control of Agora S.A. and its Group. This situation could also lead to liquidity problems for Agora S.A.’s counterparties. In such circumstances the Management Board of Agora S.A. considered it justified to recommend that the whole profit for 2021 be retained to reinforce the Group’s financial position. 

The above proposal is a deviation from the Dividend Policy of Agora announced on 14 February 2005. The deviation from the dividend policy is is related to the economic uncertainty caused by the current events..

The above proposal gained the positive opinion of the members of the Supervisory Board.

 “Resolution No. [...]

on approving the performance of duties by particular members of the Supervisory Board in the financial year 2021

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statute, the General Meeting has decided to approve the performance of duties by Andrzej Szlęzak, President of the Supervisory Board, in the financial year 2021.”

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statute, the General Meeting has decided to approve the performance of duties by Dariusz Formela, Member of the Supervisory Board, in the financial year 2021.”           

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, the General Meeting has decided to approve the performance of duties by Tomasz Karusewicz, Member of the Supervisory Board, in the financial year 2021.”

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statute, the General Meeting has decided to approve the performance of duties by Wanda Rapaczynski, Member of the Supervisory Board, in the financial year 2021.”      

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statute, the General Meeting has decided to approve the performance of duties by Tomasz Sielicki, Member of the Supervisory Board, in the financial year 2021.”

“Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, the General Meeting has decided to approve the performance of duties by Maciej Wiśniewski, Member of the Supervisory Board, in the financial year 2021.”   

 “Resolution No. [...]

on approving the performance of duties by particular members of the Management Board in the financial year 2021

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, in accordance with the recommendation by the Supervisory Board, the General Meeting has decided to approve the performance of duties by Bartosz Hojka, President of the Management Board, in the financial year 2021.”

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, in accordance with the recommendation by the Supervisory Board, the General Meeting has decided to approve the performance of duties by Tomasz Jagiełło, Member of the Management Board, in the financial year 2021.”                  

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, in accordance with the recommendation by the Supervisory Board, the General Meeting has decided to approve the performance of duties by Anna Kryńska-Godlewska, Member of the Management Board, in the financial year 2021.”

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, in accordance with the recommendation by the Supervisory Board, the General Meeting has decided to approve the performance of duties by Tomasz Grabowski, Member of the Management Board, for the period from 1 June 2021 to 31 December 2021.”

 “Resolution No. [...]

Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, in accordance with the recommendation by the Supervisory Board, the General Meeting has decided to approve the performance of duties by Agnieszka Siuzdak-Zyga, Member of the Management Board, for the period from 6 August 2021 to 31 December 2021.”

 “Resolution No. [...]

 Pursuant to the provisions of Art. 395 § 2 item 3 of the Commercial Companies Code and § 13 section 1 of the Company’s Statutes, in accordance with the recommendation by the Supervisory Board, the General Meeting has decided to approve the performance of duties by Agnieszka Sadowska, Member of the Management Board, for the period from 1 January 2021 to 20 October 2021.” 

Justification for the draft resolutions No. […]

Resolutions Nos. [...] are resolutions the adoption of which at the Annual General Meeting is justified pursuant to the Commercial Companies Code.

 “Resolution No. [...]

on the assessment of the “Supervisory Board Report on Remuneration of particular members of the Management Board and Supervisory Board of Agora S.A. for 2021”

“Acting on the basis of Article 90 (g). 6 of the Act of 29 July 2005 on public offering and conditions for introducing financial instruments into the organized trading system and on public companies, the General Meeting hereby gives its positive opinion on the “Report on Remuneration of particular members of the Management Board and Supervisory Board of Agora S.A. for 2021.”

Resolution No. [...] is a resolution the adoption of which at the Annual General Meeting is justified pursuant to the Commercial Companies Code and the Act on public offering and conditions for introducing financial instruments into the organized trading system and on public companies.

“Resolution No. [...]

on adopting the Diversity Policy by Agora S.A. with respect to Members of the Management Board and of the Supervisory Board

 Acting on the basis of point 2.1 “Best Practice for WSE Listed Companies 2021” (Resolution No. 13/1834/2021 of the Supervisory Board of the Warsaw Stock Exchange dated 29 March 2021) the General Meeting hereby adopts the Diversity Policy of Agora S.A. with respect to Members of the Management Board and of the Supervisory Board, the content of which constitutes Appendix No. 1 to this Resolution.”

Justification:

To achieve the highest standards in the performance of duties by the Members of the Company’s Management Board and Supervisory Board and fulfilling them effectively, only persons with appropriate competences, skills and experience are appointed to the Management Board and Supervisory Board. Pursuant to point 2.1. of the “Best Practice for WSE Listed Companies 2021”, the Company should have a diversity policy with respect to its Management and Supervisory Boards, adopted by the Supervisory Board or the General Meeting respectively. The Diversity Policy specifies the diversity objetives and criteria in such areas as, among others, gender, fields of education, specialist knowledge, age and professional experience, and indicates the period and manner of monitoring the achievement of these objectives. Therefore, the respective draft resolution was presented to be voted at the General Meeting. Due to the fact that the proposed Diversity Policy refers both to the Members of the Management Board and to the Members of the Supervisory Board, it should be adopted by a resolution of the General Meeting.

 “Resolution No. [...]

on determining the number of Members of the Supervisory Board for the new term of office

In accordance with the content of § 18. 1 of the Company’s Statutes the General Meeting hereby determines the number of Members of the Supervisory Board for the term of office commencing with the end of this General Meeting as six persons.

Justification for the draft resolution No. […]

Based on its experience to date and its cooperation with the Supervisory Board of the latest term of office, the Management Board hereby proposes that the number of Members of the Supervisory Board be maintained at their current number. In the opinion of the Management Board, the composition of the Supervisory Board consisting of six persons ensures the effective performance of the supervisory authority. This proposal reflects the anticipated workload related to the scale of the Company’s operations and its further development plans. The proposed number of Supervisory Board Members will also ensure versatility and diversity within the body, among other things, with respect to professional experience, education, age and gender.

“Resolution No. [...]

on appointing members of the Supervisory Board for a new term of office

Pursuant to the provision of art. 385 § 1 of the Commercial Companies Code and § 20 and § 21 of the Articles of Association, the General Meeting decides to appoint Mr. / Ms [name and surname] to the Supervisory Board for a joint term of office commencing at the end of this General Meeting."        

