yctab articles of association ha ,ct>ehiikc katihtaji xoji ... · ha ,ct>ehiikc katihtaji...

YCTAB

HA ,ct>EHIIKC KATIHTAJI XOJI,I(IIHP' A,I(

(uJMeHel-1 c peme1-1ue 1-1a OCA 1-1a 25.02.2014 2. u UJMeneT-t c peme1-1ue 1-1a OCA fta 10.03.2017 2.}

Pa3)1;eJI I Olii.Qll P A3TIOPE,I(Iill

llpaseu cTaTyT

ARTICLES OF ASSOCIATION

OF ,PHOENIX CAPITAL HOLDING" AD

(amended by a resolution of the GMS dated

25.02.2014 and amended by a resolution of the

GMS dated 10.03.2017)

Section I GENERAL PROVISIONS

Article 1

Legal status

(uJMeT-tel-1 c pemeftue fta OCA fta 25.02.2014 2.) (amended by a resolution of the GMS dated

,<t>EHI1KC KAI1I1TAn X0fl,l.l;I1Hf" A,l.l; 25.02.2014) ,PHOENIX CAPITAL (Hap11tiaHo rro-.n;ony ",I(pymecTBOTo") e HOLDING" AD (hereinafter referred to as the aK~I10HepHo .n;py)KeCTBO c e.n;HocTerreHHa "Company") is a joint-stock company with one-CI1CTeMa Ha yrrpasneHI1e, yqpe.n;eHo B tier management system, incorporated m

CbOTBeTCTBI1e Cbc 3aKOHI1Te Ha Perry6n11Ka accordance with the laws of the Republic of Ennrapmi. Bulgaria.

qJieu 2 Article 2

Cl>upMa Business name

1. (uJMel-tel-1 c peme1-1ue 1-1a OCA 1-1a 25.02.2014 1. (amended by a resolution of the GMS dated

2.} cD11pMaTa Ha ,l.l;py)l(eCTBOTO e ,<t>EHI1KC 25.02.2014) The business name of the Company KAI1I1TAfl X0fl,l.l;I1Hf" A,l.l;. Ha naTI1Hm~a TH shall be ,<t>EHI1KC KAI1I1TAfl X0fl,l.l;I1Hf" ce 113III1CBa KaTo ,PHOENIX CAPITAL A,l.l;. Its Latin spelling shall be ,PHOENIX HOLDING" AD. CAPITAL HOLDING" AD. 2. cD11pMaTa, ce.n;an11m;eTo 11 a.n;pec'hT Ha 2. The business name, the seat and the address of yrrpasneHI1e, e.n;11HHI151T 11.ZJ;eHT11<jli1K~I10HeH the registered office, the single identification Ko.n;, KaKTO 11 6aHKOBaTa CMeTKa Ha code, as well as the bank account of the ,l.l;py)KeCTBOTO ce rrocoqsaT B ThproscKaTa MY Company shall be indicated in its business KopecrroH.n;eH~I151. ,l.l;py)KeCTBOTO MmKe .n;a correspondence. The Company may also IIOCOtiBa 11 a.n;pec 3a Cb06m;eHI151. indicate a communication address.

Article 3

CeAaJtum:e u aApec ua ynpaBJienue Seat and registered office

1. Ce.nrun1rn;eTo Ha ,rwy)l(eCTBOTO e rpa.n Coqm5I, 1. The seat of the Company shall be in Sofia, Eorrrap:rr5I.

2. (H3MeHeH c perneHHe Ha OCA Ha 10.03.2017 r.)A,npeC'bT Ha yrrpanrreHHe Ha .lWY)I<eCTBOTO e rpa.n Coqm5I, paH:oH Bo3pmi<,naHe, 6yrr. , To.nop Arrei<caH,npon" N2 109-115.

qJieu 4

CpoK

Bulgaria.

2. (amended by a resolution of the GMS dated 1 0.03.2017)The address of the registered office of the Company shall be 109-115 Todor Aleksandrov Blvd., Vuzrajdane district, Sofia.

Article 4

Term

.Z:WY)KeCTBOTO ce yt.Ipe,n5Ina 3a cpoi< OT 7 (ce,neM) The Company shall be incorporated for a period ro,nHHH. 06rn;oTo co6paHwe MmKe .na pernw .na of 7 (seven) years. The General Meeting may y.nomi<H T03H cpoK c orn;e .no 3 (Tpw) ro,nHHH. decide to extend this period for up to 3 (three)

years.

Article 5

Scope of business

(U3Mel-teH c pew.eHue Ha OCA 11a 25.02.2014 2.} (amended by a resolution of the GMS dated ITpe,nMeTDT Ha .neH:HOCT Ha .z:wy)l(eCTBOTO e: 25.02.2014) The Company shall have the xorr,nwHrona .neH:HoCT rrpw.no6wnaHe, following scope of business: holding activity -yrrpanrreHwe, oueHKa 11 rrpo,na)I<6a Ha Y'.JaCTH5I n acquisition, management, valuation and sale of 6orrrapcim 11 t.IY)K,necTpamm .npy)KecTna; interest in Bulgarian or foreign companies; qmHaHcwpaHe Ha .npy)KecTna, B I<OHTO financing of companies in which the holding xorr,nwHronoTo .npy)KeCTBO yqacTnyna; Herrp5II<O company owns an interest; indirect investing in

HHBecTwpaHe n He,nBH)I(HMH HMOTH real estate through acquisition of shares in rrocpe,ncTBOM rrpw.no6wnaHe Ha ,n5Irrone wrrw companies that invest in real estate, as well as ai<UHH OT .npy)I<ecTna, HHnecTwparn;w n any other activity, which is not prohibited by the He,L(BH)I(HMH HMOTH, I<ai<TO H BC5IKa ,npyra law. ,neHHOCT, He3a6paHeHa OT 3ai<OHa.

qJieH 6 Article 6

KJtonose u Abm:epnu ApymecTBa Branches and subsidiaries

.Z:WY)I<eCTBOTO MO)Ke .na OTKpwna KJIOHOBe 11 .na The Company may establish branches and may yqpe,n5IBa .nomepHH .npy)l(eCTBa, KaKTO 11 .na incorporate subsidiaries, as well as to hold yqacTBa n .npym .npy)l(eCTBa, KOHcopuwyMH 11 interest in other companies, consortia and other .npyrw ¢opMH Ha c.npy)l(aBaHe n CoOTBeTCTBHe c forms of association, in accordance with the H3HCI<BaHH5ITa Ha .neH:cTnarn;oTO requirements of the current legislation. 3aKOHO,L(aTeJICTBO.

.. .. r BeHUHCJiaBa AnTbHOBal Ventsislava Altanova)

P A3,li;EJI II

KAllliT AJI ll AK~llll

KanuTaJI

SECTION II

CAPITAL AND SHARES

Article 7

Capital

1. KanHTaJI'bT Ha ,[ijJy)l(eCTBOTO e 100 000 ( cTO 1. The share capital of the Company shall be XHllil,nH) nesa. KanHTaJI'bT Ha ,[ijJy)KeCTBOTO e BGN 100,000 (one hundred thousand). The

pa:mpe.neneH B 1000 (xHn51,na) o6HKHOBeHH capital of the Company shall be allocated into llOHMeHHH 6e3HaJIHqHH 1000 (one thousand) common freely transferable cso6o,ni-IOnpexsopn51eMH aKl(HH c npaso Ha rnac

C HOMHI-IaJII-Ia CTOHHOCT 100 ( CTO) neBa BC51Ka. dematerialized registered shares with a right to vote, with a nominal value BGN 100 (one hundred) each.

2 . KoM MOMeHTa Ha yqpe,n51BaHe 1-ra 2. As at the date of incorporation of the ,[ijJy)l<eCTBOTO l(enH51T KanHTan e 3anHcaH OT Company the entire share capital shall be yqpe,nHTeJIHTe. KoM MOMeHTa Ha snHcBaHe Ha subscribed for by the founders. Upon the ,[ijJy)KeCTBOTO B ToproBCKH51 perHcnp registration of the Company in the Commercial KanHTaJI'bT Ha ,[ijJy)l(eCTBOTO e BHeceH H31(51no, B Register the share capital shall be fully paid, in

napH. cash.

qJieu 8 Article 8

AKQHH Shares

1. BcnqKH aKl(HH OT KanHTana Ha ,[ijJy)KeCTBOTO 1. All shares of the capital of the Company shall

ca o6HKHOBeHH noHMeHHH 6e3HaJIHqHH be common freely transferable dematerialized cso6o,nHonpexsopllileMH aKr(HH c npaso Ha rnac registered shares with a right to vote and shall 11 cocTaBn51BaT e,nHH Knac. ITpHTe)KaTenHTe Ha comprise a single class of shares. The owners of

aKl(HH ce BnHcBaT B KHHraTa Ha aKl(HOHepHTe. the shares shall be registered with the

Shareholders Book.

2. Bc51Ka aKl(H51 .nasa Ha npHTe)l(aTen51 H: npaso 2. Each share shall give its owner the right to Ha e,nHH rnac B 06IIJ,oTo co6paHHe Ha cast one vote at the General Meeting of aKl(HOHepHTe, npaso Ha ,nHBH,neHT H Ha Shareholders, the right to a dividend and a nHKBH,nal(HOHeH _n51n, copa3MepHH c liquidation quota, proportionate to the nominal HOMHHaJIHaTa CTOHHOCT Ha aKl(H51Ta. value of the share.

•

3. ):lpy)l<ecTBOTO MO>Ke ,[(a H3.[(aBa H 3. The Company may also issue preferred shares rrpHBHJierHpoBaHH aKUHH, BKmoquTeJIHo 6e3 including such without voting rights, m rrpaBo Ha rnac, B cnoTBeTCTBHe c H3HCKBaHH~Ta accordance with the requirements of the law. l:Ia 3aKOHa.

Article 9

llpeXBbpJUIHe Ha aKU.HH Transfer of shares

1. AKUHHTe Ha Jl:py>KecTBOTO ce rrpexBnpJI~T 1. The shares issued by the Company may be cBo6o.[(HO, 6e3 orpaHHqeHH~ HJIH ycnoBH~ 3a transferred without any restrictions or conditions TOBa. BceKH aKUHOHep MO>Ke cBo6o.[(HO .[(a for this purpose. Each shareholder may rrpexBnpn~ BCHqKH HJIH qacT OT rrpHTe>KaBaHHTe unrestrictedly transfer all or part of his shares. OT Hero aKUHH.

2. ITpexBnpJI~HeTO Ha aKUHHTe ce H3Bnprrma no 2. The shares are transferred within the terms pe.[( 11 ycnoBH~, npe.[(BH.[(eHH B npHJIO>KHMOTO and conditions set forth by the applicable 3aKOHO,[(aTeJICTBO. legislation.

YAOCTOBepnTeJIHH AOKyMeHTH Ja npnTemanannTeaKu.nu

Y.[(ocToBepHTeJIHHTe .[(OKYMeHTH

Article 10

Documents certifying the shares owned

3a The documents certifying the dematerialized npuTe>KaBaHHTe OT aKUHOHepHTe 6e3HaJIHqHH shares owned by the shareholders are issued by aKUHH ce H3.[(aBaT OT ,Qe1-npaneH ,[(eno3HTap" "Central Depository" AD within the terms set A)]: no pe.[(a, npe.[(BH.[(eH B .[(eHCTBamoTo forth in the applicable law. 3aKOHO.[(aTeJICTBO.

