14 Feb 2007 10:22
Bank Pekao SA14 February 2007 UNOFFICIAL TRANSLATION Report 39/2007: Updating of documents referred to in Art. 534 Ss 2 of theCode of Commercial Companies, published in a current report no. 103/2006 dated16.11.2006 The Management Board of the Bank, informs on preformed updating of documents,published in current report no. 103/2006 dated 16.11.2006, together with theSpin-off plan of Bank BPH S.A. dated November 15, 2006 ("Spin-off Plan"), inthe scope of the amount of the share capital of Bank Pekao S.A. and the numberof the Bank series F shares, in the manner that, 1) in draft resolution of the General Meeting of Bank Polska Kasa Opieki SpolkaAkcyjna on integration of Bank Polska Kasa Opieki S.A. with its seat in Warsaw("Bank Pekao S.A., "Bank") with Bank BPH S.A. with its seat in Krakow ("Bank BPHS.A.") performed in a manner of Bank BPH S.A.'s spin-off by transferring aportion of Bank BPH S.A.'s property in a form of an organized part of enterpriseto Bank Pekao S.A., marked as Attachment no. 1 to the Spin-off Plan: a) in (S) 3 Sec. 1 words: "261,571,816 (two hundred sixty one million fivehundred seventy one thousand eight hundred sixteen) have been replaced by words:"261,771,349 (two hundred sixty one million seven hundred seventy one thousandthree hundred forty nine)", b) in (S) 4 Sec. 2 Item 9 words: "261,571,816 (two hundred sixty one millionfive hundred seventy one thousand eight hundred sixteen) have been replaced bywords: "261,771,349 (two hundred sixty one million seven hundred seventy onethousand three hundred forty nine)"and words: "326,570 (three hundred twenty sixthousand five hundred seventy)" have been replaced by words: "526,103 (fivehundred twenty six thousand one hundred three)", 2) in the draft unified text of Statute of Bank Pekao S.A. constituting theattachment to the draft resolution mentioned in point 1, in (S) 27 Sec. 1, thewords 261,571,816 (two hundred sixty one million five hundred seventy onethousand eight hundred sixteen) have been replaced by words: "261,771,349 (twohundred sixty one million seven hundred seventy one thousand three hundred fortynine)", and words: "326,570 (three hundred twenty six thousand five hundredseventy)" have been replaced by words: "526,103 (five hundred twenty sixthousand one hundred three)", 3) in the draft amendments to Bank Pekao S.A.'s Statute, marked as Attachmentno. 3 to the Spin-off Plan, shall be up-dated in a such manner that in point 6 "(S) 27 Sec. 1 of the Statute": a) in a part "Current wording:" words: "166,808,257 (one hundred sixty sixmillion eight hundred eight thousand two hundred fifty seven)" have beenreplaced by words: "167,007,790 (one hundred sixty seven million seven thousandseven hundred ninety)",and words: "326,570 (three hundred twenty six thousandfive hundred seventy)" have been replaced by words: "526,103 (five hundredtwenty six thousand one hundred three)", b) in a part "Proposed wording:" words 261,571,816 (two hundred sixty onemillion five hundred seventy one thousand eight hundred sixteen) have beenreplaced by words: "261,771,349 (two hundred sixty one million seven hundredseventy one thousand three hundred forty nine)" and words: "326,570 (threehundred twenty six thousand five hundred seventy)" have been replaced by words:"526,103 (five hundred twenty six thousand one hundred three)". The updated documents, as referred to in above, constitutes the attachments tothis report. The presented updating is justified by the increase of the share capital of BankPekao S.A. by the amount of PLN 199,533, which has been made after publicationof the Spin-off Plan together with the documents mentioned in Art. 534 (S) 2 ofthe Code of the Commercial Companies, as a result of issuance of 199,533 theBank series F shares to the entitled persons, participating in the Motivationprogram for the members of the management bodies, managers and employees of theBank's capital group being the key persons for realization of the Bank'sstrategy ("Motivation Program"). The Motivation Program was adopted by theresolution no. 5 of the Extraordinary General Meeting of Bank Pekao S.A. datedJuly 25, 2003. The Bank series F shares has been issued on a basis of resolutionno. 7 of the Extraordinary General Meeting dated July 25, 2003, on theconditional increase of the share capital, exclusion of the right to acquire theBank series F and G shares and the amendment of the Bank Statute. Theconditional increase of the share capital has been evidenced in (S) 27a of theBank Statute and was registered by the registry court on September 17, 2003. Information regarding increase of the Bank's share capital has been published inthe current reports: no. 4/2007 dated 05.01.2007, no. 7/2007 dated 08.01.2007,no. 12/2007 dated 09.01.2007, no. 15/2007 dated 10.01.2007, no. 19/2007 dated12.01.2007, no. 24/2007 dated 15.01.2007 and no. 27/2007 dated 16.01.2007.Currently, the share capital Bank Pekao S.A. amounts to PLN 167,007,790. Legal basis: Ss 21 Sec. 2 Item 1 of the Finance Minister's Ordinance on Current and Periodic Information Provided bySecurities Issuers of 19 October 2005. Attachment no. 1 to the Spin-off Plan Resolution No ...... of the General Meeting of Bank Polska Kasa Opieki Spolka Akcyjna on the integration of Bank Polska Kasa Opieki S.A. with its seat in Warsaw ("Bank Pekao S.A.") with Bank BPH S.A. having its registered seat in Krakow ("Bank BPH S.A."), performed in a way of the spin-off of Bank BPH S.A. by transferring a part of Bank BPH S.A. property in a form of an organized part of enterprise to Bank Pekao S.A. Pursuant to art. 541 (S) 6 of the Commercial Companies Code ("KSH") and (S) 13items 8, 9, 12 and (S) 28 section 3 of Bank Pekao S.A. Statute, the GeneralMeeting has resolved as follows: Ss 1 1. The General Meeting has decided to conduct integration of Bank Pekao S.A.with Bank BPH S.A., in accordance with art. 529 Ss 1 item 4 of KSH, i.e. in away of Bank BPH S.A.'s spin-off by transferring a part of Bank BPH S.A. propertyto Bank Pekao S.A. in exchange for Bank Pekao S.A. shares which will be taken upby Bank BPH S.A. shareholders ("Division by Spin-off"). 2. The Division by Spin-off of Bank BPH S.A. shall be performed accordingto the principles specified in detail in the Spin-off Plan, agreed by Bank PekaoS.A. and Bank BPH S.A. on 15 November 2006, announced in the Court and EconomicJournal ("Monitor Sadowy i Gospodarczy") No. 239 dated December 8, 2006 ("Spin-off Plan"). 3. The General Meeting of Bank Pekao S.A. hereby consents to the Spin-offPlan. Ss 2 1. In exchange for the part of Bank BPH S.A. property in a form of an organizedpart of enterprise, Bank BPH S.A. shareholders shall take up Bank Pekao S.A.Series I ordinary bearer shares with the nominal value of 1,- (one) PLN each,issued in relation to the integration of Bank Pekao S.A. with Bank BPH S.A.,performed through the Division by Spin-off ("Shares of Spin-off Issue"), inobservance of the ratio 1 : 3.3 (one to three and three tenth) ("ShareAllocation Ratio"), which means that by virtue of holding each one Bank BPH S.A.share, the shareholder of Bank BPH S.A. shall receive 3.3 (three and threetenth) Shares of Spin-off Issue, while maintaining the hitherto shareholding inBank BPH S.A. 2. Shares of Spin-off Issue shall be allotted to Bank BPH S.A. shareholdersthrough the National Depository for Securities (Krajowy Depozyt Papierow Wartooeciowych - "KDPW"), in accordance with Share Allocation Ratio and the rules setforth in the Spin-off Plan and herein, pursuant to the state of possession ofBank BPH S.A. shares on the day which, shall be the reference day ("ReferenceDay"). The Reference Day shall be indicated by the Bank Pekao S.A. ManagementBoard, in accordance with the binding regulations. 3. In the case where the product of the number of Bank BPH S.A. sharespossessed by a shareholder on a securities account and the number 3.3 is not aninteger, the number of Shares of Spin-off Issue issued to the shareholder shallbe rounded down to the nearest integer, and for the non-issued fraction part ofShares of Spin-off Issue the shareholder shall receive from Bank Pekao S.A. anadditional cash payment calculated according to the formula indicated in theSpin-off Plan. 4. The amount of additional cash payments will be set on a basis of thevalue of one Share of Spin-off Issue equal to the average market price of PekaoS.A. share from the period of 30 (thirty) consecutive days of quotations,preceding the Reference Day; the average market price shall mean a price beingthe arithmetic average of average, daily prices weighted by the turnover volume. 5. The total amount of additional cash payments cannot exceed 10% of thebalance-sheet value of the granted Shares of Spin-off Issue, determinedaccording to the statement attached as appendix No. 6 to the Spin-off Plan. 6. The additional cash payments made according to the principles setforth herein will be covered from the supplementary capital of Bank Pekao S.A. Ss 3 1. In relation to the integration of Bank Pekao S.A. with Bank BPH S.A.,performed through the Division by Spin-off, the share capital of Bank Pekao S.A.shall be increased with the amount of 94,763,559 (ninety four million sevenhundred sixty three thousand five hundred and fifty nine) zlotys, i.e. up to theamount of 261,771,349 (two hundred sixty one million seven hundred seventy onethousand three hundred forty nine) zlotys, by the issuance in a public offer of94,763,559 (ninety four million seven hundred sixty three thousand five hundredand fifty nine) Series I ordinary bearer shares with the nominal value of 1,-(one) PLN each, in order to allot Shares of Spin-off Issue to Bank BPH S.A.shareholders who shall also become the Bank Pekao S.A. shareholders on thespin-off day. 2. The Shares of Spin-off Issue will entitle to participation in the profitsdisbursed commencing from January 1, 2008. 3. All the Shares of Spin-off Issue will be de-materialized according to theprinciples set forth in appropriate legal regulations. 4. The necessary actions will be taken in order to introduce the Shares ofSpin-off Issue to the regulated trading carried out by the Stock Exchange inWarsaw. Ss 4 1. The Meeting of Shareholders grant their consent to the proposedchanges to the Statute of Bank Pekao S.A., as specified in Attachment no. 3 tothe Spin-off Plan. 2. In relation to the above, the Statute of Bank Pekao S.A. shall be amended asfollows: 1) In Ss 6, after point 35, the spot is changed by coma and the point 36shall be added: "36) conducting brokerage activity.", 2) In Ss 14 sections 3, 4 and 5 shall be amended as follows: "3. At least half of the members of the Supervisory Board, including theChairman of the Supervisory Board, should possess testimonials of good knowledgeof the banking market in Poland due to the joint fulfilment of the followingcriteria: 1) possession of professional experience on the Polish market suitable forthe performed supervisory function in the Bank, 2) permanent place of domicile in Poland, 3) knowledge of the Polish language. 4. Independent members shall constitute at least half of the compositionof the Supervisory Board. The independent members of the Supervisory Board shallbe free of any associations that might bear a material impact upon its capacityto take impartial decisions. 5. An independent member of Supervisory Board is considered to be aperson, who meets jointly the following conditions: 1) is not and has not been in the period of the last 3 years employed at theBank, its subsidiaries or parent company, 2) does not perform and has not performed in the period of the last 3 years inthe Bank, its subsidiaries or parent company a function of a member of theManagement Board or other managerial function, irrespective of the legal form ofemployment, 3) is not and has not been in the period of the last 3 years a chartered publicaccountant or an employee of an entity providing auditing services in favour ofthe Bank, its subsidiaries or parent company, 4) is not a shareholder holding more than 5 % of votes at the General Meetingof Shareholders nor is employed by such shareholder, 5) is not receiving any additional remuneration, apart from the remuneration formembership in the Supervisory Board or any other proprietary benefits from theBank, its subsidiaries or parent company, with the exception of benefits due toits as a consumer who concluded with the Bank, its subsidiary or parent companyan agreement on standard terms and conditions, 6) is not and has not been during the period of the last 3 years a spouse,common-law spouse, relative or a kinsman of a member of the Management Board oran employee holding a managerial position in the Bank, 7) it not a management board member in another company in which the member ofthe Management Board of the Bank is a supervisory board member, 8) does not have significant business relationships with the Bank, itssubsidiaries or the parent company which could affect his/her independence, and 9) additionally, in the event that the date of appointment falls within 3 yearsfrom the date of the entry of the share capital increase of the Bank in theregistry for the purpose of issuing shares to the shareholders of Bank BPH S.Ain the context of the division by spin-off of Bank BPH S.A., is free of therelations referred to in point 1, 2, 3 and 6 with respect to Bank BPH S.A., itssubsidiaries and parent companies" 3) in Ss 14 the current sections 5, 6 and 7 shall become sections 6, 7and 8 respectively, 4) in Ss 18: a) in item 17 the full-stop is replaced by a comma, b) the following item 18 shall be added: "18) Approval of motions of the Management Board of the Bank related tooutsourcing in areas of banking activity strategic for the Bank or to theordering of services for amounts not lower than 1,000,000 euro.", 5) Ss 20 section 2 shall be amended as follows: " 2. At least half of the members of the Management Board of the Bank, includingthe President of the Management Board of the Bank should possess testimonials ofgood knowledge of the banking market in Poland due to the joint fulfilment ofthe following criteria: 1) possession of professional experience on the Polish market suitable forthe performed managerial function in the Bank, 2) permanent domicile in Poland, 3) knowledge of the Polish language." 