English Translation

2./ O According to the resolution of the extraordinary General Assembly of May 1, 1994l, an increase in the share capital of our company by Nom. 75 Mil. K was carried out in such a way that the provisional nominal value of the shares, i.e. K l.200.- with effect from the l.Jänner 1940 on Nom, was carried on. This stamping was carried out partly at the expense of the publicly designated reserve funds, the state of which - as is the case from the balance sheet - changed considerably, and on the other hand parts at the cost of the silent reserves contained in the creditor's post. The creditor's account increased compared to l939: in addition, the balance includes the items "Widmung Dr. Novotný for invalid workers" and "Fond for the support of invalid workers", which were particularly reported last year. We have decided to put together the profit and loss account of the better view on this occasion changed over the past years: the previous item "Business administration" we detail on "Personal and factual administrative accounts", so that after the elimination of the amounts directly related to the operation it will be possible to better assess the expenses of the central administration, further on "social expenditure on wages and salaries" and "taxes". A brief overview of the results of our sister companies: The Carpathian Electricity Plants A.G. in Ungwar, which was the owner of the shares of the Carpathic Electricity Plants in Hust, merged with this company in the past years without increasing their own share capital.