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Current Report No. 45/2020

01.10.2020 11:20

Signing of a letter of intent regarding the sale of the shares in PGE EJ 1 sp. z o.o.

TAURON Polska Energia S.A. (”Issuer”) announces that on October 1, 2020, it signed a letter of intent with the State Treasury ("State Treasury"), regarding the acquisition by the State Treasury of 100 percent of the shares in PGE EJ 1 sp. z o.o. ("Letter of Intent").

The Letter of Intent has been signed by all entities holding shares in PGE EJ 1 sp. z o.o. (apart from the Issuer, they include: PGE Polska Grupa Energetyczna S.A., Enea S.A. and KGHM Polska Miedź S.A.), an entity responsible for the preparation and implementation of the investment project that involves the construction and operation of Poland’s first nuclear power plant. The Issuer owns 10 percent of the shares in PGE EJ 1 sp. z o.o.

The entities signing the Letter of Intent undertook to carry out, in good faith, all of the activities required to prepare and complete a transaction involving the acquisition of the shares in PGE EJ 1 sp. z o.o. by the State Treasury ("Transaction"). The intention expressed in the Letter of Intent is for the State Treasury to acquire the shares in PGE EJ 1 sp. z o.o. by December 31, 2020, however, the Parties have not specified the effective term of the Letter of Intent. The Letter of Intent does not entail the obligation of the parties to follow through with the Transaction. The decision to carry out the Transaction will depend on the results of the negotiations in this regard and the fulfillment of other conditions specified in the legal regulations or corporate documents.

A potential sale of the shares in PGE EJ 1 sp. z o.o. is in line with the strategic directions announced by the Issuer on May 27, 2019.

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

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