Photon Energy N.V.

Delisting Announcement • May 14, 2020

Photon Energy N.V. ('Photon Energy' or 'Company') announces its intention to move the listing of shares from the New Connect market organized by the Warsaw Stock Exchange ('WSE') and the Free Market organized by the Prague Stock Exchange (‘PSE’) to the main markets of the aforementioned stock exchanges. The Company intends to have the entire issued share capital admitted to trading on both main markets ('Admission'). The change in markets will not involve any offering of new or existing shares. Photon Energy shares shall be subsequently listed on the Quotation Board of the Frankfurt Stock Exchange, with the objective of enabling Eurozone investors to trade the Company’s shares without currency risk.

The Company's ticker number on the main market of the WSE will remain 'PEN'.

The Admission will take place upon the adoption of relevant resolutions authorizing the move to the main markets of the Warsaw and Prague Stock Exchanges by the Company’s General Meeting. If the General Meeting consents with the listing of the Company’s shares on the main markets of the WSE and PSE, the Company will prepare a prospectus for this purpose, which will be published once it will have been approved by the relevant supervision authority.

This announcement does not constitute a prospectus or prospectus equivalent document. Nothing in this announcement constitutes or form part of and should not be construed as an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of the Company or any member of its group (‘Group’), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever, in any jurisdiction, including the United States, in which such offer, solicitation or sale is not permitted. The Company’s shares have not been registered under the U.S. Securities Act of 1933, as amended (‘U.S. Securities Act’), and may not be offered or sold in the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements of the U.S. Securities Act.