Ladies and gentlemen, it's 10:00 A.M. Good morning. I would like to welcome all of you. Iwona Sroka, I am the CEO of the Warsaw Stock Exchange Company, and pursuant to Article 109, Paragraph 1 of the Commercial Companies Code and Paragraph 12, Section 1 of the Companies Articles of Association. I open the general meeting of the company, which was convened by the management board as of 23rd of June, 2026, at 10:00 A.M. at the headquarters of the company in Książęca] Street, which was mentioned in the current report number 6/2026. Today, the company is represented by the management board of the WSE and also the representatives of the members of WSE. I would like to welcome all the shareholders and their representatives and also the representatives of the Financial Supervisory Authority of the media.
Before we move to point number two, namely, the election of the chair of the general meeting, the voting rules will be explained to you, which the voting will be done with the help of the system, and then we'll have the representative of Unicomp Company, who will deliver the instructions on how to vote.
Good morning, ladies and gentlemen. Each of you received a tablet, and in your data button, you can see who you represent, how many shares you hold, and you will see the title of the vote on your tablet. There are three decision buttons, and then you are transferred to the next screen, and you will see the decision, and then you will have the confirm button if the decision that you have taken on the first screen is wrong. Then, in the second screen, there is a return button.
You can come back to the first screen and choose the right button. When you confirm on the second screen, then this vote is counted. Of course, we are at your service. We are at the back of the room. But if you have any questions now, of course, I can answer them. I can't see any questions.
Thank you very much. Now we move to point number two that is on the agenda. We will adopt a resolution of the general meeting of shareholders of WSE Company regarding election of the chair of the general meeting. I address the shareholders for putting forward their candidates for chairing this general meeting of shareholders. Dominika Lipska, the State Treasury representative, [Jarosław Kukowski], the counsel. This is my candidate for chairing the meeting. Thank you very much. I can't see any candidates. I can't see any candidates.
I can't see any candidates, I put under vote. Mr. Counsel is with us. I put under vote in a secret mode the resolution. We have resolution number one of the annual general meeting of company dated the 23rd of June 2026 regarding the election of the chair of the general meeting pursuant to Article 109 ( 1) of the Commercial Companies Code and Paragraph 12 ( 1) of the Companies Articles of Association of the general meeting of the company. Here are the results as follows. The chairman of today's meeting is [Jarosław Kukowski ] for the meeting that is held today as of the 23rd of June 2026. Could you please proceed with your votes? I will read the results of the vote now. The vote is over, and the votes for yes, 38,661,537 valid votes. For yes, 38,661,537.
There were no votes against, there were no abstentions, so 100% of votes were for the resolution. This resolution has been adopted. I would like to ask the chair, [Jarosław Kukowski], to chair today's meeting. Please take your seat, Mr. Chairman.
Good morning, ladies and gentlemen. Please bear with me for a moment. I will just do my papers, then we will follow the agenda for today's meeting. Ladies and gentlemen, I am signing the attendance list. This attendance list will be displayed on the desk throughout the meeting. If anyone needs a copy or a photo of this attendance list, you are welcome. The technical crew will make it possible for you.
As Madam Chairwoman has said, this general meeting of shareholders was convened by current report number 6/2026, dated May 27, and the agenda was completed by the report number 7/2026, dated May 29. Today, we have the representation of 23,066,067, which represents 57.1% of the share capital. In the same time, 38,661,537 votes, which represent 68.13% of the total number of shares in the company. The general meeting of shareholders was convened properly and is capable of adopting binding resolutions. Ladies and gentlemen, in line with the regulations, the time for your contributions is limited. It could be put under a vote. My request to you that if you want to contribute to the discussion, could you please make it in a concise way. We do not need any time limit for that.
The conduct of this general meeting is transmitted in internet to the unlimited number of recipients. Each of you can actually request not to show their face in internet. Another comment is for the organizational matters. In two cases, in line with paragraph eight, section four of the regulations of the general meeting of shareholders, we will consolidate the discussion that not to lengthen the meeting, that the questions from the audience and the management board are put forward at the same time. From the points from eight to 13, the points referring to the financial statements. We will consolidate these questions and from 15 to 16, which refer to the discharges for the members of the governing bodies of the WSE company.
