Annual Report 2005

Proposal for distribution of profit for 2005 Dear shareholders. Equity earned through the eleven preceding years has stabilised the joint stock company. The net worth per share exceeds its nominal value by more than 58%. The Board of Directors submitted their proposal for distribution of retained earnings for 2005 to the General Shareholders’ Meeting (to be held on 6 June 2006) for their approval. The total amount proposed to be paid via dividends to shareholders is 40% of net profit reported for 2005. The highest proposed dividend in our history has resulted from the extremely favourable results of operation, and it will be a real challenge to repeat this in subsequent years. Dear shareholders. May we hereby invite you to remain with us and to retain your trust and favour in the years to come. Results of operations of 2005 Proposed distribution: Mandatory allotments to reserve fund (10%) Dividends paid to Shareholders (Dividend of SKK 150 per share) Discretionary bonuses Distribution to retained earnings SKK 883 324 332.09 SKK 88 332 433.21 SKK 357 620 250.00 SKK 4 500 000.00 SKK 432 871 648.88 INFORMATION FOR SHAREHOLDERS Information for shareholders Annual Report 2005 Železiarne Podbrezová 39