Energa S.A.

Report Publication Announcement • Sep 24, 2021

Current Report No. 32/2021

Date: 24 September 2021

Subject: Affirmation of Energa SA's rating by Moody's

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

The Management Board of Energa SA ("Company", "Issuer") informs that on23 September 2021 the rating agency Moody's Investors Service ("Agency","Moody's") issued a credit opinion in which it affirmed the Company'sLong-Term Issuer Ratings - Domestic Currency at "Baa2" with a StableOutlook.

The Agency justifies the rating by low business risk of the DistributionBusiness Line which has a dominant share in the Group's EBITDA andoperates in well-established regulatory framework, and the Company'sforecast moderate leverage. Simultaneously, Moody's indicates that theimpact of the above factors on awarded rating is balanced by the higherbusiness risk profile of the Generation and Sales Business Lines, andthe investment plan for 2021-2030 which, in Agency's opinion, is likelyto increasingly weigh on the Company's currently strong financialprofile. The Company's rating assessment also includes the creditprofile of its strategic shareholder, i.e. PKN ORLEN S.A.

The Agency's full report is available on the Moody's website. The ratingwas awarded at the request of the Issuer.