 “Resolution No. [...]

on appointing the President of the Supervisory Board for the new term of office

In accordance with § 18. 2 of the Company’s Statutes the General Meeting has decided to appoint Mr/Ms [.] President of the Supervisory Board of Agora S.A.”

Justification for the draft resolutions No. […]

In connection with the expiry of the mandates of the current composition of the Company’s Supervisory Board, pursuant to the Company’s Statutes the General Meeting should appoint Members of the Supervisory Board for a new joint term of office. Pursuant to the Company’s Statutes the appointment of the Chair of the Supervisory Board lies within the competences of the Company’s General Meeting.

 “Resolution No. [...]

on adopting the “Regulations on participation in meetings of the Supervisory Board of Agora S.A. using remote means of direct communication”

In accordance with the content of § 26. 1 of the Company’s Statutes, the General Meeting hereby adopts the “Regulations on participation in meetings of the Supervisory Board of Agora S.A. using remote means of direct communication”, which constitute Appendix No. 1 to this Resolution.”

Justification for the draft resolution No. […]

In connection with the Supervisory Board becoming previously acquainted with the draft “Regulations on participation in meetings of the Supervisory Board of Agora S.A. using remote means of direct communication” and it having no additional comments to the draft, the Regulations were forwarded to be approved by the Company’s General Meeting. Pursuant to the Company’s Statutes, adoption of the resolution on the Supervisory Board’s Regulations specifying the organization and manner of performing its activities lies within the competences of the Company’s General Meeting.

 “Resolution No. [...]

on amending the Company’s Statutes

Pursuant to Art. 430 § 1 of the Commercial Companies Code the General Meeting has hereby decided to amend the Company’s Statutes as follows:

§36 of the Company’s Statutes in its current wording:

“Each member of the Management Board shall be authorised to make binding statements with respect to property rights and obligations of the Company and to sign on behalf of the Company.”

as amended, shall read as follows:

“Two Members of the Management Board jointly shall be authorised to make binding statements with respect to property rights and obligations of the Company and to sign on behalf of the Company.”

The Company’s Management Board will be obliged to undertake all and any actions required to register and amend the Company’s Statutes based on this Resolution.”

Justification for the draft resolution No. […]

Amendments to the Company’s Statutes with respect to repealing the principle of individual representation of the Company by each Member of the Management Board which was binding to date and adopting the principle of joint representation by two Members of the Management Board results from the need to adapt the regulations for representing the Company to market standards appropriate for publicly quoted entities which engage in business in the areas and in the scale reflecting the Company’s area and scale of business. Effective adoption of joint two-person representation of the Company requires amending the Statutes and registration of the amendment in the Register of Businesses of the National Court Register. The amendment to the principles of representing the Company is made under the continuing process of adopting the joint representation principle in all of the Agora Group’s companies.

 “Resolution No. [...]

on accepting the consolidated text of the Company’s Statutes

In connection with the amendments to the Statutes adopted by the Annual General Meeting pursuant to Resolution No. […], the Annual General Meeting of the Company has decided to adopt the consolidated text of the Company’s Statutes in the following wording:

 

 “STATUTES OF AGORA SPÓŁKA AKCYJNA

 I. GENERAL PROVISIONS

§1

The Company shall operate under the name of "AGORA Spółka Akcyjna", hereinafter

referred to as the "Company".

§2

The Company was created as a result of the transformation of a company under the name of

"Agora - Gazeta", a limited liability company headquartered in Warsaw, entered into the

Commercial Register under the number of RHB 25478, kept by the District Court for the

capital city of Warsaw, XVI Economic Department.

§3

The Company's registered seat shall be in the capital city of Warsaw.

§4

  1. The Company shall operate within the territory of Poland and abroad.
  2. Within the territory of its operation, the Company may establish branch offices and other organizational units, establish companies and join existing companies, as well as participate in all organizational and legal arrangements permitted under law.

II. SCOPE OF BUSINESS

§5

  1. The scope of Company's business shall be:

1) Publishing of newspapers (58.13.Z);

2) Book publishing (58.11.Z);

3) Publishing of directories and mailing lists (58.12.Z);

4) Manufacture of other products, not classified elsewhere (32.99.Z);

5) Publishing of journals and other periodicals (58.14.Z);

6) Other publishing activities (58.19.Z);

7) Printing of newspapers (18.11.Z);

8) Manufacture of paper stationary (17.23.Z);

9) Other printing activities(18.12.Z);

10) Service activities related to preparation for printing (18.13.Z);

11) Carrying on activities of advertising agencies (73.11.Z);

12) Agency in the sale of advertising time and space in radio and television (73.12.A);

13) Agency in the sale of advertising space in printed media (73.12.B);

14) Agency in the sale of advertising time and space in electronic media (Internet) (73.12.C);

15) Agency in the sale of advertising time and space in other media (73.12.D);

16) Activities related to the production of films, recordings, video and television programmes

(59.11.Z);

17) Acting in the area of sound and music recordings (59.20.Z);

18) Radio broadcasting (60.10.Z);

19) Broadcasting of free-to-air and subscriber television programmes (60.20.Z);

20) Post-production activities related to films, video recordings and television programmes

(59.12.Z);

21) Distribution Activities related to films, video recordings and television programmes

(59.13.Z);

22) Installation of industrial machinery, equipment and plant (33.20.Z);

23) Repair and maintenance of telecommunications equipment (95.12.Z);

24) Repair and maintenance of electronic and optical devices (33.13.Z);

25) Activities related to IT devices management (62.03.Z);

26) Data processing, web hosting and related activities (63.11.Z);

27) Publishing of computer games (58.21.Z);

28) Other software publishing (58.29.Z);

29) Software related activities (62.01.Z);

30) IT consulting activities (62.02.Z);

31) Other information technology and computer service activities (62.09.Z);

32) Wired telecommunications activities(61.10.Z);

33) Wireless telecommunications activities, excluding satellite telecommunications (61.20.Z);

34) Satellite telecommunications activities(61.30.Z);

35) other telecommunications activities (61.90.Z);

36) Market research and public opinion polling (73.20.Z);

37) Operation of arts/cultural facilities (90.04.Z);

38) Retail sale of books in specialised stores (47.61.Z);

39) Retail sale of newspapers and paper stationary in specialized stores (47.62.Z);

40) Retail sale conducted via mail order houses or the Internet (47.91.Z)

41) Other retail sale not in stores, stalls or bazaars (47.99.Z);

