Current Report No. 9 / 2012

Text of the report
Acting pursuant to Par. 38.1.7 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (Dz.U. of 2009, No. 33, item 259), the Management Board of Inter Cars S.A. hereby publishes the resolutions adopted by the Extraordinary General Shareholders Meeting held on March 29th 2012.

Resolution No. 1

The Extraordinary General Shareholders Meeting of Inter Cars S.A. of Warsaw hereby resolves to appoint Wojciech Józef Olewniczak as Chairman of the General Shareholders Meeting.
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,917,411 shares participating in the vote (which represented 55.88% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,917,411, with 7,917,411 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

Resolution No. 2

The Extraordinary General Shareholders Meeting of Inter Cars S.A. of Warsaw hereby approves the proposed agenda.
The resolution was adopted in an open vote. All votes cast in exercise of the voting rights attached to the 7,917,411 shares participating in the vote (which represented 55.88% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,917,411, with 7,917,411 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

Resolution No. 3

Acting pursuant to Art. 393.3 in conjunction with Art. 415.1 of the Commercial Companies Code and Par. 16.5) of the Company’s Articles of Association, the Extraordinary General Shareholders Meeting approves the disposal of an organised part of the Company’s business, comprising a separate branch operating under the name of Inter Cars Spółka Akcyjna Oddział w Warszawie; ul. Płowiecka 57, 04-501 Warsaw, Poland (“the Branch”).
The core business of the Branch involves in particular the management of trademarks and intellectual property.
The Branch will be disposed of as an in-kind contribution in exchange for shares in the increased share capital of GALT SPV 18 Y Spółka z ograniczoną odpowiedzialnością of Warsaw, entered in the register of entrepreneurs under KRS No. 0000385181 – a limited liability company wholly-owned by Inter Cars Spółka Akcyjna of Warsaw.
The Management Board of Inter Cars S.A. of Warsaw is hereby authorised to accomplish the objective of this resolution, particularly by setting the date of the disposal (contribution) of the organised part of the Company’s business, and taking all practical and legal steps necessary to accomplish it. 
The resolution was adopted in an open vote. All votes cast in exercise of the voting rights attached to the 7,917,411 shares participating in the vote (which represented 55.88% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,917,411, with 7,917,411 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

Resolution No. 4

The Extraordinary General Shareholders Meeting hereby adopts the consolidated text of the Company’s Articles of Association, drawn up by notary public Andrzej Przybyła in Warsaw (Rep. A No. 2927/99, as amended) on May 17th 1999, reading as follows:

CONSOLIDATED TEXT OF THE ARTICLES OF ASSOCIATION OF INTER CARS S.A.
A R T I C L E S  O F  A S S O C I A T I O N

1. GENERAL PROVISIONS
   Article 1
   The Company's name shall be Inter Cars Spółka Akcyjna. Article 2
   The Company's registered office shall be in Warsaw. Article 3
   1. The Company may operate in Poland and abroad..
   2. The Company may establish branches, affiliates and plants in Poland and outside Poland, and join other companies, cooperatives and business organisations. The Company may also acquire and dispose of shares and other equity interests in other companies.
   Article 4 The duration of the Company shall be unlimited.
    
