The Management Board of Photon Energy a.s. announces that on 28 January 2011 it received confirmation of the establishment of its fully-owned subsidiaries Photon Energy Italia s.r.l. (share capital of EUR 100,000, CZK 2.425 million, PLN 391,110), Photon Engineering s.r.l. . (share capital of EUR 100,000, CZK 2.425 million, PLN 391,110) and Photon Management s.r.l. . (share capital of EUR 20,000, CZK 484,900 million, PLN 78,222) with their seats in Milano Assago, Italy. These subsidiaries provide the legal basis for Photon Energy's entry into the Italian market.

Legal Basis: Article 3, Section 2, Point 10 of Exhibit 3 of the Alternative Trading System Rules, as adopted by Resolution Nr. 147/2007, dated 1 March 2007, and amended by Resolution Nr. 733/2009, dated 18 December 2009, of the Warsaw Stock Exchange Management Board