Tatry mountain resorts : Full wording of Articles of Assocation of the Company

FULL WORDING

OF THE ARTICLES OF ASSOCIATION OF THE JOINT STOCK COMPANY

Tatry mountain resorts, a.s.

/as of 31/5/2023

CHAPTER I

Fundamental Provisions

Article I

BUSINESS NAME AND REGISTERED OFFICE OF THE COMPANY

1. The business name of the company shall be:

Tatry mountain resorts, a.s.

(hereinafter referred to only as the "Company")

2. Registered office:

031 01 Demänovská Dolina no.72

1. The Company is registered in the Companies Register: held at the District Court in Žilina, section Sa, file no. 62/ L.
2. The Company shall be established for an indefinite time period.

Article II

SCOPE OF BUSINESS

The scope of business of the Company shall be as follows:

1. operating of cableways
2. operating of transport on a cableway
3. operating of ski lifts
4. renting of advertising space
5. operating of a ski school
6. operating of a snowboard school
7. constructions and changes
8. simple constructions, small constructions and changes
9. arranging of sale, rental and purchase of real property (real estate activities)
10. organising of children´s leisure time activities in addition to activities arranged by travel agencies
11. operating of ski slopes
12. grooming of ski slopes, terrain works
13. transport of sports equipment and luggage
14. sports equipment depot
15. organising of trainings, seminars, schooling, culture and social events
16. organising of exhibitions
17. operating of car parks
18. providing data services - internet reading room
19. operating of no win slot machines and jukeboxes

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1. reprographic services
2. operating of a tour operator
3. operating of a travel agency
4. travel guide
5. leasing and rental of estate property, consumable goods and computer technology
6. personal transport of max. 9 people including the driver in addition to taxi services
7. arranging and selling Company´s own outdoor sports services
8. microwave TV broadcasting in hotel and accommodation facilities
9. broadcasting of advertising and commercial spots via a microwave TV signal
10. creating of internet and web sites
11. looking after preschool children
12. repairs and maintenance of sports tools and equipment
13. factoring and forfeiting
14. manipulation with products of creative activities with authors´ approval
15. publishing activities within the scope of non-regulated trade
16. bookkeeping
17. business consultancy and market research
18. cooking and selling of meat products, side dishes and vegetarian meals for consump- tion only
19. selling of food prepared and imported by an authorised producer at catering facilities, confectionery shops
20. preparing and selling of non-alcoholic beverages, factory-made milk beverages, cock- tails, beer, wine and spirits
21. renting of sports equipment
22. operating of fun parks
23. operating of sports areas
24. organising of sports events
25. renting of boats
26. operating and constructing of buildings for individual recreation, single storey build- ings and constructions necessary at a construction site unless their built-up area is larger than 300 m2 and higher than 15 m, small constructions and their renovations
27. compiling of documents and construction projects for simple constructions, small con- structions and their renovations
28. engineering services
29. arranging of services related to the management of housing and non housing associa- tions
30. driving of somebody else´s motor vehicles when authorised by the owner
31. construction supervision activities - building structures
32. purchasing of goods intended for sale to ultimate consumers (retail) or other trade op- erators (wholesale)
33. preparatory activities before construction operations
34. arranging of trade activities
35. arranging of services
36. computer services
37. services related to computer processing
38. leasing of real property along with other than basic services related to the rental
39. leasing of movables
40. administrative services
41. business, organisational and economic consultancy
42. activities of culture, social and entertainment facilities

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1. operating of sports facilities
2. advertising and marketing services
3. market research and public opinion poll
4. hairdresser saloons
5. cosmetic services
6. catering services
7. winter road maintenance
8. operating of facilities intended for regeneration and recondition
9. accommodation services in accommodation facilities including catering services in these facilities, a cottage settlement of 3rd category and camping sites of 3rd and 4th category
10. laundrette, ironing and mangling of clothes
11. massage services
12. exchange services - exchanging of foreign currencies for the Slovak currency in cash
13. mountain guide services including guiding and accompanying at tourist trails
14. non-regulardomestic bus transport
15. performing of extracurricular educational activities
16. operating of road passenger transport
17. operating of road freight transport
18. authorised civil engineer for structures
19. sports activities in accordance with § 3 item a) Act No. 440/2015 Coll. on Sport and on amendments to other acts as subsequently amended
20. provision of personal services
21. manufacturing of sweets