6) in Ss 20 the current sections 2, 3 and 4 shall become sections 3, 4 and 5respectively, 7) Ss 25, section 2, item 2 shall be amended as follows: "4) The fund for conducting brokerage activity.", 8) in Ss25 section 2, item 2, the hitherto points 4-6, receive,respectively, the numbers points 5-7, 9) Ss 27 section 1 shall be amended as follows: "1. The share capital of the Bank amounts to 261,771,349 (two hundred sixty onemillion seven hundred seventy one thousand three hundred forty nine) PLN and isdivided into 137.650.000 (one hundred thirty seven million six hundred and fiftythousand) Series A bearer shares with the nominal value of 1,- (one) PLN pershare, 7.690.000 (seven million six hundred and ninety thousand) Series B bearershares of the Bank with the nominal value of 1,- (one) PLN per share, 10.630.632(ten million six hundred thirty thousand six hundred and thirty two) Series Cbearer shares with the nominal value of 1,- (one) PLN per share, 9.777.571 (ninemillion seven hundred seventy seven thousand five hundred and seventy one)Series D bearer shares with the nominal value of 1,- (one) PLN per share,373.644 (three hundred seventy three thousand six hundred and forty four) SeriesE bearer shares with the nominal value of 1 (one) PLN per share, 526,103 (fivehundred twenty six thousand one hundred three) Series F bearer shares with thenominal value of 1,- (one) PLN per share and 359.840 (three hundred fifty ninethousand eight hundred and forty) Series H bearer shares with the nominal valueof 1,- (one) PLN per share and 94,763,559 (ninety four million seven hundredsixty three thousand five hundred and fifty nine) Series I bearer shares withthe nominal value of 1,- (one) PLN each". 10) Ss 33 section 1, item 4 shall be amended as follows: ----- "4) The fund for conducting a brokerage activity.", 11) In Ss 33 section 1, the hitherto points 4-6, receive, respectively, thenumbers points 5-7. 3. The General Meeting adopts an unified text of Bank Pekao S.A. Statuteencompassing amendments made by this resolution, in a wording determined in theattachment to this resolution. Ss 5 The General Meeting hereby authorizes and obligates the Bank Pekao S.A.Management Board to perform all legal and factual acts necessary to execute thisresolution, among other things to prepare, conduct and register the Division bySpin-off, to prepare and conduct the public offer for Shares of Spin-off Issue,to admit Shares of Spin-off Issue to regulated trading carried out by the StockExchange in Warsaw (Gielda Papierow Wartooeciowych w Warszawie S.A.), and inparticular: 1) to conclude with KDPW an agreement for registration of Shares of Spin-offissue in the depository for securities maintained by KDPW and itsde-materialization, 2) to prepare the appropriate information document according to therequirements of law of 29 July 2005 on public offer and the terms and conditionsof introducing financial instruments into organised trading system and on publiccompanies (Journal of Laws No 184, Item 1539), 3) to submit a motion to the Management Board of Warsaw Stock Exchangeregarding the introduction of the Shares of Spin-off Issue to the trade onregulated market, 4) to indicate for KDPW the Reference Day, referred to in Ss 2 section 2,taking into consideration KDPW's regulations regarding the rules for indicatingthis day, 5) to specify in detail the procedure for assigning Shares of Spin-off Issue tothe extent not regulated in the Spin-off Plan and herein, 6) to set forth detailed rules for making additional cash payments, referred toin Ss 2 section 3, to the extent not regulated in the Spin-off Plan and herein,and also to use supplementary capital of Bank Pekao S.A. for the needs ofadditional cash payments within the limits defined in Commercial Companies Code(KSH) and herein, 7) to undertake any actions aimed at the disposal to the chosen persons ofShares of Spin-off Issue, which will not be allotted to the shareholders of BankBPH S.A. due to the application of rules on the allotment of the Shares ofSpin-off Issue determined in this resolution and the Spin-off Plan.. Ss 6 1. The Resolution shall come intro force on the day it is passed. 2. Integration of Bank Pekao with Bank BPH S.A. according to the procedure setforth herein shall be performed upon obtaining all the consents and permissionsrequired by the provisions of law, as of the day of entry into register ofentrepreneurs of the National Court Registry of the increase of the sharecapital of Bank Pekao S.A. by the issuance of the Shares of Spin-off Issue. Attachment to the resolution no. ...... of the General Meeting of Bank Pekao S.A. dated ............. THE STATUTE OF BANK POLSKA KASA OPIEKI SPOLKA AKCYJNA I. GENERAL PROVISIONS Ss 1 1. Bank Polska Kasa Opieki Spolka Akcyjna, established in 1929, is a bankorganised in the form of a joint stock company, operating pursuant to thebinding legal regulations, and in particular according to the Banking Law,regulations of the Code of Commercial Companies and provisions of thisStatute.--------------------------------- 2. Bank Polska Kasa Opieki S.A. is a member of the UniCredito Italiano BankingGroup. UniCredito Italiano S.p.A. has the right, in accordance with the Polishlaw, through the statutory authorities of the Bank, to affect activities of theBank aimed at ensuring the stability of theGroup.------------------------------------------------------------------------------------------------- Ss 2 1. The name of the company shall be: "Bank Polska Kasa Opieki Spolka Akcyjna".---------------- 2. The Bank shall use the abbreviated name: "Bank Pekao S.A."------------------------------------ Ss 3 The Bank shall have its registered seat in the capital city ofWarsaw.------------------------------- Ss 4 1. The Bank shall operate within the territory of the Republic of Poland andabroad.----------------- 2. The Bank may own, establish and liquidate branches and other organisationalunits in the country andabroad.------------------------------------------------------------------------------------ Ss 5 1. The Bank's organisational structure shall comprise:----------------------------------------------- 1) the Head Office of theBank,-------------------------------------------------------------------------- 2)operational units at the Head Office of theBank,---------------------------------------------------- 3)Regions,---------------------------------------------------------------------------------------------------- 4) Domestic Branches (inclusive of their respective sub-branches and bankingservices outlets) andabroad,----------------------------------------------------------------------------------------- 5) Other organisational units, including Corporate CustomersCentres.----------------------------- II. ACTIVITIES OF THE BANK Ss 6 The scope of the activities shall comprise the conducting of the followingactivities in Poland and abroad:--------------------------------------------------------------------------------------------------- 1)Accepting cash as demand deposits or term deposits and keeping Depositaccounts,---------- 2)Keeping other bankaccounts,-------------------------------------------------------------------------- 3)Granting credits andloans,------------------------------------------------------------------------------ 4)Performing financial settlements in all forms accepted in domestic andinternational bankrelations,------------------------------------------------------------------------------------------------------ 5)Performing banking operations regarding bills of exchange andcheques,----------------------- 6)Accepting and making deposits in domestic and foreignbanks,----------------------------------- 7)Giving and confirming sureties and bank guarantees and opening and confirmingletters of credit,--------------------------------------------------------------------------------------------------------- 8)Conducting purchase and sale of foreign exchangevalues,----------------------------------------- 9)Servicing state loans and managing funds onorder,------------------------------------------------- 10)Issuing banking securities, trading in such securities and keeping securitiesaccounts,------- 11)Performing ordered activities related with the issue ofsecurities,-------------------------------- 12)Safe-keeping of objects, documents and securities, and making available safedepositboxes,--------------------------------------------------------------------------------------------------------- 13)Organising and participating in banksyndicates,--------------------------------------------------- 14)Trading and agency in financialdebts,--------------------------------------------------------------- 15)Performing term financialoperations,---------------------------------------------------------------- 16)Providing trusteeservices,----------------------------------------------------------------------------- 17)Issuing payment cards and performing operations with the use of suchcards,----------------- 18)Keeping housingsavings,------------------------------------------------------------------------------ 19)Providing consulting and advisory services in financialmatters,--------------------------------- 20)Acquiring or purchasing shares and rights arising from shares of stock ofanother legal entity other than a bank, or investment in investmentfunds,------------------------------------------ 21)Taking up obligations relating to issuance ofsecurities,------------------------------------------- 22)Trading and agency insecurities,--------------------------------------------------------------------- 23)Carrying out conversion of debt into the debtor's property components, onterms and conditions agreed with thedebtor,------------------------------------------------------------------------ 24)Purchasing and selling realestate,-------------------------------------------------------------------- 25)Dealing in derivative instruments on own account and onorder,-------------------------------- 26)Conducting acquisition activities pursuant to regulations of the act onorganisation and operation of pensionfunds,-------------------------------------------------------------------------------- 27)Organising and rendering financial services in leasing andfactoring,--------------------------- 28)Agency sale of participation units or certificates of investments in theunderstanding of the law on investmentfunds,----------------------------------------------------------------------------------- 29)Performing activities in insurancebrokerage,------------------------------------------------------- 30)Rendering services in transportation ofvaluables,------------------------------------------------- 31)Running the securitiesaccounts,---------------------------------------------------------------------- 32)Performance of the function of a depository pursuant to provisions of the acton organisation and operation of pension funds and the act on investmentfunds,--------------------- 33)Acting as an intermediary in carrying out money transfers and settlements inforeign exchangepayments,----------------------------------------------------------------------------------------- 34)Issuing the instrument of electronicmoney,--------------------------------------------------------- 35)Conducting vindication activity by order ofbanks,------------------------------------------------ 36)Conducting brokerage activity.