Kaura ua aKu.nouepnTe

KHHraTa Ha aKUHOHepuTe ce , QeHTpaneH .[(eno3HTap" A)]:,

.[(eHCTBamoTO 3aKOHO,[(aTeJICTBO.

P A3,[(EJI III

Article 11

Shareholders Book

BO.[(H OT The Shareholders Book shall be kept by cnrnacHo "Central Depository" AD in compliance with the

applicable law .

OPr AHM HA ,[(PYJKECTBOTO SECTION III

BODIES OF THE COMPANY

Article 12

BnAOBe oprauu Types of bodies

OpraHH Ha Jl:py>KeCTBOTO ca: The bodies of the Company are:

(a) o6mo cn6paHI1e Ha aKL\110Hep11Te (a) the General Meeting of the shareholders

("06~oTo c1.6pauue"); 11

(6) C'bBeT Ha .[{11peKTOp11Te ("C'bBeTbT Ha

.r.upeKTopnTe").

IIO,L(P A3,L(EJI 1 Olii..QO C'hliPAHIIE

C'hcTaB ua 06~oTo c1.6pauue

(the "General Meeting"); and

(b) the Board of Directors (the "Board of

Directors").

SUB-SECTION 1 GENERAL MEETING

Article 13

Composition of the General Meeting

1. 06moTo cn6paHI1e BKniOlJ:Ba BCI1lJ:KI1 1. The General Meeting shall compnse all

aKL\110Hep11 c npaso Ha rnac. BceKI1 aKL\110Hep shareholders with a right to vote. Each Y'-IaCTBa B 06moTo cn6paHI1e nl1lJ:HO, qpe3 csoH: shareholder shall take part in the General 3aKoHeH npe.L{CTaBI1Terr 11rr11 qpe3 .L{pyro II111..\e, Meeting m person, through a legal CHa6.L{eHo c ni1CMeHo n'hiiHOMOI..UHO. representative, or through a third party with a

written power of attorney.

2. qrreHoBeTe Ha CnBeTa Ha .[{11pei<TOp11Te MoraT 2. The members of the Board of Directors are .[{a np11C'bCTBaT Ha 06moTo cn6paHI1e, HO 6e3 entitled to attend the General Meeting without a npaso Ha rnac, ocseH aKo ca aKL\110Hep11. right to vote, except if they are shareholders.

3. 11111..\a, K011TO He ca ynniiHOMOI..UeHI1 .[{a 3. Persons who are not authorised to attend a np11C'bCTBaT Ha 3ace,L{aHmiTa I-Ia 06moTo session of the General Meeting may only be cn6paHI1e, ce ,L{onycKaT .[{a np11C'bCTBaT caMo admitted with the permission of the General

cne.L{ pa3perneHI1e Ha 06moTo cn6paHHe. Meeting.

qJieH 14 Article 14

KoMneTeHTHOCT Competence

06moTo cn6paHI1e: The General Meeting shall:

(a) 113Memi 11 .L{On'hrrBa ycTaBa Ha (a) amend and supplement the Articles of ,lWy)J(eCTBOTO; Association of the Company;

(6) B3eMa perneHI15! 3a ysenHlJ:aBaHe 11 (b) adopt resolutions for the increase or HaMarr5!BaHe Ha I<ani1Tarra; decrease of the share capital of the Company;

(s) B3eMa perneHI15! 3a npeo6pa3yBaHe 11 (c) adopt resolutions for the reorganisation

npeKpaT5!BaHe Ha ,lWy)J(eCTBOTO; and dissolution of the Company;

........ (BeHLU-tcnana AJJTbHona/ Ventsislava Altanova)

(r) H36Hpa H OCB060)I<.[(aBa l.IJieHoBeTe Ha (d) elect and dismiss the members of the CoBeTa Ha .nwpeKTopwTe H onpe.nemr Board of Directors and decide on the B'b3Harpa)lmemreTO Ha qneHoBeTe, Ha KOHTO remuneration of those members who will not be H51Ma .na 6o.ne BMnmi<eHo ynpaBneHHeTo Ha entrusted with the management of the Company; ,LWy)I<eCTBOTO;

(.n) Ha3Haqasa w ocBo6o)l(.[(aBa perwcTpwpaH (e) appoint and dismiss a registered auditor o.nwTop wnw cne~wanH3HpaHo o.nwTopcKo or a specialised audit company; npe.nnpH5ITHe;

(e) o.no6p51Ba ro.nm11HH5l <!JwHaHcoB oTqeT Ha (f) approve the annual financial statements ,LWy)I<eCTBOTO cne.n 3aBepKa OT Ha3HaqeHH5l of the Company after certification by the perwcTpwpaH o.nwTop wnw cne~wanH3HpaHo appointed registered auditor or the specialised o.nwTopci<o npe.nnpH5ITHe; B3eMa perneHwe 3a audit company; adopt resolutions for distribution pa3npe.nen51He Ha neqan6aTa, 3a nononBaHe Ha of the profit, disbursement of funds to the cpoH.n "Pe3epBeH" H 3a H3nnal.l(aHe Ha .[(HBH.[(eHT; Reserve Fund and payouts of dividends;

pernasa H3.[(aBaHeTo Ha o6nwra~ww; (g) resolve on the issuance of bonds;

(3) pernaBa H3.[(aBaHeTo Ha BapaHTH no (h) resolve on the issuance of warrants, as CMHCona Ha § 1, T. 4 OT W Ha 3aKoHa 3a defined in § 1, item 4 of SP of the Law on ny6nwqHoTo npe.nnaraHe Ha ~eHHH KHH)I(a; (w) Ha3HaqaBa nHKBH.[(aTop(w) npw npeKpaT51BaHe Ha ,LWy)I<eCTBOTO, OCBeH B cnyt.IaM

Ha HeC'bCT051TenHOCT;

Public Offering of Securities; (i) appoint a liquidator(s) upon dissolution of the Company, except for cases of insolvency;

(K) OCB06Q)I<.[(aBa OT OTrOBOpHOCT U) relieve the members of the Board of qneHoBeTe Ha CoBeTa Ha .nwpeKTOpHTe; Directors from all responsibility;

(n) pernaBa CKmoqsaHeTO Ha c.nenKH 3a (k) resolve on transactions related to the npexBopn51He wnw npe.nocTaB51He nomBaHeTo Ha assignment or concession of the right to use the ~5InOTO ThproscKo npe.nnpH5ITHe Ha entire commercial undertaking of the Company; ,LWy)l<eCTBOTO;

(M) ynpmKH51Ba Bcwqi<w .npyrw npaBOMOI.l(H5l, (l) exercise all other powers vested with it npe.nocTaBeHH MY no cwnaTa Ha T03H ycTaB wnw by these Articles of Association or the law. OT 3aKOHa.

Article 15

3aceAauun ua 06~oTo C'h6pauue General Meeting sessions

H3n'bll HHTeneH AHPOKTOp ~ .. ......... (BeHUHCnaoa AnThHooa/ Ventsislava Altanova)

1. 06moTo co6paH:ue ce npose)l(.n;a Hai1:-MarrKo 1. The General Meeting shall be held at least se.n;H'b>I< ro.n;MillHO. 06moTo co6paH:ue ce once a year. The General Meeting shall be held npose)l(.n;a s ce.n;arr:umeTO Ha ,Z:Wy>I<ecTBOTo. at the seat of the Company.

2. 06moTo co6paH:ue ce CBMKBa oT CoseTa Ha 2. The General Meeting shall be convened by .n;:upeKTOpMTe. To Mmi<e .n;a 6o.n;e cs:uKaHo :u no the Board of Directors. It may also be convened MCI<aHe Ha a~:uoHep:u, KOMTO noseqe oT 3 (Tp:u) at the request of shareholders who have owned Meceu:a np:uTe)I<asaT noHe 5% (neT npoueHTa) at least 5% (five per cent) of the shares of the OT ai<UMHTe Ha ,Z:Wy)KeCTBOTo. Company for more than 3 (three) months.

3. 06moTO co6paH:ue M36:upa c o6MKHOBeHo 3. The General Meeting shall elect by simple MH03MHCTBO npe.n;ce.n;aTeJI M Cei<peTap 3ace.n;aHMSITa, KaKTO M npe6pOHTeJI macoseTe. 3ace.n;aHMSITa ce poKOBO.USIT npe.n;ce.n;aTeJISI.

Ha majority a Chairman and a secretary of the

Ha sessions, as well as a teller. Sessions shall be OT presided by the Chairman.

CsnKBaHe

I . 06IUOTO Co6paHMe ce CBMKBa C noKaHa, o6SIBeHa B ToproscKMSI per:ucnp B C'bOTBeTCTBMe C M3MCKBaHMSITa Ha 3aKOHa.

Article 16

Convocation

I. The General Meeting shall be convened through an invitation, Commercial Register in requirements ofthe law.

announced in the accordance with the

2. B cnyqaH: tie :u .n;oKOJIKOTO BCMtii<M aKUMM Ha 2. As long as all shares of the Company remain ,Z:Wy)I<eCTBOTO ocTaHaT no:uMeHHM, 06moTo registered shares, the General Meeting may also co6paH:ue MO)I(e .n;a ce CBMKa M caMo c n:ucMeHM be convened by written invitations to all

noKaHM .n;o BCMtii<M aKUMOHep:u, spotieHM JIMtiHO, shareholders, delivered personally, sent by M3npaTeHM c n:ucMo c o6paTHa pa3nMci<a, no registered mail, by fax or e-mail at least 7

cpaKc MJIM eneKTpoHHa noma Hai1:-MarrKo 7 (seven) days before the date of the General (ce.n;eM) .n;HM npe.n;:u .n;aTaTa Ha 06moTo Meeting. Where an invitation has been sent by co6paHMe. KoraTO noKaHaTa e M3npaTeHa no fax or e-mail, the relevant addressee shall send a cpai<c MJIM eneKTpOHHa noma, C'bOTBeTHMSIT confirmation of its receipt. a.n;pecaT cne.n;sa .n;a M3npaTM noTBbp)I<)J;eHMe 3a Hei1:HOTO nonyqasaHe.

H 3 n'hJIHI1TeJleH ,l\HpeKTop: ...

3. IToKaHaTa Tp.sr6sa .ua C'b.Ul>p:>I<a Haii-Ma.rrKo 3. The invitation shall contain at least the cne.umne .uaHHH: cpHpMaTa .11 ce.uaJIHW:eTO Ha following information: the business name and ,[(py>KecTBoTO; M.siCTOTo, .n:aTaTa .11 l.Jaca Ha seat of the Company; the place, date and time of C1>6paHHeTo; BH.Ua Ha o6w:oTo c1>6paH.11e; the session; the type of the General Meeting; Cl>o6w:eHHe 3a cpopMa.rrHOCTHTe, aKo ca information of any formalities, if such are npe,UBH.UeHH B Y CTaBa, KOHTO Tp.sr6sa .ua 61>,UaT provided for in the Articles of Association, H3n'bJIHeHH 3a yqacTHe B c1>6paHHeTo .11 3a which have to be met by the respective parties in

ynpa>I<H.siBaHe Ha npasoTo Ha rnac; .n:HeBeH pe.u order for them to be eligible for attending the Ha Bl>npocHTe, npe.uno>I<eHH 3a o6c'b>I<.UaHe .11 session and casting their votes; the agenda of the I<OHI<peTHH npe.unmi<eH.1151 3a pemeHn.sr. session, including the issues raised for

discussion, and the drafts of the resolutions to be adopted.

