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01/05/2018 06:59

Current report 12/2018

The Management Board of Polenergia S.A. (‘Issuer’), acting pursuant to art. 17 sec. 1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 on market abuse (‘MAR’), hereby notifies that on 30th April 2018 two subsidiaries of the Issuer, i.e. Amon Sp. z o.o. seated in Łebcz (‘Amon’) and Talia sp. z o.o. seated in Łebcz (‘Talia’), brought to the District Court in Katowice, XIII Commercial Division, a lawsuit against Tauron Polska Energia S.A. seated in Katowice (‘Tauron’) in connection with the break of the long-term energy and property rights sales agreements concluded by Tauron’s subsidiary – Polska Energia-Pierwsza Kompania Handlowa Sp. z o.o. seated in Warsaw (‘PKH’) with Amon and Talia.

Amon demands payment of PLN 47,550,055.51 for damages, including the interest and costs of the proceedings, as well as determination of Tauron’s liability for future damages estimated to amount to over PLN 158 million, which makes the value of the claim of Amon to be over PLN 205 million.

Talia demands payment of PLN 31,298,188,52 for damages, including the interest and costs of the proceedings, as well as determination of Tauron’s liability for future damages estimated to amount to less than PLN 107 million, which makes the value of the claim of Talia to be over PLN 138 million.

On 23rd December 2009 Amon and Talia concluded with PKH long-term agreements for the sale of energy generated in renewable energy sources and sale of property rights arising from certificates of origin confirming the generation of energy in renewable energy sources (‘Property Rights’), namely wind farms in Modlikowice and Łukaszów belonging to Amon and Talia. Property Rights and energy were purchased by PKH for the purposes of Tauron Group. In particular, all Property Rights acquired by PKH were subsequently resold with a profit by PKH to Tauron Sprzedaż Sp. z o.o. (‘Tauron Sprzedaż’), based on a long-term agreement.

Tauron entrusted PKH with purchase of energy and Property Rights for the needs of Tauron Group on the basis of long-term agreements. In view of the drop in market prices and lack of Amon’s and Talia’s acceptance of changes to the agreements favorable only for Tauron Group, steps were taken to avoid performance of contracted obligations and to terminate long-term agreements. Tauron resigned from merging PKH with Tauron Sprzedaż and led to the transfer of assets and profitable segments of PKH’s operations to other companies from Tauron Group, leaving PKH with long-term contracts exclusively. PKH, prepared in such a way, was put into liquidation by Tauron, in order that in the process of liquidation or as a result of the end of liquidation and deletion of PKH from the Register, the long-term agreements would be broken or terminated accordingly. Subsequently, the liquidators of PKH appointed by Tauron (acting as Directors of Tauron Departments at the same time) led to breaking of long-term agreements concluded, among others, with Amon and Talia, by filing on 18th March 2015 groundless statements about termination of agreements, and after the deadline for terminating them, ceasing to acquire energy and Property Rights from Amon and Talia, which led to damage on Amon and Talia.

According to Amon and Talia, Tauron – as the sole partner of PKH, and as an entity that took actions aimed at extinction of long-term agreements and at making unsubstantiated declarations of termination of these agreements and ceasing by PKH to acquire energy and Property Rights under these agreements, and as an entity, which entrusted PKH and its liquidators with certain activities and consciously benefited from the damage done to Amon and Talia – is responsible for the damage that Amon and Talia suffered and still suffer from as a result of cancellation of the long-term agreements. Thus, in the opinion of Amon and Talia, their claims are well founded and merit awarding in accordance with the actions brought by both companies. The Management Board of the Issuer shares the position of the claimants.

The Issuer will inform about subsequent important decisions regarding the subject matter in the course of the next current reports.

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