Energa S.A.

Report Publication Announcement • Dec 10, 2019

Current Report No. 34/2019

Date: 10 December 2019

Subject: Placing Energa S.A. on Rating Watch Negative by Fitch Ratings

Legal basis: Article 56.1(2) of the Act on Public Offering - current andperiodic reports

The Management Board of Energa S.A. ("Company") hereby informs that on10 December 2019, following a call for 100% of the Company's shares,announced by PKN Orlen S.A., the Fitch Ratings agency (the "Agency")published a communication on the Company's ratings.

The Agency announced in the communication that the Company had beenplaced on the Rating Watch Negative ("RWN") list with regard to:

• Company's long-term foreign and local currency IDRs,

• hybrid bonds issued by Energa S.A. and

• eurobonds issued by the subsidiary, Energa Finance AB (publ).

The Agency justifies placing Energa on RWN, among others, by the risk ofthe Company's close relationship with the lower rated capital group(BBB-) as a result of the possible acquisition and the risk of breach ofthe change of control clauses in financing agreements.

Downgrade or removal from the watch list with no impact on the ratingwill occur depending on the outcome of the call for sale of theCompany's shares.

The full wording of the Agency's report is available on the FitchRatings website.