4. 06w:oTo c1>6pa1-me MO)l(e .ua ce npose.ue .11 6e3 4. The General Meeting may be held even if the .ua ca cna3eHH H3HCKBaHH.siTa, npe,UBH.UeHH 3a requirements for its convocation have not been HerosoTo CBHI<BaHe, ai<o sc.11qi<H ai<~HOHepH ca observed, as long as all shareholders have npHC'bCTBa.JIH HJIH ca 6.11JI.11 npe.n:cTaBeHH oT attended the General Meeting or have been 3aKOHHHTe HM npe.n:cTaBHTeJIH Ha 06w:oTO represented by their legal representatives, and c1>6paH.11e .11 HHKOH OT T.srx He BD3pa3H 3a none of them has objected to the General npose>K.n;aHeTo MY. Meeting being held.

Article 17

llpano ua cneJJ.eHnH Right to information

Bc.11qK.11 nHcMei-1.11 MaTepHa.rrH, CB1>p3aHH c All written materials related with the agenda of .n;HeBHH.si pe.n; Ha 06moTO c1>6pa1-1He, Tp.sr6sa .n;a the General Meeting shall be available to the 61>.n;aT npe.n;ocTaBeHH Ha pa3rrOJIO)l(eHHe Ha shareholders at the address of the registered aK~HoHepHHTe I-Ia a.n;peca Ha yrrpasneHHe Ha office of the Company not later than the date of ,[(py>KeCTBOTO He rro-Kl>CHO OT .n;aTaTa Ha sending the invitations. The written materials H3npaw:aHeTo Ha rroKaHHTe. ITp.11 noHCKBai-Ie shall be provided to each shareholder at his nHcMeHHTe MaTepHa.rrH ce npe.uocTaB.srT Ha request. BCeKH aK~HOHep.

qJieH 18 Article 18

Cnnc'hK ua npnc'hcTnarn;uTe List of attendees

1. 3a 3ace.n:aHH.siTa Ha 06moTo c1>6paHHe ce 1. For the sessions of the General Meeting, a list H3rOTB.si cnHC'DI< Ha npHC'bCTBaW:HTe aK~HoHepH of attending shareholders and their H TexHHTe npe.ucTaBHTenn, B KOHTO ce representatives shall be prepared, which includes OT6eJI513BaT .11 6po.srT .11 BH.lJ.l>T Ha npnTe)l(aBaHHTe the number and type of the shares they own. OT T.siX aK~HH.

2. AKUHOHepHTe H TeXHHTe rrpe.ucTaBHTenH 2. The Shareholders and their representatives y.uocTonep51BaT rrpHC'bCTBHeTo CH, KaTO ce shall verify their presence by signing the list rro.urrHcnaT B crrHC'bKa no T0'1Ka 1. CrrHC'bK'bT ce mentioned in paragraph 1. The list shall be 3anep51na OT rrpe.uce.uaTeJI51 H ceKpeTap51 Ha certified by the Chairman and the secretary of 3ace.uaHHeTo. the session.

qJieu 19 Article 19

KsopyM Quorum

1. 06moTO co6paHHe MO)Ke .ua B3eMa BaJIH.IJ.HH 1. The General Meeting shall be able to adopt perneHH51, aKo Ha Hero ca Ha.une)KHO valid resolutions, as long as at least 3/4 plus one

rrpe.ucTaBeHH Haif-ManKo 3/4 rrmoc e.uHa oT of the shares with a right to vote are duly aKUHHTe c rrpano Ha rnac. represented.

2. ITpH ;mrrca Ha KBopyM ce CBHKBa HOBO 2. Where quorum cannot be reached, a new

3ace.uaHHe B cpoK He rro-paHo OT 14 session shall be convened, not earlier than 14

(11eTHpHHa.ueceT) .IJ.HH. HonoTo 3ace.uaHHe ce (fourteen) days thereafter. Such new session C'IHTa 3a 3aKOHHO, He3aBHCHMO OT shall be deemed legitimate, irrespective of the

rrpe.ucmneHHTe Ha Hero aKUHH. ,lJ;aTaTa Ha number of represented shares. The date for the HOBOTO 3ace.uaHHe MO)Ke .ua 6o.ue rrocoqeHa H B new session may be specified in the invitation

rroKaHaTa 3a rropBOTo 3ace.uaHHe. for the first session.

qJieu 20 Article 20

Peweuun u MHOJHHCTBa Resolutions and majorities

BcH'IKH perneHH51 Ha 06I.UOTO co6paHHe, ce All resolutions of the General Meeting shall be B3HMaT C MH03HHCTBO OT 3/4 ITJIIOC e)J.Ha OT adopted by a majority Of 3/4 plus one of the

rrpe.ucTaneHHTe aKUHH, ocneH aKo 3aKOH'bT HJIH represented shares, unless the law or these Y CTaB'bT H3HCKBaT ITO-BHCOKO MH03HHCTBO. Articles require higher majority.

Article 21

BJiuJaue B cuJia ua peweuunTa Resolutions' entry into force

PerneHH51Ta Ha 06moTo co6paHHe BJIH3aT B The resolutions of the General Meeting shall CHJia He3a6aBHO, ocaeH aKo .ueifCTBHeTo HM He enter into force immediately, except where their 6o.ue OTJIO)KeHo OT 06I.UOTO co6paHHe HJIH application is delayed by the General Meeting or KoraTo crrope.u 3aKOHa BJIH3aHeTO HM B cHna where their entry into force is legally postponed Hacnrrna OT BITHCBaHeTo HM B ToproBCKH51 until the registration of such resolutions with the perHcnp. Commercial register.

Article 22

113n"hJIHHTeJieH AHpeKTop: ··~7:· .............. (BeHu,Hcnasa AnThHOBa! Ventsislava A ltanova)

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Komi)JJHKT na HHTepecu Conflict of interests

AKL(I10IIep 11JIH HeroB rrpe,ncTaBI1Terr He MO)I(e .na A shareholder or a representative thereof shall Y1-IaCTBa B rrracyBaHeTO, aKo TO ce Kacae 3a: not take part in voting, where such voting is

related to:

(a) rrpe.nsmsmaHe Ha HCKOBe cpem:y TaK'bB (a) bringing suits against such a shareholder; or aKL(110Hep;11JII1

(6) rrpe.nrrpHeMai-Ie Ha .neifcTBI1SI HJI11 OTKa3 oT (b) action or failure to act to realize the liability .neikTBI1SI 3a pearrl1311paHe Ha oTroBopHocrra Ha of such shareholder to the Company. TaK'bB aKL(110Hep K'bM ,[ijJy)I<eCTBOTO.

qJien 23 Article 23

llpoTOKOJIH Minutes

1. 3a BCSII<O 3ace.naHI1e Ha 06rn:oTO co6paHHe ce 1. Minutes shall be recorded for each session of BO.Lt11 rrpoTOKorr B C'bOTBeTCTBI1e c 113HCKBaHI1SITa the General Meeting in accordance with the Ha .neif:CTBamoTo 3aKOHo,naTerrcTBO. IlpoTOKOJI'bT requirements of the legislation in force. The ce rro.nrr11cBa oT rrpe.nce.naTerrSI 11 ceKpeTapSI Ha minutes shall be signed by the Chairman and the 3ace.nmmeTO 11 OT rrpe6po11TeJISI(11Te) Ha secretary of the session, and by the teller(s). rrracoBeTe.

2. ITpoTOKOJII1Te 11 .noKyMeHTI1Te, CBop3aHI1 coc 2. The minutes and the documents relating to the 3ace,nai-IHSITa Ha 06rn:oTo co6paHI1e, ce General Meeting sessions shall be held in a coxpaHSIBaT B crrel(l1aJIHa KH11ra 11 ce rra3SIT HaH- special book and kept for at least 5 (five) years. MaJIKO 5 (neT) f0.[{11HI1.

llO)J,P A3)1,EJI 2

C'LBET HA )J,HPEKTOPHTE

CbcTaB u ct»ynKu;nu

SUB-SECTION 2

BOARD OF DIRECTORS

Article 24

Composition and functions

1. ,[ijJy)I<eCTBOTO ce yrrpaBJISIBa 11 rrpe.ncTaBJISIBa 1. The Company shall be managed and OT CoseT Ha ,n11peKTOp11Te B c'bcTaB OT 3

(Tp11Ma) .[{0 7 (ce,neM) tiJieHOBe. represented by a Board of Directors, consisting ofbetween 3 (three) and 7 (seven) members.

H3n'hJ1HHTeneH ,1\HpeKTop: .... rn . . , ..... : .......... . (BeHUHCJlaBa AJlTbHOBal Ventsislava Altanova) / }

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2. qJieHOBeTe Ha CoBeTa Ha ~HpeKTOpHTe ce 2. The members of the Board of Directors shall H36HpaT oT 06moTo co6paHHe 3a cpOI< OT 5 be elected by the General Meeting for a term of (neT) ro.z:umH, ocBeH ai<o B perneHHeTo Ha up to 5 (five) years, unless in the decision of the 06rn.oTo co6paHHe 3a H36HpaHeTo HM He e General Meeting for their election is determined orrpe~eneH rro-Kpani< cpoi<. qJieHoBeTe Ha a shorter term of office. The members of the first rropBH51 CoBeT Ha ~HpeKTOpHTe ce H36HpaT 3a Board of Directors shall be elected for a term of cpoK OT 3 (TpH) ro~HHH. 06rn.oTo co6paHHe 3 (three) years. The General Meeting may MO)J<e ~a 3aMeH51 tiJieHoBeTe Ha CoBeTa Ha substitute the members of the Board of Directors ~HpeKTOpHTe rro BC51I<O BpeMe H rrpe~H H3THtiaHe at any time before the expiration of their term of Ha MaH~aTa HM. office.

3. qJieHoBeTe Ha CoBeTa Ha ~HpeKTOpHTe MoraT 3. The members of the Board of Directors may ~a 6o~aT rrpeH36HpaHH 6e3 orpaHHl!eHHe. be re-elected without limitation.

4. qJieHoBeTe Ha CoBeTa Ha ~HpeKTOpHTe, 4. The members of the Board of Directors whose tiHHTO MaH~aT e H3TeK'bJI, 3aeMaT ~JI'b>I<Hocrra mandate has expired shall perform their duties

CH ~o cne~Barn.oTo 06rn.o Co6paHHe. until the next General Meeting.

5. qJieHoBe Ha CoBeTa Ha ~Hpei<TOpHTe MoraT 5. The Members of the Board of Directors shall

~a 6o~aT ~eecrroco6HH ¢H3HtieCI<H HIHIIH be able natural persons and/or legal entities. IOpH~HtieCI<H JIHI.la. B cnyq:aii: qe 3a qneH Ha Where a legal entity shall be appointed as a

CoBeTa Ha ~HpeKTOpHTe e H36paHo IOpH~HtiecKo member of the Board of Directors, such legal JIHJ:.le, TO orrpe~eJI51 rrpe~cTaBHTeJI, KOHTO ~a entity shall designate a representative to perform H3II'bJIH51Ba 3a~omi<eHH51Ta MY B CoBeTa Ha its duties in the Board of Directors. The legal ~HpeKTOpHTe. IOpH~HtiecKoTo Jmne e entity shall be jointly and unlimitedly liable with conH~apHo H HeorpaHHtieHo OTroBopHo 3ae~Ho the other members of the Board of Directors for c ocTaHaJIHTe qneHoBe Ha CoBem Ha the obligations arising from the actions of its ~HpeKTOpHTe 3a 3a~'bJI)J(eHH51Ta, rrpoH3THtiaW.H representative. OT ~eHCTBH51Ta Ha HefOBH51 rrpe~CTaBHTeJI.

