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MESSAGE _ENGLISH VERSION_
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Subject: Updated information regarding the cooperation with Corey Power
_Singapore_ PTE. LTD and the Issuer's future development directions.
The Management Board of Corey Europe, a joint-stock company with its
registered office in Warsaw _hereinafter referred to as the "Issuer",
"Company"_, in reference to Current Reports ESPI No. 8/2024 of February
27, 2025, and ESPI No. 2/2025 of March 27, 2025, regarding the
investment agreement signed by the Issuer and the acquisition of a
strategic investor - Corey Power _Singapore_ PTE. LTD, with its
registered office at 60 Paya Lebar Road, #12-03, Paya Lebar Square,
Singapore, 409051 _hereinafter "Investor"_, ESPI Current Report No.
7/2025 dated 13 May 2025 concerning, among other things, the resolution
of the Extraordinary General Meeting of the Issuer regarding the issue
of series C ordinary bearer shares in private subscription, as well as
ESPI Current Report No. 12/2025 dated 3 November 2025, which is an
update of information obtained from Corey Power _Singapore_ PTE. LTD,
the Management Board hereby announces that it has received information
from a shareholder of the Company that the Corey group _to which the
Investor's company belongs_ has chosen Bulgaria as its central European
service and sales center. A notice regarding this matter was published
on the website
https://www.szcorey.com/COREY-POWER-Officially-Establishes-Bulgarian-Subsidiary-id47362965.html
on March 26, 2026, and was titled "COREY POWER Officially Establishes
Bulgarian Subsidiary." The Issuer had not previously received any
information in this regard, and subsequent verification also revealed
that information about the Issuer had been removed from the Investor's
website.
Therefore, the Issuer sent inquiries to representatives of Corey Power
_Singapore_ PTE. LTD, who are also members of the Issuer's Supervisory
Board, requesting an explanation of the situation.
On March 31, 2026, the Issuer received a response from Corey Power
_Singapore_ PTE. LTD _the "Investor"_ regarding the registration of the
Investor's company in Bulgaria. At the same time, the Investor announced
that this entity was established in response to specific local
requirements to provide local technical support to clients in the
Balkans, and its establishment was not associated with Chinese capital.
Further explanations provided to the Investor's Management Board also
included the statement that due to the lack of new orders on the Polish
market _since the Poznań Expo 2025 trade fair_, there is no
justification for further capital expansion, including within the
Issuer. Consequently, the Investor cannot continue with mergers and
acquisitions as previously planned. At the same time, Mr. Jinming Qian
and Ms. Juan Fan indicated that they will soon formally resign from
their positions as members of the Supervisory Board of COREY EUROPE S.A.
On April 2, 2026, the Investor published a statement on its website
regarding the progress of the ODI process and its cooperation with the
Issuer over the past year:
https://www.szcorey.com/Announcement-on-Strategic-Investment-Adjustment-And-European-Market-Operations-id43005855.html.
Taking into account the information received and the current market
situation, including the intense competition in the energy storage
systems segment _in particular, the large number of suppliers from China
offering standardized products amidst strong price pressure_, as well as
the observed market preference for non-Chinese solutions, the Issuer's
Management Board has taken steps to redefine the business model and
diversify its operations. A proposal to change the Issuer's name will be
presented for approval at the next general meeting of shareholders.
The new strategy assumes the development of an integrated ecosystem of
products and services, in which energy storage systems are just one
element. Solutions for measuring, validating, reducing, and monetizing
environmental impact will be crucial, including energy, heat, and water
management.
The Issuer's Management Board also announces that due to the
circumstances, including in particular the provision of incomplete or
potentially misleading information regarding investment intentions and
business relationships, the Issuer is evaluating the possibility of
taking appropriate legal action against Corey Power _Singapore_ PTE.
LTD. As of the date of publication of this report, decisions in this
regard have not yet been made.
The Issuer will provide information on further decisions and progress in
implementing the new strategy in subsequent current reports.
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RB_ASO: Aktualizacja informacji dotyczącej współpracy z Corey Power (Singapore) PTE. LTD oraz
kierunków dalszego rozwoju Emitenta.
