Investor Presentaiton

JOINT-STOCK COMPANY (AKCIOVÁ SPOLEČNOST - A. S.) . • • Registered capital has to be at least CZK 2 million or EUR 80,000. Non-cash contributions to registered capital must be valued by an independent expert proposed by the founders or the already existing company in case of a registered capital increase. The valuation is binding for the company. Financial statements of a joint-stock company do not have to be audited unless any of the following criteria has been met for two consecutive years: GENERAL PARTNERSHIP (VEŘEJNÁ OBCHODNÍ SPOLEČNOST - VEŘ. OBCH. SPOL. OR V. O. S.) • • • • A general partnership is formed by two or more persons (individuals or legal entities). The partners in a general partnership are liable for the debts of the company. All partners are entitled to act on behalf of the partnership and are jointly and severally liable for the partnership's obligations to the extent of their entire property. Requirements for financial statement audits are the same as for a limited liability company. • Net turnover exceeds CZK 80 million per annum. • • Total assets exceed CZK 40 million. • Annual financial statements must be published. The average number of employees exceeds 50. 43

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