Enea S.A. — Capital/Financing Update 2020

Mar 20, 2020

Current Report No.: 12/2020

Date of preparation: 19 March 2020

Short name of issuer: ENEA S.A.

Subject: ENEA S.A.'s ratings affirmed by Fitch Ratings

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

Content of the report:

The Management Board of ENEA S.A. ("Company") hereby reports that, inits press release issued on 19 March 2020, the Fitch Ratings agency("Agency") affirmed the Company's long-term foreign- and local-currencyissuer default ratings at ‘BBB' with stable outlooks.

The affirmation reflects ENEA's business profile as an integratedutility with large electricity generation and distribution businesses,and moderate financial leverage. The Company's ratings are supported bya high proportion of regulated and quasi-regulated income fromdistribution and capacity payments, respectively. The main risk factorsare close-to-full reliance on coal in electricity generation as well asexposure to higher-risk mining and supply divisions.

The full wording of the statement in English is available on theAgency's website at https://www.fitchratings.com/site/pr/10114857.

According to the explanation published on the Agency's website(https://www.fitchratings.com/site/poland/definitions), "BBB" nationalrating means that the issuer or the issue presents a moderate level ofdefault risk relative to other issuers in Poland. However, changes incircumstances and economic conditions are more likely to impact thecapacity to satisfy financial commitments on a timely basis than in thecase of the higher ratings.