KGHM Polska Miedz S.A. (KGH) Earnings Call Transcript & Summary

Good morning. Agnieszka Winnik-Kalemba, I'm the Chairperson of the Supervisory Board of KGHM Polska Miedz S.A., and I will be presiding the AGM today until the chairperson is appointed. Welcome. I'd like to welcome shareholders, mass media, representatives of the Supervisory Board, the Management Board, the President Marcin Chludzinski; President Marek Pietrzak, Marek Swider, Adam Bugajczuk, Mr. Gruza, welcome. I'd like to welcome employees who are providing assistance during the AGM. The minutes will be taken by, [ Radoswakf Stepnyak ] Notary Public. I would like people to submit candidates as -- for the chairperson of the AGM KGHM, Andrzej Leganowicz, shareholder authorized to take part in the AGM. And I submit my candidacy as a chairperson of the KGHM Polska Miedz S.A. Thank you very much. Are there any other candidates? There aren't any. So 1 candidate was submitted, Mr. Leganowicz, as the Chairperson of the AGM. I would like the representative of Programma company to brief shareholders on how to use the terminals used to voting.

During your registration, you received 3 fabs: green voting yes, red, against, and yellow, abstention. During the voting, you will be requested to take the tag to the NFC reader. Once the tag has been read, on the reader, you'll have information that the vote was recorded. After the ballot, you will have information who was voted. People who are casting votes use the fabs to do the voting, you select the number of shares for, against and abstain. If you have a number of tags, if there are any issues, let me know. I'll help you. We'll make a dummy voting with an open ballot and a secret ballot. When -- and also hand over the recorder to the person next to you if someone has no recording device. So we'll now make a dummy voting, and I would like you to cast votes just to test whether the system is working. [Voting]

And now we'll do a dummy secret ballot. You'll see the difference on the displays.

Ladies and Gentlemen, I would like now to open a secret ballot to appoint Mr. Andrzej Leganowicz as a Chairperson. Please cast your votes. [Voting]

Have all of you cast your votes? Voting time is closed. What are the results? Please? The total number of votes, 138,253,964. In favor of the resolution, 138,253,851; no against; and 113 votes abstained. As a result of secret voting, Andrzej Leganowicz was appointed Chairman of the AGM. And hereby I hand over the floor to Mr. Leganowicz.

Thank you very much for entrusting me with the function of the chairperson of the AGM. I'll take every effort to make sure this AGM proceeds smoothly. By electing the chairperson of the AGM, we've completed core Item 2 of the agenda. Item 3 is confirmation of the legality of convening the AGM and its capacity to adopt resolutions. First of all, I will sign the list of attendance. The list of attendance signed by the Chairperson of the AGM is for perusal for any interested shareholders. If anyone would like to go through this document, they can do it until we conclude the AGM. Further, I would like to inform you that this AGM was convened in accordance with the appropriate regulations of the code of commercial companies and company articles. The announcement was published on KGHM website, at the relevant website link on the 25th of May and was up on the website until today. The content meets the regulations specified in Article 402, subscript 1. The company announced the -- published the announcement in accordance with the regulations of public offerings and conditions governing the introduction of financial instruments to organize trading in the relevant reports. In the report 13 over 2022, the company published other documents not published earlier. The set of documents required by relevant articles was published on the company's website at the relevant website address, kghm.com. These documents are available now. No shareholders used the opportunity specified in 401 on expanding the agenda. There were no comments related to the resolutions or related to any matters that were to be published on the agenda, which could be covered by Article 401/11. The retirement fund, [indiscernible], notified the company that they intend to submit as a candidate, Mr. Andrzej Kisielewicz. The company published the current report related on this candidacy. That is Report 15/2022 dated yesterday. Also, please be informed that the list of shareholders entitled to voting during this AGM was agreed according to the relevant regulations of the Code of Commercial Companies Codes. According to section [ 20 ] -- company articles, the company is capable of passing resolutions if at least 25% of the voting capital is present. Right now, the number of votes -- the number of shareholders, either presented in person or represented by other people, is 596. The number of votes they represent is 138,253,966, which is 69.127% of the current capital. The number of votes that can be cast is 138,253,966. Therefore, the quorum specified in Section 25 in company articles, the quorum required to pass binding resolutions is present at the AGM. Therefore, the AGM is capable of passing resolutions. Also, please be informed that during this AGM, remote communication voting is not allowed. The bylaws do not allow for this. Therefore, I would like to ascertain that this AGM is capable of passing resolutions according to the published agenda. The quorum specified by company articles required for passing resolutions is present in the meeting. Also, this AGM is streamed online to the Internet. Also, please be advised that in the meeting, we have representatives of mass media. I would like you to present yourself : [ Yazic Aya ], Radio PLUS, [indiscernible], [indiscernible], [indiscernible]. Thank you very much. Does any of the shareholders or proxies would like to raise any objections related to the presence of mass media representatives during the meeting? I can see no objections. Also, please be advised that in the meeting, we have representatives of the chartered auditor. Mr. Rafal Pawelczak, Senior Manager, with PricewaterhouseCoopers limited liability company; and Marta Ratazak, Senior Manager, PricewaterhouseCoopers limited liability company audit. This relates to the capability of the AGM to pass resolutions. The next item on the agenda is Item 4, the acceptance of the agenda. The agenda is as follows. We are now in Section 4 of the agenda. All the preceding items have already been concluded, that is the opening of the ordinary general meeting, the election of the chairman of the ordinary general meeting, confirmation of the legality of convening the AGM, and its capacity to adopt on resolutions. #4 on the agenda is the acceptance of the agenda. And now Section 5 is the review of annual reports. Subsection A, the financial statements of KGHM Polska Miedz S.A. for the financial year ended the 31st of December 2021; Subsection B, the consolidated financial statements of the KGHM Polska Miedz S.A group for the financial year ended the 31st of December 2021; and Subsection C, the Management Board's report on the activities of KGHM Polska Miedz S.A. and the KGHM Polska Miedz S.A. Group in 2021 as well as the nonfinancial report of KGHM Polska Miedz S.A. and the KGHM Polska Miedz S.A. Group for 2021. #6 Next on the agenda is the review of the proposal of the Management Board of KGHM Polska Miedz S.A. concerning the appropriation of profit for 2021. Section 7, presentation of a report on representation expenses. Expenses incurred on legal services, marketing services, public relation services, and social communication services and advisory services associated with management in 2021 and the opinion of the Supervisory Board of KGHM Polska Miedz S.A. #8 on the agenda is the review of the report of the Supervisory Board of KGHM on the results of its evaluation of the financial statements of KGHM for 2021, the consolidated financial statements of the KGHM Group for 2021, and the Management Board's report on the activities of KGHM and the KGHM Group in 2021, as well as the nonfinancial report of KGHM and the group KGHM for 2021. #9 of the agenda is the review of the report of the Supervisory Board on the results of its evaluation of the proposal of Management Board of KGHM regarding the appropriation of profit for 2021. #10, presentation by the Supervisory Board of an assessment of the standing of KGHM for 2021 on a consolidated basis, including an evaluation of an internal audit, risk management, compliance systems and the internal audit function, with information on actions taken by the Supervisory Board of KGHM in performing this assessment. Subsection B, a report on the activities of the Supervisory Board of KGHM for 2021. Subsection C. A report on the remuneration of the Management Board and Supervisory Board of KGHM for 2021. #11 on the agenda, adoption of resolutions on: Subsection A, approval of the financial statements of KGHM for the financial year ended on the 31st of December 2021; Subsection B, approval of the consolidated financial statements of the KGHM Group for the financial year ended on the 31st of December 2021; Subsection C, approval of the Management's Board report on the activities of KGHM and the Group KGHM in 2021, as well as the nonfinancial report of KGHM and KGHM Group for 2021; Subsection D, appropriation of the company's profit for 2021. Section 12 of the agenda, adoption of resolutions on approval of the performance of duties of individual members of the Management Board of KGHM for 2021. #13, adoption of resolutions on approval of the performance of duties of individual members of Supervisory Board of KGHM for 2021. #14, adoption of a resolution on the opinion on the report of the remuneration of members of the Management Board and Supervisory Board of KGHM for 2021. Section 15, adoption of resolutions on appointment of members of the Supervisory Board of KGHM, elected by the employees of the KGHM group for the new 11th term. Section 16, adoption of resolutions on appointment of members of the Supervisory Board of KGHM for the new 11th term. Section 17, closing of the general meeting. Ladies and gentlemen, do you have any comments on the agenda -- on the draft agenda of our ordinary meeting of shareholders or on the manner of its realization? If you have any comments, please identify yourselves. I don't see any comments. The draft resolution to be voted in this respect is as follows. This is going to be a resolution over 2022 of the ordinary meeting of shareholders of KGHM SA with its registered headquarters in Lublin. On the acceptance of the agenda of the ordinary general meeting, the following agenda is hereby accepted. And we have the agenda that has just been proposed. Subsection 2 says the resolution comes into force upon its adoption. Would you like to raise any objections or make any comments on the text of the draft resolution? I don't see anyone. Can we put the matter to the vote? I hereby call to the vote resolution #1/2022. We need an ordinary majority of votes. So please cast your votes now. [Voting]