6. JlHne, rrpe~JIO>KeHo 3a qneH Ha CoBeTa Ha 6. A person who is proposed to be a member of ~Hpei<TopHTe, e ~JI'b>I<HO rrpe~H H36HpaHeTo MY the Board of Directors shall, before being ~a yBe~oMH 06rn.oTo co6paHHe 3a yqacTHeTO CH elected, disclose to the General Meeting any B nproBCI<H ~py)J<ecTBa KaTo orpaHHtieHo participation in any companies as a partner with oTroBopeH Co~py>KHHK, 3a rrpHTe)J<aBaHeTo Ha limited liability, any interests of more than 25%

rroBetie oT 25% (~Ba~eceT H neT rrpoueHTa) oT (twenty-five per cent) of the share capital in I<arrHTaJia, KaKTO H 3a yqacTHeTo yrrpaBJieHHeTO Ha ~pyrH ~py)J(ecTBa

KoorrepanHH. KoraTo H51I<Oe OT

cn B other companies, as well as any participation in HJIH the management of other companies or co

Te3H operations. Where any of the abovementioned o6cT051TeJICTBa B'b3HHI<He, cne~ KaTo nnueTo e circumstances occurs after the person has been H36paHo 3a tiJieH Ha CoBeTa Ha ~npeKTOpHTe, TO elected for a member of the Board of Directors, e ~JI'b)J<HO He3a6aBHO ~a yBe~oMH rrncMeHo such a person shall immediately notify the

J..f3n'hJJHHTeJJeH ,1\HpeKTOp: ·;If;<) ..... (BeHuHcnasa AnThHOBa! Ventsislava Altanova)

r

06moTo co6paHHe. General Meeting in writing.

7. qneHoBeTe Ha Co BeTa Ha ,nHpeKTOpHTe ca 7. The members of the Board of Directors shall .nno>KHH .na yBe,noM.SIT nHcMeHo CoBeTa Ha notify the Board of Directors in writing, if they ,nHpeKTOpHTe, aKo Te HJIH CBop3aHH c T.SIX nm~a or related parties to them conclude agreements CKJII04BaT c ,lWy>KeCTBOTO .noroBopH, KOHTO with the Company that are outside its usual H3JIH3aT H3B'bH o6w-Iai1HaTa MY ,neHHOCT HJIH activities, or deviate significantly from the comecTBeHo ce OTKJIOH.SIBaT oT na3apHHTe market conditions. YCJIOBH.SI.

Article 25

KoMneTenTuocT Competence

1. CoBeThT Ha ,nHpeKTopiue e 3aKoHeH opraH Ha 1. The Board of Directors is a statutory body of ,lWy>KeCTBOTO, KOHTO ocomecTB.SIBa the Company, which shall be responsible for the onepaTHBHOTO yrrpaBJieHHe Ha ,lWy>KeCTBOTO H operative management and for the representation ro npe,ncTaBJI.SIBa. ofthe Company.

2. CoBeThT Ha ,nHpeKTOpHTe: 2. The Board ofDirectors shall: (a) OpraHH3Hpa H3ll'bJIHeHHeTO Ha (a) organise the execution of the resolutions perneHH.SITa Ha 06moTo co6paHHe; of the General Meeting;

(6) npHeMa nnai-IOBe, nporpaMH 3a (b) adopt plans and programs for the ,nei1Hocrra Ha ,lWy>KeCTBOTo; npHeMa 6IO,n>KeT H activities of the Company; adopt budget and 6H3HecnnaHoBe; npHeMa npaBHJia 3a pa6oTaTa business plans; adopt its internal rules of cH; operation; (B) pernaBa npH,no6HBaHeTO H (c) resolve on the acquisition and

OT4Y>I<,naBaHeTo Ha He,nBH>I<HMH HMOTH H BeiUHH expropriation of real estate and property rights npaBa B'bpXy He,[{BH>I<HMH HMOTH; over real estate;

(r) pernaBa llOJI3BaHe Ha Kpe,nHTH HJIH (d) resolve on taking credit or granting loans npe,nOCTaB.SIHe Ha Kpe,nHTH Ha TpeTH JIHIJ,a; to third parties;

(.n) pernaBa pa3rrope>K,naHeTO c aKTHBH, (e) resolve on the provision of assets, whose 4H.SITO o6ma CTOHHOCT rrpe3 TeKymam aggregate value, during the relevant calendar clmHaHCOBa ro,nHHa e Ha,n nonoBHHaTa OT year, does not exceed half of the assets value of CTOHHocrra Ha aKTHBHTe Ha ,lWy>I<eCTBOTO the Company as accounted in the latest certified cornacHo nocne,nHH.SI 3aBepeH ro,nHrneH annual financial statement; cpHI-Iai-lCOB OT4eT; (e) pernaBa noeMaHeTo Ha 3a,nomKeHH.SI HJIH (f) resolve on taking up obligations towards npe.nocTaB.SIHe Ha o6e3ne'IeHH.SI K'bM e,nHo JIHIJ,e or providing security to a single person or to

HflH K'bM CB'bp3aHH flHQa, lfiiHTO pa3Mep 11pe3 TeKy~aTa fO.[{HHa e Ha.[{ 110flOBHHaTa OT CTOHHOCTTa Ha aKTHBHTe Ha ,Z:Wy:>I<eCTBOTO cornacHo 11ocne.nHH.H 3asepeH ro.nmneH QJHHaHCOB OTqeT;

(>I<) pernaBa OTI<pHBaHe H 3ai<pHBaHe Ha I<flOHOBe H 11pe.[{CTaBHTenCTBa B CTpaHaTa H B qy:>I<6HHa;

(3) B3eMa perneHH51 110 B'b11pOCH CB'bp3aHH C opraHH3aQHOHHaTa CTPYKTypa H cTpyKTypaTa Ha 11epcoHana Ha ,Z:Wy>I<eCTBOTo;

related parties, whose value during the relevant financial year does not exceed half of the assets value of the Company according to the last certified financial statements;

(g) resolve on the establishment and closure of branches and representation offices in the country and abroad;

(h) resolve on matters organisational structure and structure of the Company;

related to the the persotmel

(11) 11pHeMa H 11pe.nnara 3a o.no6peHHe Ha (i) prepare the annual financial statements 06~oTo co6paHHe ro.nHIIlHH51 QJHHaHcos oTqeT of the Company and propose them to the Ha ,Z:Wy:>I<eCTBOTO H 11poeKTH 3a pelileHH51 oT General Meeting for approval, along with other KOMI1eTeHTI-IOCTTa Ha 06~oTO co6paHHe; draft resolutions, which are within the

competence of the General Meeting;

(I<) Ha3Haqasa 11pOI<ypHCTH HflH ThprOBCKH (j) appoint procurators or business 11'bflHOMO~I-IMQH Ha ,Z:Wy)I<eCTBOTO; representatives of the Company;

(n) B3eMa pelileHH51 110 scHqi<H B'b11pocH, (k) resolve on matters, related to the daily CB'bp3aHH c e)l(e.[{HeBHaTa .neiiHOCT Ha activities of the Company and the usual business ,Z:Wy>I<eCTBOTO H o6Hqai:fHaTa nproscKa activities of the Company, which, at the relevant .neH:HOCT Ha ,Z:Wy)l(eCTBOTO, KOHTO K'bM moment and according to the Board of C'bOTBeTHH51 MOMeHT cne.nsa .na 6o.naT, c11ope.n Directors, should be subject to the latter's CoBeTa Ha .nHpeKTOpHTe, 11pe.nMeT Ha Heroso resolution; pelileHHe;

(M) B3eMa pelileHH51 3a yqpe.[{51BaHe, (1) resolve on foundation, capital increase, ysenHqasaHe Ha Kai1HTana, 11po.na)l(6a HnH sale or winding-up of subsidiaries, by itself or 11pei<paT51BaHe Ha .[{'b~epHH .npy)I<eCTBa, after approval by the General Meeting, if caMOCT051TenHo HnH cne.n o.no6peHHe OT required by the applicable law; 06~0TO Co6paHHe, aKO 11pHfl0)1(HMH51T 3aKOH H3HCKBa TOBa;

(H) B3eMa pelileHH51 3a 11pe.nsapHTem1o (m) adopts resolutions for preliminary approval o.no6p51BaHe Ha sceKH .norosop Ha ,Z:Wy)I<eCTBOTO of each Company's agreement for more than Ha CTOHHOCT Ha.n 500 000 (11eTCTOTHH XHn51.[{H) BGN 500,000 (five hundred thousand) with one nesa c e.nHo nHQe, KaKTO H Ha .norosopH Ha counterparty, as well as of agreements with a o6~a CTOHHOCT Ha.n 500 000 (11eTCTOTHH total value exceeding BGN 500,000 (five

J13n'bJIHHTeJJeH ,1\HpeKTOp: ... ..... (BeHU.HCJJaBa AJJTbHOBal Ventsislava Altanova)

XHJ15r.lU1) nena c rpyna CBop3aHH nm.~;a no hundred thousand) with a group of related CMHC'bJia Ha § 1 oT )J,oii'bJIHHTeJIHHTe persons within the meaning of Paragraph 1 of

pa3nope.LJ;6H Ha ToproncKH5r 3aKoH; the Additional Provisions of the Commercial

Act; (o) pernaBa BCWIKH BoiipOCH, KOHTO He Ca (n) resolve on all matters, which do not lie npe,LJ;ocTaneHH B H3KJIIOt.rnTenHa KOMIIeTeHTHOCT within the exclusive competence of the General Ha 06rn;oTo co6paHHe. Meeting.

3. CoBeThT Ha .LJ;HpeKTOpHTe HMa npano, B cpoK 3. The Board of Directors shall have the right, .LJ;O 5 ro,LJ;HHH oT BIIHCBaHeTO Ha )J,py:>KeCTBOTO B within five years from the date of registration of ThproBCKH5r pemcThp, no cno5r co6cTBeHa the Company in the Commercial Register, at its npe[(eHKa, ,LJ;a yBeJIHqaBa KaiiHTana Ha own discretion, to increase the share capital to )J,py)KeCTBOTO, .LJ;OKaTO To if .LJ;OCTHrHe pa3Mep the amount of BGN 1 00 000 000 (one hundred 100 000 000 ( CTO MHJIHOHa) nesa, qpe3 million), by issuing new common or preference H3,LJ;asaHeTO Ha HOBH o6HKHoBeHH HJIH shares. The Board of Directors shall have the npHBHJierHposaHH aK[(HH. CoBeThT Ha right to determine the issuing value and the

.LJ;HpeKTOpHTe HMa npaso ,LJ;a onpe.LJ;emi number of the new shares of each new issue, as eMHCHOHHaTa cTOH:HocT H 6po5r Ha HOBHTe well as all other conditions of each particular ai<[(HH OT BC5II<a HOBa eMHCH5l, I<aKTO H .LJ;pyrH capital increase. BCHqKH YCJIOBH5l Ha BC5II<O KOHKpeTI-IO ysenHqeHHe Ha I<armTana.