This will be more efficient when we go through the round of questions and answers. We can move freely to the votes. We will not have to spend too much time on that. We move to point number four on the agenda. This is the adoption of the agenda. Ladies and gentlemen, all the draft resolutions for the general meeting of shareholders were published on the company's website. With your permission, I will not read especially those long resolutions. If anyone wants, of course, then I will read all the resolutions. If there is no such a request, we will go ahead with the vote. If there are no comments on that, we move to the first vote. Namely, this is the adoption of the agenda, and this is the open vote on that.
Please be so kind to cast your votes. I will read the result of the vote now. I have the printed results. 38,661,537 votes for yes. There were no votes against, no abstentions, so 100% were for the resolution, I would like to confirm that this resolution has been adopted. We move to the next point on the agenda, as I have said, these are the points from five to 13. Before we move to these points, I would like to give the floor to Management Board. Mr. Bardziłowski will summarize the results of the company and the Management Board report. Ladies and gentlemen, I would like to have my presentation.
The last year was a very record year for the capital market and for the Warsaw Stock Exchange in terms of the turnover, which were on record levels, 40% year-on-year. We had the records of the indices, 100,000 on WIG index and the entire ended on the main index, 23%, which was the best result. Transactional activity, volume of transactions, more than PLN 20 billion. This is the attraction of the capital by the company or by the owners. This had an influence on our revenues, which reached the record level. They exceeded PLN 500 million, PLN 55 million increase by 19% year-on-year.
With good cost control and the drop of the cost-to-income ratio by five percentage point drop, 36%, our revenues on EBITDA level increased by 37%, and on net profit level increased by 30% year-on-year to PLN 200 million. Last year, the intense works on the realization of our strategy and the strategic directions. Here in many areas, our initiatives were fulfilled in the area of the increase of the number of new issuers and support for the current issuers. We started with the GPW IPO Academy program and the GPW IPO Bridge program, new guidebooks for the issuers for Catalyst and NewConnect markets, new support for the issuers. The budget increased by 50%. Also there were the workshops and the meetings of GPW Catalyst, which will develop the market for bonds.
As for the portfolio of products, we concentrate on the development of our main products, ETFs and the products for the individual investors. We have this product on the stock exchange, more and more of it, 42. Until the end of the year, we will have 50 of them and the historic debut of the pledge letters, retail pledge letters. This offer will also be dynamically increasing. In the area of education and promotion of the market, we started with the promotional campaign on outdoor GPW 24/7. Also intensively, we were conducting works at the end of last year promoting ETFs at the stock exchange. We want the Warsaw Stock Exchange to be the center of the finances in the region.
An example of our works is the conference that we organized at the beginning of last year, European Capital Markets Forum, which gathered the representatives of the capital markets from the entire Europe, who also work for the integration and the cooperation between the stock exchanges in the region to improve the cooperation between the stock exchanges, so that we can jointly carry out the projects like IPO or transactions on many markets at the same time. Of course, we work with our stakeholders to develop the market, and we cooperated in consultation mode for the individual investment cost on listings. Also the changes in the legal act on the investment funds, which will allow the listings of the ETF funds in the European regime. We carry out different activities this year and last year to renew our NewConnect market.
We are also active on this market. We have many debuts, many IPOs, and we are happy that many companies from this market move to the main market.
Now I will give the floor to Mr. [Mickiewicz] to give you some figures and also on our initiatives.
Ladies and gentlemen, as Tomasz has mentioned, 2025 was a very good year. We had the record results. Revenues increased by 19% to PLN 550 million. This growth resulted from big activities of investors on the shares market. In the financial segment, we had also the increase in terms of revenues from the sale of data or from the Armenian deposits. So these factors contributing to that, we mean. Also on commodity markets, we had the double-digit growth, mainly the investors' activities on gas market contributed to this, that those revenues from the commodities market increased by 12%.
As for the operational costs, we had a growth of 10%, and partially it resulted from those good results. This I will develop on one of the slides that I will show you the breakdown of these costs and partially it resulted from the organic growth. Also I will say a few words about it and good results on the operational level, Tomasz has mentioned, so I will not elaborate on that. As for the Return on Equity is 12%, and the net margin over 37% as compared to previous years. So these are the results which we as management, we are very happy about. As for the factors, which did not result from the operations, but which had an impact on the results of 2025, we then have to mention the one-off events.
