History of operations on stock

First listing of shares

Pursuant to the Resolution of the Management Board of the Warsaw Stock Exchange number 102/2007 dated 9th February 2007, the Initial Public Offering of 5 347 237 ordinary bearer shares for MONNARI TRADE S.A. was launched on 13th February 2007 with the nominal value of 0.10 PLN each, including:

• 2 000 000 of series A shares, first emission,
• 727 273 of series B shares,
• 120 000 of series C shares,
• 2 500 000 of series D shares.

The first share listing was held on the Stock Exchange session on 13th February 2007 as a continuous trading system under the shortened name: “MONNARI” and the marking “MON”.

Share division

By means of Resolution number 1 of the Extraordinary General Assembly of Shareholders held on 26th July 2005, the A series shares of the first emission and A series shares of second emission were divided by dividing each one share with the nominal value of 2,000 PLN into 20,000 shares with the nominal value of 0.10 PLN each. Consequently to the division performed, the share capital of the Company, after its registration on 3rd August 2005, amounted to 10,000,000 of A series shares of first emission and A series shares of second emission, with the nominal value of 0.10 PLN each

Dividend

The Company did not remit any dividend in the previous years.

Series, shares

A series shares of first emission remain the founder’s shares.

A series shares of second emission were emitted pursuant to article 442 of the Code of Commercial Companies and allotted to hitherto Shareholders in line with the stakes held by them in the share capital

B series shares were emitted by the Company as a private subscription pursuant to article 431 paragraph 2 point 1 of the Code of Commercial Companies excluding entirely the subscription right with regards to the hitherto Company’s shareholders.

C series shares were emitted by the Company as a private subscription pursuant to article 431 paragraph 2 point 1 of the Code of Commercial Companies excluding entirely the subscription right in line with the shares possessed rightful for the hitherto Company’s shareholders.

D series shares z were emitted as public offering excluding entirely the subscription right rightful for the hitherto Company’s shareholders. E series shares were emitted by the Company within the Motivating Programme – the subscription right concerning the

E series shares with regards to the company’s Shareholders was excluded entirely. The Company’s share capital was conditionally increased to 30,000 PLN by emitting not more that 30,000 bearer shares of E series with the nominal value of 0.10 PLN each. In 2008 34,000 A series subscription warrants were emitted and obtained and the rights from such securities were realised. The implementation of the Motivation Programme has not been terminated yet.

F series shares amounting to 5 128 800 of ordinary bearer shares were emitted as liability conversion into shares, pursuant to the agreement concluded between the Issuer and the creditors , approved on 22nd October 2010 by the District Court in Łódź- Śródmieście , the Economic Court, 14th Economic Department for Bankruptcy and Rectification Cases.F series shares were obtained due to the liability conversion in such a way that obtaining of one share was covered with the amount of 2.40 PLN of reduced liability. On 14th December 2010, the District Court in Łódź-Śródmieście, 20th Commercial Division of the National Court Register registered the Issuer’s share capital increase by the amount of 512,880 PLN due to the emission of 5,128,800F series shares.

G series shares, 12,500,000 of ordinary bearer shares were emitted pursuant to Resolution number 3 of the Extraordinary General Assembly dated 26th January 2011 on the increase in the share capital in line with a private subscription excluding entirely the subscription rights and on amending the Company’s Statute. G series shares were obtained as the enforcement by private investors of their obligations imposed together with the Company’s motion to change the manner in which bankruptcy proceedings were run dated 30th December 2009. The means acquired from the aforementioned emission reinforced the Company’s working capital and allowed it to finance the collection for the year 2011 and to stabilise the Company’s ability to remit the liabilities anticipated by the agreement with the creditors.

Share series	Types of shares	Type of share preference	The number of shares	The number of votes	Registration date	The right for dividend (since the date)
A - 1st emission	Bearer shares	-	2 000 000	2 000 000	25.04.00	31.12.00
A - 2nd emission	Registered shares	2 votes per one share	8 000 000	16 000 000	18.12.03	18.12.03
B series	Bearer shares	-	727 273	727 273	14.09.05	01.01.05
C series	Bearer shares	-	120 000	120 000	07.11.06	01.01.06
D series	Bearer shares	-	2 500 000	2 500 000	02.02.07	01.01.06
E series* first emission	Bearer shares	-	34 000	34 000	13.02.09	01.01.08
F series	Bearer shares	-	5.128.800	5.128.800	14.12.10	01.01.09
G series	Bearer shares	-	12.500.000	12.500.000	13.05.11	01.01.10
Share cancellation			446.984	446.984	24.10.13	-
Total			30 563 089	37 141 845	Nominal value for 1 share 0,10 zł

* 266,000 bearer shares were left from E series and they constituted the conditional increase of capital, registration date - 24.10.2008

By means of the judicial decision dated 29th September 2010, the District Court in Łódź-Śródmieście, 20th Commercial Division of the National Court Register, in line with the motion lodged by the Company, cancelled the entries encompassing the series of the bearer shares. In line with paragraph 50 point 9 of the Enactment of the Minister of Justice dated 21st December 2000 on the detailed registers of the National Court Register and the detailed wordings of the entries therein, information regarding the bearer shares cannot be entered contrary to the preferred shares’ series and names.

CONTACT INVESTOR
RELATIONS

• T: 664 360 871
• M: relacje.inwestorskie@monnari.com.pl