Resolution No. 25/356/09
of the Supervisory Board
of the National Depository for Securities (KDPW S.A.)
dated 30 July 2009

§ 1

Pursuant to § 92 subpara. 1 of the Rules of the National Depository for Securities, the Supervisory Board of the National Depository for Securities resolves as follows:

1. Participants shall be exempted from fees charged by the National Depository for registration of bonds other than bonds convertible into shares in the depository for securities.

2. The exemption referred to in subpara. 1 above shall apply for a determined period, between 1 August 2009 and 31 July 2010 (inclusive).

§ 2

This Resolution shall come into force on the date of adoption.

Chair of the Supervisory Board
of the National Depository
for Securities
Ewa Pawlak