Enea S.A. — Earnings Release 2019

Jan 15, 2020

Current Report No.: 36/2019/K

Date of preparation: 14 January 2020

Short name of issuer: ENEA S.A.

Legal basis: Other regulations

Subject: Supplementation of information on selected definitions ofAlternative Performance Measures applied in Current Report No. 36/2019

Content of report:

The Management Board of ENEA S.A. ("Company", "Issuer"), with referenceto Current Report No. 36/2019 of 12 December 2019 concerning theapproval of ENEA Capital Group's Development Strategy until 2030 withthe perspective towards 2035 ("Strategy"), hereby provides belowsupplementary information concerning definitions of AlternativePerformance Measures applied in the Strategy, subsequently made publicin the aforementioned Current Report. The terms applied in CurrentReport No. 36/2019 of 12 December 2019 shall mean the following:

1. ROE - return on equity, understood as the value of consolidated netprofit (loss) for the reporting period divided by the value ofconsolidated equity at the end of the reporting period;

2. ROA - return on assets, understood as the value of consolidated netprofit (loss) for the reporting period divided by the value ofconsolidated total assets at the end of the reporting period;

3. EBITDA - the value of, respectively, operating profit (loss) +depreciation and amortisation + impairment losses on non-financial fixedassets (consolidated values for the reporting period).

Moreover, the Issuer informs that the above definitions of AlternativePerformance Measures and methodologies of their calculation are the sameas the definitions and methodologies of calculating the same measures inperiodical reports of ENEA Capital Group. The above definitions can alsobe found in the glossary of terms and abbreviations available on theIssuer's website (https://ir.enea.pl/slownik [in English:https://ir.enea.pl/en/glossary]).

Information on ROE, ROA and EBITDA measures calculated for particularreporting periods is periodically monitored and presented in subsequentperiodical reports of the Issuer. The Issuer points out that, regardlessof all due diligence exercised, due to the validity period of theStrategy and the possibility of externalities, as well as the resultingunpredictability of factors which may affect the measures presented inthe Strategy and their values, they cannot be treated as operational orfinancial forecasts, but only as measures of the implementation of theStrategy, which will be pursued by the Company during its validityperiod.

In addition, the Company explains other terms applied in the Strategy,subsequently made public in Current Report No. 36/2019 of 12 December2019:

1. New Business Line - products or services other than those provided /rendered by ENEA Capital Group companies as at the date of approval ofthe Strategy;

2. R&D&I - Research, Development and Innovation activity.