2. BUSINESS PROFILE
   Article 5
   The business of the Company shall be as follows:
   
   1. Manufacture of parts and accessories for motor vehicles and their engines (PKD 34.30),
   2. Maintenance and repair of motor vehicles (PKD 50.20.A),
   3. Wholesale of motor vehicles (PKD 50.10.A),
   4. Retail sale of motor vehicles (PKD 50.10.B),
   5. Sale of motor vehicle parts and accessories (PKD 50.30),
   6. Wholesale of household and personal goods (PKD 51.4),
   7. Wholesale of machinery, equipment and supplies (PKD 51.6),
   8. Other retail sale of new goods in specialised stores (PKD 52.4),
   9. Letting of own property (PKD 70.20.Z),
   10. Renting of automobiles (PKD 71.10.Z),
   11. Renting of other land transport equipment (PKD 71.21.Z),
   12. Renting of office machinery and equipment (PKD 71.33.Z),
   13. Renting of other office machinery and equipment (PKD 71.33.Z),
   14. Hardware consultancy (PKD 72.10.Z),(PKD 72.10.Z),
   15. Activities related to software (PKD 72.20.Z),
   16. Data processing (PKD 72.30.Z),
   17. Maintenance and repair of office, accounting and computing machinery (PKD 72.50.Z),
   18. Research and development of natural sciences and engineering (PKD 73.10),
   19. Business and management consultancy activities (PKD 74.14.A),
   20. Technical testing and analysis (PKD 74.30.Z),
   21. Manufacture of motor vehicles (PKD 34.10),
   22. Manufacture of cast iron and steel and ferro-alloys (PKD 27.10.Z),
   23. Aluminium production (PKD 27.42.Z),
   24. Lead, zinc and tin production (PKD 27.43.Z),
   25. Unprocessed copper production (PKD 27.44.A),
   26. Other non-ferrous metal production (PKD 27.45.Z),
   27. Repairing and maintenance of ships, platforms and floating structures (PKD 35.11.B),
   28. Recycling of metal waste and scrap (PKD 37.10.Z),
   29. Recycling of non-metal waste and scrap (PKD 37.20.Z),
   30. Wholesale of waste and scrap (PKD 51.57.Z),
   31. Wholesale of non-agricultural intermediate products, waste and scrap (PKD 51.5),
   32. Land transport; transport via pipelines (PKD 60),
   33. Supporting transport activities; activities related to tourism (PKD 63),
   34. Other services related to business activities (PKD 74),
   35. Adult and other education not elsewhere classified (PKD 80.42.B),
   36. Publishing (PKD 22.1),
   37. Printing (PKD 22.2),
   38. Support activities for crop production: development of green areas ( PKD 01.41)
   39. Warehousing and storage of other products(PKD 52.10.B)
   If a licence or permit is required under other regulations to launch a business activity, the Company shall obtain the licence or permit prior to commencing the activity, or shall fulfil other statutory requirements which are specified for a given activity.
    
3. SHARE CAPITAL
   Article 6
   1. The Company’s share capital shall amount to no more than PLN 27,472,200 (twenty-seven million, three hundred and ninety-two thousand, two hundred złoty) and shall be divided into no more than 13,736,100 (thirteen million, seven hundred and thirty-six thousand, one hundred) shares with a par value of PLN 2 (two złoty) per share, including:
      1. 200,000 (two hundred thousand) Series A bearer shares numbered from 000001 to 200000,
      2. 7,695,600 (seven million, six hundred and ninety-five thousand, six hundred) Series B bearer shares numbered from 00200001 to 7895600,
      3. 104,400 (one hundred and four thousand, four hundred) Series C ordinary bearer shares numbered from 7895601 to 8000000,
      4. 2,153,850 (two million, one hundred and fifty-three thousand, eight hundred and fifty) Series D bearer shares numbered from 8000001 to 10153850,
      5. 1,667,250 (one million, six hundred and sixty-seven thousand, two hundred and fifty) Series E bearer shares numbered from 10153851 to 11821100,
      6. 1)no more than 1,875,000 (one million, eight hundred and seventy-five thousand) Series G bearer shares numbered from 11821101 to 13696100.
   2. Bearer shares may not be converted into registered shares.
   3. The Company’s conditional share capital shall amount to no more than PLN 944,000 (nine hundred and forty-four thousand złoty) and shall comprise no more than 157,333 (one hundred and fifty-seven thousand, three hundred and thirty-three) Series F1 ordinary bearer shares, no more than 157,333 (one hundred and fifty-seven thousand, three hundred and thirty-three) Series F2 ordinary bearer shares and no more than 157,334 (one hundred and fifty-seven thousand, three hundred and thirty-four) Series F3 ordinary bearer shares with a par value of PLN 2.00 (two złoty) per share.
   
   Article 7 All Shareholders shall have the pre-emptive rights to acquire new shares in proportion to the number of shares held, unless the General Shareholders Meeting waives the Shareholders’ pre-emptive rights in full or in part.
   Article 8
   1. Shares may be retired by way of reducing of the share capital.
   2. The manner and terms of retirement of shares shall be specified in each case by a resolution of the General Shareholders Meeting.
   Article 9 The founders of the Company are:
   1. Krzysztof Teofil Oleksowicz,
   2. Piotr Tadeusz Oleksowicz,
   3. Andrzej Aleksander Oliszewski.