----------------------------------------------------------------------- III. BODIES OF THE BANK Ss 7 The Bodies of the Bank are:------------------------------------------------------------------------------- 1)General Meeting ofShareholders,---------------------------------------------------------------------- 2) SupervisoryBoard,-------------------------------------------------------------------------------------- 3)Management Board of theBank.----------------------------------------------------------------------- The General Meeting of Shareholders Ss 8 1. The Ordinary General Meeting of Shareholders shall be convened by the Management Board of the Bank.--------------------------------------------------------------------------------- 2. The Ordinary General Meeting should be held in June at least. Should the General Meeting of Shareholders be not convened by the Management Board within the time limit set out in this Statute, the Supervisory Board shall have the right to convene the Meeting.--------------------------------------------------------------------------------------------- 3. The Extraordinary General Meeting of Shareholders shall be convened, if required, by the Management Board of the Bank on its own initiative or on the motion of the Supervisory Board or the shareholders representing at least 1/10 of the statutory capital. These shareholders may also require introducing specific matters in the agenda of the next General Meeting. The requests for convening the General Meeting of Shareholders and for including specific matters on the agenda of the General Meeting of Shareholders should be justified.------------------- 4. Should the Management Board not satisfy the requirements of the Supervisory Board or shareholders within two weeks from the date the requirement was submitted, respectively the Supervisory Board or the shareholders shall have the right to convene the Extraordinary General Meeting of Shareholders pursuant to the authorisation of the court.--------------------------------------------------------------------------------------------------------------------- Ss 9 All matters to be submitted to the General Meeting of Shareholders shall befirst submitted to the Supervisory Board forconsideration.-------------------------------------------- Ss 10 1. Shareholders may participate in the General Meeting of Shareholders in person or through their attorneys. A power of attorney to attend and vote at the General Meeting of Shareholders shall be made in writing and attached to the Minutes of the General Meeting of Shareholders, under the pain of invalidity.---------------- 2. The General Meeting of Shareholders shall be entitled to adopt resolutions if at least 50% of the shares plus one share are represented, subject to the mandatory provisions of law.------------------------------------------------------------------------------------------------ 3. In the case the resolution has not been adopted for the lack of the quorum required by the Statute of the Bank, during the next General Meeting of Shareholders, with the same agenda as the General Meeting of Shareholders, which did not adopt a resolution for the lack of the quorum, the presence of the shareholders representing at least 20% of the shares is required for an adoption of the resolution.----------------------------------- 4. The General Meeting of Shareholders referred to in Section 3 should be held on the date falling - not later than within eight weeks after the General Meeting of Shareholders which has not adopted the resolutions for the lack of quorum.-------------- 5. Resolutions of the General Meeting of Shareholders shall be adopted by an absolute majority of votes, subject to the provisions of the Code of Commercial Companies and the Statute of the Bank. -------------------------------------------------------------------------- 6. The removal from the agenda or abandoning the reconsideration of an issue placed in the Agenda upon a motion from shareholders requires the General Meeting of Shareholders to adopt a resolution by 3/4 majority of votes, upon prior consent of all present shareholders who submitted such motion.--------------------------------------------- Ss 11 Each share of the Bank shall give right to onevote.---------------------------------------------------- Ss 12 1.The General Meeting of Shareholders shall be opened by the Chairman, or one ofthe Deputy Chairmen, or in their absence - by one of the members of theSupervisory Board. If these persons are absent, the General Meeting ofShareholders shall be opened by the President of the Management Board or aperson designated by the Management Board.--------- 2. Detailed procedure of conducting the sittings of the General Meeting ofShareholders shall be determined by the regulation adopted by the GeneralMeeting.----------------------------------- Ss 13 The General Meeting of Shareholders, apart from other matters specified in theCode of Commercial Companies and the Statute of the Bank, shall have theauthority to:---------------- 1)Review and approve the report on the activities and the financial reports ofthe Bank for the previous reportingyear,------------------------------------------------------------------------------------ 2) Adopt resolutions regarding distribution of profits or coveringlosses,-------------------------- 3) Review and approve the report on activities of the SupervisoryBoard,------------------------- 4) Acknowledge the approval of duties by members of the Supervisory Board andthe ManagementBoard,---------------------------------------------------------------------------------------- 5) Review and approve the report on activities and the financial report of theBank's capitalGroup,--------------------------------------------------------------------------------------------------------- 6) Set the date of determining the right to dividend and the date of paying outthe dividend,---- 7) Sell and lease of the enterprise, or its organised part, and establish alimited property right of usufructthereof,------------------------------------------------------------------------------------------ 8) Amend the Statute of the Bank and establish its uniformtext,------------------------------------ 9) Increase or decrease the Bank's statutorycapital,--------------------------------------------------- 10) Issue bonds, including bonds convertible into shares or the bonds withpre-emptive right to acquire shares, and subscriptionwarrants,------------------------------------------------------------ 11) Redeem shares and determine conditions of suchredemption,---------------------------------- 12) Carry out a merger, division or liquidation of theBank,------------------------------------------ 13) Create and liquidate specialfunds,------------------------------------------------------------------- 14) Appoint and recall members of the SupervisoryBoard,------------------------------------------ 15) Determine the rules of remunerating members of the SupervisoryBoard,--------------------- 16) Conclude the agreement with a controlled company which provides for amanagement over the controlled company or a transfer of profit by suchcompany,------------------------------ 17) Appoint theauditor------------------------------------------------------------------------------------- 18) Deal with other matters falling within the scope of the Bank's activitieswhich are submitted to the General Meeting ofShareholders.---------------------------------------------------- The Supervisory Board Ss14 1.The Supervisory Board consists of seven to nine members appointed by theGeneral Meeting of Shareholders for the period of their common term of office,which shall last three years.-------------------------------- 2. The number of members of the Supervisory Board shall be determined by theGeneral Meeting ofShareholders.-------------------------------------------------------------------------------- 3. At least half of the members of the Supervisory Board, including theChairman of the Supervisory Board, should possess testimonials of good knowledgeof the banking market in Poland due to the joint fulfillment of the followingcriteria: ---------------------------------- 1) possession of professional experience on the Polish market suitable for theperformed supervisory function in theBank,-------------------------------------------------------------------- 2) permanent place of domicile in Poland,--------------------------------------------------------- 3) knowledge of the Polishlanguage.---------------------------------------------------------------- 4. Independent members shall constitute at least half of the composition of theSupervisory Board. The independent members of the Supervisory Board shall befree of any associations that might bear a material impact upon their capacityof to take impartial decisions.----------- 5. An independent member of Supervisory Board is considered to be a person, whomeets jointly the following conditions:-------------- 1) is not and has not been in the period of the last 3 years employed at theBank, its subsidiaries or parent company,--------------------------------------------------------------------- 2) does not perform and has not performed in the period of the last 3 years inthe Bank, its subsidiaries or parent company a function of a member of theManagement Board or other managerial function, irrespective of the legal form ofemployment, --------------------------- 3) is not and has not been in the period of the last 3 years a charteredpublic accountant or an employee of an entity providing auditing services infavour of the Bank, its subsidiaries or parentcompany,------------------------------------------------------------------------------------- 4) is not a shareholder holding more than 5 % of votes at the General Meetingof Shareholders nor is employed by suchshareholder,--------------------------------- 5) is not receiving any additional remuneration, apart from the remunerationfor membership in the Supervisory Board or any other proprietary benefits fromthe Bank, its subsidiaries or parent company, with the exception of benefits dueto its as a consumer who concluded with the Bank, its subsidiary or parentcompany an agreement on standard terms and conditions,---------------------------------------------------------------------------------- 6)- is not and has not been during the period of the last 3 years a spouse,common-law spouse, relative or a kinsman of a member of the Management Board oran employee holding a managerial position in theBank,--------------------------------------------------------------------- 7) it not a management board member in another company in which the member ofthe Management Board of the Bank is a supervisory board member,------------------------------- 8)------- does not have significant business relationships with the Bank, itssubsidiaries or the parent company which could affect his/her independence,and,------------------------------------------ 9) - in the event that the date of appointment falls within 3 years from thedate of entry of the share capital increase of the Bank in the registry for apurpose of issuing shares to the shareholders of Bank BPH S.A in connection with the de-merger by spin-off of Bank BPH S.A., is free of the relations referredto in point 1, 2, 3 and 6 with respect to Bank BPH S.A., its subsidiaries andparent companies. ------------------------------------------------ 6. Members of the Supervisory Board shall perform their duties only inperson.------------------ 7. The Supervisory Board shall elect its Chairman, two Deputy Chairmen andSecretary from among its members. The Deputy Chairman may simultaneously performthe function of theSecretary.----------------------------------------------------------------------------------------------------- 8. The Supervisory Board shall act in accordance with the Rules of Procedureadopted by it.--- Ss 15 1.Any member of the Supervisory Board may be recalled at any time by the GeneralMeeting ofShareholders.--------------------------------------------------------------------------------------------- 2. Mandates of the members of the Supervisory Board shall expire:-------------------------------- 1) On the date of holding the General Meeting accepting the financial report forthe last full reporting year of performing duties of a member of the SupervisoryBoard, save as otherwise provided for in Section3,---------------------------------------------------------------------------------- 2) In the event of resignation of a member of the Supervisory Board from hisposition,--------- 3) In the event of recalling a member of the Supervisory Board by the GeneralMeeting,------------- 4) In case of death of a member of the SupervisoryBoard.