42) Gambling and betting activities (92.00.Z);

43) Other reservation service and related activities, not classified elsewhere (79.90.C);

44) Out of school forms of sports education and sports and recreation activities (85.51.Z);

45) Activities of sports clubs (93.12.Z);

46) Other sports activities (93.19.Z);

47) Other entertainment and recreation activities (93.29.Z);

48) Other information service activities, not classified elsewhere (63.99.Z);

49) Specialized design activities (74.10.Z);

50) Leasing of intellectual property and similar products, excluding rights protected under

copyrights (77.40.Z);

51) Activities of collection agencies and credit bureaus (82.91.Z);

52) Other business support activities, not classified elsewhere (82.99.Z);

53) Activities of financial holding companies (64.20.Z);

54) Activities of head offices and holdings, excluding financial holdings (70.10.Z);

55) Accounting and bookkeeping activities; tax consultancy (69.20.Z);

56) Public relations and communication activities (70.21.Z);

57) Other business and management consultancy activities (70.22.Z);

58) Other professional, scientific and technical activities, not classified elsewhere (74.90.Z);

59) Educational support activities (85.60.Z);

60) Execution of construction projects related to the building erection (41.10.Z);

61) Works related to the construction of telecommunications and power lines (42.22.Z);

62) Purchase and sale of real estate on the company's own account (68.10.Z);

63) Rental and management of own or leased real estate (68.20.Z);

64) Management of real estate performed on a fee or contract basis (68.32.Z);

65) Combined facilities support activities (81.10.Z);

66) Other forms of credit granting (64.92.Z);

67) Other financial service activities, not classified elsewhere, excluding insurance and

pension funds (64.99.Z);

68) Activities of trusts, funds and similar financial entities (64.30.Z);

69) Information agencies activities of (63.91.Z);

70) Photographic activities (74.20.Z);

71) Artistic creation and literary activities (90.03.Z);

72) Internet portals activities(63.12.Z);

73) Archive activities (91.01.B);

74) Activities of agents specialized in selling other specific goods (46.18.Z);

75) Activities of agents selling variety of goods (46.19.Z);

76) Restaurants and other permanent catering establishments (56.10.A);

77) Mobile catering establishments (56.10.B);

78) Manufacture of ready-made meals and dishes (10.85.Z);

79) Manufacture of other food products, not elsewhere classified (10.89.Z);

80) Bookbinding and similar services (18.14.Z);

81) Reproduction of recorded media (18.20.Z);

82) Repair and maintenance of machinery (33.12.Z);

83) Repair and maintenance of electric appliances (33.14.Z);

84) Repair and maintenance of other transport equipment (33.17.Z);

85) Repair and maintenance of other equipment and supplies (33.19.Z);

86) Construction work connected with erection of residential and non-residential buildings

(41.20.Z);

87) Wholesale and retail sale of passenger cars and vans (45.11.Z);

88) Wholesale and retail sale of other motor vehicles, except of motorcycles (45.19.Z);

89) Retail sale of motor vehicles parts and accessories, except of motorcycles (45.32.Z);

90) Wholesale and retail sale of motorcycles, their repair and maintenance and wholesale and

retail sale of motorcycle parts and accessories (45.40.Z);

91) Agents involved in the sale of timber and building materials (46.13.Z);

92) Agents involved in the sale of machinery, industrial equipment, ships and aircraft

(4.14.Z);

93) Agents involved in the sale of furniture, household goods and small items of metal

hardware (46.15.Z);

94) Agents involved in the sale of textiles, clothing, fur products, footwear and leather goods

(46.16.Z);

95) Agents involved in the sale of food, beverages and tobacco (46.17.Z);

96) Retail sale in non-specialised stores with food, beverages or tobacco predominating

(47.11.Z);

97) Other retail sale in non-specialised stores (47.19.Z);

98) Other retail sale of food in specialised stores (47.29.Z);

99) Retail sale of computers, peripheral equipment and software in specialised stores

(47.41.Z);

100) Retail sale of telecommunications equipment in specialised stores (47.42.Z);

101) Retail sale of audiovisual equipment in specialised stores (47.43.Z);

102) Retail sale of textiles in specialised stores (47.51.Z);

103) Retail sale of small items of metal hardware, paints and glass in specialised stores

(47.52.Z);

104) Retail sale of carpets, rugs and other floor coverings and wall coverings in specialised

stores (47.53.Z);

105) Retail sale of household electric appliances in specialised stores (47.54.Z);

106) Retail sale of furniture, lightening equipment and other household items in specialised

stores (47.59.Z);

107) Retail sale of sound and audiovisual recordings in specialised stores (47.63.Z);

108) Retail sale of sports equipment in specialised stores (47.64.Z);

109) Retail sale of games and toys in specialised stores (47.65.Z);

110) Retail sale of clothing in specialised stores (47.71.Z);

111) Retail sale of footwear and leather goods in specialised stores (47.72.Z);

112) Retail sale of pharmaceutical goods in specialised stores (47.73.Z);

113) Retail sale of medical devices, including orthopaedic devices, in specialised stores

(47.74.Z);

114) Retail sale of cosmetics and toiletries in specialised stores (47.75.Z);

115) Retail sale of flowers, plants, seeds, fertilizers, live pet animals, pet foods in specialised

stores (47.76.Z);

116) Retail sale of watches, clocks and jewellery in specialised stores (47.77.Z);

117) Retail sale of other new goods in specialised stores (47.78.Z);

118) Retail sale of second-hands goods in specialised stores (47.79.Z);

119) Retail sale of food, beverages and tobacco via stalls and markets (47.81.Z);

120) Retail sale of textiles, clothing and footwear via stalls and markets (47.82.Z);

121) Retail sale of other goods via stalls and markets (47.89.Z);

122) Warehousing and storage of other goods (52.10.B);

123) Preparation and supply of food for third party recipients (catering) (56.21.Z);

124) Other gastronomic service activities (56.29.Z);

125) Preparation and servicing beverages (56.30.Z);

126) Motion picture projection activities (59.14.Z);

127) Other activities auxiliary to financial services, except of insurance and pension funding

(66.19.Z);

128) Real estate trading intermediation (68.31.Z);

129) Activities related to searching workplaces and provision of personnel (78.10.Z);

130) Activities of temporary employment agencies (78.20.Z);

131) Other personnel provision activities (78.30.Z);

