PGNiG: Information on the submission by Gazprom of a notice of arbitration regarding EuRoPol GAZ

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG” or the “Company”) reports, that PGNiG received from the counsel of PJSC Gazprom („Gazprom”) a notice of arbitration submitted in accordance with UNCITRAL Arbitration Rules („Gazprom’s Notice”), including a request for PGNiG to respect: (1) the right of Gazprom as a shareholder to receive dividends from the profits of EuRoPol GAZ s.a. with its registered office in Warsaw („EPG”), and (2) corporate governance rights of Gazprom and the Management Board Members of EPG nominated by Gazprom. The other respondent in the Gazprom’s Notice, apart from PGNiG, is EPG.
PGNiG is of the opinion that the demands included in the Gazprom’s Notice are completely unfounded. PGNiG exercises the rights and obligations of an EPG shareholder in accordance with applicable law, whereas decisions regarding the distribution of net profit for a given financial year are made by the General Meeting of EPG.

PGNiG owns, directly and indirectly through its subsidiary GAS-TRADING S.A., 51.18% of the EPG share capital, while 48.82% of the shares belongs to Gazprom. EPG holds the total undistributed net profit of PLN 1.74 billion.
In accordance with the rules of arbitration applicable to the arbitral proceedings commenced in consequence of Gazprom’s Notice, the Company is required to take further steps regarding the case (including the submission of a response to Gazprom’s Notice) within 30 days of receipt of Gazprom’s Notice. PGNiG will take appropriate action within the relevant time.