--------------------------------------- -- 3. Mandate of the member of the Supervisory Board, which has been appointedbefore the end of the term of the Supervisory Board, shall expire simultaneouslywith the expiry of the mandates of the remaining members of the SupervisoryBoard.-------------------------------------- Ss 16 1.Meetings of the Supervisory Board shall be held as necessary, however, notless frequently than every twomonths.------------------------------------------------------------------------------------- 2. Meetings of the Supervisory Board shall be convened by the Chairman of theSupervisory Board on his own initiative or on a motion of the Management Boardor a member of the SupervisoryBoard.------------------------------------------------------------------------------------------ 3. If the Chairman of the Supervisory Board does not convene the meeting withintwo weeks after receiving the motion mentioned in Section 2, the proposer of themotion can convene it on his own giving the date, place and the proposedagenda.-------------------------------------------------------------------------------------------- Ss17 1.The Supervisory Board shall adopt resolutions if at least half of its members,including its Chairman, or one of the Deputy Chairmen, are present during themeeting and all the members have beeninvited.-------------------------------------------------------------------------------2.Members of the Supervisory Board may also take part in adoption of the Board'sresolutions by casting their vote in writing through other member of theSupervisory Board, excluding the resolutions on matters introduced into agendaat the meeting.----------------------- 3. Resolutions of the Supervisory Board shall be adopted by an absolute majorityof votes unless the provisions of law stipulateotherwise.------------------------------------------------------- 4. In special situations, a resolution may be adopted in writing (bycorrespondence) or with the use of means of distance communication. Theprocedure of adopting resolutions in writing and with the use of means ofdistance communication is set out in the Rules of procedure of the SupervisoryBoard.------------------------------------------------------------------------------------- 5. The mode determined in Section 2 and 4 does not refer to resolutions adoptedin secretballot.--------------------------------------------------------------------------------------------------------- Ss 18 Besides the rights and obligations provided for in the Code of CommercialCompanies and the Bank's Statute, the following matters shall fall in particularinto the authority of the Supervisory Board:----------------------------------------------------------------------------------------- 1) Review of the report of the Management Board on activities of the Bank andreview of the Bank's financial report for the previous reportingyear,----------------------------------------------- 2) Review of the motions of the Management Board regarding distribution ofprofits or coveringlosses,---------------------------------------------------------------------------------------------- 3)Review of the report on activities and financial report of the Bank's CapitalGroup, ---------- 4)Submitting to the General Meeting of Shareholders a written report on theresults of reviews referred to in item (1) to(3),------------------------------------------------------------------------------- 5)Preparation of the report on activities of the Supervisory Board for theprevious reportingyear------------------------------------------------------------------------------------------------------------ 6)Applying to the Banking Supervisory Commission for approval to appoint twomembers of the Management Board, including the President of the ManagementBoard,----------------------- 7)Appointing, upon approval of the Banking Supervisory Commission, and recallingthe President of the Management Board of the Bank in a secretballot,---------------------------- 8)Appointing and recalling in a secret ballot at the request of the President ofthe Management Board, the Deputy Presidents and members of the Management Boardof the Bank, including the appointment of one member of the Management Boardupon obtaining the approval of the Banking SupervisoryCommission,-------------------------------------------------------------------- 9)Suspending in their duties for significant reasons individual or all membersof the Management Board,-----------------------------------------------------------------------------------10)Delegating the members of the Supervisory Board for a period not exceedingthree months, to perform the duties of the members of the Management Board,which were dismissed, resigned, or for other reasons are incapable of performingtheir duties --------------- 11)Determining the terms of contracts regulating employment or other legalrelationships between members of the Management Board and theBank,------------------------------------------ 12) Issue opinions on motions of the Management Board of the Bank regarding theestablishing and access by the Bank as a shareholder (stockholder) into othercompanies, and selling shares (stocks) should such investments be of long-termand strategic nature,------------ 13) Issue of opinions on motions of the Bank's long-term development plans andannual financial plans of theBank,-------------------------------------------------------------------------------- 14) Issue of approval for creation and liquidation of foreign branches andrepresentative offices of theBank,----------------------------------------------------------------------------------------- 15) Adoption of regulations concerning the creation and use of funds providedfor in the Bank's Statute on request of the ManagementBoard,------------------------------------------------- 16) Approving motions of the Management Board of the Bank regarding acquisition,encumbering or sale of real estate or a share in real estate, or perpetualusufruct, in the event that its value exceeds 2,000,000 PLN. In other casesdecisions are adopted by the Management Board of the Bank without necessity ofacceptance of the Supervisory Board, 17) Approval of motions of the Management Board concerning incurring obligationsor disposal of assets which overall value in relation to one entity exceeds 5 %of equity funds of theBank.------------------------------------------------------------------------------------------------------ 18) Approval of motions of the Management Board of the Bank related tooutsourcing in strategic areas of business activity conducted by the Bank or incase of the commission of services having the value not lower than Euro1,000,000.--------------------------------------------- Ss19 The Chairman of the Supervisory Board and, in his absence, the Deputy Chairmanindicated by the Chairman of the Supervisory Board, shall be entitled to signagreements concluded by the Bank with members of the Management Board of theBank, acting on behalf of the SupervisoryBoard.------------------------------------------------------------------------------------------ The Management Board of the Bank Ss 20 1. The Management Board consists of 5 to 9members.----------------------------------------------- The Management Board of the Bank shall consist of the:--------------------------------------------- 1)President of the Management Board of theBank,---------------------------------------------------- 2)Deputy Presidents of the Management board of theBank,----------------------------------------- 3) Members of the Management Board of theBank.--------------------------------------------------- 2. At least half of the members of the Management Board of the Bank, includingthe President of the Management Board of the Bank should possess testimonials ofgood knowledge of the banking market in Poland due to the joint fulfilment ofthe following criteria: ------------------- 1) possession of professional experience on the Polish market suitable for theperformed managerial function in the Bank,------------------------------------------------------------------------ 2) permanent place of domicile in Poland,------------------------------------------------------------- 3) knowledge of the Polish language.------------------------------------------------------------------- 3. The Management Board of the Bank shall operate on the basis of the Rules ofprocedure adopted by it. Rules of procedure shall in particular define thematters which require joint consideration by the Management Board, as well asthe procedure for adopting a resolution inwriting.-------------------------------------------------------------------------------------------------------- 4. Resolutions of the Bank Management Board may be adopted after all membershave been duly notified of the Management Board meeting. Resolutions are deemedvalid when adopted in the presence of at least half of the Management Boardmembers.--------------------------------------- 5. Resolutions shall be adopted by an absolute majority of votes unless theprovisions of law stipulateotherwise.------------------------------------------------------------------------------------------ Ss 21 1.The members of the Management Board shall be appointed for the common term,which shall last threeyears.---------------------------------------------------------------------------------------- 2. Mandates of Members of the Management Board of the Bank shall expire:--------------------- 1) On the day of holding the General Meeting accepting the financial report forthe last full reporting year of performing the duties of the member of theManagement Board save as otherwise provided for in Section3,---------------------------------------------------------------------- 2) In the event of resignation of a member of the Management Board from hisposition, ------- 3) In the event of recalling a member of the Management Board by the SupervisoryBoard,---- 4) In case of death of a member of the ManagementBoard.------------------------------------------ 3. Mandate of the member of the Supervisory Board appointed before the end ofthe term of the Management Board shall expire simultaneously with the expiry ofthe mandates of the remaining members of the ManagementBoard.-------------------------------------------------------- Ss 22 1. The President of the Management Board shall:------------------------------------------------------ 1) Manage operations of the Management Board of theBank,--------------------------------------- 2) Convene and preside over meetings of the ManagementBoard,---------------------------------- 3).Present the standpoint of the Management Board towards the organs of the Bankand in external relations, in particular towards the Stateorgans,--------------------------------------------- 4).Issue internal orders, rules of procedure and other regulations governing theBank's operations. The President of the Management Board may authorise otherpersons to issue internal regulations of theBank.------------------------------------------------------------------------- 5) Supervise the activity of basic organisational cells of the Head Office ofthe Bank performing tasks in the terms of: internal audit, legal service,macroeconomic analysis, corporate communication and the President'sOffice.-------------------------------------------------2.During the absence ofthe President of the Management Board of the Bank, his duties shall be takenover by a member of the Management Board of the Bank appointed by the Presidentof the ManagementBoard.-------------------------------------------------------------------------------3.The Management Board shall conduct the matters of the Bank and represent theBank. All issues not reserved by virtue of the provisions of the law or of theStatute to fall within the scope of competence of other authorities, shall fallwithin the scope of competence of the Bank Management Board. The members of theManagement Board shall co-ordinate and supervise the activity of the Bankpursuant to the division of competence, adopted by the Management Board andapproved by the Supervisory Board.---------------------------------------- 4.The Management Board of the Bank in the framework limited by the rules of thebinding Polsih law submits to UniCredito Italiano S.p.A. as the parent companyall required information anddata.--------------------------------------------------------------------------------------- 5. The Management Board of the Bank, operating through the statutory bodies ofthe subsidiaries of the Bank, co-ordinates and affects their activities aimedat ensuring the stability of the group.-------------------------------- Ss 23 The Management Board of the Bank may issue commercial powers of attorney only toemployees of the Bank and other employees belonging to the UniCredito ItalianoBanking Group. The commercial power of attorney may be revoked by any member ofthe ManagementBoard.