Have all the shareholders eligible to votes been able to cast their votes? Do you need any more time? Please identify yourselves. I don't see any. I close the vote, and I would like the vote to be now summed up. Thank you. The vote is as follows. A total number of votes cast is 138,253,964, valid votes. All of these valid votes were in favor of taking the resolution of adopting the resolution. And hereby, I declare that the resolution has been adopted in an open vote. Now we move on to the review section of our ordinary general meeting. Section 5 provides for the review of annual reports submitted to the ordinary general meeting. My procedure -- my proposed procedure is, I would like to, first of all, referred to earlier publications made by the company. And then signal that some of the reports, some of the financial statements mentioned in the Section 5 of the agenda as well as the proposal of the Management Board concerning the appropriation of profit for 2021, which is Point 6 of the agenda, were published earlier, either on websites of the company or in -- as an ongoing report. I would like to propose as follows, I would like the Board to present the main issues of the statements, reports and proposed appropriation of profit during a presentation. And then I will open debate. During which, all the shareholders present will be able to make their comments. Is this proposal in agreement with the shareholders present? I don't see any reservations. And I would therefore, I'd like to mention that the reports and statements mentioned in Section 5 of the agenda were published ahead of time, and they were published as periodic reports. The same is true about the proposed submission of the Management Board concerning the appropriation of profit for 2021. I would like the Board of KGHM to present the main issues in the statements and reports submitted to the ordinary meeting of shareholders. I give the floor to Mr. President of the Board of Directors, Marcin Chludzinski.