4. GOVERNING BODIES Article 10 The Company’s governing bodies shall be: 
   1. the Management Board,
   2. the Supervisory Board,
   3. the General Shareholders Meeting.
      
      
      1. MANAGEMENT BOARD Article 11
         1. The Management Board shall be composed of two to nine members appointed and removed from office by way of a resolution of the Supervisory Board, except for the first Management Board, which was appointed under the deed of incorporation of the Company.
         2. The term of the Management Board shall be 3 (three) years, except for the first Management Board, whose term shall be 1 (one) year. Members of the Management Board shall be appointed for a joint term of office.
         3. The Management Board shall manage the Company’s affairs and represent it in and out of court.
         4. All matters not reserved for the General Shareholders Meeting or the Supervisory Board under these Articles of Association or other applicable laws shall fall within the scope of powers and responsibilities of the Management Board.
         5. The Management Board shall manage the Company’s assets and rights to a standard of care required in commercial activity and in strict compliance with applicable laws.
         6. Resolutions of the Management Board shall be adopted by a majority of votes. In the event of a tied vote, the President of the Management Board shall have the casting vote. The scope of rights and duties of the Management Board and the manner of its work shall be defined by the Rules of Procedure for the Management Board. The Rules of Procedure for the Management Board shall be adopted by the Management Board and approved by the Supervisory Board.
         7. The terms of remuneration of members of the Management Board shall be established by the Supervisory Board.
      
      
      2. SUPERVISORY BOARD Article 12
         1. The Supervisory Board shall be composed of five to thirteen members appointed by the General Shareholders Meeting. The General Shareholders Meeting shall appoint the Chairman of the Supervisory Board. From among the remaining Supervisory Board members, the Supervisory Board shall appoint the Deputy Chairman.
         2. The number of Supervisory Board members shall be determined by the General Shareholders Meeting. In the event of block voting, the Supervisory Board shall be composed of thirteen members.
         3. The term of the Supervisory Board shall be five years. All members of the Supervisory Board shall be appointed for a joint term of office.
         4. 1.Members of the Supervisory Board may be reappointed for subsequent terms.
         Article 13
         1. Resolutions of the Supervisory Board shall be adopted by an absolute majority of votes with at least half of the members of the Supervisory Board present. Resolutions of the Supervisory Board shall only be valid if all members of the Supervisory Board have been invited to the meeting.
         2. Meetings of the Supervisory Board shall be held at least once a quarter. Meetings shall be convened by means of a written notice specifying the venue, time, and proposed agenda for the meeting, which shall be delivered to all members of the Supervisory Board at least 7 (seven) days prior to the date of the meeting. Meetings of the Supervisory Board shall be convened by the Chairman of the Supervisory Board on the Chairman’s own initiative or upon request of a member of the Supervisory Board.
         3. Resolutions of the Supervisory Board may be adopted without convening a meeting of the Supervisory Board – in writing or with the use of means of remote communication, provided that all members of the Supervisory Board have been informed about the content of the draft of a given resolution and have consented to such manner of voting.
         4. A resolution of the Supervisory Board on suspending individual members of the Management Board from duties for valid reasons and a resolution on delegating a member of the Supervisory Board to temporarily perform the duties of a member of the Management Board shall be adopted by a majority of 4/5 (four fifths) of the votes cast, with at least 4/5 (four fifths) of the members of the Supervisory Board present.
         
         Article 14
         1. The Supervisory Board shall exercise supervision over the Company’s activities in the manner stipulated by the Commercial Companies Code, these Articles of Association, and the Rules of Procedure for the Supervisory Board adopted by the General Shareholders Meeting.
         2. Matters reserved for the Supervisory Board shall include in particular:
            1. assessment of the Company’s financial statements,
            2. ssessment of the Directors’ Report and the Management Board’s proposals on the distribution of profit or coverage of loss, and submission of annual reports on the assessment results to the General Shareholders Meeting,
            3. appointment of an auditor to audit the Company’s financial statements on the basis of proposals received by the Management Board,
            4. appointment and removal from office of members of the Management Board,
            5. appointment from among members of the Management Board of the President of the Management Board, and optionally a Vice-President of the Management Board,
            6. execution of contracts with members of the Company’s Management Board,
            7. determination of the terms of remuneration of members of the Company’s Management Board,
            8. approval of disposal or acquisition of real property, perpetual usufruct right or interest in real property.
         
