Public Offer of Shares

On 28 June 2011, the VOXEL S.A. Extraordinary General Meeting adopted resolution no. 4 on the increase in the Company share capital through the private subscription of J class shares, with the exclusion of the right of first refusal by the current shareholders, as well as on the changes in the Articles of Association, on the basis of which the Company share capital has been increased by no more than 1,000,000.00 PLN. The share capital increase has occurred through the issuance of no more than 1,000,000 new J class bearer shares, with nominal value of 1.00 PLN each and a total nominal value of 1,000,000 PLN.

J class shares have been offered exclusively to qualified investors according to art. 8 of the Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies (unified text, Journal of Laws, 2009 no. 185, item 1439 with further amendments, hereinafter referred to as: "The Public Offer Act"), and to investors, every one of which shall purchase shares at a value calculated according to their issuance price, no lower than the equivalent of 50,000 EUR on the day of establishing the price, in PLN.

The issuance of J class shares has been conducted through a public offer, as understood by art. 3 item 3 in connection with art. 7 item 3 no. 1) and 2) of the Public Offer Act, whereby the J class shares within the private subscription, specified in art. 431 § 3 no. 1) of the Polish Code of Commercial Partnerships and Companies have been offered exclusively to the entities chosen by the Company Board of Directors. The subscription included 1,000,000 J class shares. Due to the subscription, 1,000,000 J class shares have been purchased and correctly paid for.

The issuance price of J class shares has been established by the Board of Directors to be 19 PLN per J class share. The VOXEL S.A. share capital increase through the issuance of J class shares to 9,732,600 PLN has been registered in the Register of Entrepreneurs of the National Court Register on 8 August 2011.