4. CoseTOT Ha .LJ;Hpei<TOpHTe HMa npaso, B cpoi< 4. The Board of Directors shall have the right, .LJ;O 5 ro,LJ;HHH OT BIIHCBaHeTO Ha )J,py:>KeCTBOTO B within 5 years from the date of registration of Thprosci<H5r pemcThp, ,LJ;a pernasa H3,LJ;aBaHeTo the Company in the Commercial Register, to Ha o6HKHOBeHH HJIH KOHBepTHpyeMH o6nHra[(HH resolve on the Issuance of common or .LJ;O o6m pa3Mep OT 25 000 000 (.LJ;Ba,LJ;eceT H neT convertible bonds to the total amount of up to MHJIHOHa) espo HJIH paBHOCTOH:Hocrra MY B 25 000 000 (twenty five million) euro or its nesa. CoBeThT Ha .LJ;Hpei<TOpHTe HMa npaso ,LJ;a equivalent in BGN leva. The Board of Directors onpe,LJ;eJ15l eMHCHOHHaTa CTOHHOCT H 6po5r Ha shall have the right to determine the issuing HOBHTe o6nHra[(HH OT BC5ri<a HOBa eMHCHSI, price and the number of the new bonds of each KaKTO H BcHqKH .LJ;pym ycnoBHSI Ha o6nHra[(HHTe new issue, as well as all other conditions H H3,LJ;aBaHeTO H npe,LJ;naraHeTO Ha BCSIKa HOBa regarding the bonds and the issuance and eMHCHSI. offering of any new issue.

5. CoBeThT Ha .LJ;Hpei<TopHTe HMa npaso, B cpoK 5. The Board of Directors shall have the right, .LJ;O 5 ro.LJ;HHH OT smrcsaHeTo Ha )J,py)J<eCTBOTO B within 5 years from the date of registration of ThproscKHSI perHCThp, .LJ;a pernasa H3,LJ;asaHeTo the Company in the Commercial Register, to Ha sapaHTH no CMHC'bJia Ha § 1, T. 4 OT )J,P Ha resolve on the issuance of warrants, as defined in 3ai<oHa 3a ny6nHqHoTo npe,LJ;naraHe Ha [(eHHH § 1, item 4 of the SP of Law on Public Offering KHmi<a. of Securities.

Ilpasa H Ja.r.'bJIJKeHHH ua 'IJienoseTe ua CbBeTa na .r.HpeKTopHTe

Article 26

Rights and obligations of the Board of Directors

1. qneHoBeTe Ha Cosera Ha ,n11peKrop11re 11MaT 1. The members of the Board of Directors shall e,nHaKBH npasa H. Ja,nomKeHI151, HeJaBH.CHMO oT have the same rights and obligations, B'bTpemHOTO pa3npe,neneHH.e Ha cpyHI<I~HH.Te HM. irrespective of their internal distribution of Te ca .nm~)KHH ,na H3n'hnH51BaT 3a,nomKeHH.51Ta cH. functions. The Board members shall perform B 11HTepec Ha ,Z:Wy)l(eCTBOTO 11 ,na naJ51T their obligations in the interest of the Company n proBCKHTe TaHHH Ha ,Z:Wy)KeCTBOTO H. cne.n and keep the commercial secrets of the KaTo npecTaHaT ,na 6o,naT qneHose Ha CoBeTa Ha Company after they cease to be members of the ,nupeKTOpH.Te. Board of Directors.

2. qneHoBeTe Ha Cosera Ha ,nHpeKTOpH.Te H51MaT 2. The members of the Board of Directors shall npaso OT csoe unH OT qy)l(_no H.Me ,na H3BopmsaT not on their own or on a third party's behalf nproBCK11 c,nenKu, ,na yqacTBaT B nproscKH. enter into commercial transactions, participate in ,npy)KeCTBa KaTo HeorpaHH1feHo oTrosopHH any company as partners with unlimited co,npy)KHHQH, KaKTO H. ,na 6o,naT npoKypHCTH, liability, as well as be procurators, managers or

ynpaBI1TenH unH qneHoBe Ha cosera Ha ,npym members of other Boards of other companies or ,npy)KeCTBa 11n11 KoonepaQI111, KoraTo ce co-operations, where activities are carried out, H.3BopuiBa KOHKypeHTHa ,neiiHOCT Ha which are competitive to those of the Company. ,Z:Wy)KeCTBOTO. Tosa orpaHH1feHHe He ce These restrictions shall not apply, as long as the npHnara, aKo 06~oTo co6paHH.e e .nano General Meeting has given its express consent. 113pHliHOTO CH C'brnacH.e.

Pa3npet:~:eJienHe na «J>ynKUHHTe Me~y 'IJienoseTe na C'hBera na .r.HpeKTOpHTe

Article 27

Distribution of the functions among the members of the Board of Directors

1. CosenT Ha ,n11peKTOpHTe npHeMa npasH.na Ja 1. The Board of Directors shall adopt rules on its CB051Ta pa6oTa 11 113611pa 113Me)l<,ny qnei-IoBeTe CH work and elect among its members a Chairman npe,nce,naTen 11 3aMeCTHHK-npe.nce,naTen. and a Vice-Chairman.

2. CosenT Ha ,n11peKTop11re MO)I<e ,na .nenempa 2. The Board of Directors may delegate the ynpasneH11ero Ha ,Z:Wy)l(eCTBOTO Ha e,nuH unu management of the Company to one or more of noseqe or CBOH.Te qneHose - 113ll'bnHHTemm its members - executive directors, who shall ,nupeKropu, KOHTO ,na ynpasmmaT ,Z:Wy)l(eCTBOTO manage the Company in accordance with the cornacHo pemeHH51Ta Ha CoBeTa Ha resolutions of the Board of Directors. The ,nupeKTOpH.Te. lbrronHHTenHH.Te ,nH.peKTOp11 executive directors shall at all times be less than BHHarH ca rro-ManKo or ocTaHanH.Te qneHoBe Ha the rest of the members of the Board of CoBeTa Ha ,nupei<ropHTe. Directors.

I13WbJIHHTeJieH ~Hpei<Top: .... . ·~;;rzz;BeHU.HCJlaBa AJJThHOBal Ventsislava Altanova)

3. CnBenT Ha .URpeKTOpRTe MO>Ke no BCSIKO 3. The Board of Directors shall be able to

BpeMe .ua rrpoMeHR pa:mpe.uenei-meTO Ha change the distribution of functions among its cpyHKqRRTe Me>K.UY qJieHOBeTe cR. members at any time.

4. He3aBRCRMO OT pa3npe.ueneHReTo Ha 4. Regardless of the distribution of the functions c]>yma.(RRTe BCH'L[KH qJieHoBe Ha CnBeTa Ha all members of the Board of Directors shall have .URpeKTOpRTe RMaT paBHR npaBa R 3a.unmi<eHR.si. equal rights and obligations.

qneu 28 Article 28

lfJn'LJIHHTeJiun .uupeKTopu. llpoKypncTn. Executive directors. Procurators .

1. l13JI'bJIHRTeJIHR.siT( Te) .URpeKTop(R) 1. The executive director(s) shall be responsible OC'hiiJ,eCTB.sma(T) onepaTRBHOTO ynpaBJieHRe Ha for the operative management of the Company. ,[Wy>KeCTBOTO.

2. l13n'hJIHHTeJIHR.siT .URpeKTop e .UJI'b)l(eH no 2. The Executive Director shall be obliged at all

BC.siKO BpeMe He3a6aBHO .ua CBRKa 3ace.uaHRe Ha times to immediately convene a session of the CnBeTa Ha .URpeKTOpRTe R .ua .UOKJia,nBa Board of Directors and to report of any HaCThm'IJIR 06CTO.siTeJICTBa, KORTO Ca C'hiiJ,eCTBeHO 3Ha'L[eHRe 3a ,[Wy>I<eCTBOTO.

OT circumstances that are of significant importance to the Company.

3. CnBeThT Ha .URpeKTOpRTe MO>I<e .ua Ha3HaqR R 3. The Board of Directors may appoint and ynnJIHOMOIIJ,R rrpoKypRcT no pe.ua Ha 'L[Jl. 21 R authorize a procurator pursuant to Art. 21 and cn. OT TnproBCKH.si 3aKoH. OanacT.siBaHeTo Ha the following of the Commercial Act. The

npoi<ypRcTa MO>I<e .ua 6n.ue orrerneHo no BCSIKO authorization of the procurator may at any time BpeMe oT CnBeTa Ha .URpeKTopRTe. be withdrawn by the Board of Directors.

3. C'LBenT Ha .URpeKTOpRTe OBJiacT.siBa 3. The Board of Directors authorizes the l13n'hJIHRTeJIHR.si .UHpeKTop .ua npe.ucTaBJI.siBa Executive Director to represent the Company. In ,[Wy)l(eCTBOTo. B cnyqaif, qe e Ha3HaqeH case a procurator is appointed, the Company npoi<ypRCT, ,[Wy>I<eCTBOTO ce npe.ucTaBJI.siBa shall be represented jointly by the Executive C'hBMeCTHO OT l13n'hJIHRTeJIHR.si .UHpei<Top R OT Director and the procurator unless the Board of npoKypHCTa, ocBeH aKo CnBeThT Ha Directors resolves otherwise. The Board of .URpeKTOpRTe He e onpe.ueJIRJI .upyro B Directors may specify a range of transactions, perneHReTO CR. CnBenT Ha .URpeKTOpRTe MO)l(e for which a prior authorisation by the Board of .ua orrpe.uenR Kpbr OT c.ueJIKH, 3a cKmoqBaHeTO Directors shall be required for the authorised Ha KOHTO OT CTpaHa Ha representative(s) to conclude them. npe.ucTaBJIHBaiiJ,H.si/npe.ucTaBJI.siBaiiJ,HTe e He06XO.URMO npe,UBapRTemiO pa3perneHRe Ha CnBeTa Ha .URpei<TOpHTe.

Article 29

3ace,!J.aHHH Ha C'hBeTa Ha ,ll.HpeKTOpHTe Meetings of the Board of Directors

1. CosenT Ha .n11peKTOp11Te ce co611pa Ha 1. The Board of Directors shall meet for regular pe.nosHo 3ace.naHI1e Haii-Ma.JIKO se.nH'h)K Ha Tp11 meeting at least once every three months, in Meceu:a, 3a .na o6C'h,!J.I1 C'bCTO.HI-meTo 11 order to discuss the condition and the pa3BI1TI1eTo Ha ,Z:Wy)l<eCTBOTO, ocseH aKo development of the Company, except if any comecTsysaT rrp11qm-m, Ha.Jiaram11 HerosoTo reasons require its extraordinary convocation 113BbHpe.nHo CBI1KBaHe 11 ce rrpose)K_na Ha a.npeca and shall be held at the address of management Ha yrrpasneHI1e Ha ,Z:Wy)KeCTBOTO 11n11 Ha ,u:pyro of the Company or at another place in Bulgaria. M.HCTO s Eonrap115I.