132) Activities of travel agencies (79.11.A);

133) Activities of travel intermediaries (79.11.B);

134) Activities of travel organisers (79.12.Z);

135) Activities of tour operators and tour guides (79.90.A);

136) Travel information activities (79.90.B);

137) Office administration service activities (82.11.Z);

138) Copying, document preparation and other specialist activities auxiliary to office

management (82.19.Z);

139) Activities of call centres (82.20.Z);

140) Organisation of fairs, exhibitions and congresses activities (82.30.Z);

141) Packaging activities (82.92.Z);

142) Non-school forms of art education (85.52.Z);

143) Non-school forms of education in driving and flying (85.53.Z);

144) Teaching foreign languages (85.59.A);

145) Other non-school forms of education, not elsewhere classified (85.59.B);

146) Artistic performances activities (90.01.Z);

147) Activities auxiliary to artistic performances (90.02.Z);

148) Repair and maintenance of computers and peripheral equipment (95.11.Z);

149) Other physical well-being activities (96.04.Z);

150) Other service activities, not elsewhere classified (96.09.Z).

  1. The operations referred to in the above section may be conducted on the Company's own

account and on the account of others, including in cooperation with domestic and foreign

entrepreneurs.

§6

Subject to applicable laws, an amendment to the Company's scope of business may be made

without the requirement to purchase shares from those shareholders who do not agree to such

amendment.

III. SHARE CAPITAL. SHARES.

§7

  1. The Company’s share capital amounts to PLN 46,580,831 (in words: forty-six million five

hundred and eighty thousand eight hundred and thirty-one) and consists of 46,580,831 (in

words: forty-six million five hundred and eighty thousand eight hundred and thirty-one)

shares with a nominal value of PLN 1 (in words: one) each, which comprise 4,281,600 (in

words: four million two hundred and eighty-one thousand six hundred) registered, preferred

series A shares and 42,299,231 (in words: forty-two million two hundred and ninety-nine

thousand two hundred and thirty-one) ordinary series B and D, registered and bearer shares.

1'. From the date of creation, the Company issued the following shares:

a) 4,281,600 (say: four million two hundred and eighty-one thousand six hundred) registered

shares of series A numbered from No. A 0 000 001 to No. A 4 281 600,

b) 39,108,900 (say: thirty-nine million one hundred and eight thousand nine hundred)

registered shares of series B numbered from No. B 00 000 001 to No. B 39 108 900,

c) 750,000 (say: seven hundred and fifty thousand) registered shares of series C numbered

from No. C 000 001 to No. C 750 000,

d) 2,267,025 (say: two million two hundred and sixty-seven thousand twenty-five) registered

shares of series D numbered from No. D 000 000 001 to No. D 2 267 025,

e) 9,000,000 (say: nine million) bearer shares of series E numbered from No. E 0 000 001 to

No. E 9 000 000,

f) 1,350,000 (say: one million three hundred and fifty thousand) bearer shares of series F

numbered from No. F 0 000 001 to No. F 1 350 000.

  1. Shares listed in paragraph 1' subsection a) - c) of this section shall be registered shares,

subscribed by the shareholders as a result of transformation of a limited liability company into

a joint stock company referred to in § 2 of the Statutes.

2'. As a result of resolutions of the ordinary General Meeting of Shareholders of 20 June 2008

and the extraordinary General Meeting of Shareholders of 12 February 2009, the Company

carried out programmes of buy-back of its own shares for the purpose of their redemption.

Under the programmes the Company bought back a total of 4,040,149 (say: four million forty

thousand one hundred and forty-nine) own shares for the purpose of their redemption. In

relation to: (i) redemption of the abovementioned shares (Resolution No 31 of the ordinary

General Meeting of Shareholders of 23 June 2009), and (ii) share capital decrease by PLN

4,040,149 (say: four million forty thousand one hundred and forty-nine) through redemption

of the abovementioned 4,040,149 shares of the Company (Resolution No 32 of the ordinary

General Meeting of Shareholders of 23 June 2009), by Resolution No 33 of the ordinary

General Meeting of Shareholders of 23 June 2009, § 7 of the Statutes was amended in

accordance therewith series A, BiD shares remained in the Company and series C, E and F

shares were assigned to series BiD.

  1. The series A shares are privileged in a way that they entitle their holders to five votes at the

General Meeting of Shareholders, subject to the provisions of § 17.

  1. The series A shares shall also be privileged as defined in § 11 section 1 and 3, § 21 section

1 subsection a) item (i), § 22 section 1, § 28 section 2, § 30 section 1 and § 31 section 1.

§8

[repealed].

§9

The Company may issue bonds, including bonds convertible into shares.

§9a

  1. The Company's shares may be redeemed on shareholder's consent by way of their purchase by the Company (voluntary redemption).
  1. The purchase of Company's shares for the purpose of their redemption requires the consent of the General Meeting of Shareholders.
  1. Redemption of the Company's shares requires a resolution of the General Meeting of Shareholders, subject to the provisions of Art. 363 paragraph 5 of the Commercial Companies Code.
  1. The resolution referred to in the previous section shall define in particular:

1) legal basis for redemption of shares,

2) amount of compensation to be vested in the owner of redeemed shares or a justification of

redemption of shares without compensation,

3) way of share capital decrease.

§10

  1. Bearer shares may not be converted into registered shares.
  2. Conversion of registered series A, BiD shares to bearer shares shall be made within 30 days from the date of filing an application by the shareholder holding such shares, subject to § 11 of the Statutes.
  1. [repealed].
  2. [repealed].

4'. [repealed].

  1. [repealed].
  2. [repealed].
  3. [repealed].

7'. [repealed].

  1. Any costs associated with the conversion of shares shall be borne by the Company.

§11

  1. The sale or conversion of preferred series A shares into bearer shares requires the written

consent of shareholders holding at least 50% of the preferred series A shares registered in the

share register on the date of filing the application referred to in section 2.

  1. Shareholders intending to sell or to convert the preferred series A shares into bearer shares

shall be obliged to deliver to the Management Board a request in writing for a permit for sale

or conversion such addressed to all the remaining shareholders holding preferred series A

shares who are authorised to grant such consent.

  1. Within 14 days from the date of receipt of the request referred to in section 2, the

Management Board shall be obliged to deliver a copy of the request to each holder of

preferred series A shares who are authorised to express their consent, to the address of each

shareholder registered in the share register.

