Energa S.A.

Capital/Financing Update • Nov 17, 2022

Current Report No. 45/2022

Date: 17 November 2022

Subject: Fitch Ratings upgraded Energa SA's rating

Legal basis: Article 17 (1) of MAR - inside information

The Management Board of Energa SA (_quot;Company_quot;) informs that, on 17November 2022 Fitch Ratings (_quot;Agency_quot;, _quot;Fitch_quot;) upgraded the Company'sforeign currency long-term Issuer Default Rating (IDR) from the level of'BBB-' to 'BBB+' with a stable outlook. At the same time the rating wasremoved from Rating Watch Positive (RWP).

The rating action follows the upgrade by the Agency of the rating of theCompany's majority owner PKN ORLEN S.A., to 'BBB+' with a stableoutlook. Among others, Fitch indicates that the Energa Group is a keypart of the ORLEN Group's strategy with regards to energy transition,playing an important role in investing in renewables, including onshoreand offshore wind and also in gas-fired power plants.

The Agency also upgraded the following ratings of the Company and itsdebt:

- the Company's local currency long-term Issuer Default Rating: from'BBB-' to 'BBB+',

- long-term national rating: from _#8216;A(pol)' do _#8216;AA+(pol)',

- the Company's foreign-currency long-term senior unsecured rating: from'BBB-' to 'BBB+',

- the Company's long-term rating of subordinated debt: from 'BB' to'BBB-'

- long-term national senior unsecured rating: from _#8216;A(pol)' do_#8216;AA+(pol)',

and foreign-currency long-term senior unsecured rating for the bondsissued by the Company's subsidiary Energa Finance AB (publ): from 'BBB-'to 'BBB+'.

The full text of the Agency's report is available on Fitch Ratingswebsite. The rating was awarded at the request of the Company.