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08/01/2016 19:34

Current report 2/2016

Polenergia S.A. (‘Company’) hereby announces that the Company was notified that on 8th January 2016 the Company’s subsidiaries, i.e. Polenergia Obrót S.A. as the seller and Energopep spółka z ograniczoną odpowiedzialnością sp. k. as the buyer, concluded an annex to the transaction agreement of 25th March 2015 (‘Transaction Agreement’) regarding the sale of property rights arising from certificates of origin of electricity from renewable energy sources. As a result of the conclusion of this annex, the estimated value of the transaction covered by the Transaction Agreement increased and amounted to net PLN 586 250 000.00.

Therefore, the total value of the transaction exceeded 10% of the Company’s equities.

Moreover, the Company announces that the Transaction Agreement was concluded on the basis of the framework agreement on sale of property rights of 25th March 2015 (‘Framework Agreement’). The Framework Agreement governs all transactions that are carried out between the parties thereto, concerning the sale of property rights arising from certificates of origin of electricity (‘Property Rights’).

The Framework Agreement was signed with the use of a standard agreement applied in this type of agreements. The Framework Agreement was concluded for an indefinite period and may be terminated by either party upon 30 days’ notice, with effect at the end of a calendar month. In the case of non-delivery or non-acceptance of Property Rights in the number resulting from the provisions of an individual transaction agreement, the Framework Agreement provides for the stipulated penalty in the amount depending on the number of undelivered or unaccepted Property Rights. The Framework Agreement does not provide for the right of the parties to seek compensation exceeding the value of the above-mentioned penalty. The Framework Agreement does not contain any conditions precedent or subsequent.

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