2. BceK11 e,u:11H OT qneHoseTe Ha CoseTa Ha 2. Any one of the members of the Board of .D:11peKTOp11Te MO)l(e ,u:a CBI1Ka 3ace,u:aHI1e Ha Directors may call a meeting of the Board. At

CoseTa Ha .n11peKTop11Te. CosenT Ha least five business days' notice of each Board ,u:11peKTOp11Te ce CBI1KBa Ha 3ace,u:aHI1e c rroKaHI1, meeting shall be given to each member of the 113rrpaTeHI1 ,u:o sceim oT qneHoseTe Ha CoseTa Board of Directors. The notice shall be Ha .D:11peKTOp11Te HaM-KbCHO 5 pa6oTHI1 .D:HI1 accompanied by an agenda of all the business to rrpe,u:11 ,u:aTaTa Ha 3ace,u:aHI1eTo. IToKaHaTa be transacted at the meeting (specifying in cne.nsa .n:a 6o.ne rrp11,u:ppKeHa oT ,u:HeseH pe.n: Ha reasonable detail the matters, and copies of any 3ace,u:aHI1eTO (ymqH.Hsam s ,u:ocTanqHa cTerreH papers, to be discussed). A shorter period of BbiipOCI1Te 3a pa3rJie)l(,u:aHe, 3ae,u:Ho c KOIII15l Ha notice of a meeting of the Board of Directors ,u:oKyMeHTI1Te, KOI1TO rro,u:ne)KaT Ha o6Co)K,U:aHe). (including any reconvened meeting) may be

ITo-KpanK rrep11o,u: 3a yse,u:oMneHI1e given if all members of the Board of Directors (sKmoqi1TeJIHO 11 3a IIOBTOpHo CBI1KBaHe Ha entitled to attend and vote agree in writing to a 3ace,u:aHI1e) MQ)Ke .u:a 6o.ne rrpe.ns11,u:eH, caMo aKO shorter period of notice, or if all members of the sceKH qneH Ha CoseTa Ha ,u:HpeKTOp11Te, KOMTO Board of Directors attend such meeting 11Ma rrpaso ,u:a rrp11C'bCTBa Ha Tosa 3ace,u:aHI1e, e notwithstanding a shorter period of notice and

,u:a.JI III1CMeHOTo c11 cornac11e, 11JII1 aKo sc11qK11 agree to a shorter period of notice at such qneHose Ha CoseTa Ha ,U:11peKTOp11Te meeting. rrp11C'hCTBaT Ha 3ace,u:aHI1eTo cne.n: rronyqasaHeTo Ha yse.n:oMJieHI1e 3a rrpose)l(,u:aHeTo MY c rro-KpanK CpOK H Ce CbfJiaC.HT Ha M5ICTO.

3. 3ace,u:aHH.HTa Ha Co BeTa Ha ,u:HpeKTOpHTe 3. The meetings of the Board of Directors may MoraT ,u:a 6o,u:aT pe,u:osHo rrpose)K,U:aH11, Koram be validly held where at the respective meeting Ha C'hOTBeTHOTO 3ace,u:aHI1e rrp11CbCTBaT the number of members of the Board of Heo6xo,u:HMI15l 3a B3eMaHe Ha pemeHH5l 6poi1 Directors, required for the adoption of qneHose Ha CoseTa Ha ,u:HpeKTOp11Te resolutions, are present (physical attendance). (rrp11CbCTBeHo yqacTHe). 3ace,u:aHH5ITa Ha The meetings of the Board of Directors may be CoseTa Ha .D:11peKTOpHTe MoraT ,u:a 6o,u:aT validly held also where such members are pe,u:osHo rrpose)K,U:aHI1 11 Koram Te311 qneHose ca connected through a telephone conference call CBbp3aHH rroMe)K.fl:Y c11 qpe3 KoH<PepeHTeH or other similar means that ensures real time Teneq>oHeH pa3rosop HJII1 ,u:pyr rro,u:o6~YH Ha'-mH, communication between them (remote

KOHTO ocHryp.sma Bp'b3Ka noMe)l{.n:y HM B peariHO attendance), provided that all persons speMe (.n:HcTaHUHOHHO yqacTHe), npH ycnosHe, participating in the meeting are able to hear and qe scw-IKH nHua, yqacTsaruH s 3ace.n:aHHeTo, ca speak to each other throughout the meeting. A

B C'bCTO.siHHe .n:a ce qysaT H .n:a prorosapn member of the Board of Directors so noMe)l<.n:y CH no speMe Ha 3ace.n:aHHeTo. qneH Ha participating shall be deemed to be present in C'bseTa Ha .n:HpeKTopHTe, KOHTO yqacTsa B person at the meeting and shall be counted in a 3ace.n:aHHeTo no T03H HatiHH ce ClfHTa 3a nHl.JHO quorum. Such a meeting shall be deemed to take npHC'bCTsaru Ha 3ace.n:aHHeTO H ce BKmol.JBa B place at the registered office of the Company. KsopyMa. TaKosa 3ace.n:aHHe ce ClfHTa npose.n:eHo Ha a.n:peca Ha ynpasneHHe Ha .n:py)l{eCTBOTO.

4. C'bsenT Ha .n:HpeKTOpHTe MO)I<e .n:a B3HMa 4. The Board of Directors shall also be entitled perneHH.si H 6e3 .n:a 6'b.n:e npose)K.n:aHo 3ace.n:aHHe, to adopt resolutions without holding a meeting qpe3 UHpKyn.s~pHH nHcMa, s cnyqaii qe: through circular letter, provided that:

• HHKoii oT qneHoBeTe Ha C'bseTa He ce npOTHBOnOCTaBH Ha Ta3H npoue.n:ypa;

• npe.n:nQ)KeHoTo perneHHe 6'b.n:e npe.n:cTaBeHO B nHCMeH BH.ll: Ha BCeKH t.JneH;

• BCHlfKH qneHose Ha C'bseTa ce no.n:nHrnaT B no.n:Kpena Ha TaKosa nHCMeHO perneHHe.

• no member of the Board of Directors objects to such procedure;

• the proposed decision is presented to each member in writing;

• all members of the Board of Directors sign their name in support of such written decision.

5. Haii-K'bCHO .n:o 3anoqsaHe Ha 3ace.n:aHHeTo 5. Not later than the beginning of the meeting a qneH Ha C'bseTa Ha .n:HpeKTOpHTe e .n:n'b)KeH .n:a member of the Board of Directors shall inform yse.n:oMH nHCMeHo Ilpe.n:ce.n:aTemr, qe Toii HnH in writing the Chairman of the Board that he/she CB'bp3aHo c Hero nHue e 3ai-mTepecysaH/o OT or a person related thereto is interested in an nocTaBeH Ha prorne)l{.n:aHe B'bnpoc H He yqacTsa issue included in the agenda and he/she does not B'bB B3eMaHeTO Ha perneHHe. vote upon the taking of the decision.

6. 3a BC.siKO 3ace.n:aHHe Ha C'bseTa Ha 6. For each meeting of the Board of Directors .n:HpeKTOpHTe ce so.n:H npoTOKon, KOHTO ce minutes shall be recorded, which shall be stored c'bxpaH.s~sa B cneuHaJIHa KHHra 3a cpoK He no- in a designated book for a period of not less than KpanK OT neT ro.n:HHH. IlpoTOKOn'bT ce five years. The minutes shall be signed by all no.n:nHcsa OT BCHlfKH yqacTBaJIH qneHose HnH oT attending members or by their representatives, as TeXHHTe n'bnHOMOIUHHUH, KaTo ce oT6en.si3Ba the manner of voting of anyone of them on the KaK e rnacysaJI sceKH OT T.siX no prorne)l<.n:aHHTe agenda is indicated. B'bnpOCH.

Article 30

KnopyM u MHOJHHCTBO Quorum and majority

.... .. (BeHJ..twcnasa AnThHosa/ Ventsislava Altanova)

~

1. CnBeThT Ha .D.HpeKTopi.i:Te He MO)Ke .n.a npHeMa 1. No decisions shall be taken at any meeting of perneHH.si aKo He e HaJIHUe KBopyM npH the Board of Directors unless a quorum is OTKpHBaHe H no BpeMe Ha 3ace.n.aHHeTO Ha present at the beginning of and throughout such CnBeTa Ha .D.HpeKTOpHTe. KBopyM 3a B3eMaHe Ha meeting. The quorum for taking decisions at a perneHHe Ha 3ace.n.aHHe Ha CnBeTa I-Ja meeting of the Board of Directors shall be met if .D.HpeKTOpHTe e HaJIHUe aKo Ha 3ace.n.aHHeTO at least 3/5 of the members of the Board of npHC'bCTBaT HJlH ca npe.n.cTaBJl.siBaHH Haif-MarrKo Directors are present or represented at the 3/5 OT qneHOBeTe Ha CnBeTa Ha .D.HpeKTOpHTe. meeting. If a quorum is not present within half TipH nHnca Ha KBopyM B npo.n.nmKeHHe Ha an hour from the time appointed for the meeting nonoBHH qac oT onpe.n.eneHH.si HaqarreH qac Ha of Board of Directors, or if during a meeting of

3ace.n.aHHeTO Ha CnBeTa Ha .D.HpeKTOpHTe HnH the Board of Directors a quorum ceases to be aKo no BpeMe Ha 3ace.n.aHHeTO Ha CnBeTa Ha present, the meeting shall be adjourned for 5

.D.HpeKTOpHTe KBopyMnT cna.n.He, 3ace.n.aHHeTo ce (five) Business Days on the basis that it shall be oTnara c 5 (neT) pa6oTHH .D.HH, KaTO ce CBHKBa reconvened on the relevant day at the same time OTHOBO Ha CnOTBeTHH.H .n.eH, no Cnl.I.I;OTO BpeMe H and place, unless otherwise detetmined by the Ha cnrn;oTo M.siCTo, ocBeH aKo He 6n.n.e Chairman. The same quorum requirements shall onpe.n.eneHo .n.pyro oT Tipe.n.ce.n.aTen.si. Cnrn;HTe apply to the reconvened meeting. If, at the H3HCKBaHH51 3a KBopyM ce np1maraT no reconvened meeting, a quorum is not present OTHorneHHe Ha noBTOpHo CBHKaHoTo 3ace.n.aHHe. within half an hour from the time appointed for AI<o Ha noBTOpHo CBHI<aHoTo 3ace.n.aHHe He e such reconvened meeting, or if a quorum ceases

HaJIHUe I<BopyM B npo.n.nmi<eHHe Ha nonoBHH to be present duting the reconvened meeting, the qac oT onpe.n.eneHH.si HaqarreH qac 3a noBTOpHo reconvened meeting shall be dissolved. CBHI<aHOTO 3aCe.D.aHHe HJlH aKO no BpeMe Ha nOBTOpHO CBHKaHOTO 3aCe.D.aHHe KBOpyMnT cna.n.He, 3ace.n.aHHeTo ce npeKpaT.siBa.

2. BceKH qneH Ha CnBeTa Ha .D.HpeKTOpHTe, 2. Any member of the Board of Directors who

KOHTO He MO)Ke .n.a npHCnCTBa JlHlfHO Ha cannot personally attend a meeting of the Board 3ace.n.aHHe Ha CnBeTa Ha .n.HpeKTopHTe, MmKe .n.a of Directors may authorize any other member of ynnnHoMorn;H .n.pyr qneH Ha CnBeTa. qneH Ha the Board of Directors. A member of the Board

CnBeTa Ha .D.HpeKTOpHTe He MO)Ke .n.a of Directors cannot represent more than one npe.n.cTaBJl.HBa noBelfe OT e.n.HH OTC'DCTBarn; qneH. absent member.

3. PerneHH.siTa ce B3eMaT c MH03HHCTBO OT 3. Resolutions shall be adopted by a simple noBeqe OT nonoBHHaTa OT BCHlfKH qneHOBe Ha majority of more than half of all members of the

CnBeTa Ha .D.HpeKTopHTe, ocBeH aKo T03H Y cmB Board of Directors, unless these Articles or the HnH npHnmKHMH.HT 3aKOH He H3HCKBaT no- applicable law require higher majority or BHCOKO MH03HHCTBO HJlH e.n.HHo.n.yrnHe. unanimity. Resolutions pursuant to Art. 25, Para PerneHH.siTa no lfJl. 25, arr. 2, 6. ,.n." H ,e" ce 2, items "e" and "f' shall be adopted by the npHeMaT oT CnBeTa Ha .D.HpeKTOpHTe c Board ofDirectors unanimously.

e.D.HHO.ll.YlllHe.

