INFORMATION ON CHANGE IN THE ESTIMATED LEVEL OF INVESTMENT EXPENSES REQUIRED FOR THE PERFORMANCE OF OFFSHORE WIND FARM PROJECTS

The Management Board of Polenergia S.A. (“Issuer”), in reference to current report No. 17/2021 of 16 April 2021, hereby reports that on 13 October 2021 the Issuer, as the shareholder of project companies MFW Bałtyk II Sp. z o.o. and MFW Bałtyk III Sp. z o.o. (jointly “Project Companies”), holding 50% of shares in the Project Companies, together with Wind Power AS (Equinor Group), which is a shareholder holding the other 50% of shares in the Project Companies, adopted resolutions of shareholders of the Project Companies on approval of budget for projects MFW Bałtyk II and MFW Bałtyk III (jointly “Projects”) and Project development plans, encompassing a period from making a final investment decision and commencement of construction, currently scheduled for 2024 (“Budget”).

The level of investment expenses foreseen in the Budget for project preparation, which have to be incurred in the period from the final investment decision and the commencement of the construction currently approximates PLN 630 million.

The Issuer indicates that the level of investment expenses defined below is an estimate, which may be subject to further changes during the Project implementation. The Issuer will publicly announce, in the form of current reports, relevant information about potential further significant changes of the estimated or actual budget of the Projects.

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 as amended).