Changes in share capital, the number of shares and the nominal value, conversions, and share redemptions

Apator SA was entered in the commercial register on 14 January 1993. The company’s share capital amounted to PLN 2,200,055 and was divided into 30,770 registered Series A shares with a nominal value of PLN 71.50. On 20 April 1996, the general meeting of shareholders carried out a share split at a ratio of 1:65. At the same time, the general meeting of shareholders authorised the Management Board to convert, on a one-off basis, 600,015 registered preference shares into ordinary bearer shares.

Consequently, following the registration of these changes, the share capital was divided into 1,400,035 registered preference shares (with voting rights in a ratio of 1:4) of series A with a nominal value of PLN 1.10 each, and 600,015 ordinary bearer shares of series A with a nominal value of PLN 1.10 each. At the turn of January and February 1997, the company announced a public offer for the sale of 600,015 Series A bearer shares and the subscription of 800,000 Series B bearer shares (new issue) at a price of PLN 20 per share. As a result of these measures, the share capital increased to PLN 3,080,055 and was divided into 2,800,050 shares with a nominal value of PLN 1.10 each, i.e.:
• 1,400,035 registered Series A shares
• 600,015 Series A bearer shares
• 800,000 bearer shares of series B

On 24 April 1997, 1,400,015 bearer shares were listed on the parallel market of the Warsaw Stock Exchange (GPW) at a price of PLN 37.50.

Since 1 January 1999, shareholders holding registered Series A preference shares have been able to convert their registered shares into bearer shares and subsequently list them for trading on the stock exchange.

Share conversions in 1999 were carried out monthly and involved the following quantities:
• February – 27,363
• March – 69,796
• April – 19,777
• May – 7,109
• June – 7,992
• July – 18,466
• August – 20,761
• September – 12,232
• October – 7,436
In total, 190,932 shares were traded in 1999 and, as a result, 1,590,947 shares were in circulation on the stock exchange at the end of that year.

Since 2000, share conversions have been carried out once a quarter and relate to the following numbers of shares submitted by shareholders:
• January – 84,824
• April – 94,528
• July – 42,358
• October – 5,820
As at 31 December 2000, the company’s share capital was divided into:
• 981,573 registered preference shares with voting rights in a ratio of 1:4
• 1,818,477 ordinary bearer shares
The above shares entitled the holders to cast 5,744,769 votes at the general meeting of shareholders.

Share conversions in 2001:
• January – 8,523 shares
• April – 16,161 shares
• July – 27,264 shares
• October – 5,231 shares
As at 31 December 2001, the company’s share capital comprised:
• 924,394 registered preference shares with voting rights in a ratio of 1:4
• 1,875,656 ordinary bearer shares
The above shares entitled their holders to cast 5,588,925 votes at the general meeting of shareholders.

Share conversions in 2002:
• January – 31,858 shares
• April – 25,935 shares
• July – 6,597
• October – 46,963 shares

On 12 December 2002, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 300,000 bearer shares. Consequently, as at 31 December 2002, the share capital amounted to PLN 2,750,055 and was divided into 2,500,050 shares, comprising:
• 813,041 registered preference shares with voting rights in a ratio of 1:4
• 1,687,009 ordinary bearer shares.
The above shares entitled their holders to cast 4,939,173 votes at the general meeting of shareholders.

Share conversions in 2003:
• January – 11,650 shares
• April – 6,974 shares
• July – 14,248 shares
• October – 22,923 shares
On 30 September 2003, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered an increase in the share capital through the issue of 869,500 series C bearer shares. Consequently, as at 30 September 2003, the share capital amounted to PLN 3,706,505 and was divided into 3,369,550 shares, comprising:
• 794,417 registered preference shares with voting rights in a ratio of 1:4
• 2,575,133 ordinary bearer shares
The above shares entitled the holders to cast 5,752,801 votes at the general meeting of shareholders. As at 31 December 2003 (after taking into account the conversion of shares), the share capital amounted to PLN 3,706,505 and was divided into 3,369,550 shares, including:
• 757,246 registered preference shares with voting rights in a ratio of 1:4
• 2,612,304 ordinary bearer shares

Share conversions in 2004:
• January – 6,478 shares
• April – 8,307 shares
• July – 2,870 shares
• October – 1,093 shares
On 7 September 2004, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered a reduction in the share capital through the cancellation of 161,050 bearer shares with a nominal value of PLN 1.10 each. As at 31 December 2004, the share capital amounted to PLN 3,529,350 and was divided into 3,208,500 shares, including:
• 738,498 registered preference shares with voting rights in a ratio of 1:4
• 2,470,022 ordinary bearer shares
The above shares entitled their holders to cast 5,423,994 votes at the general meeting of shareholders.

