Enea S.A. — M&A Activity 2017

Mar 15, 2017

Current Report No.: 11/2017

Date of preparation: 15.03.2017

Short name of issuer: Enea S.A.

Subject: Changes in the negotiation process relating to the assetsacquisition from EDF

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

Content of report:

The Management Board of Enea S.A. ("Company"), in relation to thecurrent report No. 5/2017 of 27 January 2017 relating to thecommencement of negotiations, together with partners, with EDFInternational SAS and EDF Investment II B.V. ("EDF") as regards theacquisition of EDF's assets in Poland ("Transaction") informs that on 15March 2017 the Company, PGE S.A., Energa S.A. and PGNiG Termika S.A.("Business Partners") amended the structure of the Transaction in thefollowing way:

- withdrawal of PGNiG Termika S.A. from the Transaction;

- takeover of the so far declared share of PGNiG Termika S.A. in theTransaction by PGE S.A., which results in the growth in PGE S.A.'s sharein the Transaction to 60%,

- maintaining the shares of Enea S.A. and Energa S.A. in the Transactionon the same level of 20% for each of the Companies.

The aforementioned amendments in the Transaction structure requireconfirmation of filing no objections by EDF. At the same time, theManagement Board of Enea S.A. informs that the Company and BusinessPartners have notified EDF of the above mentioned amendments.