Thank you so much. Let me start with a statement that we often use. The future is copper. This is our motto. This is the motto that we as the Board of Management -- as the Management Board have adopted in our daily operations. I would like to say that not only do we take action that is -- that are held over of the past. But we also take actions that help us think positively about the future. We were hoping actually that in the year 2020-2021, we will have a normal time of operation. In 2021, we were hoping for a normal scene. However, it was at that's time that we were on the eve of the war in Ukraine. Actually, for the past 3 years, the contingencies have become one of the major elements of our activity. And the same is true about the year 2021 when the pandemic was still with us and we were in a period of uncertainty. However, at the same time, this was the second year of a test of a litmus paper, you may say, for our activities. And I can say proudly on behalf of the whole Management Board that we have passed the test. I would say that we passed the exam with flying colors. And our financial results would go up, and they have been increasing on a yearly basis. We have noted a 30% rise in the production, and this translates directly into financial results. Let me show you on the slide. If -- this is the year 2021 as opposed to 2020, in the whole mining industry sector, the biggest players on the mining -- in the mining industry sector, an increase in production, Freeport McMoran, we are in -- we come second, KGHM Group, 6% year-on-year. Then we have the Vale Group, Teck. KGHM Polska, without integrated foreign operations, is 3%. All the other companies have either reached their status quo or have not had any rise in production. So we might say we are at the helm of changes, of rises in production in the whole mining industry. In 2021, we reached the best historical financial results for the company. We mine more and more copper. At the same time, we are flexible and we are resilient to macroeconomic change and the geopolitical situation, which is related to either supply chains or the dynamically changing trade. I would like to stress at this point that our personal ambition as members of the Board of Directors is that KGHM is a ship that weathers all storms despite the difficulties, despite the inclement weather. And we want to do this irrespective of the micro and macroeconomic conditions. I would like to stress that previous years, the 2019-2020 was not particularly conducive to our production. Still, despite the adverse macroeconomic context, we were able to reach our targets. We were able to weather all storms. And 2021 in KGHM Group are -- the increases, we have them -- we have compiled them in one single slide. 26% is the increase of our income. EBITDA rose by 56% year-on-year to the level of over PLN 10,327 million. The production of copper rose by over 6.3%. We have managed to lower our debt. This has been an ongoing activity for the past years. We -- at one point, we had -- we were heavily in debt. And now we have been able to say that year-on-year, we decreased our indebtedness. And also, when it comes to the safety of our workforce, in 2021, we increased the safety and security of our staff. We had fewer incidents. We had as many as 23% less of incidents year-on-year. Our strategic objective in this respect, both when it comes to incidents, accidents in the workplace, this -- we really took it seriously. And while we are very happy and proud to have reached the very good financial results, I would say that safety and security comes first. And this is what we really focus on. And this is what we want to upgrade in the conditions that we work, which are, by nature, dangerous. However, the impact of different factors through discipline of work, through the procedures implemented, and through safety and security procedures, we are able to reduce the number of incidents and accidents in the workplace. This -- all of these achievements are -- were preceded by appropriate analysis, by appropriate strategic vision. This is not done by itself. This is the work of executive officers, of managerial staff at different levels in a company like ours, in a company as big as ours. This cannot be an action that goes top down. This has to involve a lot of engagement on the part of all the stakeholders in our company. Those successes that were in the past unimaginable are visible, and they are implemented on a regular basis. Also, our foreign operations, overseas operations, a project that Sierra Gorda project that used to be treated as a burden on our shoulders, I must say that this project was able to give us a number of million of dollars. You can see this. This is the total payoff from the Sierra Gorda project. It's over $417 million in 2021. We have also updated our strategy. We have reviewed the strategy of our company. This is also our intention. We want to adapt and adopt a strategy on a regular basis. We wanted to increase our efficiency and the entire 5E program that we want to use as a leverage tool to increase our presence on the market. Let me mention some of the projects that are related to the sources of renewable energy, and a project that we kicked off recently in our R&D. The use of hydrogen in the mining industry. We also applied for a license concerning wind farms. Strategically, we focus on small nuclear power plants. With a player like us, in the whole network of geopolitical and macroeconomic factors, one of the -- we need sources of energy which are stable, which are predictable, when it comes -- when it comes to supply chain, when it comes to whole year supply. We have cooperated with American -- with U.S. companies. And we would like to have small nuclear power plants being installed in Poland soon by the end of this decade. This is a strategic long-term project that's -- helps us think positively about the future. When you compare this against the current situation, especially in the nonrenewable resources. As you know very well, we have no influence on the price of our key products. This is determined by macroeconomics, by supply and demand, by stock exchange, and so on and so forth. We cannot counter global trends, so we cannot change them. Even though we are a big player, we are still not big enough to forestall all of the aforementioned factors. This is something I deplore, but this is the reality we are faced with. We do influence, we can influence our resilience, our leanness, our weathering the storms, and acting in a way that will be adjusted to the external circumstances. This is what we expect of not only the Board members, but also of all the managers and the staff. We need to be resilient. We need to be flexible. And that's why we have the results that I have mentioned. We are not passively waiting for what the day brings. We want to show you our good and very good results. They have always been like that. Maybe they were not that great as last year, but we have invariably focused on our efficiency. As we were saying, we are very much involved in e-mobility, in eco-friendly sources of energy. And that's why we want to mine as much as possible and we want to tap into the market trends. It's quite clear that we might have some disruptions on the way. Economic progress does not follow a single curve and a single line. And we definitely need to adapt and adjust. As I was saying, we want to tap into the market resources. We have increased our domestic mining by 30%. And this has already translated into very good financial results. Last year, we also finished a key investment. That is the extension of the Ironbridge, which helps us to deposit our resources for the years to come. That we are also ready to work in the Lubuskiem region. We want to do our best. However, other players on the market also do this. So we would like to be present in the Lubusz Voivodeship. Now we also -- we are also finalizing the project of Glogów Gleboki. We are getting ready for another project in [indiscernible]. We are planning a zero-emission mine in Lubuskiem region. Obviously, we cannot do it overnight. We need to think about concepts that will be able to offer us zero or lower emissions. Such benchmarks are already happening in the world. These are the strategic goals that we reach on a regular basis. This is what we also want to achieve through good collaboration of the Board, with our staff, with our employees, with the social sector. And I'm really glad that to share such results with you on behalf of the board of managers, the Management Board. And all the financial results, all the detailed financial results will be given by Andrzej Kensbok, Deputy President for Finances. Thank you.

Good morning, everybody. Just a few words about what's been going on in 2021 in terms of our financial result, but also in terms of production. As the President said, we are a growing company in terms of the mining of copper in 2021. And that is a very important information. In terms of obtaining copper from own resources, that is the specific mining activity of Polska Miedz S.A., adverse trend was reversed. There was a decline in mining, and now we have an increase of domestic mining. This year also showed that we have scrap metal, copper, scrap copper purchased more. That improves the -- our focus on the circular economy. We have been investing on professional processing of scrap metal. Not only high-grade, so-called high-grade scrap metal with a lot of copper, but also polymetallic metal to be able to obtain these elements which are available and which can be later on sold. So there has been an increase in the processing of scrap metal. Also, as the President said, production in Sierra Gorda mine went up, both thanks to geological elements but also thanks to management activities, lower downtime, improved efficiency of processing equipment and also improvement of availability of processing time of machines. As a result, we went up by 6%, 754 tonnes, and by production of copper in domestic, 578, up 3.2%. That gives us a stable growth. Without that, the macroeconomic factors are not good enough. The macroeconomic factors work both ways. There are positive and negative aspects related to them. But if we have an increase in production, we can build on that for the years to come. The key financial indicators is a significant improvement of adjusted EBITDA. Compared to 2020, it's an increase of 56% year-on-year, up to PLN 10,327 million. And there are 2 factors that contributed that. Increase in production, that is #1, what I've just said. Another one that I mentioned is an increase in the price of metals on the global commodity markets. That applies also both to the increase of copper, molybdenum and silver. These factors allowed us to improve the company performance. The revenue is 26% up year-on-year, up to PLN 29,803 million, and while the net result is PLN 6,155 million. That's consolidated. Of which, PLN 5 billion over is a contribution of KGHM S.A. company. Going into more details. Into the bridge between 2020 and 2021, the fundamental drivers are naturally change in revenue, a positive change in revenue, which was offset by an increase in costs in 2 areas. One is foreign inputs, because we buy third-party concentrates and third-party scrap metal, which is based on international commodity prices. There has been also an increase in electricity prices and energy as such: gas, coke, coal. These are factors that are independent. We have a hedging policy related to gas and electricity prices. However, that hedging policy has a lag of some sort. Some transactions, some hedging transactions are not available. Therefore, we are under the same pressure as the whole economy related to an increase in electricity prices and energy prices. Another important factor is the change of work in progress. This is an accounting effect. And then we have also the result of joint ventures, PLN 2,627 million. And this is the reversal of the loan, the valuation of the loans given to foreign companies. and it's also the reversal of the valuation of the shares in the total amount of PLN 2.3 billion. So this is a positive result. The other PLN 300 million is a contribution of other group companies, which basically means the profit of daughter companies that contribute to the overall result of the group. In terms of derivatives, the result on derivatives, that is just a valuation exercise. The influence from the valuation has been included earlier. This is just the derivative. Foreign exchange differences, a positive increase. CIT change, that naturally is negative, because with a higher profit, we have a higher corporate income tax. But overall, the result is positive, where the profit going up to PLN 6.155 billion in 2021. So this is in brief, up from PLN 1.7 billion. All business divisions, all business segment had positive contribution to the result of the areas, which required adjustments, have the adjustment made. As a result of years of work aimed at the improvement of mining conditions and operations, we believe this is a breakthrough year, which proves that even in hard times, the company is able to face the headwinds and work out a positive result. Thank you very much.