         
         Article 15 Members of the Supervisory Board may receive remuneration for their work on the Supervisory Board. The remuneration of individual members of the Supervisory Board shall be established by the General Shareholders Meeting.
      
      
      3. GENERAL SHAREHOLDERS MEETING
         Article 16
         1. The General Shareholders Meeting shall be the Company’s supreme governing body.
         2. The General Shareholders Meeting shall act pursuant to the Commercial Companies Code and Rules of Procedure adopted by the General Shareholders Meeting.
         3. The powers of the General Shareholders Meeting shall cover matters stipulated in the Commercial Companies Code, excluding matters which these Articles of Association reserve for other bodies of the Company.
         4. The following matters shall require a resolution of the General Shareholders Meeting:
            1. increase or reduction of the Company’s share capital, creation, increase and use of other funds, accounts and reserves,
            2. issue of convertible bonds and bonds with pre-emptive rights,
            3. amendments to these Articles of Association,
            4. retirement of shares,
            5. disposal of the Company’s business or its organised part,
            6. liquidation, division, merger, dissolution, and transformation of the Company,
            7. distribution of profit, coverage of loss, and establishment of capital reserves,
            8. appointment and removal from office of members of the Supervisory Board,
            9. approval of the Rules of Procedure for the Supervisory Board,
            10. determination of the terms of remuneration of members of the Supervisory Board, including amounts of remuneration for members of the Supervisory Board delegated to individually perform certain supervisory functions on a continuous basis,
            11. Acquisition or disposal of real property, a perpetual usufruct right or interest in real property shall not require the General Shareholders Meeting’s approval.
         
         Article 17
         1. A General Shareholders Meeting shall be convened by the Management Board or – in circumstances and in the manner specified in the Commercial Companies Code – by other entities. A General Shareholders Meeting may be held in the Company’s registered office, or in Cząstków Mazowiecki (Czosnów Commune, Province of Warsaw), or in Kajetany (Nadarzyn Commune, Province of Warsaw).
         
         Article 18 Unless the Commercial Companies Code or these Articles of Association stipulate stricter terms, resolutions of the General Shareholders Meeting shall be adopted by an absolute majority of the votes cast.
      
      
      4. INTERNAL MANAGEMENT AT THE COMPANY Article 19
         1. The Company shall establish statutory reserve funds in accordance with the relevant provisions of the Commercial Companies Code, as well as other reserves (funds) as required by law. The Company may establish other capital reserves (funds) pursuant to resolutions of the General Shareholders Meeting.
         2. The amount of contributions to these funds, as well as the manner of their use and release, shall be determined by the General Shareholders Meeting.
         
         Article 20
         The Company’s financial year shall correspond to the calendar year.
         Article 21
         The General Shareholders Meeting may allocate the Company’s net profit to: 
         1. statutory reserve funds,
         2. dividend,
         3. other capital reserves (funds) or special accounts established at the Company,
         4. other purposes specified by a resolution of the General Shareholders Meeting.
         
         Article 22 The Management Board shall execute a contract with an entity appointed by the Supervisory Board to audit the Company’s financial statements.
         
         Article 23
         1. The Company shall publish all its announcements required by law in the official gazette Monitor Sądowy i Gospodarczy.
         2. Any matters not provided for in these Articles of Association shall be governed by applicable provisions of the Commercial Companies Code.

The resolution was adopted in an open vote. All votes cast in exercise of the voting rights attached to the 7,917,411 shares participating in the vote (which represented 55.88% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,917,411, with 7,917,411 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

Considering that all items of the agenda have been dealt with, the Chairman closed the Extraordinary General Shareholders Meeting.

Persons representing the company

• Krzysztof Soszyński - Vice-President of the Management Board
• Piotr Kraska - Member of the Management Board