Statement of application of corporate governance standards

Effective from November 5, 2010, which is the date when the Company’s shares were admitted to trading on the regulated market, Giełda Papierów Wartościowych w Warszawie S.A. has applied corporate governance standards set out in the “Code of Best Practice for WSE Listed Companies” adopted by WSE Supervisory Board’s Resolution No. 12/1170/2007 of July 4, 2007 (as amended).

In 2012, the “Code of Best Practice for WSE Listed Companies” was in force in the wording approved by WSE Supervisory Board’s Resolution No. 20/1287/2011 of October 19, 2011.

As of January 1, 2013, the “Code of Best Practice for WSE Listed Companies” is in force in the wording approved by WSE Supervisory Board’s Resolution No. 19/1307/2012 of November 21, 2012. The amendments effective as of January 1, 2013 mainly concern the organization of electronic general meetings by listed companies.

The Exchange as a company listed on WSE fully complied in 2012 with all those rules.

On January 4, 2013, the Exchange published a report on one-off non-application, during the Extraordinary General Meeting of January 17, 2013, of the rule of the “Code of Best Practice for WSE Listed Companies” set out in Chapter IV point 10, whereby shareholders should be allowed to participate in a general meeting using electronic communication means through real-time bilateral communication where shareholders may take the floor during a general meeting from a location other than the general meeting. At the same time, the Exchange enabled shareholders to participate in the general meeting using electronic communication means through a real-time broadcast of the general meeting.

The Company’s Articles of Association allow for participation in the General Meeting using electronic communication means provided that the announcement of the General Meeting includes information about this option. The Company did not include such information in the announcement about the Extraordinary General Meeting convened on January 17, 2013 due to the procedure of convening the Extraordinary General Meeting.

The Company intends to comply in the future with the rule of the “Code of Best Practice for WSE Listed Companies” whereby shareholders should be allowed to participate in a general meeting using electronic communication means through bilateral communication.

The full text of the code of the best practice is publicly available at www.corp-gov.gpw.pl, which is the official website of Giełda Papierów Wartościowych w Warszawie S.A. dedicated to corporate governance issues for listed companies.

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