Thank you very much as well. Ladies and gentlemen, according to the previous announcement, I would like to open discussions which will cover the items number and 6 on the agenda. Are there any persons interested to raise any matters on these items? I see no requests, which means that the statements and the proposals have been presented to the AGM and AGM considered these requests to the relevant extent. Item 7 is the presentation of a report on representation expenses, expenses incurred in legal services, marketing services, public relation services, and social communication, as well as advisory services associated with management in 2021 and the opinion of the Supervisory Board of KGHM Polska Miedz S.A. The document mentioned in Item 7 was published well ahead of time. Therefore, I gather that anyone who had the need of going through that document did that. Are there any persons who wish to raise any comments related to that?

Mr. Chairman, in Item 6, I probably as President of the Board should actually recommend the appropriation of profit. So I'm not sure whether we shouldn't go back to Item 6 of the agenda.

Well, the -- I mentioned -- the report mentioned earlier and published by the company. Therefore, yes, what is your recommendation?

Ladies and gentlemen, given the profit on behalf of the Board, we recommend to appropriate the profit for 2021 in the amount of PLN 5,169,153,267.61 to be appropriated as shareholders' dividend, PLN 600 million and as a spare capital of the company, PLN 4,569,153,267.61. That information was made public, as I mentioned earlier. This is the Board's recommendation. In the course of the discussion, no one commented on that motion. Therefore, there are no opinions on that matter. Does anyone want to say anything about the report that is mentioned in Item 7 of the agenda? I can see that no one is. So I deem that the report mentioned in Item 7 has been presented to the AGM. Item 7 of the agenda is the -- is a review of the report of the Supervisory Board of KGHM Polska Miedz S.A. on the results of its evaluation of the financial statements of KGHM Polska Miedz S.A. for '21. The consolidated financial statements of KGHM Polska Miedz S.A. Group for '21 and the Management Board's report on the activities of KGHM Polska Miedz S.A and the KGHM Polska Miedz S.A Group in [ 2021 ] as well as the nonfinancial report of KGHM Polska Miedz S.A and KGHM Polska Miedz S.A. Group for 2021. The documents mentioned in Item 8 was published by the company ahead of time, well in advance, as earlier. So I gather that people who were interested in the content of that report familiarize themselves with it. Therefore, are there any opinions or are there any comments related to this report? There are no comments, no opinion. So I shall find that the reports mentioned in Item 7 have been presented, #1, to the AGM and have been considered to the relevant extent by the AGM. Item 9 of the agenda is a review of the report of the Supervisory Board on the results of its evaluation of the proposal of the Management Board of KGHM SM regarding the appropriation of profit. That report, as previously, was published by the company in advance. So all interested parties had opportunity to go through it. Would any of you want to comment or discuss that document? I see there are no people who'd like to comment it. Therefore, I deem that the report mentioned in Item 7 has been presented to the AGM and has been considered to the relevant effect. Item 10 of the agenda provides further presentation by the Supervisory Board of the assessment of the standing of KGHM Polska Miedz S.A. for 2021 on a consolidated basis, including an evaluation of the internal control, risk management, compliance systems and the internal audit function, with information on actions taken by the Supervisory Board of KGHM Polska Miedz S.A. in performing this assessment. Subsection D, a report on the activities of the Supervisory Board of KGHM Polska miedz s.A. for 2021, and Subsection C, a report on the remuneration of the Management Board and Supervisory Board of KGHM Polska Miedz S.A. for 2021. These documents that are referred to in Item 10 have been published in advance by the company, all interested parties had opportunity to go through these documents. Would anyone want to raise any objections or any comments related to the wording of these documents? If not, I can see no one has any opinions. There being no questions. I deem that the report referred to in Item 10 is -- has been accepted without any objections by the AGM.

Ladies and gentlemen, Camila Dombrovska. I'm a proxy of the State Treasury, represented by the Minister of State Assets. And I would like to ask for a break until 2 PM.

Looking at the motion, as chairperson, I hereby declare a break. And I adjourn this meeting until 2 PM. We'll be back at 2 PM. [Break]

Ladies and gentlemen, it's 2:00 p.m. I would like everybody interested in participating in the next part of the ordinary meeting of shareholders to take their seats. I resume the ordinary meeting of shareholders of KGHM Polska Miedz after the break. We have another composition of shareholders represented either in person or by proxy. The current number of shareholders is [ 595 ], the current number of votes is 138,253,965, the share capital present is PLN 1,382,539,650 and the share capital is PLN 2 billion. The percentage of capital present is over 69%. Ladies and gentlemen, once again, [ Camila Dombrovska ] representing the Treasury. I would like to ask for another break, a technical break, until 4:00. Let me ask if no shareholder is opposed to the technical break. If there are no dissenting votes, no reservations. I hereby announce a break in the ordinary meeting of shareholders of KGHM until 4:00 p.m. We will resume at 4:00 p.m. Thank you. [Break]

Ladies and gentlemen, it is 4:00 p.m. All interested -- all stakeholders who are interested in the meeting are encouraged to take their seat. I -- the list of attendance has changed. We have 593 shareholders present in person or by way of proxy. The number of shares they hold is 138,153,829, and this is the number of votes. So the capital represented 69.17%. The quorum required for successful adoption of resolutions is specified in Paragraph 25 of the company articles is maintained. Therefore, the AGM is capable of passing resolutions. We've completed Item 10 on the agenda. Item 11 is adoption of resolutions on sub-point A, approval of the financial statements of KGHM Polska Miedz for the financial year ended December 31, [ 2001 ]. And the formula that I would like to recommend is not to read out the full resolutions before voting for them, only reading the title of the resolutions and on the basis of the earlier published resolutions. I believe that will streamline the meeting, so if you agree to this. I can see there are no objections. Therefore, the first of the statements that will be voted on will be the financial statements of KGHM Polska Miedz S.A. Therefore, we have vote for the approval of the financial statements of KGHM Polska Miedz S.A. for the financial year ended 31 December [ 2001 ] as published in the draft resolutions. Are there any comments or opinions? No, there are no questions. I hereby put the resolution to the vote. A simple majority of votes will decide. It is an open vote. [Voting]

Have all entitled people cast their votes? Okay. The time of voting is over. I would like, please, to have the voting results displayed on the screen. The number of votes cast, 138,253,852 in favor of the resolution, 137,190,502, 141,087 votes against, abstentions, [ 922,000, 2,039 ]. So the resolution is passed in open voting. Item 11, approval of the consolidated financial statements of KGHM Polska Miedz S.A. Group for the financial year ended 31 December [ 2001 ]. I put the resolution -- this resolution to the vote. Resolution of the ordinary general meeting of KGHM Polska Miedz S.A., with it's registered office in Lubin, dated 21 June, 2022, regarding approval of the consolidated financial statements of KGHM Polska Miedz S.A. Group for the financial year ended 31 December 2021. Are there any objections or comments regarding the wording of this resolution? If not, I can say there are no objections. I put the resolution to the vote in open ballot. [Voting]

