Energa S.A.

Report Publication Announcement • Dec 6, 2016

Current Report No. 48/2016

Subject: Information on the commencement of negotiations on a draftinvestment agreement between ENERGA SA and the other investors, i.e.ENEA Spółka Akcyjna, PGE Polska Grupa Energetyczna Spółka Akcyjna andPGNiG Spółka Akcyjna, and on the commencement of negotiations betweenthe investors and Polimex-Mostostal Spółka Akcyjna.

Legal basis:

Article 17 Section 1 of the Market Abuse Regulation - confidentialinformation.

The Management Board of ENERGA SA ("Company"), pursuant to Article 17Section 1 of the Market Abuse Regulation hereby reports that on 6December 2016 directional negotiations were commenced between theCompany and ENEA Spółka Akcyjna, PGE Polska Grupa Energetyczna SpółkaAkcyjna and PGNiG Spółka Akcyjna ("Investors") as well as between theInvestors and Polimex-Mostostal Spółka Akcyjna ("Polimex"). Thenegotiations are aimed at developing the structure of the Investors'potential capital exposure to Polimex ("Investment") and at developing apotential model of cooperation between the Investors in executing theInvestment.

As at the date of commencement of the negotiations, the Company has notassumed any obligation pertaining to the execution of the Investment.

The Company will publish information on the subsequent stages of theInvestment process in separate reports.