---------------------------------------------------------------- IV. PROCEDURE FOR SUBMITTING STATEMENTS REGARDING PROPERTY RIGHTS AND OBLIGATIONS OF THE BANK Ss 24 1. The following persons are authorised to make statements regarding propertyrights and obligations of the Bank and to sign on behalf of the Bank:------------------------------------------- 1) Two members of the Management Board or a member of the Management Board witha commercialattorney,--------------------------------------------------------------------------------------- 2) Two commercialattorneys,----------------------------------------------------------------------------- 3) Member of the Management Board or a commercial attorney acting jointly withanattorney,------------------------------------------------------------------------------------------------------ 4) Attorneys acting individually or jointly within the limits of their powers ofattorney.---------------------------------------------------------------------------------------------- 2. Persons empowered to submit statements regarding property rights andobligations shall place their signatures under the name of theBank.-------------------------------------- V. CAPITAL AND FUNDS OF THE BANK Ss 25 1.Equity funds of the Bank, including positions decreasing them, in accordancewith the regulations of Banking Law, shall consist of:----------------------------------------------------------- 1) Basicfunds,------------------------------------------------------------------------------------- 2) Supplementary capital in the amount not higher than the basic funds of theBank.------------ 2. The basic funds of the Bank are:---------------------------------------------------------------------- 1) Statutorycapital,----------------------------------------------------------------------------------------- 2) Obligatory reserveequity,------------------------------------------------------------------------------ 3) Reserveequities,----------------------------------------------------------------------------------------- 4) The fund for conducting brokerageactivity,------------------------------------------------ 5) General risk fund for unidentified risk of the bankactivity,------------------------------------- 6) Retained profit from previousyears,------------------------------------------------------------------ 7) Profit under approval and net profit of the current reporting period,calculated in accordance with the applicable accounting principles, minus anyanticipated charges and dividends whose amounts should not exceed the amount ofthe net profit, as verified by expertauditors.---------------------------------------------------------------------------------------------- Ss 26 1.Bank may create and liquidate special funds during and at the end of thefinancial year, on the basis of resolutions of the General Meeting ofShareholders.------------------------------------------------------------------ 2. Bank shall create funds provided for in binding legalacts.---------------------------------------- Ss 27 1.The statutory capital of the Bank amounts to 261,771,349 (two hundred sixtyone million seven hundred seventy one thousand three hundred forty nine) PLNand is divided into 137.650.000 (one hundred thirty seven million six hundredand fifty thousand) Series A bearer shares with the nominal value of 1,- (one)PLN per share, 7.690.000 (seven million six hundred and ninety thousand) SeriesB bearer shares of the Bank with the nominal value of 1,- (one) PLN per share,10.630.632 (ten million six hundred thirty thousand six hundred and thirty two)Series C bearer shares with the nominal value of 1,- (one) PLN per share,9.777.571 (nine million seven hundred seventy seven thousand five hundred andseventy one) Series D bearer shares with the nominal value of 1,- (one) PLN pershare, 373.644 (three hundred seventy three thousand six hundred and forty four)Series E bearer shares with the nominal value of 1 (one) PLN per share, 526,103(five hundred twenty six thousand one hundred three) Series F bearer shares withthe nominal value of 1,- (one) PLN per share and 359.840 (three hundred fiftynine thousand eight hundred and forty) Series H bearer shares with the nominalvalue of 1,- (one) PLN per share and 94,763,559 (ninety four million sevenhundred sixty three thousand five hundred and fifty nine) Series I bearer shareswith the nominal value of 1,- (one) PLN each.---------------------------------------- 2. Statutory capital of the Bank may be increased through the issue of newbearer shares, or through the increase of the nominal value of the existingshares. The General Meeting may increase the statutory capital earmarking forthis purpose the funds from reserve capital or other funds set up from profit,provided they can be used for this purpose in compliance with the Code ofCommercial Companies and the Bank'sStatute.---------------------------------------- 3. Shares may be issued as collective sharescertificates.---------------------------------------------- 4. Shares may be redeemed on conditions determined by the General Meeting ofShareholders.------------------------------------------------------------------------------------------------- Ss 27 a The Bank's share capital was conditionally increased by Resolution No 7 of theExtraordinary General Meeting of Shareholders dated 25 July 2003 by the amountof 1.660.000,- (one million six hundred sixty thousand) PLN, by a way of issue830,000 (eight hundred thirty thousand) Series F common bearer shares of theBank with a nominal value of 1 (one) PLN each and 830,000 (eight hundred thirtythousand) Series G common bearer shares of the Bank with a nominal value of 1(one) PLN, in order to grant rights of priority to take up shares to the holdersof Series A, B, C and D registered bonds of the Bank with right to priority,issued pursuant to Resolution No 6 of the Extraordinary General Meeting ofShareholders dated 25 July 2003, with the exclusion of pre-emptive right onshares in relation to the existing shareholders of theBank.--------------------------------------------------------------------------------- Ss 28 1.Obligatory reserve equity shall be created out of annual write-offs from thenet profit to cover possible balance sheet losses, as may result from operationsof the Bank. Annual write-offs into obligatory reserve equity shall amount to atleast 8 % of net profit and shall be continued until the obligatory reserveequity reaches at least 1/3 part of statutory capital of the Bank. The surplusachieved by the issue of shares over their nominal value shall be transferred tothe obligatory reserve equity and other surplus - after the cover of cost ofissue. 2. The amount of any such write-off shall be determined by the General MeetingofShareholders.------------------------------------------------------------------------------------------------- 3. The General Meeting of Shareholders shall decide about using of obligatoryreserve equity. However, a part of this equity in the amount of one-third partof statutory capital may be only used to cover the loss showed in the financialreport.-------------------------------------------------- Ss 29 1.The general risk fund shall be established out of write-offs from net profitfor unidentified risks associated with bankingactivities.----------------------------------------- 2. The amount of any such write-offs shall be determined by the General MeetingofShareholders.------------------------------------------------------------------------------------------------- Ss 30 1.The reserve equities shall be established out of write-offs from net profitfor the equities.---- 2. Amount of any such write-offs shall be determined by the General Meeting ofShareholders.------------------------------------------------------------------------------------------------- 3. The reserve equities may be designated for covering the particular losses orexpenses as well as for increasing the statutory capital and paying out of thedividend.- 4. The General Meeting of shall decide about using the reserveequities.--------------------------- Ss 31 1.Special funds shall be established out of write-offs from net profit madepursuant to a resolution of the General Meeting of Shareholders, which, in eachcase, shall determine the amount of the write-off to be allocated to eachparticular fund, unless the obligation to create such funds results from a legalact.----------------------------------------------------------------------- 2. Rules of procedure of establishing and using of special funds shall beadopted by the SupervisoryBoard.------------------------------------------------------------------------------------------ VI. FINANCIAL MANAGEMENT OF THE BANK, DISTRIBUTION OF PROFIT, COVERING OF LOSSES, ACCOUNTING Ss 32 The financial management of the Bank shall be conducted on the basis of annualfinancialplans.---------------------------------------------------------------------------------------------------------- Ss 33 1.Annual net profit may be allocated for the following purposes, in amounts tobe resolved upon by the General Meeting of Shareholders:--------------------------------------------------------- 1) Obligatory reservefund,-------------------------------------------------------------------------------- 2) General riskfund,---------------------------------------------------------------------------------------- 3) Reserveequities,----------------------------------------------------------------------------------------- 4) Fund for conducting brokerageactivity,----------------------------------------------------- 5)Dividend,-------------------------------------------------------------------------------------------------- 6) Specialfunds,--------------------------------------------------------------------------------------------- 7) Otherpurposes.------------------------------------------------------------------------------------------- 2. Any claim for dividend shall expire after three years. The Bank shall pay nointerest on the uncollecteddividend.--------------------------------------------------------------------------------------- Ss 34 The Bank shall create a general risk reserve to debit the costs in order tocover rights connected with conducting bankingoperations.-------------------------------------------------------- Ss 35 Balance sheet losses shall be covered from obligatory reserve equity and reserveequities in the manner specified by a resolution of the General Meeting ofShareholders.-------------------- Ss 36 The Bank shall conduct accounting on the basis of the plan of accounts and inaccordance with the binding legalregulations.------------------------------------------------------------------------ The organization and method of accounting shall be determined by the ManagementBoard of theBank.------------------------------------------------------------------------------------------------------ Ss 37 Financial year shall be equivalent to the calendaryear.------------------------------------------------ VII. INTERNAL CONTROL Ss 38 1. The Internal Control System of the Bank shall include all regulations,procedures and organizational structures which - acting together - aim toensure:----------------------------------- 1)compliance with the strategy of theBank,------------------------------------------------------------ 2) effectiveness and efficiency ofprocedures,---------------------------------------------------------- 3)protection ofassets,-------------------------------------------------------------------------------------- 4)prevention of losses anderrors,------------------------------------------------------------------------ 5) security, stability and effectiveness ofoperations,-------------------------------------------------- 6) reliability and completeness of accounting and managementinformation,--------------------- 7)compliance of transactions with generally binding provisions of law,supervisory rules and internal policies, plans, regulations and procedures, and--------------------------------------------- 8)support of the decision-makingprocess.-------------------------------------------------------------- 2.The Internal Control System shall involve - in different roles - authoritiesof the Bank, individual units and organizational cells of the Bank, inparticular being part of the Organization Division, as well as all employees ofthe Bank, and consists of the following types of control:--------------------------------------------------------------------------------------------- 1) Line (including Functional) Control, 2) Risk Management (including Functional) Control, and 3) Internal Audit (Institutional Control). 3.The purpose of Functional Control shall be assurance of conformity ofactivities of the Bank with procedures, limits and provisions, reaction toshortcomings and failures and monitoring of the implementation of the givenrecommendation. This control is carried out by each employee within the scope,quality and correctness of his/her activities; and, additionally, by his/hersupervisors and people co-operatingtherewith.