Have all people entitled cast the votes? If so, the voting time is closed. Can I have the summary? In total, 138,253,882 votes were cast: In favor, 137,190,502; against, 141,087 votes; abstentions, 922,239 votes. I declare the resolution has been passed in open voting. Items -- so item C, approval of the Management Board's report on the activities of KGHM Polska Miedz S.A. and the KGHM Polska Miedz S.A. Group in 2021 as well as the nonfinancial report of KGHM Polska Miedz S.A. and the KGHM Polska Miedz S.A. Group for 2021. Do any of you wish to raise any objections or comments related to this resolution? If not, I put this resolution to the vote by open voting. Please cast your votes. [Voting]

Have all entitled people cast their votes? If so, voting time is closed. Can we have the summary, please? The total number of votes cast, 138,253,882: In favor of the resolution, 137,331,589 votes; against, 0; abstentions, 922,239. I declare the resolution was passed in open voting. Sub-item D, the appropriation of the company's profit for 2021, and the resolution is as follows. The Ordinary General Meeting of KGHM Polska Miedz S.A. resolves that the profit for 2021 in the amount of PLN 5,135,153,237.61 gross shall be appropriate as follows: a shareholder dividend of PLN 600 million, representing PLN 3 per share to the company's reserve capital; 4,569,153,267.31 gross. The dividend date to be 7 July and the payment date for dividend for 2021 in the amount of PLN 3 per share. As at 14 July, the resolution comes into force upon its adoption. There is a justification added to the resolution. Would any of you want to have a comment on this? If not, I can see not, then please cast your votes. [Voting]

Adam Bugajczuk, a member of the Management Board of KGHM Polska Miedz S.A. said this resolution is coming to force upon its adoption, and this is a secret ballot. [Voting]

Have all eligible people cast their votes? Voting time is closed. Can I have the summary? Total votes number cast is 138,253,882: In favor, 136,812,753; against 315,832; abstentions, 1,125,251. I declare the resolution was passed in a secret ballot. The subsequent resolutions, I will change in such a way that we'll be just naming the person, the function of the person held and the time period for the person. Therefore, the next resolution will be on the acknowledgment of duty of Marcin Chludzinski for the acknowledgment of duties for 2021, and the person is being acknowledged of the performance of duties as a member of the Management Board of KGHM Polska Miedz S.A. Please vote. [Voting]

Have all eligible people cast their votes? Voting time is closed. In total, the number of votes cast was 138,253,882 votes: In favor of the resolution, 138,812,753; against the resolution, 315,824; abstentions, 1,125,251. I declare the resolution was passed by secret ballot. The next resolution is on the approval of the performance of duties of Pawel Gruza for 2021. I put this resolution to the vote. [Voting]

Have all eligible people cast their votes? Voting time is closed. Can I have the results, please? The total number of votes cast is 138,253,882 valid votes. In favor of the resolution, 136,812,753; against, 315,824; abstentions, 1,125,251 votes. So I declare the resolution was passed in secret ballot. The next resolution is on the approval of the performance of duties of Andrzej Kensbok for 2021. I put this resolution to secret ballot. [Voting]

All eligible people cast their votes? Voting time is closed. Can I have the results, please? The total number of votes cast is 138,253,828. In favor of the resolution, 136,812,753; against the resolution 315,824; abstentions, 1,125,251. I declare the resolution was passed in secret ballot. The next resolution is on the approval of performance of duties of Katarzyna Krupa as a member of the Board of KGHM Polska Miedz S.A. for 2021, and I put this resolution to secret ballot. [Voting]

Have all eligible people cast their votes? Voting time is closed. The total number of votes cast is 138,253,882. In favor, 136,812,753; against, 315,824; abstentions, 1,125,251. This resolution was passed by secret ballot. The next resolution is on the approval of the performance of duties of Marek Pietrzak for 2021. I put this resolution to the vote by secret ballot. [Voting]

Have all eligible people cast their votes? Voting time is closed. Can I have the results, please? In total, the number of votes cast as 138,253,882. In favor of the resolution, 136,812,753; against, 315,824; abstentions, 1,125,251. I declare the resolution was passed by secret ballot. The next resolution is on the approval of the performance of duties of Radoslaw Stach as member of the Management Board of KGHM Polska Miedz S.A. for 2021. I put this resolution to the vote by secret ballot. [Voting]

Have all eligible people cast their votes? Voting time is closed. The total number of votes cast in this voting was 138,253,828. In favor of the resolution, 136,812,753; against, 315,824; abstentions, 1,125,251. I declare the resolution was passed in secret ballot. The next resolution is on the acknowledgment of the performance of duties of Dariusz Swiderski as a member of the Management Board of KGHM Polska Miedz S.A. for 2021. I put this resolution to the vote by secret ballot. [Voting]

Have all eligible people cast their votes? Voting time is closed. Can I have the results, please? The total number of votes cast is 138,253,882. In favor of the resolution, 136,812,753; against 315,824; abstentions, 1,125,251. I declare the resolution was -- has passed. As I understand, all persons from the Management Board and in 2021 were included in this series of voting. Therefore, Item 12 of the agenda should be deemed completed. Item 13, adoption of resolutions on approval of the performance of duties of individual members of the Supervisory Board of KGHM Polska Miedz S.A. for 2021. Organizationally, this voting will be as per the approval of the performance of duties of members of the Management Board. The first resolution is of the approval of the performance of duties of Jozef Czyczerski for 2021. I put this resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? I have a technical glitch. Please help the gentleman here. Voting time is closed. Can I have the total number of the votes cast and the results, please? The total number of votes cast was 138,253,828. Valid votes, votes in favor, 107,323,622. The number of votes against 30,454,487, abstentions, 475,719. The resolution has been passed in secret ballot. Another draft resolution is on the exoneration of the Supervisory Board member, Przemyslaw Darowski . We would like to resume the vote, The previous vote for Mr. Czyczerski. Ladies and gentlemen, an indication was -- indication appeared to repeat the vote on the exoneration of Mr. Jozef Czyczerski. Since however, the vote was concluded, and the resolution was announced, the procedure, I would like to propose to you is as follows: First of all, the ordinary meeting of shareholders would vote on the repeat of the vote for the exoneration of Jozef Czyczerski; and in the event of a positive result, we would repeat the vote. Ladies and gentlemen, I would like to -- I would like to ask for a 5-minute technical break. We will meet in 5 minutes from now. Please be here on time. Thank you. [Break]