Share conversions in 2005:
• January – 1,093 shares
• April – 530 shares
• July – 764 shares
Since the third quarter of 2005, share conversions have been carried out once a year, in January. An additional conversion date may be set at the request of shareholders, provided they submit at least 10,000 shares for conversion. As at 31 December 2005 (after taking into account share conversions), the share capital amounted to PLN 3,529,350 and was divided into 3,208,500 shares, including:
• 729,244 registered preference shares with voting rights in a ratio of 1:4
• 2,479,256 ordinary bearer shares
The above shares entitled their holders to cast 5,396,232 votes at the general meeting of shareholders.

In January 2006, 7,131 shares were converted. Following this conversion, the share capital amounts to PLN 3,529,350 and is divided into 3,208,500 shares, comprising:
• 722,113 registered preference shares with voting rights in a ratio of 1:4
• 2,486,387 ordinary bearer shares
The above shares entitled their holders to cast 5,374,839 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange.

On 12 June 2006, the General Meeting of Shareholders resolved to carry out a share split. On 27 July 2006, the District Court registered the share split, and on 21 August 2006, the National Depository for Securities (KDPW) carried out the share split. Consequently, since 21 August this year, the split shares have been listed on the Warsaw Stock Exchange. The nominal value of one share is PLN 0.10.

Share conversions in 2007:
• January – 29,062 shares
• April – 47,971 shares
• June – 35,871 shares

Share conversions in 2008:
• January – 23,910 shares

Share conversions in 2009:
• January – 9,680 shares

On 13 November 2009, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 186,472 bearer shares. Consequently, as at 31 December 2009, the share capital amounted to PLN 3,510,702.80 and was divided into 35,107,028 shares, comprising:
• 7,796,749 registered preference shares with voting rights in a ratio of 1:4
• 27,310,279 ordinary bearer shares
The above shares entitled the holders to cast 58,497,275 votes at the general meeting of shareholders.

In January 2010, 1,111 shares were converted. Following this conversion, the share capital amounts to: PLN 3,510,702.80 and is divided into 35,107,028 shares, including:
• 7,795,638 registered preference shares with voting rights in a ratio of 1:4
• 27,311,390 ordinary bearer shares
The above shares entitled their holders to cast 58,493,942 votes at the general meeting of shareholders.

In January 2011, 21,146 shares were converted. Following this conversion, the share capital amounted to PLN 3,510,702.80 and was divided into 35,107,028 shares, including:
• 7,774,492 registered preference shares with voting rights in a ratio of 1:4
• 27,332,536 bearer shares
The above shares entitled their holders to cast 58,430,504 votes at the general meeting of shareholders.

On 12 July 2012, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 2,000,000 bearer shares. Consequently, the share capital amounts to PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,774,492 registered shares with voting rights on a 1:4 basis
• 25,332,536 bearer shares
The above shares entitled their holders to cast 56,430,504 votes at the general meeting of shareholders.

In January 2013, 20,362 shares were converted. Following this conversion, the share capital amounts to: PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,754,130 registered preference shares with voting rights in a ratio of 1:4
• 25,352,898 ordinary bearer shares
The above shares entitled the holders to cast 56,369,418 votes at the general meeting of shareholders.

