Current report no. 62/2018 (20.06.2018)

Title:

Appointment of the President of the Management Board of the subsidiary

Legal basis:

Art. 17 sec. 1 Market Abuse Regulation

Message:

The Management Board of the Issuer hereby informs that the President of the Issuer’s Management Board Mr Karol Zarajczyk on the 19th June 2018, with effect from the 20th June 2018, was appointed by the Supervisory Board of URSUS BUS S.A. (the Issuer’s subsidiary) to the Management Board of URSUS BUS S.A. to act as the President of the Management Board. At the same meeting of the Supervisory Board, before appointment to the Management Board and after discussion about the company’s future, Mr Karol Zarajczyk submitted his resignation from the function of a Member of the Supervisory Board of URSUS BUS S.A.

After changes, the composition of the Management Board of URSUS BUS S.A. is the following:

Karol Zarajczyk – President of the Management Board,

Jan Wielgus – Vice- President of the Management Board,

Paweł Dadej – Member of the Management Board,

Wojciech Pyzio – Member of the Management Board,

Filip Walczak – Member of the Management Board.

The composition of the Supervisory Board of URSUS BUS S.A. is the following:

Marek Pol – Chairman the Supervisory Board,

Andrzej Zarajczyk – Deputy Chairman the Supervisory Board,

Michał Szwonder – Member of the Supervisory Board.

Mr Karol Zarajczyk is also President of the Management Board of URSUS S.A. and Ursus sp. z o.o., however it is not a competitive activity. Mr. Karol Zarajczyk does not run a business in other competitive company and he is not a partner of any capital company or partnership. Besides, Mr. Karol Zarajczyk has not been entered into the Registry of Insolvent Debtors, kept on the basis of the Act on the National Court Registry.