Rules for Amending the Articles of Association

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Any amendment to the Articles of Association must be passed in the form of a General Meeting resolution adopted by a qualified majority of three fourths of votes. Moreover, in accordance with § 9(1) of the Articles of Association, a resolution on amending the Articles of Association may be adopted only by such General Meeting at which at least 50% of total votes in the Company are represented.

Amendments to the Articles of Association are effective if approved by the Polish Financial Supervision Authority and registered by the competent court. The Exchange Supervisory Board is authorised, at each time after the court decision to register amendments to the Articles of Association has become final, to adopt the consolidated text of the Company’s Articles of Association.

On 19 June 2017, the GPW Ordinary General Meeting approved amendments of the GPW Articles of Association including amendments to the powers of the authorities of the Company, appointment of Management Board Members, disposal of fixed assets in line with the Act of 16 December 2016 on Management of Public Assets and in line with new regulations applicable to the Company, including the Act of 9 June 2016 on Rules of Remuneration of Managers of Certain Companies and the Act of 11 May 2017 on Auditors, Audit Firms, and Public Supervision.

The relevant resolution of the GPW General Meeting was published in Current Report 36/2017 available on the Company’s website in the Investor Relations tab. The amendments of the Articles of Association were approved by the Polish Financial Supervision Authority and registered by the Court, as announced by the Company in Current Reports 44/2017 and 44/2017/K available on the Company’s website in the Investor Relations tab. The consolidated text of the Company’s Articles of Association was approved by the Exchange Supervisory Board on 20 November 2017.