Energa S.A.

Report Publication Announcement • Aug 16, 2017

Current Report No. 34/2017

Date of Preparation: 16 August 2017

Subject: Impact of amendments to the RES Act on the results of the SalesSegment

Legal Basis: Article 17 Section 1 of the Market Abuse Regulation -confidential information

The Management Board of ENERGA SA hereby reports that, in connectionwith the approaching effective date of the amendments to the RES Act, ithas estimated the potential impact of the reduction in costs andrevenues arising from deregulation of the amount of the substitution feeand serving as an offtaker of last resort.

According to our current knowledge, we estimate the favorable impact ofthe amendments to the RES Act at approx. PLN 150 million in 2018. Thescope of this impact takes into account cuts in both costs and revenuesarising from the role of an offtaker of last resort and the setting ofthe amount of the substitution fee at a market level in a portion oflong-term contracts for the purchase of green certificates. The saidcalculations do not constitute a forecast of the ENERGA Group's futureperformance and are based on the assumption that the volume of retailsales remains at the 2016 level (19 TWh) and the substitution fee in2018 is PLN 43 per MWh.