At the end of 2024, we reviewed the portfolio of the projects not related to the core activity of the WSE, and we made some write-offs, because of the evaluation of those projects and their capacity to generate future cash flows. As for the two projects, GPW DAI and GPW Logistics, they were so much advanced that we decided to commercialize them to try to launch them operationally and give us some more time to verify how they are performing and what economic value they may bring for our group. Unfortunately, those commercialization attempts in 2025, they were not successful. Therefore, at the end of 2025, we decided to make it real, the evaluation of these projects on our balance sheet and the next write-offs and the total effect of those write-offs on the level of the operational profit is PLN.
On net profit level, the total effect of all the one-off events is PLN 10 million. It was, as I mentioned, the second part of the update of the value of the assets on the consolidated balance of the WSE, the total value of write-offs that we carried out because of the projects outside the core activities were PLN 38 million in 2024 and 2025. The total operational cost that generated the companies from outside the core activities in those two years, it was PLN 44 million, with the revenues less than PLN 25 million at the same time. We can imagine what impact on our results was exhibited by those projects. In 2024, in November, we announced the strategic directions of the development of the WSE, and in those directions, we defined our long-term financial ambitions.
On this slide, we compared our ambitions with the reality of the results of 2025. These results were much better than we assumed in our three-year strategy. As you can see, the revenues increased by 19%. Our ambition was between 6%-8%, and also there was the operational leverage and EBITDA dynamics, 38%, and our assumptions were 8%-12%, but our financial ambitions were prepared long-term. This very good year is good for us, but we are not verifying the strategy, and we are not modifying our long-term assumptions. As for the second part of the table, I would like to mention that our goal, it was to reach the cost-to-income ratio 65% at the end of 2027. After 2025, we are on the level of 66%. We are very close and also the same Return on Equity.
After 2025, it was 18%, and this is very close to our ambition that we are striving for to inline with our strategic directions. I mentioned about the cost control, and we managed to do so. This graph shows the dynamics of revenues and this blue line as compared to dynamics of costs. We managed for eight quarters, including the first quarter of 2026. We maintained this dynamics on the higher level than the increase of the operational cost, which has positive impact on the cost-to-income ratio and our profitability. In operating costs in 2025, as I have mentioned, this growth as compared to the previous year amounted to 10%, and the cost in 2024, it was PLN 330 million. 2025, PLN 375 million.
I wanted to show that that growth was partially the organic growth that resulted also from those good results that I mentioned when I was talking about the previous slides. Also, those good results are compensated by the other good results, like the changeable revenues, and this is this first part of the graph, the first bar showing this. We had also growth of cost in Armenian company and our revenues from the deposit activities increased, and there were also some obligations of Central and Eastern Armenia, so we increased the infrastructure and the team, so additional costs. Additional cost were the consequence of very dynamic growth of revenues. We have the savings that we managed to generate from the core activities, and then we made real their value on the balance sheet, and then they are charged.
We try not to charge it our result. In 2025, we managed PLN 4 million to save. Of course, it also operates in the other way as one of events. When we eliminate the three categories of costs, the income is PLN 26 million on the entire group, and this is 7.6% year-over-year, so closer to our long-term financial ambitions. Maybe about one word of dividends. Our Warsaw Stock Exchange has a history of paying dividends, so we share our profits with our shareholders, and that is the same as for 2025. Management Board proposed that the value of the dividend, PLN 142.7 million from the 2025 profits. This is by 8% than we paid in 2024. It is translated into PLN 3.4 per share, and we have the dividend yield of 4.4%.
Our dividend policy is that between 60% and 80% of the consolidated net profit, we would like to pay out in dividend, and this is the proposed payout of the dividend, and it is within this bracket. We would propose that the dividend date is the 23rd of July, and that the 6th of August is the day of payout, and this proposal was positively assessed by the WSE company. Thank you very much.
Thank you very much. I am very happy to hear of those record results. Our activities were reflected by new shareholders with this 60% growth in the values of the shares. Since the beginning of last year, this rate was already 118% compared with the growth with the increase, and PLN 2 billion was the works out in income revenues. We can promise that we will continue to work intensely to develop the market, to bring benefits for our shareholders and also our stakeholders. I would like to thank the Management Board. Any questions regarding items five to 13 of the agenda? I cannot see any. We move to votes. The first resolution would be to approve the report of the Management Board, and this is the draft.