------------------------------------------------ 4.The purpose of the Line Control shall be assurance of correctness ofoperations. This control is carried out by the units of the Bank themselves(i.e. self and hierarchical control) and incorporated inprocedures.--------------------------------------------------------------------------- 5.The purpose of the Risk Management Control shall be defining risk measurementmethods, verifying observance of assigned limits, and controlling consistency of operations of Units with assigned risk return rate. This control shall becarried out by units other than units directly involved in the management of thegiven process and independent from any businessactivity.------------------------------------------------------------------------------------------------------- 6.The purpose of the Internal Audit (the Institutional Control) shall be theexamination, assessment and recommendation of improvements to actual proceduresand mechanisms of the Internal Control System and assessment of violations torules and procedures. It is performed in an objective and independent manner bythe Internal Audit unit, which is subordinated directly to the President of theManagement Board. This unit also submits reports to the SupervisoryBoard.------------------------------------------------------------------------- 7.The following authorities of the Bank shall be involved in the InternalControl System:------ 1) the Management Board - responsible for designing, implementing and operatingthe Internal Control System, adjusted to size and profile of the risk relatedto the operations of theBank,------------------------------------------------------------------------------------------------------ 2)the Supervisory Board - exercising supervision over the Internal ControlSystem and assessing its adequacy and effectiveness through the Audit Committeeand the Internal Audit.- 8. The President of the Management Board of the Bank shall issue in the form ofthe order the by-laws of internalcontrol.-------------------------------------------------------------------------------- VIII. FINAL PROVISIONS Ss 39 In case of liquidation of the Bank, the General Meeting of Shareholders at therequest of the Supervisory Board shall appoint one or more liquidators anddetermine the method of carrying out theliquidation.------------------------------------------------------------------------------- Ss 40 Obligatory notices, including notices on convening the General Meeting ofShareholders shall be published by the Management Board of the Bank in the "Court and Business Monitor".------------------------------------ The financial report shall be published in the official journal: DziennikUrzedowy Rzeczypospolitej Polskiej "Monitor PolskiB".--------------------------------------------------------- ATTACHMENT NO. 3 TO THE MANAGEMENT BOARD RESOLUTION NO. ______ 2007 Attachment No. 3 to the Spin-off Plan Draft amendments to the Statute of Bank Pekao S.A. 1. Ss6 of the Statute: Current wording: "Ss 6 The scope of the activities shall comprise the conducting of the followingactivities in Poland and abroad:--------------------------------------------------------------------------------------------------- 1)Accepting cash as demand deposits or term deposits and keeping Depositaccounts,---------- 2)Keeping other bankaccounts,-------------------------------------------------------------------------- 3)Granting credits andloans,------------------------------------------------------------------------------ 4)Performing financial settlements in all forms accepted in domestic andinternational bankrelations,------------------------------------------------------------------------------------------------------ 5)Performing banking operations regarding bills of exchange andcheques,----------------------- 6)Accepting and making deposits in domestic and foreignbanks,----------------------------------- 7)Giving and confirming sureties and bank guarantees and opening and confirmingletters of credit,--------------------------------------------------------------------------------------------------------- 8)Conducting purchase and sale of foreign exchangevalues,----------------------------------------- 9)Servicing state loans and managing funds onorder,------------------------------------------------- 10)Issuing banking securities, trading in such securities and keeping securitiesaccounts,------- 11)Performing ordered activities related with the issue ofsecurities,-------------------------------- 12)Safe-keeping of objects, documents and securities, and making available safedepositboxes,--------------------------------------------------------------------------------------------------------- 13)Organising and participating in banksyndicates,--------------------------------------------------- 14)Trading and agency in financialdebts,--------------------------------------------------------------- 15)Performing term financialoperations,---------------------------------------------------------------- 16)Providing trusteeservices,----------------------------------------------------------------------------- 17)Issuing payment cards and performing operations with the use of suchcards,----------------- 18)Keeping housingsavings,------------------------------------------------------------------------------ 19)Providing consulting and advisory services in financialmatters,--------------------------------- 20)Acquiring or purchasing shares and rights arising from shares of stock ofanother legal entity other than a bank, or investment in investmentfunds,------------------------------------------ 21)Taking up obligations relating to issuance ofsecurities,------------------------------------------- 22)Trading and agency insecurities,--------------------------------------------------------------------- 23)Carrying out conversion of debt into the debtor's property components, onterms and conditions agreed with thedebtor,------------------------------------------------------------------------ 24)Purchasing and selling realestate,-------------------------------------------------------------------- 25)Dealing in derivative instruments on own account and onorder,-------------------------------- 26)Conducting acquisition activities pursuant to regulations of the act onorganisation and operation of pensionfunds,-------------------------------------------------------------------------------- 27)Organising and rendering financial services in leasing andfactoring,--------------------------- 28)Agency sale of participation units or certificates of investments in theunderstanding of the law on investmentfunds,----------------------------------------------------------------------------------- 29)Performing activities in insurancebrokerage,------------------------------------------------------- 30)Rendering services in transportation ofvaluables,------------------------------------------------- 31)Running the securitiesaccounts,---------------------------------------------------------------------- 32)Performance of the function of a depository pursuant to provisions of the acton organisation and operation of pension funds and the act on investmentfunds,--------------------- 33)Acting as an intermediary in carrying out money transfers and settlements inforeign exchangepayments,----------------------------------------------------------------------------------------- 34)Issuing the instrument of electronicmoney,--------------------------------------------------------- 35)Conducting vindication activity by order of banks."----------------------------------------------- Proposed wording: "Ss 6 The scope of the activities shall comprise the conducting of the followingactivities in Poland and abroad:--------------------------------------------------------------------------------------------------- 1)Accepting cash as demand deposits or term deposits and keeping Depositaccounts,---------- 2)Keeping other bankaccounts,-------------------------------------------------------------------------- 3)Granting credits andloans,------------------------------------------------------------------------------ 4)Performing financial settlements in all forms accepted in domestic andinternational bankrelations,------------------------------------------------------------------------------------------------------ 5)Performing banking operations regarding bills of exchange andcheques,----------------------- 6)Accepting and making deposits in domestic and foreignbanks,----------------------------------- 7)Giving and confirming sureties and bank guarantees and opening and confirmingletters of credit,--------------------------------------------------------------------------------------------------------- 8)Conducting purchase and sale of foreign exchangevalues,----------------------------------------- 9)Servicing state loans and managing funds onorder,------------------------------------------------- 10)Issuing banking securities, trading in such securities and keeping securitiesaccounts,------- 11)Performing ordered activities related with the issue ofsecurities,-------------------------------- 12)Safe-keeping of objects, documents and securities, and making available safedepositboxes,--------------------------------------------------------------------------------------------------------- 13)Organising and participating in banksyndicates,--------------------------------------------------- 14)Trading and agency in financialdebts,--------------------------------------------------------------- 15)Performing term financialoperations,---------------------------------------------------------------- 16)Providing trusteeservices,----------------------------------------------------------------------------- 17)Issuing payment cards and performing operations with the use of suchcards,----------------- 18)Keeping housingsavings,------------------------------------------------------------------------------ 19)Providing consulting and advisory services in financialmatters,--------------------------------- 20)Acquiring or purchasing shares and rights arising from shares of stock ofanother legal entity other than a bank, or investment in investmentfunds,------------------------------------------ 21)Taking up obligations relating to issuance ofsecurities,------------------------------------------- 22)Trading and agency insecurities,--------------------------------------------------------------------- 23)Carrying out conversion of debt into the debtor's property components, onterms and conditions agreed with thedebtor,------------------------------------------------------------------------ 24)Purchasing and selling realestate,-------------------------------------------------------------------- 25)Dealing in derivative instruments on own account and onorder,-------------------------------- 26)Conducting acquisition activities pursuant to regulations of the act onorganisation and operation of pensionfunds,-------------------------------------------------------------------------------- 27)Organising and rendering financial services in leasing andfactoring,--------------------------- 28)Agency sale of participation units or certificates of investments in theunderstanding of the law on investmentfunds,----------------------------------------------------------------------------------- 29)Performing activities in insurancebrokerage,------------------------------------------------------- 30)Rendering services in transportation ofvaluables,------------------------------------------------- 31)Running the securitiesaccounts,---------------------------------------------------------------------- 32)Performance of the function of a depository pursuant to provisions of the acton organisation and operation of pension funds and the act on investmentfunds,--------------------- 33)Acting as an intermediary in carrying out money transfers and settlements inforeign exchangepayments,----------------------------------------------------------------------------------------- 34)Issuing the instrument of electronicmoney,--------------------------------------------------------- 35)Conducting vindication activity by order ofbanks,------------------------------------------------ 36)Conducting brokerage activity.----------------------------------------------------------------------- 2. Ss 14 of the Statute: Current wording: "Ss14 1.The Supervisory Board consists of seven to nine members appointed by theGeneral Meeting of Shareholders for the period of their common term of office,which shall last three years.---------------------------------- 2. The number of members of the Supervisory Board shall be determined by theGeneral Meeting ofShareholders.