Rules for amending the Articles of Association

Any amendment to the Articles of Association must be passed in the form of a General Meeting resolution adopted by a qualified majority of three fourths of votes. Moreover, in accordance with § 9 section 1 of the Articles of Association, a resolution on amending the Articles of Association may be adopted only by such General Meeting at which at least 50% of total votes in the Company are represented.

Amendments to the Articles of Association are effective if approved by the Polish Financial Supervision Commission and registered by the competent court. The WSE Supervisory Board is authorized, at each time after the court decision to register amendments to the Articles of Association has become final, to adopt the consolidated text of the Company’s Articles of Association.

Amendments to the Articles of Association in 2012

On June 27, 2012, the Company’s Ordinary General Meeting passed Resolution No. 22/2012 concerning amendments to the Company’s Articles of Association (the content of the passed resolution was published by the Company in Current Report No. 26/2012 available at http://www.gpw.pl/raport_biezacy_en?geri_id=167).

The amendments contained in the resolution related to a change of the Company’s capital structure following the conversion of 238,000 series A preferred registered shares to series B ordinary bearer shares and the requirement of bringing the wording of the Articles of Association in line with the facts. The aforementioned amendments to the Company’s Articles of Association approved in Resolution No. 2/2012 of the Company’s Ordinary General Meeting on June 27, 2012 were registered by the District Court of Warsaw. Pursuant to § 18 section 4 of the Company’s Articles of Association, the WSE Supervisory Board adopted the consolidated text of the Company’s Articles of Association.

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