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17/11/2015 19:41

Current report 38/2015

Value of turnover with contractor

Polenergia S.A. (‘Company’) hereby announces that the Company was notified that the estimated value of transactions contracted for 2016 referring to electricity sales and trading between the Company’s subsidiaries, i.e. Polenergia Elektrociepłownia Nowa Sarzyna sp. z o.o., Polenergia Obrót S.A. and GET EnTra Sp. z o.o., amounted to net PLN 230 000 000.00. This amount includes both the contracted income of the subsidiaries, pursuant to the agreements on the sale of electricity to GET EnTra Sp. z o.o., and the contracted costs arising from the agreements on the purchase of electricity from the particular contractor.

Therefore, the total net value of the contracted commercial transactions between the Company’s capital group and GET EnTra Sp. z o.o. exceeded 10% of the Company’s equities.

Moreover, the Company announces that the highest-value agreement in terms of commercial transactions contracted for 2016 is the electricity sales agreement of 12th April 2011 concluded between GET EnTra Sp. z o.o. and Polenergia Obrót S.A. (‘Sales Agreement’), whose period of validity was extended for 2016 under the annex of 16th November 2015 which provides for electricity supplies in 2016. The Sales Agreement was concluded on the basis of the EFET framework agreement of 9th June 2009 (‘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.

Legal basis: § 5 section 1 item 3 and § 9 of the Decree of the Minister of Finance of 19th February 2009 on current and periodic information published by issuers of securities and conditions for recognising as equivalent the information required by the laws of a non-member state.

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