This is resolution number three, based on Article 393 [1] and 395 [2] [1] of the Commercial Companies Code, general meeting of the company's nearby reserves report paragraph one. The general meeting of the company has reviewed and approves the report of the Management Board on activity of the company and the group in 2025. Paragraph two, this resolution shall be coming into force on the day of adoption. This is an open ballot. Please cast your votes. If someone has a problem with casting a vote, please let us know. If not, I close the votes. Oh, that is why I am asking. I close the vote. Please give me the results. For the resolution, 38,644,296 votes, no votes against, and there were 17,241 abstentions. The resolution has been adopted. We move on to draft resolution number four, to approve the financial statements of the company.
Here it reads, pursuant to Article 393 [1] and 395 [2] [1] of the Commercial Companies Code, the general meeting of the company hereby resolves as follows. Paragraph one, the general meeting of the company has reviewed and approves the separate financial statements of the company for the year ended 31st December 2025, comprised of the separate statement of financial position as at 31st December 2025, total assets and total equity and liabilities at PLN 836,099,000. Separate statement of comprehensive for the year ended 31st December 2025, showing a net profit of PLN 243,822,000. The separate statement of cash flows for the year ended 31st December 2025, showing an increase in cash and cash equivalents at PLN 77,140,000. The separate statement of change in equity for the year ended 31st December 2025, showing an increase of equity by PLN 112,756,000. Now explanatory notes.
Paragraph two, this resolution shall come into force on the day of adoption, it's an open ballot. Please cast your votes. I close the vote. Here are the results. Just as previously, for the resolution, 38,644,296 votes. No votes against, there were 17,241 abstentions. The resolution has been adopted. We move to resolution number five on the consolidated financial statements of the company. Pursuant to Article 395, Paragraph 5 of the Commercial Companies Code, the general meeting of the company resolves as follows. Paragraph one, the general meeting of the company has reviewed and approved the consolidated financial statements of the group for the year ended 31st December 2025, comprised of the consolidated statement of financial position as at 31st December 2025, showing total assets and total equity and liabilities at PLN 1,363,088,000.
Consolidated statement of comprehensive income for the year ended 31st December 2025, showing a net profit of PLN 190,615,000. The consolidated statement of cash flows for the year ended 31st December 2025, showing an increase in cash and cash equivalents at PLN 90,924,000. Consolidated statement of change in equity for the year ended 31st December 2025, showing an increase of equity by PLN 67,002,000. Additional information. Resolution shall come into force on the day of adoption. Please cast your votes in an open ballot. So we've completed the vote. For the resolution, 38,644,296 votes, no votes against, there was 17,241 abstentions. The resolution's been adopted. We move on to draft resolution number six concerning distribution of the company's profit, here is the draft.
Pursuant to Article 395 to 2, Article 396(5), Article 348(1 )and 325 of the Commercial Companies Code, general meeting of the company resolves as follows. Paragraph one, general meeting of the company distributes the net profit company for 2025 amounting to PLN 243,820,930 as follows: dividend payment, PLN 142,704,800, coverage of losses of previous years, PLN 39,556,833.22 losses and reserves, PLN 61,561,246.78. Paragraph one, dividend per share shall be PLN 3.340 and the dividend date will be set at the 23rd July 2026, the dividend payment date shall be the 6th August 2026, the resolution shall come into force on the day of adoption. It's an open ballot. Please cast your votes. The resolution being adopted unanimously. 38,661,537 votes for. We move to resolution number seven. This is the approved annual report of the Exchange Supervisory Board pursuant to paragraph 9183 of the company's article association.
The general meeting company resolves as follows. Paragraph one, the general meeting of the company has reviewed and approved the annual report of the exchange for the advisory board for 2025. Paragraph two, resolution shall come into force on the day of adoption. Please cast your vote in an open ballot. Ladies and gentlemen, the resolution has also been adopted with 38,644,296 votes for and no votes against, and 17,241 abstentions. In this way, we have exhausted the items of the agenda up to items 13. We move on to item 14, which is to provide an opinion and approve the opinion on remuneration members of management and supervisory board. Any comments, questions on this item? No. We go immediately to a vote of the draft number eight, which reads as follows.
