NOTICE OF CHANGE IN SHAREHOLDING

Polenergia SA (‘Company’) hereby announces that on 1st December 2014 the Company received a notification, in accordance with which – as a result of the merger (‘Merger’) of Mansa Investments sp. z o.o. with its registered office in Warsaw (‘Mansa’) and Elektron sp. z o.o. with its registered office in Warsaw (‘Elektron’), consisting in the acquisition by Mansa (the acquiring company) of Elektron (the target company – it was dissolved upon its deletion from the register of entrepreneurs) – Mansa acquired the right to all the Company’s shares held by Elektron, i.e. 16 863 458 (sixteen million eight hundred sixty-three thousand four hundred fifty-eight) shares of the Company, entitling to 16 863 458 (sixteen million eight hundred sixty-three thousand four hundred fifty-eight) 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. This Merger was registered by the registry court on 28th November 2014.

As a result of the Merger, Mansa holds a total of 29 811 757 (twenty-nine million eight hundred eleven thousand seven hundred fifty-seven) shares of the Company, entitling to 29 811 757 (twenty-nine million eight hundred eleven thousand seven hundred fifty-seven) 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.

Prior to the Merger, Mansa held a total of 12 948 299 (twelve million nine hundred forty-eight thousand two hundred ninety-nine) shares of the Company, entitling to 12 948 299 (twelve million nine hundred forty-eight thousand two hundred ninety-nine) votes at the Company’s General Assembly, representing 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.

Mansa and Elektron were part of the same capital group, i.e. Polenergia Holding S.ar.l. with its registered office in Luxembourg – a lower-rank capital group, and Kulczyk Investment S.A. with its registered office in Luxembourg – a higher-rank capital group. The number of the Company’s shares and votes indirectly held by Polenergia Holding S.ar.l. and Kulczyk Investment S.A. did not change. The Merger aimed at simplification of the structure of Polenergia Holding S.ar.l. capital group and thereby also simplification of the structure of Kulczyk Investment S.A. capital group.