English Translation

95- - 8 - The 3 major shareholders are ready to hand over the above mentioned 2,600 shares of nom. per K 400.--- at the price of no. K 1,500.- - for the piece. The remaining 2,400 shares and 2,500 shares, which are immediately and in the near future tangible, are relatively cheap, according to Bankier Hasek; he believes to receive them at a price of K 600.-– for the shares of Nom. K 400--. Hašek proposes that the purchases of shares of the Bohemian Escompte Bank and the large shareholders, which go beyond the acquis communautaire of 5 ooo shares at the beginning, should be made for joint settlement until the 3 large shareholders together with us have achieved an absolute majority of approximately 16,00 shares. My counterproposal went on to leave the purchases beyond the combined 10.ooo shares by us alone and to return to the 3 large shareholders in due course the 2,600 shares made available to us from their present possession. For this purpose, Hasek proposed the average price between the price of our first acquisition of 2,600 shares at K 1,500.--- per share and 2,400 at K 600.-– per "foreign" share (s.a. above ), which is approximately K 1.O5O.- - per share, so that the 3 large shareholders earn a price difference of K 45O-- for the piece by buying back their first mentioned 2, 600 shares. I accepted this return purchase price for opportunity reasons. According to the current balance sheet as at 31.12.1937, the net assets in the balance sheet, including the existing open reserves, are 12,000,000.-- approximately K 45,000,000..-. This value is also for the measurement of the acquisition price of the 2,60o shares of the 3 large shareholders ( 1 piece nom. If the dividend distribution for the last two years alone is based on K 4O.--- for the share, the above price is of course too high. However, if the dividend is combined from 1o% to the nominal amount of the share capital with the - in -