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EXCEEDING 10% THRESHOLD OF ISSUER EQUITY...

EXCEEDING 10% THRESHOLD OF ISSUER EQUITY IN TERMS OF TURNOVER VALUE BETWEEN POLENERGIA GROUP AND VEOLIA ENERGIA POLSKA

02/07/2015 20:01

Current report 27/2015

The Management Board of Polenergia S.A. (‘Company’) hereby announces that the Company was notified that the total value of transactions in terms of wholesale electricity trading between the Company’s subsidiary – Polenergia Obrót S.A. (‘Polenergia Obrót’) – and Veolia Energia Polska S.A. (‘Veolia’), concluded from 21st August 2014, i.e. the date of acquisition of Polenergia Obrót by the Company, till the date of publication of this Current Report, amounted to net PLN 149 483 697.00. This amount includes both the contracted income of Polenergia Obrót, pursuant to the agreements on the sale of electricity to Veolia (net PLN 76 822 677.00), and the contracted costs of Polenergia Obrót arising from the agreements on the purchase of electricity from Veolia (net PLN 72 661 020.00).

Therefore, the total net value of turnover between Polenergia Obrót and Veolia exceeded 10% of the Company’s equities.

Moreover, the Company announces that the transactions between Polenergia Obrót and Veolia were generated on the basis of the framework agreement of 1st June 2011 concluded between Polenergia Obrót and Veolia (‘Framework Agreement’). The Framework Agreement governs all transactions that are carried out between the parties thereto, based on individual sales or option agreements, concerning the purchase, sale, delivery and acceptance of electricity. 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. In the case of non-delivery of electricity in the amount resulting from the provisions of individual sales agreements, the Framework Agreement provides for the stipulated penalty in the amount depending on the amount of undelivered electricity. In certain cases, the Framework Agreement provides for the right to seek compensation exceeding the value of the above-mentioned amount. The Framework Agreement does not contain any conditions precedent or subsequent.

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