Incentive scheme

INFORMATION REGARDING COSTS OF THE INCENTIVE PROGRAM

By the resolution No. 4 of the Extraordinary General Assembly of the Company ES-SYSTEM S.A. of 27th October 2006 were accepted guidelines of the Incentive Program in the Company. On 12th September 2007 the Supervisory Board adopted the Resolution on approving the Regulations of the Incentive Program, in the program were included years 2007-2009.

After approval by the Extraordinary General Assembly of the Shareholders of the consolidated financial statement for the year 2007, which took place on 20th June 2008, the Issuer’s Management Board presented to the Supervisory Board calculated value of parameters on which depended allocation of the first tranche of warrants to entitled persons. In connection with meeting the allocation conditions the Supervisory Board adopted a resolution on approving the list of names and on allocating 407 204 warrants to entitled persons. Costs of the incentive program burdening the accounting profit amounted to PLN 366 thousand.

After approval by the Extraordinary General Assembly of Shareholders of the consolidated financial statement for the year 2008 which took place on 22nd May 2009, the Issuer’s Management Board presented to the Supervisory Board calculated value of parameters on which depended allocation of the second tranche of warrants to entitled persons. In connection with failing to meet parameters defined by the Regulations of the Incentive Program warrants were not allocated.

After approval by the Extraordinary General Assembly of Shareholders of the consolidated financial statement for the year 2009 which took place on 14th May 2010, the Issuer’s Management Board presented to the Supervisory Board calculated value of parameters on which depended allocation of the third tranche of warrants to entitled persons. In connection with failing to meet parameters defined by the Regulations of the Incentive Program warrants were not allocated.

Due to expiry date of the Incentive Program unallocated warrants were redempt by the resolution of the Supervisory Board of 15th April 2010.

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