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Current Report No.: 28/2016

Title: Signing of the Letter of Intent with Energa S.A. relating to the construction and operation of the power unit in Ostrołęka Power Plant
Date: 2016.19.09
Report no.:  Current Report No.: 28/2016

Current Report No.: 28/2016

Date of preparation: 19.09.2016

Short name of issuer: Enea S.A.

Subject: Signing of the Letter of Intent with Energa S.A. relating to the construction and operation of the power unit in Ostrołęka Power Plant

Legal basis: Article 17 item 1 of MAR - confidential information

Content of report:

The Management Board of Enea S.A. ("Company") informs that on 19 September 2016 the Company and Energa S.A. signed a Letter of Intent relating to undertaking the cooperation on the preparation, implementation and operation of a modern 1,000 MW coal-fired unit in Ostrołęka Power Plant ("Investment", "Ostrołęka C").

The Parties' intention is joint elaboration of Ostrołęka C effective business model, verification of its design documentation and optimisation of technical and economic parameters of the new unit. The cooperation will also include drafting of documents necessary for the initiation of a tender procedure and selecting the Investment's general contractor.

In the Parties' agreeable assessment, the Investment implementation will positively affect the Polish energy security, will satisfy the highest environmental standards and will guarantee the next, stable, highly efficient and low-emission source of energy in the Polish Power System.

The Parties assume that the rules of cooperation agreed upon in the Letter of Intent should contribute to making a decision on the tender announcement in 2016 with the aim of completing the Investment in the second half of 2023.

The potential expenditures are estimated to ca. 5.5 - 6 mln PLN/MW. The Parties do not rule out the participation of other partners in the Investment. Its further parameters, such as the scale and commitment of each Party will be analysed.

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.