Photon Energy N.V.

Transaction in Own Shares • Feb 20, 2018

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

- On 9 February 2018, Photon Energy N.V. purchased 2,000 Photon Energy N.V. shares at a price of PLN 1.36 per share.

- On 15 February 2018, Photon Energy N.V. purchased 1,300 Photon Energy N.V. shares at a price of PLN 1.45 per share.

- On 15 February 2018, Photon Energy N.V. purchased 1,000 Photon Energy N.V. shares at a price of PLN 1.44 per share.

- On 15 February 2018, Photon Energy N.V. purchased 1,000 Photon Energy N.V. shares at a price of PLN 1.43 per share.

- On 15 February 2018, Photon Energy N.V. purchased 988 Photon Energy N.V. shares at a price of PLN 1.42 per share.

- On 15 February 2018, Photon Energy N.V. purchased 1,000 Photon Energy N.V. shares at a price of PLN 1.41 per share.

- On 15 February 2018, Photon Energy N.V. purchased 2,000 Photon Energy N.V. shares at a price of PLN 1.40 per share.

- On 16 February 2018, Photon Energy N.V. purchased 5,147 Photon Energy N.V. shares at a price of PLN 1.49 per share.

- On 16 February 2018, Photon Energy N.V. purchased 6,995 Photon Energy N.V. shares at a price of PLN 1.48 per share.

- On 16 February 2018, Photon Energy N.V. purchased 1,995 Photon Energy N.V. shares at a price of PLN 1.47 per share.

- On 16 February 2018, Photon Energy N.V. purchased 863 Photon Energy N.V. shares at a price of PLN 1.45 per share.

- On 16 February 2018, Photon Energy N.V. purchased 3,000 Photon Energy N.V. shares at a price of PLN 1.41 per share.

The total amount of the notified transactions is PLN 39,523.59 (EUR 9,500.67).

Prior to the conclusion of the above mentioned transactions, Photon Energy N.V. held 8,649,357 shares in the Company, which accounted for 14.42 % of the Company’s share capital and carried no rights to vote at the Company’s general meeting of shareholders.

As from 16 February 2018, Photon Energy N.V. holds 8,676,645 shares, which account for 14.46 % of the Company’s share capital and carry no rights to vote at the Company’s general meeting of shareholders.