Dividend payment

On 10 May 2010, pursuant to Resolution no. 8,  the Annual General Meeting resolved to allocate the whole 2009 net profit of PLN 51,935,787.57 to a special purpose reserve fund dedicated to share buyback (see below).

Decisions regarding any future dividend payments will depend on the Company’s financial condition, including results of operations, the necessity to incur capital expenditures, availability of capital reserves and other matters that management may consider relevant. The Company’s senior credit facility, extended pursuant to the agreement dated 7 December 2009, restricts the Company from declaring or paying dividends under certain conditions.

Special purpose reserve fund

By virtue of Resolution No. 15 of the Annual General Shareholders Meeting of May 10th 2010, a special account was set up to finance the Company’s share buyback programme. The following amounts have been allocated to the special account::

1. PLN 204,530,454.80 from the Dividend Fund created pursuant to resolution no. 5/2008 of the Extraordinary General Meeting dated 28 August 2008;
2. PLN 67,654,963.62 from reserve capital;
3. PLN 3,830,192.23 from share premium;
4. PLN 8,500,000.00 from the special purpose reserve fund designated for the purpose of repurchasing shares in order to offer them to Company employees,
5. PLN 28,017,339.79, including retained earnings and an amount accumulated in previous years and derived from other sources.