15/2015: Response to questions raised by Shareholder outside of General Meeting

2015-05-20

Shareholder's questions:

  1. According to Company reports, PBG S.A. w upadłości układowej (in company voluntary arrangement) currently holds a 25% interest in PBG oil and gas sp. z o.o., as well as a call option on all remaining shares (exercisable by June 30th 2015). Does PBG plan to exercise the option? If so − when and on what terms? If no, why?
  2. When can we expect resolution of disputes related to construction of stadiums, motorways and other projects? Can PBG present a full list of such disputes, including parties to each dispute and the value of litigation claims?
  3. Are there any negotiations currently being held with a potential strategic investor?

Company's responses:

Re. 1.Under the Shareholders' Agreement, PBG holds the call option on 75% of shares in PBG oil and gas Sp. z o.o., exercisable by the end of June 2015. The Company's exercise of the option, and the terms thereof, are negotiated with Financial Creditors as part of the restructuring process.

Re. 2.The Company Management Board is unable to determine even an approximate date of resolution of the pending disputes concerning construction of stadiums, motorways and other projects. In accordance with applicable laws, the Company informs its Shareholders of pending proceedings involving the Company and its Group by way of periodic reports, while disclosures on progress of significant disputes are made in the form of current reports.

The most recent list of litigation proceedings was presented in the Q1 2015 report of May 15th 2015. The report is available at the Company's website, at http://www.pbg-sa.pl/relacje-inwestorskie/raporty-okresowe/raport-za-i-kwartal-2015-roku-10779.html.

Re. 3.The Management Board is currently not in negotiations with any potential strategic investor.

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