  1. If the shareholder intending to sell or convert preferred series A shares into bearer shares

does not receive written consents of holders of over 50% of preferred series A shares within

14 days from the date of delivery by the Management Board of a copy of the request referred

to in section 2 to the last of the shareholders authorised to grant their consent, it shall be

assumed that consent was not granted.

  1. The sale of preferred series A shares may occur at a price not greater than the nominal

value of such shares.

  1. [repealed].

§11a

[repealed].

IV. ORGANISATION OF THE GOVERNING BODIES

§12

The Company shall have the following governing bodies:

1) General Meeting of the Shareholders;

2) the Supervisory Board;

3) the Management Board.

A. General Meeting of the Shareholders

§13

  1. The General Meeting of the Shareholders shall have competence in matters reserved to it

under the Commercial Companies Code, provisions of other laws and as provided herein,

subject to section 2.

  1. Purchase and sale of a piece of real property, perpetual usufruct or a share in a piece of real

property shall not require a resolution of the General Meeting of Shareholders.

§14

Apart from persons indicated in the provisions of the Commercial Companies Code, each

member of the Supervisory Board meeting the requirements set forth in § 20 section 4 may

request the Management Board to call a General Meeting of the Shareholders, and if such

request is not complied with, call such meeting himself.

§15

  1. Resolutions of the General Meeting of the Shareholders shall be adopted by an absolute

majority of votes cast unless the Commercial Companies Code, provisions of other laws or

the Statutes provide for different terms of adopting such resolutions.

  1. In addition to matters as provided by law, the majority of 3/4 (three quarters) of votes cast

shall be required for validity of resolutions concerning:

a) a merger of the Company with another entity, other forms of consolidation that are or will

be allowed under law, and division of the Company;

b) the remuneration of members of the Supervisory Board, including individual remuneration

of those members who were elected to a continuous supervisory.

  1. Subject to section 4, the majority of 3/4 (three quarters) votes cast when the Shareholders

representing at least 50% of the Company's share capital are present, shall be required for the

resolution on the removal of matters from the agenda of the General Meeting of the

Shareholders that were previously contained in the agenda. In the event a motion for such

resolution is submitted by the Management Board an absolute majority of votes cast shall be

required in order to adopt such a resolution.

  1. Removal of any matters from the agenda of the General Meeting of the Shareholders at the

request made on the basis of Article 400 or Article 401 of the Commercial Companies Code

by a shareholder representing at least such part of the Company's share capital as is indicated

in the said provisions, shall require consent of the shareholder who made such request.

  1. Adoption of a resolution relating to shareholder's liability with respect to the Company due

to any reason shall require an majority of 3/4 (three quarters) of votes cast in the presence of

shareholders representing at least 50% of all the Company shares which may be voted in the

adoption of such resolution.

§16

  1. The General Meeting of the Shareholders shall be opened by the chairman or another

member of the Supervisory Board, and in case of their absence by a member of the

Management Board, except for cases where the General Shareholders Meeting is called by a

member of the Supervisory Board as provided in paragraph 20 section 4. In such cases, such

member of the Supervisory Board or a person delegated by such person shall open the

Meeting and present the reasons for calling such meeting.

  1. The General Meeting of the Shareholders may approve its rules and regulations stipulating

in detail the organisation and procedures for holding meetings. Adoption, amendment or

termination of the rules and regulations must be passed by a majority of 3/4 votes cast.

§17

  1. Subject to section 2 none of the shareholders may exercise more than 20% of the overall

number of votes at the General Meeting of the Shareholders, provided that for the purposes of

establishing obligations of purchasers of material blocks of shares as provided in the Act on

Public Offering such restriction of the voting rights does not exist.

  1. The restriction of the voting rights referred to in section 1 shall not apply to

a) shareholders holding the preferred series A shares;

b) a shareholder who, while having no more than 20% of the overall number of votes at the

General Meeting of the Shareholders, announced in accordance with the Act on Public

Offering a tender for subscription for the sale or exchange of all the shares of the Company

and in result of such tender purchased shares which, including the previously held Company

shares, authorise it to exercise at least 75% of the overall number of votes at the General

Meeting of the Shareholders. For the purposes of calculating a shareholder's share in the

overall number of votes at the General Meeting of the Shareholders referred to above it is

assumed that the restriction of the voting rights provided in section 1 does not exist.

  1. For the purposes of section 1 and section 2 subsection b), exercise of votes by a subsidiary

shall be treated as the exercise of votes by a parent company (dominating entity) as defined in

the Act on Public Offering.

  1. [repealed].
  2. At any General Meeting of the Shareholders the percentage of votes of foreign entities and

entities controlled by foreign entities may not be greater than 49%. The limitation shall not

refer to entities with their seats or residence in a member states of the European Economic

Area.

  1. Each share, whether preferred or not, entitles its holder to one vote in connection with

passing a resolution regarding the withdrawal of the Company's shares from public trading.

B. Supervisory Board

§18

General provisions

  1. Supervisory Board consists of no less than six and no more than ten members, appointed in

the manner defined by the General Meeting of Shareholders subject to § 20 and § 21,

including the chairman of the Supervisory Board. The number of members of the Supervisory

Board is established by the General Meeting of Shareholders. If during the term of office of

the Supervisory Board a vacancy in the position of a Supervisory Board member arises, for

reasons different than resignation of a Supervisory Board member, the other Supervisory

Board members may appoint a new member of the Supervisory Board by means of cooption.

A new member shall perform his/her functions until the General Meeting appoints a

Supervisory Board member, however not longer than until the end of the common term of

office of the Supervisory Board. Appointments of Supervisory Board members pursuant to

this section shall comply with provisions of § 21 section 4 sentence two and three,

respectively.

  1. The Chairman of the Supervisory Board is chosen by the General Shareholders Meeting.

Members of the Supervisory Board may elect a deputy of the chairman or persons performing

other functions from among themselves.

  1. Members of the Supervisory Board shall be elected for the common three year term of

office, where the mandates of the members of the Supervisory Board shall expire at the latest

as of the moment of closing of the ordinary General Meeting of Shareholders approving the

financial statement of the Company for the full financial year during which they were

members of the Supervisory Board.

  1. Members of the Supervisory Board may be re-elected
  2. The Supervisory Board may, by way of resolution, appoint panels or committees for

specific tasks from among its members. Costs of functioning of such committees or panels

shall be borne by the Company.

