NOTICE OF CHANGE IN SHAREHOLDING

Polenergia SA (‘Company’) hereby announces that on 17th September 2014 the Company received the undermentioned notifications concerning changes in the ownership of the Company’s shares resulting from the registration of the share capital increase by way of the issue of series Z shares:

1)    a notification from Elektron Spółka z ograniczoną odpowiedzialnością (‘Elektron’) in accordance with which, following the take-up of 16 863 458 newly-issued series Z shares of the Company, Elektron is entitled to exercise the right to vote from 16 863 458 shares of the Company, entitling to 16 863 458 votes at the Company’s General Assembly, representing 37.11% of the total number of the Company’s shares and 37.11% of the total number of votes at the Company’s General Assembly,

2)    a notification from Polenergia Holding S.a.r.l. with its seat in Luxembourg (‘PH’) in accordance with which, following the take-up of the Company’s shares by Elektron in the above-mentioned manner, PH indirectly acquired the Company’s shares, as a result of which PH indirectly, via Elektron and Mansa Investments Sp. z o.o., holds a total of 29 811 757 shares of the Company, entitling to 29 811 757 votes at the Company’s General Assembly, representing 65.6% of the total number of the Company’s shares and 65.6% of the total number of votes at the Company’s General Assembly,

3)    a notification from Kulczyk Investments SA with its seat in Luxembourg (‘KI’) in accordance with which, following the take-up of the Company’s shares by Elektron in the above-mentioned manner, KI indirectly acquired the Company’s shares, as a result of which KI indirectly, via Elektron and Mansa Investments Sp. z o.o., holds a total of 29 811 757 shares of the Company, entitling to 29 811 757 votes at the Company’s General Assembly, representing 65.6% of the total number of the Company’s shares and 65.6% of the total number of votes at the Company’s General Assembly.

According to the notification submitted to the Company, prior to the above-mentioned event:

1)    Elektron did not hold the Company’s shares,

2)    KI and PH held indirectly, via Mansa, 12 948 299 shares of the Company, currently (after the registration of the Company’s share capital increase) accounting for 28.49% of the total number of the Company’s shares and 28.49% of the total number of votes at the Company’s General Assembly.

The Company was also notified that presently neither Elektron nor PH has intention to further increase its share in the total number of votes in the next 12 months, but still does not exclude such possibility in certain circumstances, especially in case of favourable development of the Company’s share prices at the Warsaw Stock Exchange. Furthermore, KI announced that it does not exclude direct or indirect decreasing or increasing its share in the total number of votes at the Company’s General Assembly.