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07/09/2022 20:21

The Management Board of the company operating under the business name of Polenergia S.A. (“Issuer”) hereby reports that on 7 September 2022 the Issuer, having received the consent of the Issuer’s Supervisory Board for increase of the concentration limit (i.e. the renewable maximum amount) as part of the loan agreement entered into on 29 June 2022 by the Issuer with the subsidiary Polenergia Obrót S.A. (“Polenergia Obrót”) (“Loan Agreement”) in total by the amount of PLN 200 million up to the amount of PLN 360 million, entered into an agreement with Polenergia Obrót in this respect. In line with the agreement above, the concentration limit was increased for a period until 31 December 2022 and in case no other agreement has been entered, as of 1 January 2023, it will revert to the original amount of PLN 160 million agreed in the Loan Agreement.

The present-day temporary increase of the Issuer’s concentration limit as part of the Loan Agreement results from increased demand of Polenergia Obrót for working capital related to the unprecedented fluctuations of prices in the futures. In line with the rules of contributing the required deposits to the Clearing House of the Commodity Exchange S.A. (IRGiT), such significant changes in prices cause a serious risk of growth of the required supplementary deposits. Deposits are to be contributed by every member of the IRGiT, including Polenergia Obrót, on the business day following the listing day. The value of the supplementary deposits is the reflection of the product of the entire volume of transactions entered into by the participant on the exchange market and the difference of the current prices listed at the TGE Polish Power Exchange and settlement prices of the concluded contracts. The above translates directly to a significant growth of demand for deposits for transactions entered into by Polenergia Obrót.

The return of funds contributed to IRGiT by Polenergia Obrót in a cash form and in the form of bank guarantees as supplementation of the required margin deposits may take place as a result of changes in the settlement price or after settlement of futures which they hedged.

The intended use of the Issuer’s funds to cover the original limit of concentration contained in the Loan Agreement in the amount of PLN 160 million met the purpose specified in point (e) of Chapter ‘Use of Receipts from the Offering” of the Issuer’s Prospectus prepared, among others, in relation to the public offering of not more than 21,426,807 newly issued ordinary bearer series AA shares of the Issuer (“Series AA Shares”) and the Prospectus approved by the Polish Financial Supervision Authority on 27 January 2022 (“Prospectus”). In line with the Prospectus, up to PLN 176 million was assigned for the aforementioned purpose, from funds from the issue. The intended use of the funds to increase the concentration limit as part of the Loan Agreement in total by the amount of PLN 200 million (up to the amount of PLN 360 million) is a temporary change of the mode of allocating them to purposes specified in the Prospectus (in line with a reservation contained there). The Issuer’s Management Board has not decided to change the ultimate intended use of the receipts from the issue of Series AA shares and is planning to use them in line with the purposes specified in the Prospectus.

Legal basis: Art. 17(1) of Regulation of the European Parliament and Council (EU) No. 596/2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the European Union L of 2014, No. 173, p. 1)

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