The Management Board of Photon Energy a.s. announces that on 30 December 2010 the company completed all steps leading to the contribution of all equity and equity-equivalent photovoltaic investments in the Czech Republic into its fully-owned subsidiary Photon Investments CZ N.V.

Photon Energy contributed its 100% equity stakes in Photon SPV 1 s.r.o., Photon SPV 2 s.r.o., Photon SPV 5 s.r.o. and Photon SPV 9 s.r.o. as well as its 49% equity stake in Solarpark Mikulov I s.r.o. and its 30% equity stake in Solarpark Mikulov II s.r.o. to Photon Investments CZ N.V.

Photon Energy also signed agreements with Raiffeisen - Leasing Real Estate s.r.o. (in the following “RLRE") transferring the rights and duties relating to the call and put options embedded in the framework agreements between Photon Energy a.s. and RLRE for all projects financed by RLRE. These relate to:

• Photon SPV 3 s.r.o. (Mostkovice)

• Photon SPV 4 s.r.o. (Svatoslav)

• Photon SPV 6 s.r.o. (Slavkov u Brna)

• Photon SPV 8 s.r.o. (Zvíkov)

• Photon SPV 10 s.r.o. (Dolní Dvořiště)

• Photon SPV 11 s.r.o. (Radvanice)

• Exit 90 SPV s.r.o. (Komorovice)

• Onyx Energy s.r.o. (Zdice 1)

• Onyx Energy projekt II s.r.o. (Zdice 2)

As Photon Investments CZ N.V. is fully-owned by Photon Energy a.s. these transfers have no impact on the consolidated accounts of Photon Energy a.s.

For more information please also refer to EBI report 81/2010.

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.