It is 4:35 p.m. We would like all eligible shareholders interested in taking part in the further section of this ordinary meeting of shareholders to take their seats. We are going to put to the vote, I repeat of the vote on the exoneration of a Board member, Jozef Czyczerski. As I was saying, there was an indication for the votes to be taken again. That's why we have a draft resolution on the vote to be taken. Again the ordinary meeting of shareholders of KGHM resolves the following: results to take again a vote on the performance of duties for 2021 of Jozef Czyczerski, a member of -- a member of -- and this is the vote I want to open now. Please cast your votes. Now all those who would like to be in -- who are in favor of vote to be taken again, vote Yes, those who are against, vote against it and obviously, there might be abstention. Thank you. [Voting]

Have all eligible shareholders managed to cast their vote? Voting time is closed. Can I get the results, please? The total number of votes cast was 138,253,828. In favor, 114,189,291; against, [ 2,039 -- 2,792 ]; abstentions, 24,061,745. The resolution has been passed. We then will vote on the resolution on the exoneration of Mr. Jozef Czyczerski as a member of the Supervisory Board on the performance of his duties for 2021. Before I put the resolution to the vote, I would like all the proxies, especially those who use major shares of tags and stocks to vote -- I don't know which word to use. But to vote -- to vote reasonably, please do not take your -- please take your time. The fact that I read out the resolutions fast does mean that I want to put pressure on proxies, and I do not want to hasten you up or to expedite the voting act. Please vote slowly and reasonably. I put to the vote a resolution on the exoneration of Mr. Jozef Czyczerski. This is a secret ballot. [Voting]

Have all eligible shareholders can their vote? Voting time is closed. Can I get the results, please? The total number of votes cast was 138,253,828. In favor, 130,617,894; against 6,510,683; abstentions, 1,125,251. The resolution has been passed by the ordinary meeting of shareholders and secret ballot. Another draft resolution is on the acceleration of Mr. Przemyslaw Darowski, key member of the Supervisory Board of KGHM on the performance of duties for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote: Voting time is closed. Can I get the results, please. The total number of votes was 138,253,828. In favor, 130,617,894; against, 6,510,683; abstentions, 1,125,251. The resolution has been passed by the ordinary meeting of shareholders in a secret vote. Another draft resolution is on the acceleration of the Supervisory Board member [ Jaroslaw Janas] for the performance of his duties for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes cast was 138,253,828. In favor, 130,617,894; against 6,510,683; abstention is 1,125,251. The resolution has been passed. The next draft resolution is on the exoneration of the Supervisory Board member of KGHM Polska Miedz S.A. for Robert Kaleta for the performance of his duties for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes cast was 138,253,828. Votes in favor, 130,617,894; votes against, 6,510,683; votes in abstention, 1,125,251. The resolution has been passed by secret ballot by the ordinary meeting of shareholders. Another draft resolution is on the exoneration of the Supervisory Board member of KGHM Polska Miedz S.A. for Mr. Andrzej Kisielewicz for the performance of his duty for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. Can I get the results, please? The total number of votes was 138,253,828. Votes in favor of the resolution, 130,615,215; votes against, 6,513,361; abstentions, 1,125,251. The resolution has been passed. Another draft resolution is on the exoneration of Ms. Katarzyna Krupa, member of the Supervisory Board of KGHM Polska Miedz S.A. for the performance of duties for 2021. I put the resolution to the vote by secret ballot. Cast your vote, please. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. Can I have the results, please? The total number of votes cast was 138,253,828. Votes in favor, 130,615,215; votes against, 6,513,362; abstentions, 1,125,251. The resolution has been passed. The next draft resolution is on the exoneration of Ms. [Katarzyna Krupa], this is for the approval of the performance of duties of [Katarzyna Krupa] as a member of the Supervisory Board of KGHM Polska Miedz S.A. I put the resolution to a vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. Can I get the results, please? The total number of votes cast was 138,253,828. Votes for, 130,617,894; votes against, 6,510,683; abstentions, 1,125,251. The resolution has been passed by secret ballot. Another draft resolution is on the exoneration of Mr. Bartosz Piechota in his capacity as a Supervisory Board member of KGHM Polska Miedz S.A. for the performance of duties for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes cast was 138,253,828. Votes in favor, 130,615,215; votes against, 6,513,362; abstentions, 1,125,251. The resolution has been passed by secret ballot. Another draft resolution to be put to the vote concerns the exoneration of Mr. Marek Pietrzak as the Supervisory Board member of KGHM Polska Miedz S.A. for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes cast was 138,253,828 votes. In favor, 130,617 894; votes against, 6,510,683; abstentions, 1,125,251. The resolution has been passed by secret ballot. The next draft resolution is on the exoneration of the Supervisory Board member of KGHM Polska Miedz S.A. of Boguslaw Szarek for the performance of his duties for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes was 138,253,828. Votes in favor, 130,617,894; votes against, 6,510,683; abstentions, 1,125,251. The resolution has been passed by secret ballot. The next draft resolution concerns the exoneration of Ms. Agnieszka Winnik-Kalemba, a member of the Supervisory Board of KGHM Polska Miedz S.A. for the performance of her duties for 2021. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes cast was 138,253,828. Votes in favor, 130,615,215; votes against, 6,513,362; abstentions 1,125,251. The resolution has been passed by the ordinary meeting of shareholders by secret ballot. As I understand, all the persons sitting on the Supervisory Board of KGHM in the fiscal year 2021 have been included in this series of votes. Section 13 of the agenda has been concluded. Section 14 is the adoption of a resolution on the opinion on the report on the remuneration of members of the Management Board and Supervisory Board of KGHM Polska Miedz S.A. for 2021. A draft resolution was published together with all the other reference materials for this Ordinary General Meeting of Shareholders. Do we need to read out the draft resolution in it's full wording? I don't see any comments. Any persons would like to come forward? I don't see any. I therefore put resolution draft resolution on the opinion of the General Meeting of KGHM Polska Miedz S.A. on the report on the remuneration of members of the Management Board and Supervisory Board of KGHM Polska Miedz S.A. for 2021, I put this draft resolution to the vote. Please cast your votes now. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. Can I get the results, please. The total number of votes cast, 138,253,828. Votes in favor, 93,229,076; votes against, 37,397,972; abstentions 7,626,780. The resolution has been passed by secret ballot. So much for Section 14 of the agenda. Section 15 is the adoption of resolutions on appointment of members of the Supervisory Board of KGHM Polska Miedz S.A. elected by employees of the KGHM Polska Miedz S.A. for the new 11th term. I would like to say that as of the day of today's ordinary general meeting, some of the Supervisory Board members, the plenipotentiary powers of attorney have concluded. And that's why we need to appoint members of the Supervisory Board of KGHM Polska Miedz S.A. elected by the employees for the new 11th term. When it comes to the composition of the Supervisory Board, it's Paragraph 16 of the company articles. The number is from 7 to 10 members. A resolution to this effect was adopted by the ordinary meeting of shareholders in 2014. This was a resolution 27/2014, which defined the number of Supervisory Board members from 7 to 10 persons. And this condition was confirmed also in the year 2018, during the appointment of the Supervisory Board of the 10th term. The Supervisory Board of 7 to 10 people, 3 people are designated by the employees, and they are elected by the employees under Article 14, Section 2 of the act on the commercialization and certain employee rights dated the 30th of August, 1996. You must have noticed that resolutions, draft resolutions submitted to the ordinary meeting of shareholders, our framework draft resolutions -- our general resolutions that we do not have the date to win the mandate of a new member of the Supervisory Board starts. I would like you to adopt the date as of June 22, 2022. Because until midnight this day, the mandates of the members of the Supervisory Board are still valid. So the new Supervisory Board members will be able to take office as of tomorrow. I would also like to notify you that according to the minutes of the election of Supervisory Board members of the 11th term, elected by the employees of KGHM Polska Miedz S.A., the biggest number of votes was given to Boguslaw Szarek, 5,013 votes; Jozef Czyczerski, 4,087 votes; and Mr. Przemyslaw Darowski, 4,010 votes, and these persons are mentioned in the draft resolutions that were submitted to the Ordinary General Meeting of KGHM Polska Miedz S.A. and we will vote now on whether they can take office as of tomorrow. The first draft resolution is on the appointment of a member of the Supervisory Board of Jozef Czyczerski, that we read as follows: acting on the basis of Article 385, section 1 of the commercial partnership and company's code, the ordinary general meeting as of the 22nd of July, 2025, hereby appoints Mr. Jozef Czyczerski to the composition of the Supervisory Board of KGHM Polska Miedz S.A. for the new 11th term. The resolution comes into force upon its adoption. Would you like to make any comments on this draft resolution? Do you have any comments on that? I don't see any comments. And therefore, I put the resolution to the vote by secret ballot. Please cast your votes. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. Can I get the results, please? The total number of votes cast was 138,253,828. In favor of the resolution, 111,599,871; against the resolution, 5,755,737; abstentions, 20,889,220. I declare the resolution was passed by secret ballot. The next draft resolution is on the appointment of Mr. Przemyslaw Darowski in Section 1. We read that the Ordinary General Meeting as of June 22, 2022, hereby appoints Przemyslaw Darowski to the composition of the Supervisory Board of KGHM Polska Miedz S.A. elected by the employees of KGHM Polska Miedz S.A. Group for the new 11th term. The resolution comes into force upon its adoption. I put this resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of valid votes cast is 138,253,828. For -- in favor of the resolution, 111,596,531; against the resolution, 5,759,077 votes; abstentions, 20,898,220. The resolution has been passed by secret ballot. The next draft resolution applies to the appointment of Mr. Boguslaw Szarek to the composition of the Supervisory Board. And we read that the AGM as of June 22 hereby appoints Mr. Boguslaw Szarek to the composition of the Supervisory Board of KGHM Polska Miedz S.A. elected by the employees of the KGHM Polska Miedz S.A. Group for the new 11th term. The resolution comes into force upon its adoption. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. Can I have the results, please? The total number of valid votes cast is 138,253,828. In favor of the resolution, 111,588,799; against the resolution, 5,766,809 votes; abstentions, 20,898,220 votes. The resolution has been passed by secret ballot. So these are the appointments related to Item 15. Item 16 of the agenda, adoption of resolutions on appointment of members of the Supervisory Board of the KGHM Polska Miedz S.A. for the general -- for the new 11th term. The AGM should appoint at least 4, no more than 7, as per the company articles related to the number of votes. At least 4, no more than 7. So the first person that will be entered on the list of candidates, Andrzej Kisielewicz, as Andrzej Kisielewicz was proxy of the mover of this motion. Yes, I confirm the candidate. So the company in its current report mentioned, yes, published yesterday, notified about this candidate -- it was published in the form of a current report and is among the documents prepared for this meeting. Andrzej Kisielewicz is a current member of the Supervisory Board.

