TAURON Polska Energia : Current Report No. 10/2017

21.03.2017 00:00

TAURON Polska Energia S.A. _the 'Company'_ informs that on 15 March 2017 the Supervisory Board of the Company dismissed all members of the Management Board of the fourth joint term of office, effective as of end of the day on 15 March 2017, i.e.:

Filip Grzegorczyk - President of the Management Board, 2. Jarosław Broda - Vice-President of the Management Board for Asset Management and Development, 3. Kamil Kamiński - Vice-President of the Management Board for Corporate Management, 4. Marek Wadowski - Vice-President of the Management Board for Finance, 5. Piotr Zawistowski - Vice-President of the Management Board for Customer and Commercial Affairs.

At the same time, the Company informs that on 15 March 2017 the Supervisory Board appointed the following persons to the Management Board of TAURON Polska Energia S.A. of the fifth joint term of office as of 16 March 2017, i.e.:

1. Filip Grzegorczyk - President of the Management Board, 2. Jarosław Broda - Vice-President of the Management Board for Asset Management and Development, 3. Kamil Kamiński - Vice-President of the Management Board for Corporate Management, 4. Marek Wadowski - Vice-President of the Management Board for Finance.

The joint term of office of the Management Board of the Company shall last 3 years. At the same time, the Company informs that Mr Piotr Zawistowski - Vice-President of the Management Board for Customer and Commercial Affairs has on that day submitted information to the Supervisory Board of his resignation from applying for his election to the Management Board of TAURON Polska Energia S.A. of the fifth joint term of office. Below the Company presents information on the appointed Members of the Management Board of TAURON Polska Energia S.A.

Filip Grzegorczyk President of the Board.

Graduate of the Faculty of Law and Administration and the Faculty of International and Political Studies at the Jagiellonian University in Kraków, where he obtained the title of PhD in EU law, and then also his habilitation in the field of the economic law. He has also completed the Summer Advanced Course program in European Law University of London, King's College, Centre of European Law; as well as International Business and Trade Summer School program at Catholic University of America - Columbus School of Law and the Ecole de droit français Université d'Orléans. He holds the position of professor at the University of Economics in Kraków, where he is a lecturer at the Faculties of

Management and Economics and International Relations. He has broad professional experience in energy and fuel sector. In 2011-2013, he worked for Kompania Węglowa (as management board proxy for energy sector development). In 2007-2008 he was a member of the management board of TAURON Polska Energia S.A. Since November 2015 he worked as the Undersecretary of State at the Ministry of State Treasury. He speaks fluent English and French.

As of 15 November 2016 Mr Filip Grzegorczyk has been the President of the Management Board of TAURON Polska Energia S.A.

Pursuant to submitted declaration, Mr. Filip Grzegorczyk is not involved in any operations competitive to the business operations of the Company, is not a partner in any competitive civil law partnership, or other partnerships, and is not a member of governing bodies of any joint stock company, or a member of governing bodies of any other competitive legal entity. He has not been entered in the Register of Insolvent Debtors maintained pursuant to the Act on the National Court Register

Jarosław Broda Vice-President of the Management Board for Strategy and Development.

Graduate of Warsaw School of Economics, holder of a postgraduate diploma in project management at the Kozminski University. As an advisor in the Department of Governance and Privatization at the Ministry of State Treasury in the years 2006-2007 he was responsible for coordination of selected tasks regarding sector consolidation, he issued opinions and prepared analyses related to the operations of the power sector, participated in drafting legal acts related to the scope of activities of the ministry. In the years 2007-2008 he held the position of director for strategy at TAURON Polska Energia, where he developed the strategy of the Capital Group, including general restructuring strategy and was responsible for coordination of the Group's standpoint towards major legal acts under preparation. In the years 2008-2012 he was project manager at GDF Suez Energia Polska, where he coordinated and participated in projects, mainly in the scope of privatization of state-owned energy groups. He was also responsible for optimization of projects for development of conventional energy sources - he developed a business model of cooperation with external partners, participated in negotiations concerning partnership in project execution, was responsible for coordination of financial evaluation of development projects. In the years 2012-2014 he was the director for strategy and development at GDF Suez Energia Polska - Katowice. He was also responsible for market analyses and preparation of the company's development strategy, regulatory management and M&A projects, he managed an international internal team and an international team of advisors. In the years 2014-2015 he was a manager for key projects development at GDF Suez (Branch Energy Europe) responsible for execution of M&A projects. He participated in drafting of sales and marketing development strategy in Europe. Over the last six months he was responsible for development of commercial strategy and contract for difference under a nuclear project in Great Britain.

As of 8 December 2015 Mr Jarosław Broda has been the Vice President of the Management Board of TAURON Polska Energia S.A. Pursuant to submitted declaration, Mr. Jarosław Broda is not involved in any operations competitive to the business operations of the Company, is not a partner in any competitive civil law partnership or other partnerships, and is not a member of governing bodies of any

joint stock company, or a member of governing bodies of any other competitive legal entity. He has not been entered in the Register of Insolvent Debtors maintained pursuant to the Act on the National Court Register.

Kamil Kamiński Vice-President of the Management Board for Corporate Affairs.

