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May 10, 2012 / 16:38

16/2012 Recommendation of the Management Board concerning payment of double dividend

Regulatory filing

The Management Board of Agora S.A. ("the Company", "Agora") shall recommend to the General Meeting of Shareholders payment of two times higher dividend than it is determined in the Company's dividend policy.

The dividend policy announced by the Company on February 14, 2005 reads that every year the Management Board and Supervisory Board of the Company analyze earnings and prospects of the Company on the basis of which they propose to the Annual General Meeting of Shareholders the amount of the dividend to be paid. According to the Company's dividend policy, subject to additional circumstances, the dividend should be paid in the amount of PLN 0.50 (fifty groszy) per share.

Analyzing the markets on which the Company runs its business activities, the Management Board decided to propose to shareholders payment of higher dividend than stated in the dividend policy by:

allocating total net profit for the fiscal year 2011 in the amount of PLN 20,246,246.34 (say: twenty million two hundred forty six thousand two hundred forty six zlotys and thirty four groszy) for the dividend payment for the Company's shareholders,

appropriation of PLN 30,691,139.66 (say: thirty million six hundred ninety one thousand one hundred thirty nine zlotys and sixty six groszy) from the Company's reserve capital for the dividend payment to the Company's shareholders.

Total amount recommended by the Management Board to be paid out in the form of dividend equals PLN 50,937,386.00 (say: fifty million nine hundred thirty seven thousand three hundred eighty six zlotys) which means that the dividend recommended by the Company amounts to PLN 1.0 (say: one zloty) per share.

The proposed dividend day is July 16, 2012 and the proposed distribution date August 3, 2012.

The above recommendation received a positive opinion of the Supervisory Board.

Higher dividend payment should not affect the Company's ability to execute main objectives of the Company and the Agora Group.

Since the day Agora's policy for returning profits to shareholders was announced on February 14, 2005, Agora paid dividend six times (in total PLN 216.8 million) and executed three buy - back programs (total cost of buy - back programs till the day of publication of this report: PLN 210 million).

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16/2012 Recommendation of the Management Board concerning payment of double dividend