In January 2014, 30,000 shares were converted. Following this conversion, the share capital amounts to: PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,724,130 registered preference shares with voting rights in a ratio of 1:4
• 25,382,898 ordinary bearer shares
The above shares entitle their holders to cast 56,279,418 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In January 2015, 163,519 shares were converted. Following this conversion, the share capital amounts to PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,560,611 registered preference shares with voting rights in a ratio of 1:4
• 25,546,417 ordinary bearer shares
The above shares entitle their holders to cast 55,788,861 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In January 2016, 30,030 shares were converted. Following this conversion, the share capital amounts to PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,530,581 registered preference shares with voting rights in a ratio of 1:4
• 25,576,447 ordinary bearer shares
The above shares entitle their holders to cast 55,698,771 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In January 2017, 92,380 shares were converted. Following this conversion, the share capital amounts to PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,438,201 registered preference shares with voting rights in a ratio of 1:4
• 25,668,827 ordinary bearer shares
The above shares entitle their holders to cast 55,421,631 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In January 2018, 1,199 shares were converted. Following this conversion, the share capital amounts to PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,437,002 registered preference shares with voting rights in a ratio of 1:4
• 25,670,026 ordinary bearer shares
The above shares entitle their holders to cast 55,418,034 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In June 2018, 100,001 shares were converted. Following this conversion, the share capital amounts to PLN 3,310,702.80 and is divided into 33,107,028 shares, including:
• 7,337,001 registered preference shares with voting rights in a ratio of 1:4
• 25,770,027 ordinary bearer shares
The above shares entitle their holders to cast 55,118,031 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

On 10 October 2019, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 246,100 bearer shares. Consequently, the share capital amounts to PLN 3,286,092.80 and is divided into 32,860,928 shares, including:
• 7,337,001 registered preference shares with voting rights in a ratio of 1:4
• 25,523,927 bearer shares
The above shares entitled their holders to cast 54,871,931 votes at the general meeting of shareholders.

On 19 November 2020, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 54,600 bearer shares. Consequently, the share capital amounts to PLN 3,280,632.80 and is divided into 32,806,328 shares, including:
• 7,337,001 registered shares with voting privileges at a ratio of 1:4
• 25,469,327 bearer shares
The above shares entitled their holders to cast 54,817,331 votes at the general meeting of shareholders.

On 29 December 2021, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 29,100 bearer shares. Consequently, the share capital amounts to PLN 3,277,722.80 and is divided into 32,777,228 shares, including:
• 7,337,001 registered shares with voting privileges at a ratio of 1:4
• 25,440,227 bearer shares
The above shares entitled their holders to cast 54,788,231 votes at the general meeting of shareholders.

In January 2022, 4,510 registered shares were converted into bearer shares. Following this conversion, the share capital amounted to PLN 3,277,722.80 and was divided into 32,777,228 shares, including:
• 7,332,491 registered shares with voting rights on a 1:4 basis
• 25,444,737 ordinary bearer shares
The above shares entitled their holders to cast 54,774,701 votes at the general meeting of shareholders. All bearer shares were admitted to trading on the stock exchange under the continuous trading system.

On 14 November 2022, the District Court in Toruń, 7th Commercial Division of the National Court Register, registered the cancellation of 130,155 bearer shares. Consequently, the share capital amounted to PLN 3,264,707.30 and was divided into 32,647,073 shares, including:
• 7,332,491 registered shares with voting rights on a 1:4 basis
• 25,314,582 bearer shares
The above shares entitled their holders to cast 54,644,546 votes at the general meeting of shareholders.

In January 2023, 1,100 registered shares were converted into bearer shares. Following this conversion, the share capital amounts to PLN 3,264,707.30 and is divided into 32,647,073 shares, including:
• 7,331,391 registered shares with voting rights on a 1:4 basis
• 25,315,682 ordinary bearer shares
The above shares entitle their holders to cast 54,641,246 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In January 2024, 4,876 registered shares were converted into bearer shares. Following this conversion, the share capital amounts to PLN 3,264,707.30 and is divided into 32,647,073 shares, including:
• 7,326,515 registered shares with voting rights on a 1:4 basis
• 25,320,558 ordinary bearer shares
The above shares entitle their holders to cast 54,626,618 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.

In January 2026, 9,130 registered shares were converted into bearer shares. Following this conversion, the share capital amounts to PLN 3,264,707.30 and is divided into 32,647,073 shares, including:
• 7,317,385 registered shares with voting rights on a 1:4 basis
• 25,329,688 ordinary bearer shares
The above shares entitle their holders to cast 54,599,228 votes at the general meeting of shareholders. All bearer shares are admitted to trading on the stock exchange under the continuous trading system.