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08/07/2015 19:57

Current report 31/2015

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 EDF Trading Limited (‘Contractor’), concluded from 21st August 2014, i.e. the date of acquisition of Polenergia Obrót by the Company, till 7th July 2015, amounted to net PLN 135 649 551.88. This amount includes both the contracted income of Polenergia Obrót, pursuant to the agreements on the sale of electricity to the Contractor (net PLN 57 336 528.38), and the contracted costs of Polenergia Obrót arising from the agreements on the purchase of electricity from the Contractor (net PLN 78 313 023.50).

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

Moreover, the Company announces that the transactions between Polenergia Obrót and the Contractor were generated on the basis of the EFET framework agreement of 31st October 2013 concluded between Polenergia Obrót and the Contractor (‘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 or non-acceptance 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 or unaccepted 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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