Photon Energy N.V.

Major Shareholding Notification • Oct 21, 2016

The Management Board of Photon Energy N.V. received a notification from Solar Age Investments B.V. (“Solar Age").

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

On 12 January 2015, Solar Age sold and, on 28 September 2016, transferred 1,800,000 shares at a price of PLN 0.30 per share. The total amount of the notified transaction is PLN 540,000.

Prior to the conclusion of the above mentioned transaction, Solar Age held 28,263,974 shares in the Company, accounting for 47.11% of the Company’s share capital and was entitled to cast 28,263,974 votes at the Company’s general meeting of shareholders, accounting for 55.45% of the total voting rights. After the transfer Solar Age holds 26,463,974 shares, which account for 44.11% of the Company’s share capital.

The voting rights of the shares remain syndicated with Solar Age Investments until 28 August 2019. After that date, Solar Age is entitled to casting 26,463,974 votes at the Company’s general meeting of shareholders, accounting for 51.92% of the total voting rights.