JR Holding SA

Business and Financial Review • Feb 25, 2021

The Management Board of Berg Holding S.A. with its registered seat inKatowice [Company, Issuer] in reference to the ESPI current report no.45/2020 informs about the update of the planned strategy of the Issuer'ssubsidiary - Farmy Fotowoltaiki S.A. [company, issuer] including a newtime perspective.

The strategy of Photovoltaic Farm for 2021-2023 assumes:

1. raising external capital from PLN 4,000,000 to PLN 10,000,000 in 2021to finance current operations and implement planned investments,2.conducting a crowdfunding campaign in 2021 and acquiring PLN 4,050,000from investors3. carrying out the first assembly works in 2021 andlaunching the first farm in the village of Nagoszyn,4. investment in2021 in an entity operating on the photovoltaic market by purchasingshares at the level of 5%-45%,5. implementation of projects in theyears 2021-2022 with a capacity of 1MW to 10MW,6. debut of thePhotovoltaic Farm shares on the NewConnect market [Q4/2021 - Q1/2022],7.implementation of projects with a capacity of up to 40 MW in the years2022-2023.

In addition, the Subsidiary, as part of its planned strategy, assumes:

1. development of the execution and distribution network throughestablishment of cooperation with further partners and design andinstallation companies,2. development of technical, commercial andresearch facilities by building its own team of development oftechnical, commercial and research facilities by building our own teamof subcontracting companies, in the system of B2B relations,3.building a database of investors interested in purchasing photovoltaicfarms or investing in the photovoltaic industry,4. educationalactivities to promote environmental technologies, including cooperationwith entities active in this area and participation and partnership inevents promoting the use of renewable energy sources.

The subsidiary plans to conduct business based on the followingcooperation models:

1. development of projects under 50/50 ownership with Columbus Energy SAthrough the joint venture Columbus&Farmy Sp. z o.o. [Photovoltaic Farmswill fully consolidate all assets and profits from all SPVs],2.implementation of projects in cooperation with an external partner,based on the principles of SPV in the ownership based on the 51/49model, where on the part of the partner remains the contribution in theform of land or financing at the level of 49%,3. consolidation ofthe market through the purchase of shares in entities operating in thephotovoltaic industry, including the acquisition of entities that havecompleted farms or approved projects for these investments at any stageof advancement.

The main assumptions of the presented updated strategy assume thatPhotovoltaic Farms will achieve sales revenues of approximately PLN 9.7million per year for the next 15 years.

The Issuer will inform about updates or changes to the informationincluded in this report by way of relevant current reports.