Ladies and gentlemen, Camila Dombrovska again. I'm the proxy of the State Treasurer, the Minister of State Assets. On behalf of my principle, I would like to submit Mr. Piotr Dytko as candidate for a member of the Supervisory. I will present the candidates individually. So very briefly, Piotr Dytko as of April 2022, is a member of the Board of the Polish Agency of Trade, and he was advisor to [indiscernible] Engineering limited liability company. He was Vice President of Center of Lukasiewicz Network in 2019. 2020, he was a member of the Board of the Employers of the Business & Science Associations, and he worked in the Ministry of Development and Technology. In 2016, he became -- the degree of a miner, third degree. He graduated from Wroclaw University. He also graduated from MBA from Collegium Humanum. And agreed to be a candidate and to hold the -- to be a member of the Supervisory Board, and he also submitted all requirements. And I'll present the documents -- relevant documents to the chairperson. [Audio Gap] She responsible for supervising companies, were the state treasuries, the majority shareholder. She was an employee of the Ministry of Treasury. Treasury and his carrying out tasks related to supervising. She we set on different bodies and different companies, [indiscernible], [indiscernible]. She's graduated from Management of Warsaw University. The next person that I would like to submit on behalf of my principal, Katarzyna Krupa agreed to be a member of the Supervisory Board and submitted the declaration of candidate for a member of the Supervisory Board. The next person on behalf of my principal of the State Treasury that I'd like to present is Agnieszka Winnik- Kalemba, who is -- or was the chairperson of the Supervisory Board of KGHM S.A. She's been a member of the Board since 2017. She's also a member -- Supervisory Board of Bank Pekao S.A. In 2003, she became a legal advisor, and she has her law office, providing end-to-end services to corporate bodies such [indiscernible], or the TVP S.A. [indiscernible]. Ms. Kalemba held managerial positions in Poland and abroad, including the Marshal's Office, of Lower Silesian Marshal Office. She graduated from the Faculty of Law in Wroclaw and Public Administration, Georgetown University in Washington. Agnieszka Winnik-Kalemba also submitted the declaration of candidate for a member of the Supervisory Board and agreed to be member of the Supervisory Board. The next candidate that I would like to submit on behalf of my principal, the State Treasury, is Wojciech Zarzycki. Since 2008, he has held the qualifications of a chartered auditor. He graduated from the University of Economics at Poznan. He also passed required exams to have qualifications on American investment advisor and is employed in Aviva company in Poland, and is a general reporting manager. Mr. Zarzycki used to work as a supervisor at KPMG and was in charge of auditing insurers, and Morison Finansista as an accountant responsible for preparing annual statements, which has practiced in terms of ownership, supervision related to KGHM [indiscernible]. He also agreed to be a member of the Supervisory Board, and he also submitted the declaration of candidate for a member of the Supervisory Board as published by KGHM website, all candidates, the documents related to all -- of all the candidates. I will give now to the chairperson.

