The Board of Directors of Arena.pl S.A. (hereinafter referred to as _quot;the Issuer_quot; or _quot;Arena_quot;)
announces that on January 31, 2024, following the investment agreement signed on January
15, 2024, as previously reported in report no. 2/2024, a limited liability company named
hiPower Institute of Materials was established. Arena has acquired a 29.5% stake in this
company, representing the same percentage of its share capital. Mr. Rafał Gnojnicki,
nominated by Arena, has been appointed as the CEO, and Dr. Justyna Krzak as a board
member.The company_#39;s objective will be the development and commercialization of innovative
materials using sol-gel technology, which is notably effective in creating coatings that act as
an efficient hydrogen barrier. The Issuer intends to actively contribute to the development
and value enhancement of this new venture by leveraging the synergy between its
technological advancements, experience, and the team collaborating with hiPower Institute
of Materials sp. z o.o.Furthermore, the Issuer clarifies that an error was made in report no. 2/2024, where it was
incorrectly stated that Arena_#39;s stake in the new company would be 30% of the share capital,
instead of the correct figure of 29.5%. This error was due to an incorrect calculation of the
share percentage in the share capital at the time of announcing the investment agreement.