Enea S.A. — Capital/Financing Update 2016

Nov 30, 2016

Current Report No.: 38/2016

Date of preparation: 30.11.2016

Short name of issuer: Enea S.A.

Subject: Maintaining of the rating for Enea S.A. by Fitch Ratings

Legal basis: Article 17 item 1 of MAR - confidential information

Content of report:

The Management Board of Enea S.A. ("Company", "Issuer") informs that inthe communication issued on 30 November 2016 Fitch Ratings agency("Agency") affirmed the "BBB" long-term ratings for the Company inforeign and local currency and the long-term national rating at"A+(pol)". The outlook of the ratings is stable. The Issuer reminds thatthe Agency has been affirming the ratings for the Company on the abovementioned level since 2011.

The affirmation reflects the high share of the regulated electricitydistribution business in Company's EBITDA, the segment with good cashflow visibility. According to the Agency's expectations funds fromoperations (FFO) adjusted net leverage will rise to about 3x in2017-2019 on the back of the large capex plan from 1.9x in 2015. FFOadjusted net leverage of 3x is viewed as a maximum level for the currentratings.

Additional information, including ratings definitions applied by theAgency and principles of their application, criteria and methods used,limitations and exclusions of responsibility and documents concerningpolicies and procedures used are available on the Agency's websitewww.fitchratings.com.

The content of the Agency's communication is attached by the Company tothis current report.