Photon Energy N.V.

Director's Dealing • Nov 22, 2016

The Management Board of Photon Energy N.V. received a notification from Mr Georg Hotar, CEO of the Company.

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

Between 17 November 2016 and 22 November 2016, Mr Georg Hotar acquired 8,275 shares at an average price of PLN 0.91 per share, as follows:

Settlement date Nr of shares Price per share Transaction value

17.11.2016 2,550 PLN 0.95 PLN 2,423

21.11.2016 1,163 PLN 0.86 PLN 1,000

22.11.2016 1,977 PLN 0.91 PLN 1,799

22.11.2016 1,341 PLN 0.90 PLN 1,207

22.11.2016 1,244 PLN 0.89 PLN 1,107

Total 8,275 PLN 0.91 PLN 7,536

The total amount of the notified transactions is PLN 7,536.

Prior to the conclusion of the above mentioned transactions, Mr Georg Hotar held 90,725 shares in the Company, accounting for 0.15% of the Company’s share capital and was entitled to cast 90,725 votes at the Company’s general meeting of shareholders, accounting for 0.17% of the total voting rights. After the notified transactions, Mr Georg Hotar holds 99,000 shares, which account for 0.18% of the Company’s share capital, and entitle to cast 99,000 votes at the Company’s general meeting of shareholders, accounting for 0.19% of the total voting rights.