The Management Board announces the establishment of fully-owned subsidiaries Photon Investments CZ N.V., Photon Investments SK N.V., Photon Investments DE N.V. and Photon Investments IT N.V. with their seats in Amsterdam in the Netherlands. The purpose of these subsidiaries the concentration of ownership of all of Photon Energy's photovoltaic investments in the Czech Republic, Slovakia, Germany and Italy under country-specific sub-holdings. Each company has a fully-paid-up registered share capital of EUR 45,000 (CZK 1.135 million, PLN 178,668).

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