. ... (BeHUMCnasa AnThHOBal Ventsislava Altanova)

4. I1p11cocTaam11Te • 11 ,ni1CTaHI..~I10HHO lJJieHOBe Ha ,ll11peKTOp11Te ce TpeT11paT

yqacTBaiU11Te 4. The members who are present and those who CoaeTa Ha participate in a meeting remotely shall be treated

e,nHaKBO rrp11 equally when quorum and majorities are orrpe,nemiHeTO Ha KBOp)'M 11 MH0311HCTBa. calculated.

5. B HaH-KpaTKI1SI pa3)'MeH cpoK ITpe,nce.nareJISIT 5. The Chairman shall inform the member who

11H<J>opM11pa lJJieH Ha CoaeTa Ha .n11peKTOp11Te, has been absent and has not been represented at KOHTO e OTC'hCTBaJI 11 He e 611n rrpe.ncTaBJISIBaH the previous meeting about the contents and Ha rrpe,nl1lllHOTO 3ace,naHI1e 3a co.nop)I<aHI1eTo 11 decisions of that meeting as soon as reasonably pe3ynTaTI1Te or Toaa 3ace,naHI1e. 3a Ta311 1\eJI e possible. For this purpose it will be sufficient if .nocTaTh'lHO ITpe,nce,naTeJISIT .na oc11ryp11 T0311 the Chairman arranges for this member to lJJieH .na rronyt.IH Korr11e oT rrpoToKona 3a receive a copy of the minutes of such previous CbOTBeTHOTO 3ace,naHI1e. 0TcbCTBai.U11Te 11JII1 meeting. Members either absent or present at a rrp11C'hCTaamuTe rra 3ace,naHI1SITa Ha CoaeTa Ha meeting of the Board of Directors may at any ,n11peKTOp11Te qneHoae MoraT no BCSIKO apeMe .na time request a copy of the minutes of the 11311CKaT KOIIHe OT rrpOTOKOJia 3a CbOTBeTHOTO respective meeting. 3ace,naHI1e.

B'h31-IarpaiK,ll;eHue u rapaHIJ,HB 3a

ynpaBJieHHCTO. 0TfOBOpHOCT

Article 31

Remuneration and management guarantee. Liability

1. Bo3Harpa)l<.neHI1eTo Ha 'lJieHoBeTe Ha CoaeTa 1. The remuneration of the members of the Ha .nupeKTOpHTe, c 113KJIIO'!ei-me Ha Toaa Ha Board of Directors, except that/those of the l13II'hJIHI1TemmSI/¥hrroJIHI1TeJIHI1Te .nupei<Top(11), Executive Director(s), shall be determined by ce onpe.nenSIT OT 06moTo co6paHHe. C the General Meeting. The resolution of the pellleHI1eTo cu 06moro co6paHI1e orrpe.nenSI General Meeting shall specify both the amount KaKTO pa3Mepa Ha Bb3Harpa)l(,neHI1eTo, TaKa 11 of the remuneration, and the rules for its rrpaBHJiaTa, B CbOTBeTCTBI1e C K011TO TO me ce payment.

3arrnama.

2. BceKI1 qneH Ha CoaeTa Ha ,n11peKTOp11Te .naaa 2. Each member of the Board of Directors shall rapaHI.(I1SI 3a caoeTo yrrpaaneHI1e a pa3Mep, give a guarantee for their management, in an orrpe.neneH oT 06moTo co6paHue, HO He no amount determined by the General Meeting, but MaJIKO oT Tp11MecelJHOTO 6pyrHo not less than the three months gross Bb3Harpa)l(,lleHI1e Ha CbOTBeTHI1Sl lJJieH. fapaHI.(I1SITa MO)Ke ,na 6o,ne BbB <J>opMaTa Ha

remuneration of the respective member. The guarantee may be in the form of deposited

Ha shares or bonds of the Company. ,neii0311paHI1 aKI.(1111 11JII1 o6n11ral.(l1l1 ,[{py)KeCTBOTO.

3. qJieHoBeTe Ha Co BeTa Ha .ll.HpeKTOpHTe HOC SIT 3. The members of the Board of Directors shall coJIH)l.apHa oTrOBOpHOCT Ja Bpe)l.HTe, I<OHTO ca bear joint and several liability for the damages rrpHqmmJIH BHHOBHO Ha ,[UJy>I<eCTBOTO. BceKH they have culpably caused to the Company. oT qJieHOBeTe MO)I<e )l.a 6n)l.e ocBo6o)l.eH OT Each member may be relieved from liability by oTroBopHOCT c perneHHe Ha 06moTo cn6paHHe, a resolution of the General Meeting, once it has cJie)l. I<aTo ce ycTaHOBH, qe C'hOTBeTHHSIT qJieH been established that the respective member has HSIMa BHHa Ja HacTDITHJIHTe Bpe)l.H. OcBeH TOBa, no fault for the caused damages. In addition, ai<UHOHepHTe, rrpHTe)I<aBaiUH rroHe 10% (.ll.eCeT shareholders who hold more than 10% (ten per rrpoueHTa) oT KarrHTaJia Ha ,[UJy)I<eCTBOTO, MoraT cent) of the share capital of the Company may )l.a rrpe)l.SIBSIT HCI< rrpe.ll. KOMrreTeHTHHSI C'h.ll. Ja raise a claim before the competent court for rrpHBJIHqaHeTo I<'hM oTroBOpHOCT Ha qJieHOBe Ha engaging the responsibility of the members of CnBeTa Ha .ll.Hpei<TOpHTe Ja Bpe)l.H, rrpHqHHeHH the Board of Directors for damages they have

Ha .[UJy)I<ecTBOTo. caused to the Company.

Article 32

JIHBeCTH~HOHeH KOMUTeT Investment Committee

KnM CnBeTa Ha )l.HpeKTOpHTe Mmi<e )l.a 6n)l.e To the Board of Directors could be elected an C'h3)1.a)l.eH I1HBeCTHUHOHeH I<OMHTeT B cncTaB oT Investment Committee, consisting of 3 (three) to 3 (TpHMa) )1.0 9 (.ll.eBeTHMa) qJieHoBe, 9 (nine) members, including also representatives

BI<moqHTeJIHO H rrpe.ll.CTaBHTeJIH Ha of the shareholders, and whose powers shall be ai<UHOHepHTe, H qHHTO rrpaBOMOIUHSI ce determined by the Board of Directors. orrpe)l.eJISIT OT CnBeTa Ha )l.Hpei<TopHTe.

P A3,LI;EJI IV SECTION IV WOH,LI;OBE FUNDS

qJieH 33 Article 33

WOHJJ; "PeJepseu" Reserve Fund

1. ,npy)I<eCTBOTO o6paJyBa cpOH.ll. "Pe3epBeH", 1. The Company shall maintain a Reserve Fund, I<ai<TO H .ll.pyrH cpoH)l.OBe, rrpe)l.BH)l.eHH B as well as other funds, provided for in the )l.eHCTBaiUHTe HOpMaTHBHH ai<TOBe. legislation in force.

2. I13ToqHHUH Ha cpoH)l. "Pe3epBeH" ca: 2. The sources of the Reserve Fund shall be: oTqHcJieHHSI OT rreqan6aTa, HO He rro-MaJII<o oT parts of the profit, which shall not be less than 10% (.ll.eceT rrpoueHTa) OT HeSI, )l.OKaTo 10% (ten per cent) thereof until the funds in the cpe)l.CTBaTa B'hB cpoH)l.a )l.OCTHrHaT )1.0 10% Reserves Fund reach 10% (ten per cent) of the (.ll.eCeT rrpoueHTa) OT KarmTana; cpe)l.CTBaTa, share capital; the premium from issued shares rroJiyqeHH Ha)l. HOMHHaJIHaTa CTOHHOCT Ha and bonds, as well as other sources, provided for aKUHHTe H o6JIHraUHHTe rrpH HJ)l.aBaHeTo HM; in these Articles, the legislation in force, or by a I<aKTO H .ll.pyrH H3ToqHHUH, orrpe)l.eJieHH B T03H resolution of the General Meeting.

H3nbJIHHTeneH AHpeKTop: .....

ycraB, npe.UBH.Uemr B .ueifcTBamoro 3aKOHO)J,aTenCTBO, HJIH ITO perneHHe Ha 06ru;OTO co6pa1me. 3. Cpe.ucrBaTa or cpoH.U "Pe3epBeH" Morar .ua ce 3. The funds in the Reserve Fund shall be solely H3nomBaT caMo 3a noKpHBaHe Ha ro.uHrnHaTa used for covering annual loss or loss from the 3ary6a HnH Ha 3ary6H or npe.uxo.uHaTa ro.UHHa. preceding year.

4. B cnyqaif t.Ie cpoH.u "Pe3epBeH" Ha.UXBopnH 4. Where the funds in the Reserve Fund exceed

10% (.uecer npou:eHra) or KanHTana Ha 10% (ten per cent) of the share capital of the .Z:WY>I<eCTBOTO, no perneHHe Ha 06ru:oro Company, such excess may, upon a resolution of co6paHHe no-roneMHSIT pa3Mep MO>Ke .ua 6o.ue the General Meeting, be used for increasing the H3nomBaH 3a yBenHt.IaBaHe Ha KanHTana Ha share capital ofthe Company .

.Z:WY>I<eCTBOTO.

PA3m:JIV rO,L(liiDHO TIPHKJIIOqBAHE II

P A3TIPE,L(EJIEHHE HA TIEqAJIIiATA

qJieu 34

roAHWHO npHKJIIO'IB3He

SECTIONV

ANNUAL CLOSING AND DISTRIBUTION

OF PROFIT

Article 34

Annual closing

1. E>I<ero.uHo .uo KpaSI Ha Meceu: cpeBpyapH 1. Every year, by the end of February, the Board CoBeThT I-Ia .UHpeKTOpHTe cocTaBSI ro.uHrneH of Directors shall prepare an annual financial qmHaHCOB OT'-IeT H .uoKna.u 3a .ueifHocrra Ha statement and an annual report for the activities ,apy>I<ecTBOTO npe3 H3TeKnara ro.UHHa. of the Company during the past year. The report ,[(oKna.uoT 3a .ueifHocrra HHcpOpMaU:HSITa, npe.UBH)J,eHa B ToproBCKHSI 3aKOH.

C'h.Uop>I<a for the activities shall contain the information, t.In. 247 or provided for in Article 247 of the Commercial

Act.

2. ro.uHrnHHSIT <]mHaHCOB OTt.IeT ce npe.ucraBSI 3a 2. The annual financial statement shall be npoBepKa Ha Ha3Hat.IeH OT 06moro co6paHHe presented for audit by the registered auditor or perHcTpHpaH O.UHTop HnH O.UHTOpCKO the specialised audit company, appointed by the npe.unpHSITHe. ITpoBepKaTa HMa 3a u:en .ua General Meeting. The audit shall examine ycraHOBH .uanH ca cna3eHH H3HCKBaHHSITa 3a whether the requirements of the annual closing ro.uHrnHoTo npHKJIIOt.IBaHe cornacHo have been observed according to the applicable npHnO>I<HMOTO ct.IeTOBO.UHO 3aKoHo.uarencTBO H accounting laws and these Articles. T0311 ycraB.