  1. The same non-competition provisions and restrictions on dealings with competing entities

that apply to members of the Management Board shall also apply to members of the

Supervisory Board delegated to perform continuous individual supervision.

§19

Competencies of the Supervisory Board

  1. The Supervisory Board shall continuously supervise the activity of the Company in all

areas.

  1. In particular, the following shall be within the competency of the Supervisory Board:

a) assessment of the report of the Management Board and of the financial statement of the

Company with respect to their compliance with the books and documentation as well as actual

state of affairs;

b) assessment of requests of the Management Board for distribution of profit or coverage of a

loss;

c) submission to the General Meeting of Shareholders of an annual written report on the

results of the abovementioned assessments;

d) suspending Management Board members in their duties for important reasons and

delegating Supervisory Board members to perform, on temporary basis, functions of

Management Board members who cannot fulfil their duties. A resolution on suspending a

member of the Management Board may be adopted only in the event where such member acts

to the detriment of the Company (important reasons);

e) granting consent to an advance payment made by the Management Board on account of the

dividend in accordance with § 38 section 4 of the Statutes;

f) in consultation with President of the Management Board setting the remuneration and/or

other benefits of the members of the Management Board payable or to be granted by the

Company or its affiliate within the meaning of Resolution of the Minister of Finance of 19

February 2009 issued under Article 60 section 2 of the Act on Public Offering (hereinafter:

"Affiliate") and representing the Company in agreements and disputes with the members of

the Management Board;

g) subject to sections 3 to 4 of this paragraph, granting consent for the Company to enter into

or to amend an agreement with an Affiliate;

h) choosing an auditor to review the Company's financial statements for the financial years

indicated in the resolution concerning the choice of the auditor, provided, however, that the

number of the successive financial years may not be less than 3 (three); The Supervisory

Board, at the motion of the Management Board or for other important reasons, may shorten

the period for which the auditor was selected, simultaneously choosing a new expert auditor

in the place of the current one.

i) granting consent to exercise, in a defined way, the right to vote by the Company during the general meeting of shareholders of its subsidiaries as defined in the Act on Public Offering and enforcement regulations issued on the basis thereof, in the case of resolutions concerning remuneration or benefits, as defined in subsection f) above.

j) granting consent, at the request of the Management Board, to enter into agreements

referring to the operations of the Company as provided in its Statutes and made in accordance

with general terms of agreements, contractual regulations and price lists, where the

Supervisory Board shall designate the time of validity of such consent;

k) granting a general consent, at the request of the Management Board and pursuant to annual

and long-term plans of the entities referred to below presented by the Management Board, to

enter into loan agreements, additional payments, guarantees and sureties between the

Company and entities controlled thereby or associated therewith within the meaning of the

accounting regulations, where in such case the Supervisory Board shall designate the validity

of such consent, which shall not be shorter than one year.

  1. The consent of the Supervisory Board referred to in section 2 subsection g, j and k of this

paragraph shall not be required if at least one of the conditions listed below is fulfilled:

a) the value of the rights and obligations arising from such agreement on behalf of one of the

parties thereto does not exceed, during the subsequent 12 calendar months, the PLN

equivalent of EURO 5,000,000 (five million) calculated at the average exchange rate quoted

by the National Bank of Poland on the date of entering into or amending such agreement,

b) the value of expenses incurred by the Company in relation to subscription for shares in a

company in which an Affiliate has any shareholding or purchase of shares from an Affiliate,

does not exceed the PLN equivalent of EURO 10,000,000 (ten million) calculated at the

average exchange rate quoted by the National Bank of Poland on the date of entering into the

company's deed of association (the founders signing statutes), adoption of a resolution

increasing the share capital or entering into an agreement transferring the ownership of shares,

c) the expenses shall constitute the remuneration due pursuant to the rules of remuneration as

required by the labour law or the resolutions of the General Meeting of the Shareholders,

d) the agreement is made on the basis of a resolution of the General Meeting of the

Shareholders,

e) the Company is the direct or indirect shareholder of at least 95% of the shares entitling the

Company to exercise at least 95% of total voting rights at the shareholders meeting or the

general shareholder meeting of the Affiliate,

f) amendment of an agreement which was previously approved does not result in an increase

of the value of Company liabilities by more than PLN equivalent of EURO 500,000 (five

hundred thousand) at the average rate of exchange quoted by the National Bank of Poland on

the date of such amendment.

  1. No consent of the Supervisory Board for taking actions referred to in section 2 subsection

g, h, j and k hereof shall be required, if the Supervisory Board is not able to adopt resolutions,

because the number of Supervisory Board members at that time is lower than required by the

Statutes and such circumstances last for more than 14 days.

§20

Qualifications of members of the Supervisory Board

  1. [repealed].
  2. [repealed].
  3. Persons employed by the Company or by entities controlled by the Company within the

meaning of the Act on Public Offering cannot be members of the Supervisory Board.

  1. At least half of the members of the Supervisory Board shall be a person who satisfies the

following conditions:

a) is not an Affiliate of the Company (except for being a member of the Company's

Supervisory Board) nor is an Affiliate of an entity controlling or controlled by the Company

or an Affiliate of an entity controlled by an entity controlling the Company, within the

meaning of the Act on Public Offering, collectively, the "Agora Group"; and

b) is not related to, or of kin to a second degree, to an employee of an entity included in the

Agora Group.

  1. All members elected to the Supervisory Board, regardless of the election procedure, who

meet the criteria set forth in section 4 above, shall serve as members referred to in section 4 of

this paragraph.