Graduate of the Faculty of Management and Communications of the Jagiellonian University. Also, holder of MBA Executive diploma (Stockholm University School of Business/ Cracow University of Economics) and post-MBA Diploma in Strategic Financial Management (Rotterdam School of Management, Erasmus University/GFKM). He completed a series of corporate and investment courses as part of Ernst&Young Academy of Business. He completed PMP® Project Management Academy. He also completed numerous business trainings, including Strategic Management in Singapore and Business Analysis at George Washington University. He passed the state examination and holds a diploma of the Ministry of State Treasury authorizing him to sit in Supervisory Boards of State-Owned Companies. He is a manager and business consultant, focused on building company value, mergers and acquisitions, business integration, strategy operationalization. He has broad experience in project management in public and private sectors. He took part in complex transformation and restructuring processes of companies from the sectors of energy, fuels and transport logistics.

From the beginning of 2014 he worked for Węglokoks S.A. Capital Group where, as vice-president of the management board for corporate affairs, restructuring and development in the structures of Węglokoks Energia sp. z o.o. (Ltd.) he participated in consolidation of electricity and heat generation assets of Kompania Węglowa S.A. and Węglokoks S.A., which brought business and operational synergies. There he also managed the works of the Management Committee where establishment of shared services center, implementation of SLA agreements were monitored and strategic development and restructuring initiatives were taken. Previous professional experience includes, among other things, the position of President of the Research and Development Center of the Refining Industry (OBR) in Płock or Jan Paweł II International Airport in Kraków-Balice; he also managed the operations of John Menzies PLC in Poland; for many years he cooperated with LOTOS Group, where he supported the development of aviation fuel segment and which resulted in joint venture with Air BP Ltd. and establishment of LOTOS Air BP Sp. z o. o.; he was a member or chairperson of supervisory boards of: ZCP CARBO-ENERGIA Sp. z o.o., PLL LOT S.A. and TAURON Wytwarzanie S.A., where among other things, he supervised conclusion of financing agreement with EIB and EBRD for joint investment with PGNiG in the largest gas-fueled CHP in Poland, in Stalowa Wola, and approved selection of the consortium for execution of investment in the 910 MW coal-fueled unit at Elektrownia Jaworzno III.

As of 8 December 2015 Mr Kamil Kamiński has been the Vice President of the Management Board of TAURON Polska Energia S.A.

Pursuant to submitted declaration, Mr. Kamil Kamiński is not involved in any operations competitive to the business operations of the Company, is not a partner in any competitive civil law partnership or other partnerships, and is not a member of governing bodies of any joint stock company, or a member of governing bodies of any other competitive legal entity. He has not been entered in the Register of Insolvent Debtors maintained pursuant to the Act on the National Court Register.

Marek Wadowski Vice-President of the Management Board for Finance.

Graduate of the University of Economics in Katowice where he obtained MA at the faculty of economy, he also completed post graduate studies École Supérieure de Commerce Toulouse where he obtained Mastère Spécialisé en Banque et Ingéniere Financière diploma and Executive MBA studies at the Kozminski University in Warsaw. He completed numerous trainings in the field of finance (The Wharton School, University of Pennsylvania, Imperial College London, School of Professional Development) and management. He is currently obtaining CIMA certificate (holder of Advanced Diploma in Management Accounting).

Mr. Marek Wadowski is a manager with over 10 years of experience in working at large joint stock companies, where he held posts as member of the management board. He is an expert in the field of accounting, controlling and financial processes management. He has professional experience in industry (power, mining, steel industry), financing of investments and international commercial transactions.

In 1999 - 2005 he worked as consultant in BRE Corporate Finance S.A. where he was responsible for due diligence and enterprise valuation (using income-based, equity and comparison valuation methods) among others for Jastrzębska Spółka Węglowa S.A., Koksownia Przyjażń, KK 'Zabrze' and WZK 'Victoria', ZGH Bolesław in Bukono, Huta Cynku Miasteczko Śląskie S.A., Orzeł Biały S.A. In the years 2005-2008 he worked at Huta Cynku Miasteczko Śląskie S.A. as management board's representative for restructuring, chief financial director, member of the management board - chief financial officer, president of the management board - chief executive officer. In the years 2008-2015 he worked at the Capital Group of Jastrzębska Spółka Węglowa S.A. (JSW). In the years 2008-2009 as Vice-President of the Management Board, CFO at Polski Koks S.A. (subsidiary of JSW) he was responsible for structuring of commercial transactions, implementation of foreign exchange risk hedging policy, financial costs reduction, liquidity management. In the years 2009-2012, as Vice-President of the Management Board for Economic Affairs at Jastrzębska Spółka Węglowa S.A. he took part in the IPO of JSW S.A. (implementation of International Accounting Standards, modification of management information system, development of IPO prospectus, talks with investors). In the years 2012-2015, as Vice-President of the Management Board, CFO at Spółka Energetyczna Jastrzębie (subsidiary of JSW S.A.) he was involved in execution of investment program Energetyka 2016 where he dealt with development of Business Plan, structuring of financing and acquisition of funds from consortium of banks in the form of bond issue program. He also implemented risk management procedures related to interest rate, CO2 and prices of certificates of origin, he developed and implemented liquidity management policy. In the years 2015-2016 he was the President of the Management Board at Towarzystwo Finansowe Silesia where he was involved in bond issue program for Kompania Węglowa, and also in acquisition of debt financing from consortium of banks.

As of 29 January 2016 Mr Marek Wadowski has been the Vice President of the Management Board of TAURON Polska Energia S.A. Pursuant to submitted declaration, Mr. Marek Wadowski is not involved in any operations competitive to the business operations of the Company, is not a partner in any competitive civil law partnership or other partnerships, and is not a member of governing bodies of any joint stock company, or a member of governing bodies of any other competitive legal entity. He has not been entered in the Register of Insolvent Debtors maintained pursuant to the Act on the National Court Register