Current reports

Polish Financial Supervision Authority
Pl. Powstańców Warszawy 1
00-950 Warszawa

The issuer’s Management Board intends to recommend to the next Ordinary General Meeting of Shareholders the adoption of a resolution authorising the Management Board to carry out in 2012 the acquisition of treasury shares giving rights to 10.01 % of the total number of shares at the price of PLN 14 per share to be effected in consequence of the notice mentioned in art. 72 clause 1 item 1) of the Act of 29 July 2005 on public trading and on conditions of introduction of financial instruments into organised trading systems and on public companies (consolidated text in Journal of Laws of 2009, No. 185, item 1439 as amended).

In relation with the above, the Management Board recommends that the General Meeting of Shareholders allocated the 2011 profits to the supplementary capital and established a reserve capital as appropriate in relation with the intended acquisition of treasury shares.

According to the assessment of the Management Board, the present issuer’s share price does not reflect the actual value of the Company and the planned purchase of treasury shares shall result in the fact that each shareholder shall have a possibility of a proportional withdrawal from the investment without decreasing its share in the share capital and the total number of votes at the issuer’s general meeting of shareholders.

At the same time, the issuer’s Management Board advises that it is its intention to recommend that in the next years to come the General Meeting of Shareholders adopted similar resolutions so that eventually, within the next 3 years, the Company would have purchased for redemption its treasury shares representing 20% of its share capital. These recommendations will be made taking into consideration the current financial position of the Company and its investment plans.

The basis for the publication of information is art. 56 clause 1 item 1) of the Act of 29 July 2005 on public trading and on conditions of introduction of financial instruments into organised trading systems and on public companies (consolidated text in Journal of Laws of 2009, No. 185, item 1439, as amended) and §38, clause 1 item 11 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodical information to be disclosed by security issuers and on conditions of recognition of information required by the laws of a state that is not a member-state (Journal of Laws No. 33 item 259, as amended).

Legal basis: Art.56 clause1 item 2 of the Offering Act – Current and Periodical Information.

Signed: Rafał Stempniewicz – President of the Management Board