CHAPTER II

Registered Capital

Article III

REGISTERED CAPITAL OF THE COMPANY

1. The Registered capital of the Company equals to EUR 46,950,386 (forty-six million nine hundred fifty thousand three hundred eighty-six).
2. Registered capital of the Company upto day of registration of decrease of registered capital in the commercial register of monetary and non-monetary contributions. Contribution in kind amounting to SKK 130,000,000 (one hundred and thirty thousand million Slovak crowns) shall consist of following immovable assets:
   a/ immovable assets incorporated in the Deed of title no. 30 of the Cadastre office in Žilina, cadastre administration in Liptovský Mikuláš, located in regional authority Demänovská dolina as allotment no. 2926/37 - build-up areas with the size 4,536 m2, allotment no. 2926/38 - other areas with the size 390 m2, allotment no. 2926/47 - other areas with the size 1,499 m2, allotment no 2926/72 - build-up areas with the size 1,710 m2, allotment no 2926/73 - other areas with the size 26 m2 and building under construction on allotment no. 2926/72; and

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b/ immovable assets incorporated in the Deed of title no.9 of the Cadastre office in Žilina, cadastre administration in Liptovský Mikuláš, located in regional authority Demänovská Dolina as allotment no. 2980/9 - build-up areas with the size 2,275 m2, allotment no. 2980/54 - build-up areas with the size 910 m2, allotment no. 2980/55 - other areas with the size 1,293 m2, allotment no. 2980/56 - other areas with the size 356 m2 and the construction no. 5 - Hotel Tri studničky built on allotment no. 2980/9

(hereinafter referred to only as "immovable assets").

The immovable assets were evaluated by expert opinion of Ing. Priehradný, no. 037/2002 amounting to 25,422,580.00 (twenty-five million four hundred twenty-two thousand five hundred eighty Slovak crowns) and no. 032/2002 amounting to 152,963,146.00 (one hundred fifty-two million nine hundred sixty-three thousand one hundred forty-six Slovak crowns). Contribution in kind shall be set-off against the contribution of the shareholder to the Company in the total amount of SKK 130,000,000.00 (one hundred thirty million Slovak crowns).

1. The registered capital of the Company is divided into 6,707,198 (six million seven hun- dred and seven thousand one hundred ninety-eight) ordinary book-entered bearer shares with nominal value of EUR 7 (seven euro).
2. The company's shares are in the form of book-entered securities held in a statutory register of securities.

Article IV

SHARES OF THE COMPANY

1. Pursuant to generally binding legal regulations (hereinafter referred to only as "law") and pursuant to the Articles of Association hereof the shares shall grant shareholder´s right to participate in the management of the Company, in its profits and its liquidation balance upon the cancellation of the Company with liquidation unless the law provides otherwise.
2. The General Meeting may decide on issuing of shares:
3. 1. of a different form (registered shares, bearer shares)
   2. of a different nominal value (the value shall be expressed as a positive integer unless special law provides otherwise,
   3. of a different kind (ordinary share, preferred share) differentiating by the name and related rights.
4. Any transfer of the shares shall be made in compliance with special regulations by a law stipulated registration of holders of registered securities.
5. To acquire the shares of the Company for the purpose of its transfer to the employees of the Company, the provision of section 161a, subsection 2, indent a) Commercial Code shall not be used. The shares acquired in this way shall be transferred to the employees of the Company no later than within 12 (twelve) months from the date they were acquired by the Company.
6. To acquire the shares of the Company for the purpose of averting imminent major damage for the Company, the provision of section 161a, subsection 2, indent a) Commercial Code shall not be used. The Board of Directors shall be then obliged to

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