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its registered office in Nicosia, Cyprus, constituting 49% of the share Capital of WIRBET. At the same time, ENEA S.A., based on the authorisation granted to it on behalf ot the other shareholders of WIRBET, i.e. Tauron Dystrybucja S.A., ENERGA S.A., PGE Obrót S.A., sold within the aforementioned agreement also their shareholdings totailing to 280,000 shares. The payment was madę on 15 March 2012, the share certificates were issued on 22 March 2012.

•    Sale ofa błock of shares ofEXATEL S.A.

On 14 December 2012 ENEA S.A. concluded a Sale Agreement for 184,939 shares of EXATEL S.A. with its registered office in Warsaw with PGE Polska Grupa Energetyczna S.A., constituting 2.12% of the Company's share Capital. On the same day the dosing was madę and thus ENEA S.A. ceased to be a shareholder of EXATELS.A.

•    A merger of Elektrownie Wodne Sp. z o.o. with Elektrownie Wiatrowe - ENEA Centrum Spółka Akcyjna Spółka Komandytowa

On 17 November 2011 an Extraordinary General Meeting of Shareholders of Elektrownie Wodne Sp. z o.o. with its registered office in Samociążek was held during which a decision was madę to merge Elektrownie Wodne Sp. z o.o. with Elektrownie Wiatrowe - ENEA Centrum Spółka Akcyjna Spółka Komandytowa with its registered office in Samociążek. The merger took place by the incorporation of Elektrownie Wiatrowe - ENEA Centrum Spółka Akcyjna Spółka Komandytowa into Elektrownie Wodne Sp. z o.o. in the modę described in Artide 492 § 1 item 1 of the Commercial Companies Codę, i.e. through the transfer of the whole assets of Elektrownie Wiatrowe - ENEA Centrum Spółka Akcyjna Spółka Komandytowa to Elektrownie Wodne Sp. z o.o. - a Limited Partner in the Merged company, in consideration for shares which Elektrownie Wodne Sp. z o.o. issued to the General Partner of Elektrownie Wiatrowe - ENEA Centrum Spółka Akcyjna Spółka Komandytowa, i.e. to ENEA Centrum S.A. The limited partner of the merged company, i.e. Elektrownie Wodne Sp. z o.o. as a Merging company, did not receive its shares. On 2 January 2012 with the decision of the District Court in Bydgoszcz, 13th Commercial Division of the National Court Register, the both Companies were merged. As a result of the merger the share Capital of Elektrownie Wodne Sp. z o.o. was increased from the amount of PLN 239,841,000 by PLN 8,500, i.e. to the amount of PLN 239,849,500 through the creation of 17 new shares of a nominał value of PLN 500 each. Based on the Share Subscription Agreement for the shares of ENEA Wytwarzanie S.A. concluded on 28 December 2012, ENEA S.A. madę a contribution in kind to ENEA Wytwarzanie S.A. being the shares of Elektrownie Wodne Sp. z o.o.

•    Sale of shares ofAuto-Styl Sp. z o.o.

On 4 December 2012 ENEA S.A. concluded a sale agreement for 4,400 shares of Auto-Styl Sp. z o.o. with its registered office in Zielona Góra with Mr. Lech Dziubiński - constituting 100% of the Company's share Capital. Thus, ENEA S.A. creased to be the owner of Auto-Styl Sp. z o.o. with its registered office in Zielona Góra.

The decision to sell the aforementioned shares was madę because of the fact that the scope of operations of the Companies:

WIRBET, PPE, EXATEL S.A. and Auto-Styl Sp. z o.o. varies from the core operations of ENEA S.A. The sale of the above shares will contribute to the organisation of the structure of the Capital group.

2.2.3. Changes to the organisation and management rules of ENEA S.A.

In 2012 the implementation of the ENEA Capital Group (CG) was continued within the improvement of the efficiency of strategie and operating management in the Company.

The realisation was continued of projects which affected the organisational changes in selected areas of operations of the Company and the whole ENEA Capital Group. Organisational changes in 2012 in ENEA S.A. related mainly to trade and corporate communication areas.