KGHM Polska Miedź S.A.

Capital/Financing Update • May 9, 2019

Intent to issue bonds on the Polish market

The Management Board of KGHM Polska Miedź S.A. ("KGHM") announces thatit intends to establish a bond issue program, which foresees the firstemission of unsecured bonds up to the amount of PLN 2 000 000 000 in thesecond quarter of 2019.

The bonds may be issued in one or several series. The bonds will beoffered exclusively in Poland. The bonds will be issued pursuant to art.33 point 2) of the Act on Bonds of 15 January 2015, and offers topurchase the bonds will be sent to no more than 149 individuallyidentified addressees.

Detailed terms of the program and the final size of the issue will beset at a later date, taking into account, among others, the results ofthe book building process among the investors and conditions on thePolish bond market.

The planned bond issue realises the Strategy of KGHM Polska Miedź S.A.for the years 2019 - 2023 with respect to ensuring long-term financialstability by, among others, basing KGHM's financing structure onlong-term instruments.

Information on the realisation of KGHM's intentions as to the bondsissue will be published in separate regulatory filings.

Legal basis: Art. 17 (1) of MAR (Regulation (EU) No 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(market abuse regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of theEuropean Union dated 12 June 2014, no. L 173/1)