  1. Majority of members of the Supervisory Board shall be Polish citizens residing in Poland.

§21

Election of members of the Supervisory Board

  1. Members of the Supervisory Boards shall be elected by the General Meeting of the

Shareholders subject to the following terms and conditions:

a) candidates may be exclusively nominated by:

(i) shareholders holding preferred series A shares or

(ii) shareholders who documented their entitlement to not less than 5% of the votes at the last

Shareholders Meeting before the candidates were nominated and who at the time of making

the nomination hold not less than 5% of the share capital of the Company, provided that in

order to ensure a proper nomination, it is necessary for the shareholder making such

nomination to prove his right to at least 5% of the votes at the Shareholders Meeting where

such nomination shall be voted on;

b) candidates shall be nominated in writing not later than 7 (seven) days prior to the General

Meeting of the Shareholders. Each nomination should include a personal profile of the

candidate as well as the grounds for the nomination, including an overview of such

candidate's professional qualifications and experience. A written consent of the candidate

should be appended to each nomination, and in the event that such candidate meets the

conditions specified in § 20 section 4, a written declaration submitted by such candidate,

confirming that he meets such requirements should also be appended;

c) in the event that the nomination of the candidates is not made in accordance with the above

guidelines and the provisions of § 20 sections 4 and 6, the Management Board or the

Supervisory Board shall nominate the candidates for members of the Supervisory Board;

  1. Subject to the exceptions provided in section 4, the principles of making nominations for

members and appointment of members of the Supervisory Board as provided in section 1 of

this paragraph and § 18 section 3, shall apply to the newly appointed members in case of

dismissal, expiry of mandate or inability to perform a mandate by a member of the

Supervisory Board due to other reasons, respectively. The term in office of such new member

shall end at the same time as would the term of his predecessor.

  1. In the event that mandates of all the members of the Supervisory Board expire in result of

election of at least one Supervisory Board member by group voting, in the elections of

members of the Supervisory Board appointed otherwise than by voting by groups, there shall

apply the provisions of section 1 of this paragraph and § 18 section 3 of the Statutes,

respectively, provided that the candidates may be nominated and justified orally in the course

of a General Meeting of the Shareholders.

  1. Should a Supervisory Board member's mandate expire due to his or her resignation the

other Supervisory Board members may appoint a new member who shall perform his/her

functions until the General Meeting appoints a Supervisory Board member, however not

longer than until the end of the common term of office of the Supervisory Board.

Appointments of Supervisory Board members pursuant to this section shall comply with § 20

sections 4 and 6, § 21 section 1 subsection b sentence two and § 23 section 5 of the Statutes,

respectively. The Supervisory Board may not have more than two members appointed on the

above terms.

§22

Dismissal or resignation of member of the Supervisory Board

  1. Dismissal (removal) of a member of the Supervisory Board prior to the end of the common

term of office of the Supervisory Board may be effected by a resolution of the General

Meeting of the Shareholders adopted by a simple majority of votes, provided that until the

expiry of the preferred status of series A shares 80% of voting rights attached to all

outstanding series A shares are cast in favour of such resolution.

  1. Resignation from the function of a Supervisory Board member should be made to the

Supervisory Board in writing, otherwise being invalid.

§23

Meetings and other forms of activity of the Supervisory Board

  1. Resolutions of the Supervisory Board shall be adopted at the meetings of the Supervisory

Board, by the written mode or using distance means of communication. The chairman of the

Supervisory Board or his deputy shall decide on the mode of adopting resolutions. The written

mode means casting votes by more than half of the members of the Supervisory Board on the

same or separate copies of a draft resolution. The meetings of the Supervisory Board shall be

convened by its chairman or his deputy and in case the chairman is absent and/or his deputy

has not been elected by a member of the Supervisory Board designated by the chairman. A

meeting of the Supervisory Board may be called by any member referred to in § 20 section 4.

Persons authorised to convene meetings of the Supervisory Board shall be obligated to

convene such meetings upon the request of the Management Board made by way of a

resolution and at the request of any member of the Supervisory Board. Meetings convened in

such manner shall occur not later than 14 days following the receipt of such request by the

person authorised to convene such a meeting.

  1. Meetings of the Supervisory Board may be held without being formally convened and

resolutions of the Supervisory Board may be adopted at such meetings provided all members

of the Supervisory Board participate in such meetings and none of the members opposes such

mode of holding the meeting or any items on the agenda of such meetings.

  1. The agenda of the Supervisory Board shall not be altered or supplemented during the

meeting to which the agenda refers, except where all members of the Supervisory Board are

present and grant consent to alter or supplement the agenda.

  1. Members of the Management Board may participate in the meetings of the Supervisory

Board in an advisory capacity.

  1. Resolutions of the Supervisory Board shall be adopted by an absolute majority of votes cast

in the presence of at least more than half of the members of the Supervisory Board, except for

the cases referred to in § 19 section 2 subsection d. In such cases the resolutions of the

Supervisory Board shall be adopted unanimously in the presence of all members of the

Supervisory Board.

  1. In cases where an equal number of votes are cast, the chairman's vote shall prevail.
  2. Resolutions concerning granting consent to activities referred to in § 19 of the Statutes shall

require approval by the majority of (or all, where the Statutes require unanimity) members

referred to in § 20 section 4, provided no member of the Supervisory Board having any

interest therein shall be entitled to participate in the voting on such resolutions.

  1. Meetings of the Supervisory Board shall be held on as required basis, however, not less

than once per quarter.

  1. Meetings of the Supervisory Board may be held by distance means of communication in a

manner allowing communication among all members taking part in such meeting. The

location of the person who chairs the meeting shall be deemed as the place of the meeting

held by distance means of communication.

  1. Members of the Supervisory Board may participate in adoption of Supervisory Board

resolutions by casting their votes in writing through another member of the Supervisory

Board. Casting a vote in writing may not apply to matters introduced to the agenda at the

Supervisory Board meeting.

  1. In contract between the Company and a Management Board member, as well as in

disputes with him, the Company is represented by the Supervisory Board or a proxy appointed

by the resolution of the General Meeting. In case of a contract between the Company and a

Management Board member, the Supervisory Board adopts the resolution which constitutes

the declaration of will made by the Company; the contract is executed by the chairman of the

Supervisory Board.

  1. At the request of any of the members referred to in § 20 section 4, the Supervisory Board

shall be obliged to carry out all supervisory activities contained in such request and described

in the provisions of the Commercial Companies Code, provided that the member submitting

such request shall be appointed to directly perform any such supervisory activities.

§24

[repealed].

§25

[repealed].

§26

By-laws of the Supervisory Board

  1. The General Meeting of the Shareholders may adopt rules and regulations for the

Supervisory Board stipulating the organisation and the manner in which the actions of the

latter will be performed.

  1. A resolution of the General Meeting concerning the above provision, as well as any

amendment to the rules and regulations or the repeal thereof shall require an majority of 3/4

(three quarters) of votes cast.

C. Management Board

§27

  1. The Management Board shall manage the Company's affairs and represent the Company in

dealings with third parties.

  1. The responsibilities of the Management Board shall include all matters related to

conducting the Company's affairs, provided they were not delegated otherwise.

§28

  1. The Management Board is elected by the General Meeting of the Shareholders, except for

provisions of section 3 of this paragraph.