Are there any other candidates that anyone would like to forth? Therefore, the list of candidates is closed. 6 candidates have been submitted, the following: Andrzej Kisielewicz, Piotr Dytko, Robert Kaleta; Katarzyna Krupa; Agnieszka Winnik-Kalemba, Wojciech Zarzycki. At this point, I would like to recommend a 10-minute break. Is 10 minutes enough to get in touch with your principals? 15-minute break. 15-minute. Let's take a 15-minute break. It's 5:21. Let's agree that the break will be until 5:35. [Break]

Ladies and gentlemen, it's 5:35 p.m. Persons interested in participating in this part of the Ordinary Meeting of Shareholders are kindly requested to take their seats. I resume the meeting of the Ordinary Meeting of Shareholders of KGHM Polska Miedz S.A. We are in for a series of votes on members of the Supervisory Board for the 11th term. The votes will be taken in alphabetical order. First, we'll vote on the candidacy of Mr. Piotr Dytko, then Robert Kaleta, followed by Andrzej Kisielewicz, followed by Katarzyna Krupa, followed by Agnieszka Winnik-Kalemba, and followed by Wojciech Zarzycki. A draft resolution submitted on -- in this section of the agenda, as you could see, is a framework and general draft. We need to, first of all, to add the date when the Supervisory Board member takes office. And I would suggest that it's the 22nd of June, 2022. And the next section to be filled out is the name and the first and given -- the first and surname of the candidate. So the Ordinary General Meeting of Shareholders as of 22nd of June, 2022, hereby points Mr. or Ms., this and that to the composition of the Supervisory Board of KGHM Polska Miedz S.A. for the new term -- for the new 11th term. The resolution comes into force upon its adoption. I understand that proposed contents of my draft is unquestionable and that's why we will vote on the draft resolution on the appointment of Mr. Piotr Dytko. The Ordinary General Meeting as of the 22nd of June, 2022, hereby appoints Mr. Piotr Dytko to the composition of the Supervisory Board of KGHM Polska Miedz S.A. for the new 11th term of office. Section 2, the resolution comes into force upon its adoption. The votes, I put the resolution to the vote by secret ballot. Please cast your votes. [Voting]

Let me remind you that all the candidates have agreed to be candidates for Supervisory Board members and have submitted relevant representations. All the representations and declarations have been submitted to the Chairman of the Ordinary Meeting of Shareholders. Have all eligible shareholders cast their vote? Voting time is closed. Can I get the results, please? A total number of 138,253,828 votes have been cast. Votes in favor, 90,015,001; votes against, 35,298,948; abstentions, 12,939,879. The resolution has been passed by secret vote. The Chairman corrects himself as to the exact number of abstentions. The resolution has been passed. Piotr Dytko has been appointed to the Supervisory Board. Another draft resolution is a draft resolution on the appointment of Mr. Robert Kaleta to the Supervisory Board, section 1 of the Ordinary General Meeting as of 22nd of June, 2024 -- 2022 hereby appoints Mr. Robert Kaleta to the composition of the Supervisory Board of KGHM Polska Miedz S.A. for the new 11th term. Section 2, the resolution comes into force upon its adoption. Do you have any questions, comments on the content of the draft resolution? I put the resolution to the vote by secret ballot. [Voting]

Have all the eligible shareholders cast their votes? The voting time is closed. The total number of votes cast was 138,253,828. Votes in favor, 100,514,001; against, 35,298,948; abstentions, 2,440,879. I hereby declare that the resolution has been passed by secret ballot. Another draft resolution is on the appointment of Mr. Andrzej Kisielewicz as a Supervisory Board member, and the first section of the draft resolution will read as follows: the Ordinary General Meeting as of 22nd of June, 2022, hereby appoints Mr. Andrzej Kisielewicz to the composition of the Supervisory Board of KGHM. For the new 11th term, the resolution comes into force upon its adoption. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders managed to cast their vote? Voting time is closed. Can I get the results, please? The total number of votes cast, 138,253,828. Votes in favor; 100,514,001; votes against, 35,298,948; abstentions, 2,440,879. The resolution has been passed by secret ballot by the ordinary meeting of shareholders. Another draft resolution concerns the appointment to the Supervisory Board of Ms. Katarzyna Krupa. In Section 1, we read: The Ordinary General Meeting of Shareholders as of 22nd of June, 2022 hereby appoints Ms. Katarzyna Krupa to the composition of the Supervisory Board of KGHM Polska Miedz S.A. for the new 11th term. Section 2 of the draft resolution reads: The resolution comes into force upon its adoption. Do we have any comments or reservations? If not, I put the resolution to the vote by secret ballot. Please cast your votes. [Voting]

Have all eligible shareholders managed to cast their vote? Voting time is closed. Please -- could you please get the results? Votes in favor, 101,514,001; votes against, 35,298,948; abstentions, 2,440,879. The resolution has been passed by the Ordinary Meeting of Shareholders by secret ballot. Another candidate is Ms. Agnieszka Winnik-Kalemba. The draft resolution on her appointment to the Supervisory Board. Section 1 reads the Ordinary General Meeting as of the 22nd of June 2022 hereby appoints Ms. Agnieszka Winnik-Kalemba to the composition of the Supervisory Board of KGHM Polska Miedz S.A. for the new 11th term. Section 2 of draft resolution reads, the resolution comes into force upon its adoption. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders cast their vote? Voting time is closed. The total number of votes cast, 138,253,828. Votes in favor, 100,514,001; votes against, 35,298,948; abstentions, 2,440,879. The resolution has been passed by the Ordinary Meeting of Shareholders by secret ballot. And the next draft resolution to be put to the vote in this series is on the appointment of Mr. Wojciech Zarzycki to the Supervisory Board. It's draft resolution in Section 1, reads the Ordinary General Meeting of Shareholders as of 22nd of June, 2022, hereby appoints Mr. Wojciech Zarzycki to the composition of the Supervisory Board of KGHM for the new 11th term. The resolution comes into force upon its adoption. I put the resolution to the vote by secret ballot. [Voting]

Have all eligible shareholders managed to cast their vote? The voting time is closed. Can I get the results, please? The total number of votes cast, 138,253,828. Votes in favor, 90,015,001; votes against, 35,298,948; abstentions, 12,939,879. The resolution has been passed by a secret ballot by the General Meeting of Shareholders. Is any of the persons present any reservations, any comments on the resolutions just adopted, would you like to make any statement at this point? We move on to the 17th point of the agenda, which is closing of the General Meeting of Shareholders. Having completed all the other agenda items, I hereby close the General Meeting of Shareholders of KGHM Polska Miedz S.A. Thank you so much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]