PGNiG: Intention to repurchase own shares for cancellation

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG”, the “Company”) announces that today it has resolved to repurchase the Company shares for cancellation, in accordance with Art. 359 and Art. 362.1.5 of the Commercial Companies Code. A relevant request has been made to the General Shareholders Meeting.
The total amount of funds allocated to the buyback will not exceed PLN 750m (seven hundred fifty million zloty), and the transaction will be financed with funds which, in accordance with Art. 348.1 of the Commercial Companies Code, may be distributed as dividend.
The shares will be repurchased by December 31st 2016.
Detailed procedures, terms and conditions of the buyback will be established by the Management Board at a later date and will be published forthwith upon their determination.
In the opinion of the Management Board, the maximum amount of funds allocated to the buyback of the Company shares does not exceed the Company’s financing capabilities and takes account of its liquidity needs.