Pursuant to Article 3952 of the Commercial Companies Code, Article 90G (6) of the Act on July 20, 2005 on public offering, conditions governing the transferring of financial instruments and organized transfer of public companies. General meeting of the company hereby resolves as follows. Paragraph one, general meeting of the company gives a positive opinion on the report of the remuneration of the members of management and the Supervisory Board of the Warsaw Stock Exchange for this year, 2025. Paragraph two, resolution shall come into force on the day of adoption. Please cast your votes. Thank you very much. For the adoption of the resolution, 34,755,098 votes. Against, 3,906,439 votes. There were no abstentions. In light of this, the resolution has been adopted. Thank you very much. Now we'll move on to the items 15 and 16.
We will cumulate them not to make it too long. Any questions or motions regarding the charge of duties to members of the Supervisory Board and Management Board of the Stock Exchange? If not, we will go through the votes for all the persons that discharge their duties. We will do it in this way, that I will read draft resolution on the first member of the Management Board and the Supervisory Board, so that you have a format of these resolutions for all the persons on whom we will vote. With successive votes, we will just mention the names of the period of when they discharged the duties, if it's not a whole year. In item 15 and 16, the ballot is secret. If I fail to say and if I say that it's secret, you remember these are secret votes.
Not to make it long, we move on to the first of these. Number nine is the first resolution. Pursuant to Article 3931 and Article 39523 of the Commercial Companies Code, the general meeting of the company hereby resolves as follows. Paragraph one, the general meeting of the company gives a vote of discharge of duties to Mr. Paweł Homiński as member of the Exchange Supervisory Board in the financial year 2025. Paragraph two, this resolution shall come into force on the day of adoption. It's a secret ballot. Please cast your votes. Thank you very much. For the resolution, 37,248,625 votes, against 1,395,671 votes, there were 17,241 abstentions. I congratulate Mr. Homiński of getting a discharge. We move on to resolution number 10 concerning Mr. Waldemar Markiewicz. Please cast your votes. We completed the vote. 37,248,625 votes for, against 1,395,671. Again, we have 17,241 abstention.
The resolution has been adopted, and we congratulate Mr. Markiewicz on having been discharged. The next resolution will be number 11, concerning discharge to Mr. Piotr Prażmo. Please cast your votes. For the resolution, 37,248,625 votes, against 1,395,671 votes, and 17,241 abstentions. I congratulate Mr. Piotr Prażmo on getting discharge on the duties of the member Exchange Supervisory Board. Now, this resolution number 12, and discharge for Mr. Wiesław Rozłucki. Please cast your votes. Thank you. For the resolution, 37,248,625 votes, against 1,395,671, and abstentions 17,241. Resolution being adopted. I would like to congratulate Mr. Rozłucki on getting discharge. Another member of the Exchange Supervisory Board, which is Małgorzata Rusewicz. Please cast your votes.
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The result is a secret ballot 37,248,621 for and against 1,398,671. There were 17,241 abstentions. Ms. Małgorzata Rusewicz also was discharged from her duties. Thank you. Congratulations. We move to another job resolution concerning Ms. Iwona Sroka. Please cast your votes. Thank you very much. For the resolution 36,029,219. Against 2,605,077 votes and 17,241 abstentions. We congratulate Madam Iwona Sroka, who was also discharged. We move on to a resolution on Ms. Katarzyna Szwarc. Please cast your votes.
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Thank you for casting your votes. For the resolution, 37,248,625 votes. Against, 1,395,671 votes. There were 17,241 abstentions.
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The resolution being adopted. Congratulations to Madam Szwarc.
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We move to the votes on the members of the management board. As for the members of the supervisory board, I did not mention that, I skip that. But as for the members of the management board, I remember that in line with Article 413 of the Commercial Companies Code, if you hold the shares in the company, you cannot vote in person nor by a proxy on your discharge. You can vote in the public company as a representative of other person, but you cannot vote on yourself. The shareholder who holds the shares of the company cannot vote for themselves. The first resolution is number 16, and this is the draft. Pursuant to Article 393 (1) and Article 395 (2) and (3) of the Commercial Companies Code, the general meeting of the company hereby resolves as follows.
