Energa S.A.

M&A Activity • Mar 15, 2017

Current Report No. 17/2017

Date of Preparation: 15 March 2017

Subject: Changes in the process of negotiating the acquisition of assetsfrom EDF

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

In reference to current report no. 8/2017 of 27 January 2017 concerningthe launch of negotiations with EDF International SAS and EDF InvestmentII B.V. (together referred to as "EDF") in respect to the acquisition ofEDF assets in Poland ("Transaction"), the Management Board of ENERGA SA("Company") reports that on 15 March 2017 the Company, together withENEA S.A., PGE Polska Grupa Energetyczna S.A. and PGNiG Termika S.A.("Business Partners"), made changes to the structure of the Transactionunder which:

- PGNiG Termika S.A. opted out of the Transaction;

- PGNiG Termika S.A.'s previously declared share in the Transaction istaken over by PGE Polska Grupa Energetyczna S.A. ("PGE"), as a result ofwhich PGE's share in the Transaction increases to 60%;

- the interest of ENEA S.A. and ENERGA SA in the Transaction remains atthe same level of 20% per company.The changes inthe structure of the Transaction require confirmation that EDF does notobject to them. At the same time, the Management Board of ENERGA SAreports that the Company and the Business Partners have informed EDFabout these changes.