  1. Subject to the provisions of section 3 of this paragraph, the Management Board shall be

composed of from 3 to 6 members with the exact number determined by the shareholders

holding the majority of preferred series A shares, and following the expiration of such

preferred status of all series A shares, by the Supervisory Board. All decisions concerning the

number of members of the Management Board must be presented to the chairman of the

General Shareholders Meeting.

  1. During the term of its office the Management Board may elect by co-option not more than

two additional members; the co-option of additional members is effected by a resolution of

the Management Board. In case a member of the Board is appointed by way of co-option, the

Management Board is obliged to include in the agenda of the nearest General Meeting of

Shareholders an item concerning confirmation of appointment of a new member of the Board

by way of co-option and propose an appropriate draft resolution. Should the General Meeting

of Shareholders not accept the appointment of the new member of the Management Board by

way of co-option, such Management Board member's mandate expires on conclusion of the

General Meeting of Shareholders.

  1. The majority of members of the Management Board shall be Polish citizens residing in

Poland.

§29

  1. The Management Board shall be elected for a term of five years.
  2. Management Board members shall be appointed for a period of joint term.
  3. Members of the Management Board may be re-elected.

§30

  1. Candidates for the Management Board shall be nominated exclusively by shareholders

holding preferred series A shares, and following the expiry of the preferred status of all such

shares, by the Supervisory Board, with the provisions regarding nomination of members to the

Supervisory Board also applying to nominating members to the Management Board;

  1. In the event that the persons authorised to determine the number of members of the

Management Board and to nominate candidates for such members do not exercise one or both

of the above rights, the number of members of the Management Board elected by the General

Shareholders Meeting shall be determined by such Shareholders Meeting, while each

shareholder during such Shareholders Meeting shall be able to nominate candidates for such

members.

§31

  1. Individual or all members of the Management Board may be dismissed (removed), due to

important reasons, prior to the end of their term of office on the basis of the resolution

adopted by the General Meeting of the Shareholders in a manner prescribed for the dismissal

of the members of the Supervisory Board. A resolution on dismissal (removal) of

Management Board members should state the reasons for which such dismissal is made.

  1. Members of the Management Board elected pursuant to § 28 section 3 of the Statutes may

be dismissed in the manner referred to in section 1 of this paragraph or by the resolution of

the Management Board but the persons concerned cannot vote in this case.

§32

  1. In the event that some members of the Management Board are dismissed or their mandate

expires during the term of office for other reasons, supplementary elections shall be held only

at such time as when the number of members of the Management Board performing their

functions is less than three or when the composition of the Management Board does not

comply with the requirement specified in § 28 section 4 of the Statutes.

  1. If the number of members of the Management Board is ever less than that required in the

previous section, the Management Board shall be obligated to immediately convene an

extraordinary General Meeting of the Shareholders in order to hold supplementary elections.

Supplementary elections may take place also during the ordinary General Meeting of the

Shareholders if, in accordance with provisions of law, such meeting must be convened within

a short period of time, while convening an extraordinary General Meeting of the Shareholders

would not be appropriate in such case.

  1. In the event of supplementary elections, provisions regarding the election of members of

the Management Board for their full term shall apply.

§33

  1. Members of the Management Board may elect the chairman or persons performing other

functions among themselves.

  1. The Management Board may adopt rules and regulations, which specify in detail its

organisation and the procedures of its operations.

§34

  1. Resolutions of the Management Board shall be adopted by a simple majority of votes cast.
  2. Resolutions of the Management Board shall be adopted at the meetings of the Management Board or by a circulation (in a written form). The resolutions may be also adopted using distance means of communication; the resolution shall be valid if all members of the Management Board were informed about the wording of the draft resolution. The detailed rules regarding adoption of resolutions are set in the Management Board By-laws.

§35

  1. Members of the Management Board shall be bound by a non-competition clause. In

particular they cannot engage in any competitive business or participate in such business as its

participant, a shareholder or member of its governing bodies.

  1. The above prohibition does not pertain to the participation by members of the Management

Board in supervisory and management bodies of competing entities in which the Company

directly or indirectly holds any shares and the acquisition by members of the Management

Board of no more than 1% of the shares in competing public companies.

§36

Two Members of the Management Board jointly shall be authorised to make binding statements with

respect to property rights and obligations of the Company and to sign on behalf of the Company.

V. FINANCIAL MANAGEMENT AND ACCOUNTING

§37

  1. The Company's equity shall be composed of:

a) share capital;

b) spare capital;

c) reserve capital.

2. The Company may create and dissolve by way of resolutions passed by the General Meeting of the Shareholders reserve capital at the beginning and during the accounting year.

§38

  1. Shareholders shall be entitled to a share in the net profit reflected in the financial report

examined by an auditor and designated by General Meeting of the Shareholders for

distribution among shareholders.

  1. The profit referred to in section 1 shall be distributed among shareholders in proportion to

the nominal value of held shares.

  1. Adopting a resolution on distribution of profit, the General Meeting of Shareholders may

decide upon dividend pay-out in the amount exceeding the profit referred to in section 1, no

greater, however, than the amount permitted in the provisions of the Commercial Companies

Code.

  1. The Management Board may make an advance payment to shareholders on account of the

expected dividend at the end of the financial year provided the Company possesses sufficient

funds to make such a payment. Advance payments require consent of the Supervisory Board.

VI. FINAL PROVISIONS

§39

  1. The Company may be dissolved as provided by law or by way of a resolution adopted by

the General Meeting of the Shareholders by a majority of 3/4 (three quarters) of the votes cast

in the presence of shareholders representing at least 3/4 (three quarters) of the share capital.

The majority referred to in the previous sentence shall be required for a decision regarding the

continued existence of the Company if the Company's balance sheet ever shows a loss

exceeding the sum of the spare and reserve capital and 1/3 (one third) of the share capital.

  1. In the event of the Company's liquidation, the General Meeting of the Shareholders shall

appoint, upon the request of the Supervisory Board, one or more liquidators from among the

members of the Management Board and shall determine the appropriate liquidation

procedures.

§40

All matters not provided for herein shall be governed by the appropriate provisions of law,

and in particular, the Commercial Companies Code.”

 

Justification for the draft resolution No. […]

The consolidated Statutes of the Company have to be adopted due to introducing amendments to the Statutes pursuant to Resolution No. _/2022.

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