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PEP FILED A STATEMENT OF COUNTERCLAIM...

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PEP FILED A STATEMENT OF COUNTERCLAIM AGAINST MONDI ŚWIECIE S.A. IN THE COURT OF ARBITRATION AT THE POLISH CHAMBER OF COMMERCE

28/06/2011 09:02

Current Report No. 30/2011

Polish Energy Partners S.A. (“PEP”), in relation to Current Report No. 4/2011 of 4th February 2011, hereby notifies that on 27th June 2011 PEP filed a statement of counterclaim against Mondi Świecie S.A. in the Court of Arbitration at the Polish Chamber of Commerce. In the statement of counterclaim PEP applies for settlement by the Court of Arbitration that, as a rule, the price of exercising by Mondi of the so-called Voluntary Call Option (“Option”), as well as the Put Option which PEP is entitled to towards Mondi, pursuant to the General Agreement concluded on 29th April 2002 between Polish Energy Partners S.A., Frantschach Świecie S.A. and Saturn Management spółka z ograniczoną odpowiedzialnością i Wspólnicy sp. k. (“GA”), includes reimbursement for the lost benefits of PEP from production by EC Saturn of energy from renewable sources and cogeneration. Moreover, in the aforementioned statement PEP detailed the mechanism for calculating the Option price, consistent with the general principle referred to in the preceding sentence. PEP indicated in the statement that, as a result of a series of amendments to the agreements under which the so-called Saturn Project is realised as well as the actual changes in this project implementation, the revenues from production in Saturn CHP plant of so-called green and red energy have become a permanent and predictable source of benefits from the participation in the Saturn Project, and as such should be included in the calculation of the Option price. As a consequence, the Option exercise price calculated as at 1st June 2011 amounts to PLN 296,423,671.47.

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