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Current Report No. 24/2020

16.06.2020 14:30

Decision to commence exclusive negotiations in the process of selling the shares in TAURON Ciepło Sp. z o.o.

In reference to the current report no. 49/2019 of November 22, 2020, on the decision to allow the bidders to perform the due diligence of TAURON Ciepło Sp. z o.o. (”TAURON Ciepło”, wholly owned subsidiary of TAURON Polska Energia S.A.), the Management Board of TAURON Polska Energia S.A. (“Issuer”) informs that on June 16, 2020, it took the decision to move to the next stage of the process of selling the shares in the TAURON Ciepło subsidiary and commence negotiations of the agreement on the sale of the shares in TAURON Ciepło with Polskie Górnictwo Naftowe i Gazownictwo S.A. (”Bidder”) on the condition of exclusivity for the period of six weeks.

At the same time, the Issuer informs that, depending on the progress of the negotiations, it may decide to extend the exclusivity period granted to the Bidder by the time required to finalize the negotiations of the transaction documentation.

The negotiations are aimed at defining the terms of the potential transaction of the sale by the Issuer of the entire stake held in TAURON Ciepło ("Transaction"). The Issuer expects that the potential takeover of control over TAURON Ciepło by the investor would take place not earlier than as of January 1, 2021.

The conclusion of the potential Transaction will require, in particular, obtaining the relevant corporate approvals and clearances from the institutions providing the financing for the business operations of the Issuer's Capital Group. The Issuer allows for the possibility of canceling the process leading to the conclusion of the Transaction.

Art. 17, section 1 of the MAR Regulation – inside information

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