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Statement regarding usage of corporate deal procedures
Good Practices in Public Companies 2005
In connection to the fact, that stocks of the Issuer have not been listed on the regulated market so far, the Issuer was not obliged to use the procedures of corporate deal. However, throughout the whole activity, the Issuer has functioned in compliance with the binding legal regulations.
Extraordinary general meeting of the Issuer, which was held at 11 November 2007, agreed, by act number 7/1/2007, to accept Rules of Corporate Deal covered in Good Practices in public companies 2005 in wording, which was defined by Stock Exchange Council Act number 44/1062/2004 of 15 December 2004, as well as Stock Exchange Council Act number 445/2004 of 15 December 2004, in reference to accepting the rules of corporate deal for joint stock companies, which are stocks, convertibles and preemptive right bonds issuers, which are permitted to exchange trade on official market. Statement of the Management Board of the Issuer, which will regard usage of the corporate deal rules, will be published by the Issuer before the subscription for D series stocks. It will take place, in the form of a current report. Aforementioned report will be placed on the internet website of the Issuer.
The Issuer accepts all the rules of the corporate deal, with an exception to the following rule, which will be accepted in part:
Rule 39 “Total amount of remuneration for everyone, as well as individual remuneration for each of the members of Management Board, additionally divided into particular components, shall be revealed in annual reports, together with information regarding procedures and rules connected with the establishment of the remuneration. If the amount of the remuneration of particular members of the Management Board will be of significant difference, it is advisable to publish an appropriate explanation."
The standpoint of the Issuer, which will be formulated in the statement of the Management Board of the Issuer:
“The Company obliges itself to present the synthetic data in annual reports, regarding the remuneration of the members of the Management Board, which will be divided into particular components.
According to the Company, presenting individual data regarding the remuneration of the managers will not provide the investors with any additional useful information. The revelation of such information also intrudes the privacy zone of the members of the management board. It can discourage managers from becoming employees of the Company as well".
1.1.1 Good Practices of Warsaw Stock Exchange Listed Companies (2007)
The Issuer obliges himself to adapt to the requirements described in Good Practices of Warsaw Stock Exchange Listed Companies (2007), which were accepted by the Warsaw Stock Exchange Council Act number 12/1170/2007 of 4 July 2007, which regarded enactment of “Good Practices of Warsaw Stock Exchange Listed Companies”.
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