DIVIDEND POLICY

Polenergia S.A. (‘Company’) hereby informs that on 17th February 2016 the Supervisory Board of the Company approved (i) a proposal of the Management Board on the payment of dividend in 2016 and (ii) the Dividend Policy.

Dividend to be paid out in 2016

The Management Board of the Company will request the General Meeting of the Company to allocate a part of the reserve capital of PLN 22 721 774.50 for the payment of a dividend in 2016 amounting to PLN 0.5 per share.

Dividend policy of Polenergia S.A.

With a view to increasingly better financial results of Polenergia S.A. Group (‘Group’), the Management Board of the Company intends to submit to the General Meeting of Shareholders a proposal of payment of a dividend at the level of 30–60% of the consolidated net profit attributable to shareholders of the Company as the parent company, starting from the profit for the year ending on 31st December 2016.
The Management Board of Polenergia S.A. allows for the possibility to submit to the General Meeting of Shareholders a recommendation of extra dividend payment in the event of having a significant financial surplus coming from e.g. sale of selected projects.

The final form of the presented by the Company’s Management Board recommendation as for the disposal of the profit generated by Polenergia S.A. Group each time will depend on the level of the consolidated net profit reached by Polenergia S.A. Group, on the needs connected with Polenergia S.A. Group’s development, in particular those related to the implementation of investment plans, on the financial and liquidity situation of Polenergia S.A. Group, the existing and future liabilities (including potential limitations connected with loan agreements and issuance of debt instruments) as well as on the evaluation of perspectives of Polenergia S.A. Group in certain market conditions and macroeconomic environment.

The decision on the disposal of Polenergia S.A. Group’s profit, including the decision on the dividend payment and amount, shall each time be made by the General Meeting of Shareholders, which is not bound by the recommendation of the Management Board of Polenergia S.A. Depending on the above-mentioned circumstances, the recommendation of the Management Board of Polenergia S.A. in particular years can be different from the one assumed in the Dividend Policy. Moreover, the actual amount of the dividend established to be paid out may be adopted by the General Meeting of Shareholders at a higher or lower level than the one assumed in this Dividend Policy. The Dividend Policy will also be subject to periodic review and may be modified or cancelled due to a failure or difficulties in its implementation.