Supervisory Board

Independent members

Rule 6 contained in Section III of the Code of Best Practice for WSE Listed Companies provides as follows: “At least two members of the Supervisory Board should meet the criteria of being independent from the company and entities with significant connections with the company."

"The independence criteria should be applied under Annex II to the Commission Recommendation of February 15th 2005 on the roles of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board. Irrespective of the provisions of point (b) of the said Annex, a person who is an employee of the company or an associated company cannot be deemed to meet the independence criteria described in the Annex. In addition, a relationship with a shareholder precluding the independence of a member of the Supervisory Board as understood in this rule is an actual and significant relationship with any shareholder who has the right to exercise at least 5% of all votes at the General Meeting.”

The Company does not fully comply with the rule as it received relevant confirmation of independence with respect to only one member of the Supervisory Board, namely Mr Rafał Lorek. Full compliance will be ensured after the Company receives relevant confirmation that at least two existing or newly appointed members of the Supervisory Board satisfy the independence criteria, as stipulated by Annex II to the Commission Recommendation of February 15th 2005.