3. Pemcrp11paHI1.SIT ' 0.[{11TOp,

0,[{11TOpCKOTO rrpe.[{rrp11.SITI1e, pecrreKTI1BHo 3. The registered auditor, or, respectively, the

O(popM.SI specialised audit company, shall produce the

pe3ynrar11re or rrpoaepKara a rri1CMeH rO.[{I1IIIeH results of the audit as a written annual report, .[{OKnM, KOMTO rrpe.[{OCTaB.SI Ha Coaera Ha which shall be delivered to the Board of

.[{11peKTOp11Te. Directors .

4. Cne.[{ rronyl!aBaHe Ha ro,[{I1IIIH11.SI .[{OKna.[{ Ha 4. After receiving the annual report of the per11crp11paH11.SI O.[{I1Top, pecrreKTI1BHO registered auditor, or, respectively, the O.[{I1TopcKoTo rrpe.[{rrp11.SITI1e, Coaenr Ha specialised audit company, the Board of .[{11peKrop11Te rrp11eMa peiiieHI1e 3a CBI1KBaHe Ha Directors shall adopt a resolution for the 06IIJ,o co6paHMe, Ha Koero ocaeH ropH11.SI convocation of a General Meeting. The Board of .[{OKna.[{, rrpe.[{OCTaB.SI 3a O.[{o6peHI1e 11 ro.[{I1IIIHI1.SI Directors shall submit for approval by the cp11HaHCOB OTl!eT 11 ,[{OKna.[{a 3a ,[{eMHOCTTa ITO T.

1.

General Meeting both the abovementioned auditor' s report and the activities report under paragraph 1.

5. I1poaepeHI1.SIT 11 rrp11er or 06IIJ,oro co6paHI1e 5. The audited financial statement, approved by ro.[{I1IIIeH cp11HaHCOB OTl!eT ce rrpe.[{cTaB.SI 3a the General Meeting, shall be filed for o6.SIB.SIBaHe a ToproBCKI1.SI pemcnp. announcement in the Commercial Register.

qJieH 35 Article 35

PaJnpe,LJ;eJieHHe Ha neqan6a H HJDJiam.aHe Ha Distribution of profit and payout of dividends

,li;HBH,LJ;eHTH

1. Cne.[{ rrpi-IeMaHeTo Ha ro.[{I1IIIHI1.SI cp11HaHcoa 1. After the approval of the annual financial orqer 11 cne.n peiiieHMe Ha 06IIJ,oTo co6paHMe 3a statement and after a resolution of the General pa3rrpe.neneHI1e Ha rrel!an6a 11 peiiieHMe 3a Meeting for distribution of profit and a 113rrnaiiJ,aHe Ha .U11BI1.UeHT (aKo TaKoBa peiiieHMe resolution for payout of dividends (should such 6o.ne B3ero ), CoBeThT Ha .n11pei<rop11Te a resolution shall be adopted), the Board of orrpe.nen.SI cpoK 3a M3rrnaiiJ,aHe Ha .UMBM,L(eHTa, Directors shall determine a period for the payout KOMTO He MO)Ke .na 6o.ne rro-.non'hr or rp11 of the dividends, where this period shall not be Mecel(a, C1!11TaHo or .narara Ha rrpoBe)K,L(aHe Ha longer than three months from the date of the 06IIJ,OTO co6paHI1e. General Meeting' s session.

2. ,Z:Wy)Kecraoro 113rrnaiiJ,a .U11BM.[{eHTI1 or 2. The Company shall pay dividends from its rO.U11IIIHara rrel!an6a, cornacHo .[(11B11.UeHTHara annual profits, in compliance with the rron11T111<a Ha ,Z:Wy)Kecraoro. Company' s dividend policy .

l13n'hnHJ1TeneH AHpe)(TOp: .. . .. .. ...... (BeHUHCnaaa AnThHoaa/ Ventsislava Altanova)

' 3. ,lJ;HBH,L(eHTH ce H3nnamaT caMo npH ycnoBHe, 3. Dividends shall be paid only as long as the net

qe t.IHCTaTa CTOMHOCT Ha HMymecTBOTO Ha asset value of the Company, decreased by the )J;py>KeCTBOTO, HaMaJieHa c ,L(HBH,L(eHTHTe, dividends due for payment, shall not be less than

no.n:ne>KaJ.D:H 1-m H3nnamaHe, e He no-ManKa oT the total of the share capital of the Company, the cyMaTa Ha KanHTaJia Ha .n:py>I<eCTBOTO, <}>oH.n: Reserve Fund and other mandatory funds, "Pe3epBeH" M .n:pyrH, o6pa3yBaHM OT maintained by the Company. )J;py>KeCTBOTO 3a,L('bJI)KMTeJIHM <}>OH):(OBe.

4. :VhnnamaHeTo Ha ):(HBH,L(eHT ce H3B'hpnma 4. The payout of dividends shall be carried out cpemy npe.n:cTaB51He Ha .n:oKyMeHTM, against presenting of documents that evidence y.n:ocTOBep51BamH npaBaTa B'hpxy aKI.(HHTe, B'hB the rights over the shares, with respect to which Bp'h3Ka c KOHTO ce HCKa H3nnamaHeTO Ha payout of a dividend is claimed. ,L(HBH,L(eHT.

P A3,[(EJI VI SECTION VI ,[(PYrH P A3llOPE,[(IiH MISCELLANEOUS PROVISIONS

qJieH 36 Article 36

YBeAOMJieHuSI u aApecu Notifications and addresses

1. OcBeH aKo .n:pyro e nocotieHo B T03H ycTaB, 1. Except where otherwise is provided in these BC51KO yBe.n:oMJieHHe HJIM noKaHa, npe.n:BH):(eHH B Articles, every notification or invitation Hero, Tp516Ba .n:a 6n.n:aT HanpaBeHH B nHcMeHa provided for herein, shall be made in writing. <}>opMa.

2. A.n:pecHTe 3a Bp'htiBaHe Ha yBe.n:oMJieHH» M 2. The addresses for delivery of notifications and noKaHH ca:

(a) 3a aKI.(HOHepHTe - a.n:pecMTe, nocotieHH B KHHraTa Ha aKI.(HOHepMTe, ocBeH aKo aKI.(MOHep yBe,L(OMM nHCMeHO no noma, <}>aKC HJIH eneKTpOHHa noma CnBeTa Ha .n:MpeKTOpHTe 3a .n:pyr a.n:pec, Koiho me cTaHe a.n:pec 3a Bp'htiBaHe H me 6'h):(e BnHCaH B KHMraTa Ha aKI.(HOHepMTe;

invitations are as follows:

(a) for the shareholders - the addresses, specified in the Shareholders Book, save for where a shareholder has notified the Board of Directors in writing, by mail, fax or e-mail, of another address, which shall be such shareholder's deliveries address and shall be registered with the Shareholders Book;

(6) 3a l.IJieHoBeTe Ha CnaeTa Ha .llJipeKTOpHTe (b) for the members of the Board of a.npecHTe, KOHTO Te rrpe.nocTaB51T Ha Directors - the addresses they have declared

rrpe.nce,naTeJI51 Ha CnBeTa Ha ,nHpeKTOpHTe. before the Chairman of the Board of Directors.

3. Heyae,noM51BaHeTo Ha ,lWy)KeCTBOTO OT 3. Failure by a shareholder or a member of the cTpaHa Ha aKUHOHep HJIH qJieH Ha CnBeTa Ha Board of Directors to notify the Company of a ,nHpeKTOpHTe 3a rrpOM51Ha B HeroBH51 a.npec H51Ma change of address shall not impair the validity of .na o6e3CHJIH ,neifcTBHeTo Ha .no6pocnaecTHO a notification or an invitation, sent duly and in H3IIpaTeHO yae,nOMJieHHe HJIH IIOKai-Ia. good faith.

Article 37

IIpnJJ;o6unaue cTaryT ua ny6Jiu~:~uo JJ;pymeCTBO

Becoming a public company

1. AKa ,lWy)KeCTBOTO rrpH,no6He cTaTyT Ha 1. If the Company becomes a public company, rry6JiuqHo .npy)!<ecTBo, T03H ycma me 6n.ne this statute will be amended in accordance with H3MeHeH B C'bOTBeTCTBHe c H3HCI<BaHH51Ta Ha the requirements of the effective legislation.

,neifcTBallJ.OTO 3aKOHO,naTeJICTBOTO.

2. B cJiyqaHTe no npe.nxo,nHaTa aJIHHe51 ce 2. In the case of the preceding paragraph a CBHKBa 06mo cn6paHHe Ha aKUHOHepHTe, KOeTO General Meeting shall be convened, which shall B'bB B'b3MO)!<HO Haif-KpanK cpoK .norrnJIBa HIHJIH supplement and/or amend the Articles of H3MeH51 ycTaaa. ,[(o rrpHeMaHeTO Ha perneHHeTO association as soon as possible. Until the ycTaB'bT ce ThJIKyaa B C'bOTBeTCTBHe c adoption of the decision the Articles of .neH:cTBamoTo 3aKoHo,naTeJICTBO Ha Perry6JIHKa association shall be interpreted in accordance o'bJirapH51, Kacaemo ny6JIHqHHTe .npy)KeCTBa. with the effective legislation in Bulgaria,

regarding the public companies.

Article 38

IIpuJiomuMu uopMaTunuu aKToBe Applicable legislation

3a acHqKH BnrrpocH, Heype,neHH B T03H Y cTaB, For all matter, for which regulation is not ce rrpHJiaraT pa3rrope,n6HTe Ha TnproBCKH51 provided in these Articles of Association, the 3aKOH H Ha .neH:cTaamoTo 6nmapcKo provisions of the Commercial Act and the 3aKOHo,naTeJICTBO. relevant legislation in force shall apply.

Article 39

' E3HK Language

To3H ycTaa ce npweMa OT 06l.l.(OTO cn6paHwe These Articles shall be adopted by the General KaTo .n.aye3wqeH .n.oKyMeHT, H3rOTBeH Ha Meeting as a bilingual document, prepared in 6'hnrapcKH 11 Ha aHnmH:cKH e3HK. B crryqaH: Ha Bulgarian and in English. Where there are any npoTHBope•me Me)I<.ZJ.Y 6nrrrapcKHR H discrepancies between the Bulgarian and the aHrrrwH:cKHR TeKCT Ha ycTaaa, so.n.eru. me 6n.n.e English version, the Bulgarian version shall 6nrrrapCKI15lT TeKCT.

To3u Ycmae e npuem c peUtel-tUe Ha Y~Jpeoumem-w co6paH.ue H.a J(py;;Jcecmeomo, npoeeoe1-1o 1-ta 14.12. 2013 2. u e U3Me1-teT-t c

peUteTtue 1-ta 0614omo co6paH.ue 1-ta aK71UOHepume H.a J(py;;Jcecmeomo om 25.02.2014

2.u om 10.03.2017 2.

prevail.

These Articles of Association are adopted by a resolution of the Constituent Assembly of the Company, held on 14.12.2013, and are amended by a resolution of the General Meeting of the

Company's shareholders dated 25.02.2014 and 10.03.2017

3a nep1:1ocrra 1:1a npenuca OT YcTana K'bM 10.03.2017 r. I For the genuineness of the copy of

the Articles of Association as of 10.03.2017:

Bem~wcnaaa ArrTDHOBa I Ventsislava Altanova l13n'hJIHHTerreH .n.wpeKTop I Executive Director

.. (BeHU.HCJJasa AJJThJ·IOBaf Ventsislava Altanova)