Photon Energy N.V.

Transaction in Own Shares • May 25, 2018

The Management Board of Photon Energy N.V. informs that:

- On 18 May 2018, Photon Energy N.V. purchased 848 Photon Energy N.V. shares at a price of PLN 1.18 per share.

- On 18 May 2018, Photon Energy N.V. purchased 2,151 Photon Energy N.V. shares at a price of PLN 1.20 per share.

- On 21 May 2018, Photon Energy N.V. purchased 500 Photon Energy N.V. shares at a price of PLN 1.25 per share.

- On 21 May 2018, Photon Energy N.V. purchased 4,422 Photon Energy N.V. shares at a price of PLN 1.26 per share.

- On 21 May 2018, Photon Energy N.V. purchased 563 Photon Energy N.V. shares at a price of PLN 1.23 per share.

- On 21 May 2018, Photon Energy N.V. purchased 2,000 Photon Energy N.V. shares at a price of PLN 1.24 per share.

- On 22 May 2018, Photon Energy N.V. purchased 2,742 Photon Energy N.V. shares at a price of PLN 1.28 per share.

- On 22 May 2018, Photon Energy N.V. purchased 2,500 Photon Energy N.V. shares at a price of PLN 1.24 per share.

- On 22 May 2018, Photon Energy N.V. purchased 4,993 Photon Energy N.V. shares at a price of PLN 1.31 per share.

- On 22 May 2018, Photon Energy N.V. purchased 782 Photon Energy N.V. shares at a price of PLN 1.28 per share.

- On 23 May 2018, Photon Energy N.V. purchased 3,000 Photon Energy N.V. shares at a price of PLN 1.24 per share.

- On 23 May 2018, Photon Energy N.V. purchased 4,804 Photon Energy N.V. shares at a price of PLN 1.30 per share.

- On 23 May 2018, Photon Energy N.V. purchased 400 Photon Energy N.V. shares at a price of PLN 1.29 per share.

- On 24 May 2018, Photon Energy N.V. purchased 534 Photon Energy N.V. shares at a price of PLN 1.28 per share.

- On 25 May 2018, Photon Energy N.V. purchased 3,000 Photon Energy N.V. shares at a price of PLN 1.29 per share.

The total amount of the notified transactions is PLN 42,137.31 (EUR 9,797.00).

Prior to the conclusion of the above mentioned transactions, Photon Energy N.V. held 8,515,695 shares in the Company, which accounted for 14.19 % of the Company’s share capital and carried no rights to vote at the Company’s general meeting of shareholders.

As from 25 May 2018, Photon Energy N.V. holds 8,548,934 shares, which account for 14.25 % of the Company’s share capital and carry no rights to vote at the Company’s general meeting of shareholders.