Paragraph number one, the general meeting of the company gives a vote of discharge of duties to Mr. Tomasz Bardziłowski as a member of the Exchange Management Board in the financial year 2025. Paragraph number two, the resolution shall come into force on the day of adoption. This is the secret vote. I open the vote on this discharge. Please vote. Thank you very much for taking this resolution. The votes for yes, 37,248,625 against 1,395,671 and abstention 17,241. I would like to confirm that this resolution has been adopted. Congratulations to the CEO for this discharge. Resolution number 17, concerning a vote of discharge of duties to a member of the management board, Madam Monika Gorgoń. Could you please cast your votes? Ladies and gentlemen, the vote is over. The votes for yes, 37,248,625 against 1,395,671 and abstention 17,241.
I would like to confirm that this resolution has been adopted, and congratulations to Monika Gorgoń for being discharged from her duties. The next resolution number 18. This is the discharge granted to Mr. Michał Kobza. Please proceed with your votes. Thank you very much. Under the secret vote, 37,248,625 votes for yes and against 1,395,671, abstention 17,241. Congratulations to Mr. Michał Kobza for being discharged from his duties. The resolution is adopted. Resolution number 19. This is the vote of discharge for Dominika Niewiadomska-Siniecka. Could you please proceed with your votes on this discharge? Thank you very much for your votes. 37,248,625 votes for yes against 1,395,671 and 17,241 abstentions. This resolution has been adopted, and congratulations to Dominika Niewiadomska for her discharge. Now we move to the next draft resolution number 20, and this is a vote of discharge to Sławomir Panasiuk.
Could you please cast your votes on this discharge? Thank you very much. For yes, 37,248,625 votes for yes against 1,395,671 and abstention 17,241. I would like to confirm that this resolution has been adopted and congratulations to Mr. Sławomir Panasiuk for his discharge. The next member of the management board and the vote of discharge for him. This is Marcin Rulnicki. Please cast your votes on this discharge. Thank you for your votes. For yes, 37,248,625 against 1,395,671 and abstentions 17,241. Congratulations to Marcin Rulnicki for his discharge. The resolution is adopted. We exhausted the points from 15 and 16, and in the same time, all the votes which were carried out under the secret mode, we come back to the open vote and point number 17 on the agenda.
This is adoption of a resolution concerning approval of the remuneration policy for members of the management board and the supervisory board of WSE S.A. company. Are there any comments or contributions now? If not, we move to the vote on the draft resolution number 22. First, pursuant to Article 90d(1) of the Act of 29 July 2005 on public offering conditions governing the introduction of financial instruments, organised trading in public companies, the general meeting of the company hereby resolves as follows. Paragraph number one, the general meeting of the company hereby approves the remuneration policy for members of the management board and the supervisory board of WSE S.A., all in the wording attached hereto.
Paragraph number two, resolution number 30 out of the annual general meeting of the company dated the 2nd of June 2020 concerning approval of the remuneration policy for members of the management board and supervisory board of WSE S.A. company shall hereby become null and void. Paragraph number three, the resolution shall come into force on the day of adoption. The draft resolution and the attachment were published. I will not read the attachment. Please just cast your votes on this resolution regarding the approval of the remuneration policy. Thank you very much. The votes for yes, 36,092,999 against 2,568,538 and no abstentions. I would like to confirm that this resolution has been adopted. Thank you very much. We move to point number 18 on the agenda, namely approval of the policy of gender balance and diversity on the boards of GPW S.A.
This is resolution number 23. The draft is as follows. In connection with points 2.1 and 2.2 of the Code of Best Practices for Listed Companies at the Stock Exchange 2021, the general meeting of the company hereby resolves as follows. Paragraph number one, the policy of gender balance and diversity on the boards of GPW S.A., the policy is hereby approved in the wording attached hereto. Paragraph number two, resolution number 21 of the company's annual general meeting of 25 June 2022 concerning approval of the diversity policy for members of boards appointed by the general meeting of the Warsaw Stock Exchange shall become null and void. Paragraph number three, this resolution shall come into force on the day of adoption. Along with this draft resolution on the approval of the policy of gender balance and diversity was also published.
I will not read this attachment, we vote on this in open mode. Thank you very much. Here we have all the votes. For yes in the number of 38,661,537. Ladies and gentlemen, we move to point number 19 on the agenda. It means the changes in the supervisory board. Are there any motions? I do not have any draft resolutions, if there is any motion, could you please put it forward? I cannot see. Therefore, I would like to confirm that under point 19 on the agenda, no resolution has been adopted due to the fact that there were no motions from the shareholders. The only thing that remains is the closing of the meeting.