----------------------------------------------------------------------------------- 3.The Supervisory Board shall include at least two independent members. Theindependent members of the Supervisory Board shall be free of any associationswith the Bank and its shareholders or employees that might bear a materialimpact upon the capacity of an independent member to take impartialdecisions.------------------------------------------------------- 4.An independent member of Supervisory Board is considered to be a person, whoon the day of election to the Supervisory Board meets jointly the followingconditions:---------------------- 1) is not and has not been in the period of the last 3 years employed at theBank, its subsidiaries or parent company as a Board member or on any othermanagerial position,--- 2) is not and has not been in the period of the last 3 years a charteredpublic accountant or an employee of an entity providing auditing services whoexamined the financial reports of the Bank, its subsidiaries or parentcompany,--------------------------------------------------- 3) is not a shareholder holding indirectly or directly 5 % or more shares ofthe Bank and is not a member of the Management Board, Supervisory Board or anemployee holding a managerial position with any suchshareholder,---------------------------------------------------- 4) is not receiving any additional remuneration, apart from the remuneration formembership in the Supervisory Board or any proprietary benefits from the Bank,its subsidiaries or parent company,---------------------------------------------------------------------------------------- 5) is not a person close to any member of the authorities of the Bank or toany employee of the Bank employed in a managerial position nor a person close toa shareholder, being a natural person, holding directly or indirectly 5 % ormore shares of the Bank,---------------- 6)------- does not have significant business relationships with the Bank, itssubsidiaries or the parent company which could affect his/herindependence.------------------------------------------------ 5. Members of the Supervisory Board shall perform their duties only inperson.------------------ 6. The Supervisory Board shall elect its Chairman, two Deputy Chairmen andSecretary from among its members. The Deputy Chairman may simultaneously performthe function of theSecretary.----------------------------------------------------------------------------------------------------- 7. The Supervisory Board shall act in accordance with the Rules of Procedureadopted by it."- Proposed wording: "Ss14 1.The Supervisory Board consists of seven to nine members appointed by theGeneral Meeting of Shareholders for the period of their common term of office,which shall last three years.-------------------------------- 2. The number of members of the Supervisory Board shall be determined by theGeneral Meeting ofShareholders.-------------------------------------------------------------------------------- 3. At least half of the members of the Supervisory Board, including theChairman of the Supervisory Board, should possess testimonials of good knowledgeof the banking market in Poland due to the joint fulfillment of the followingcriteria: ---------------------------------- 1) possession of professional experience on the Polish market suitable for theperformed supervisory function in theBank,-------------------------------------------------------------------- 2) permanent place of domicile in Poland,--------------------------------------------------------- 3) knowledge of the Polishlanguage.---------------------------------------------------------------- 4. Independent members shall constitute at least half of the composition of theSupervisory Board. The independent members of the Supervisory Board shall befree of any associations that might bear a material impact upon their capacityof to take impartial decisions.----------- 5. An independent member of Supervisory Board is considered to be a person, whomeets jointly the following conditions:-------------- 1) is not and has not been in the period of the last 3 years employed at theBank, its subsidiaries or parent company,--------------------------------------------------------------------- 2) does not perform and has not performed in the period of the last 3 years inthe Bank, its subsidiaries or parent company a function of a member of theManagement Board or other managerial function, irrespective of the legal form ofemployment, --------------------------- 3) is not and has not been in the period of the last 3 years a charteredpublic accountant or an employee of an entity providing auditing services infavour of the Bank, its subsidiaries or parentcompany,------------------------------------------------------------------------------------- 4) is not a shareholder holding more than 5 % of votes at the GeneralMeeting of Shareholders nor is employed by suchshareholder,--------------------------------- 5) is not receiving any additional remuneration, apart from the remunerationfor membership in the Supervisory Board or any other proprietary benefits fromthe Bank, its subsidiaries or parent company, with the exception of benefits dueto its as a consumer who concluded with the Bank, its subsidiary or parentcompany an agreement on standard terms and conditions,---------------------------------------------------------------------------------- 6)--- is not and has not been during the period of the last 3 years a spouse,common-law spouse, relative or a kinsman of a member of the Management Board oran employee holding a managerial position in theBank,--------------------------------------------------------------------- 7) it not a management board member in another company in which the member ofthe Management Board of the Bank is a supervisory board member,------------------------------- 8)------- does not have significant business relationships with the Bank, itssubsidiaries or the parent company which could affect his/her independence,and,------------------------------------------ 9) - in the event that the date of appointment falls within 3 years from thedate of entry of the share capital increase of the Bank in the registry for apurpose of issuing shares to the shareholders of Bank BPH S.A in connection with the de-merger by spin-off of Bank BPH S.A., is free of the relations referredto in point 1, 2, 3 and 6 with respect to Bank BPH S.A., its subsidiaries andparent companies. ------------------------------------------------ 6. Members of the Supervisory Board shall perform their duties only inperson.------------------ 7. The Supervisory Board shall elect its Chairman, two Deputy Chairmen andSecretary from among its members. The Deputy Chairman may simultaneously performthe function of theSecretary.----------------------------------------------------------------------------------------------------- 8. The Supervisory Board shall act in accordance with the Rules of Procedureadopted by it."- 3. Ss 18 of the Statute: Current wording: "Ss 18 Besides the rights and obligations provided for in the Code of CommercialCompanies and the Bank's Statute, the following matters shall fall in particularinto the authority of the Supervisory Board:----------------------------------------------------------------------------------------- 1) Review of the report of the Management Board on activities of the Bank andreview of the Bank's financial report for the previous reportingyear,----------------------------------------------- 2) Review of the motions of the Management Board regarding distribution ofprofits or coveringlosses,---------------------------------------------------------------------------------------------- 3)Review of the report on activities and financial report of the Bank's CapitalGroup, ---------- 4)Submitting to the General Meeting of Shareholders a written report on theresults of reviews referred to in item (1) to(3),------------------------------------------------------------------------------- 5)Preparation of the report on activities of the Supervisory Board for theprevious reportingyear------------------------------------------------------------------------------------------------------------ 6)Applying to the Banking Supervisory Commission for approval to appoint twomembers of the Management Board, including the President of the ManagementBoard,----------------------- 7)Appointing, upon approval of the Banking Supervisory Commission, and recallingthe President of the Management Board of the Bank in a secretballot,---------------------------- 8)Appointing and recalling in a secret ballot at the request of the President ofthe Management Board, the Deputy Presidents and members of the Management Boardof the Bank, including the appointment of one member of the Management Boardupon obtaining the approval of the Banking SupervisoryCommission,-------------------------------------------------------------------- 9)Suspending in their duties for significant reasons individual or all membersof the Management Board,-----------------------------------------------------------------------------------10)Delegating the members of the Supervisory Board for a period not exceedingthree months, to perform the duties of the members of the Management Board,which were dismissed, resigned, or for other reasons are incapable of performingtheir duties --------------- 11)Determining the terms of contracts regulating employment or other legalrelationships between members of the Management Board and theBank,------------------------------------------ 12) Issue opinions on motions of the Management Board of the Bank regarding theestablishing and access by the Bank as a shareholder (stockholder) into othercompanies, and selling shares (stocks) should such investments be of long-termand strategic nature,------------ 13) Issue of opinions on motions of the Bank's long-term development plans andannual financial plans of theBank,-------------------------------------------------------------------------------- 14) Issue of approval for creation and liquidation of foreign branches andrepresentative offices of theBank,----------------------------------------------------------------------------------------- 15) Adoption of regulations concerning the creation and use of funds providedfor in the Bank's Statute on request of the ManagementBoard,------------------------------------------------- 16) Approving motions of the Management Board of the Bank regarding acquisition,encumbering or sale of real estate or a share in real estate, or perpetualusufruct, in the event that its value exceeds 2,000,000 PLN. In other casesdecisions are adopted by the Management Board of the Bank without necessity ofacceptance of the SupervisoryBoard,------------------------------------------------ 17) Approval of motions of the Management Board concerning incurring obligationsor disposal of assets which overall value in relation to one entity exceeds 5 %of equity funds of the Bank."---------------------------------------------------------------------------------------------------- Proposed wording: "Ss 18 Besides the rights and obligations provided for in the Code of CommercialCompanies and the Bank's Statute, the following matters shall fall in particularinto the authority of the Supervisory Board:----------------------------------------------------------------------------------------- 1) Review of the report of the Management Board on activities of the Bank andreview of the Bank's financial report for the previous reportingyear,----------------------------------------------- 2) Review of the motions of the Management Board regarding distribution ofprofits or coveringlosses,---------------------------------------------------------------------------------------------- 3)Review of the report on activities and financial report of the Bank's CapitalGroup, ---------- 4)Submitting to the General Meeting of Shareholders a written report on theresults of reviews referred to in item (1) to(3),------------------------------------------------------------------------------- 5)Preparation of the report on activities of the Supervisory Board for theprevious reportingyear------------------------------------------------------------------------------------------------------------ 6)Applying to the Banking Supervisory Commission for approval to appoint twomembers of the Management Board, including the President of the ManagementBoard,----------------------- 7)Appointing, upon approval of the Banking Supervisory Commission, and recallingthe President of the Management Board of the Bank in a secretballot,---------------------------- 8)Appointing and recalling in a secret ballot at the request of the President ofthe Management Board, the Deputy Presidents and members of the Management Boardof the Bank, including the appointment of one member of the Management Boardupon obtaining the approval of the Banking SupervisoryCommission,-------------------------------------------------------------------- 9)Suspending in their duties for significant reasons individual or all membersof the Management Board,-----------------------------------------------------------------------------------10)Delegating the members of the Supervisory Board for a period not exceedingthree months, to perform the duties of the members of the Management Board,which were dismissed, resigned, or for other reasons are incapable of performingtheir duties --------------- 11)Determining the terms of contracts regulating employment or other legalrelationships between members of the Management Board and theBank,------------------------------------------ 12) Issue opinions on motions of the Management Board of the Bank regarding theestablishing and access by the Bank as a shareholder (stockholder) into othercompanies, and selling shares (stocks) should such investments be of long-termand strategic nature,------------ 13) Issue of opinions on motions of the Bank's long-term development plans andannual financial plans of theBank,-------------------------------------------------------------------------------- 14) Issue of approval for creation and liquidation of foreign branches andrepresentative offices of theBank,----------------------------------------------------------------------------------------- 15) Adoption of regulations concerning the creation and use of funds providedfor in the Bank's Statute on request of the ManagementBoard,------------------------------------------------- 16) Approving motions of the Management Board of the Bank regarding acquisition,encumbering or sale of real estate or a share in real estate, or perpetualusufruct, in the event that its value exceeds 2,000,000 PLN. In other casesdecisions are adopted by the Management Board of the Bank without necessity ofacceptance of the SupervisoryBoard,------------------------------------------------ 17) Approval of motions of the Management Board concerning incurring obligationsor disposal of assets which overall value in relation to one entity exceeds 5 %of equity funds of theBank.------------------------------------------------------------------------------------------------------ 18) Approval of motions of the Management Board of the Bank related tooutsourcing in strategic areas of business activity conducted by the Bank or incase of the commission of services having the value not lower than Euro1,000,000."------------------------------------------- 4. Ss 20 of the Statute Current wording: "Ss 20 1. The Management Board consists of 5 to 9members.------------------------------------------------------------------------------ The Management Board of the Bank shall consist of the:--------------------------------------------- 1)President of the Management Board of theBank,---------------------------------------------------- 2)Deputy Presidents of the Management board of theBank,----------------------------------------- 3) Members of the Management Board of theBank.--------------------------------------------------- 2. The Management Board of the Bank shall operate on the basis of the Rules ofprocedure adopted by it. Rules of procedure shall in particular define thematters which require joint consideration by the Management Board, as well asthe procedure for adopting a resolution inwriting.-------------------------------------------------------------------------------------------------------- 3.Resolutions of the Bank Management Board may be adopted after all members havebeen duly notified of the Management Board meeting. Resolutions are deemed validwhen adopted in the presence of at least half of the Management Boardmembers.-------------------------------- 4. Resolutions shall be adopted by an absolute majority of votes unless theprovisions of law stipulate otherwise."---------------------------------------------------------------------------------------- Proposed wording: "Ss 20 1. The Management Board consists of 5 to 9members.------------------------------------------------------------------------------ The Management Board of the Bank shall consist of the:--------------------------------------------- 1)President of the Management Board of theBank,---------------------------------------------------- 2)Deputy Presidents of the Management board of theBank,----------------------------------------- 3) Members of the Management Board of theBank.--------------------------------------------------- 2. At least half of the members of the Management Board of the Bank, includingthe President of the Management Board of the Bank should possess testimonials ofgood knowledge of the banking market in Poland due to the joint fulfillment ofthe following criteria: ------------------ 1) possession of professional experience on the Polish market suitable for theperformed managerial function in the Bank,------------------------------------------------------------------------ 2) permanent place of domicile in Poland,------------------------------------------------------------- 3) knowledge of the Polish language.------------------------------------------------------------------- 3. The Management Board of the Bank shall operate on the basis of the Rules ofprocedure adopted by it. Rules of procedure shall in particular define thematters which require joint consideration by the Management Board, as well asthe procedure for adopting a resolution inwriting.-------------------------------------------------------------------------------------------------------- 4. Resolutions of the Bank Management Board may be adopted after all membershave been duly notified of the Management Board meeting. Resolutions are deemedvalid when adopted in the presence of at least half of the Management Boardmembers.-------------------------------- 5. Resolutions shall be adopted by an absolute majority of votes unless theprovisions of law stipulate otherwise."---------------------------------------------------------------------------------------- 5. Ss 25 Sec. 2 of the Statute Current wording: "2. The basic funds of the Bank are:--------------------------------------------------------------------- 1) Statutorycapital,----------------------------------------------------------------------------------------- 2) Obligatory reserveequity,------------------------------------------------------------------------------ 3) Reserveequities,----------------------------------------------------------------------------------------- 4) General risk fund for unidentified risk of the bankactivity,------------------------------------- 5) Retained profit from previousyears,------------------------------------------------------------------ 6) Profit under approval and net profit of the current reporting period,calculated in accordance with the applicable accounting principles, minus anyanticipated charges and dividends whose amounts should not exceed the amount ofthe net profit, as verified by expert auditors."--------------------------------------------------------------------------------------------- Proposed wording: "2. The basic funds of the Bank are:--------------------------------------------------------------------- 1) Statutorycapital,----------------------------------------------------------------------------------------- 2) Obligatory reserveequity,------------------------------------------------------------------------------ 3) Reserveequities,----------------------------------------------------------------------------------------- 4) The fund for conducting brokerageactivity,------------------------------------------------ 5) General risk fund for unidentified risk of the bankactivity,------------------------------------- 6) Retained profit from previousyears,------------------------------------------------------------------ 7) Profit under approval and net profit of the current reporting period,calculated in accordance with the applicable accounting principles, minus anyanticipated charges and dividends whose amounts should not exceed the amount ofthe net profit, as verified by expert auditors."--------------------------------------------------------------------------------------------- 6. Ss 27 Sec. 1 of the Statute Current wording: "1.The statutory capital of the Bank amounts to 167,007,790 (one hundred sixtyseven million seven thousand seven hundred ninety) PLN and is divided into137.650.000 (one hundred thirty seven million six hundred and fifty thousand)Series A bearer shares with the nominal value of 1,- (one) PLN per share,7.690.000 (seven million six hundred and ninety thousand) Series B bearer sharesof the Bank with the nominal value of 1,- (one) PLN per share, 10.630.632 (tenmillion six hundred thirty thousand six hundred and thirty two) Series C bearershares with the nominal value of 1,- (one) PLN per share, 9.777.571 (ninemillion seven hundred seventy seven thousand five hundred and seventy one)Series D bearer shares with the nominal value of 1,- (one) PLN per share,373.644 (three hundred seventy three thousand six hundred and forty four) SeriesE bearer shares with the nominal value of 1 (one) PLN per share, 526,103 (fivehundred twenty six thousand one hundred three) Series F bearer shares with thenominal value of 1,- (one) PLN per share and 359.840 (three hundred fifty ninethousand eight hundred and forty) Series H bearer shares with the nominal valueof 1,- (one) PLN per share." ------------------------------- Proposed wording: "1.The statutory capital of the Bank amounts to 261,771,349 (two hundred sixtyone million seven hundred seventy one thousand three hundred forty nine) PLNand is divided into 137.650.000 (one hundred thirty seven million six hundredand fifty thousand) Series A bearer shares with the nominal value of 1,- (one)PLN per share, 7.690.000 (seven million six hundred and ninety thousand) SeriesB bearer shares of the Bank with the nominal value of 1,- (one) PLN per share,10.630.632 (ten million six hundred thirty thousand six hundred and thirty two)Series C bearer shares with the nominal value of 1,- (one) PLN per share,9.777.571 (nine million seven hundred seventy seven thousand five hundred andseventy one) Series D bearer shares with the nominal value of 1,- (one) PLN pershare, 373.644 (three hundred seventy three thousand six hundred and forty four)Series E bearer shares with the nominal value of 1 (one) PLN per share, 526,103(five hundred twenty six thousand one hundred three) Series F bearer shares withthe nominal value of 1,- (one) PLN per share and 359.840 (three hundred fiftynine thousand eight hundred and forty) Series H bearer shares with the nominalvalue of 1,- (one) PLN per share and 94,763,559 (ninety four million sevenhundred sixty three thousand five hundred and fifty nine) Series I bearer shareswith the nominal value of 1,- (one) PLN each. "----------------------------------------------- 7. Ss33 Sec.1 of the Statute Current wording: 1.Annual net profit may be allocated for the following purposes, in amounts tobe resolved upon by the General Meeting of Shareholders:--------------------------------------------------------- 1) Obligatory reservefund,-------------------------------------------------------------------------------- 2) General riskfund,---------------------------------------------------------------------------------------- 3) Reserveequities,----------------------------------------------------------------------------------------- 4)Dividend,-------------------------------------------------------------------------------------------------- 5) Specialfunds,--------------------------------------------------------------------------------------------- 6) Otherpurposes.------------------------------------------------------------------------------------------- Proposed wording: "1.Annual net profit may be allocated for the following purposes, in amounts tobe resolved upon by the General Meeting of Shareholders:--------------------------------------------------------- 1) Obligatory reservefund,-------------------------------------------------------------------------------- 2) General riskfund,---------------------------------------------------------------------------------------- 3) Reserveequities,----------------------------------------------------------------------------------------- 4) Fund for conducting brokerageactivity------------------------------------------------------ 5)Dividend,-------------------------------------------------------------------------------------------------- 6) Specialfunds,--------------------------------------------------------------------------------------------- 7) Other purposes."----------------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange
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