Enea S.A. — M&A Activity 2020

Jun 3, 2020

Current Report No.: 22/2020

Date of Preparation: 3 June 2020

Issuer's Abbreviated Name: ENEA S.A.

Subject: Signing of a letter of intent regarding a potential investmentin offshore wind farm projects

Legal Basis: Article 17 Section 1 of the Market Abuse Regulation -confidential information

Body of the report:

The Management Board of ENEA S.A. ("Company", "Issuer") hereby reportsthat on 3 June 2020 it signed a letter of intent ("Letter of Intent")with Iberdrola Eólica Marina S.A. ("Iberdrola") regarding the Issuer'spotential investment in offshore wind farm projects to be developed inthe Polish exclusive economic zone of the Baltic Sea. In connection withthe signing of the Letter of Intent, the parties will enter intoexclusive negotiations aimed at assessing the feasibility of executionof a joint capital expenditure project by the Company and Iberdrola inthe said wind farm projects with a total capacity of up to approx. 3.3GW and their shared preparation, construction and operation.

The degree of the Issuer's involvement in these offshore wind farmprojects will be determined at a later stage of the negotiations, yet atthe time of signing of the Letter of Intent, the parties assume aminority shareholding on the part of the Issuer.

In accordance with the Letter of Intent, the parties expect to develop aterm sheet to define key parameters of the potential transaction.

The provisions of the Letter of Intent are of a non-binding nature,except for certain specific clauses, such as those regarding theexclusivity of negotiations and the confidentiality requirements.

The Letter of Intent contains no provisions imposing any contractualpenalties. Any liability of the parties related to the performance ofthe Letter of Intent will be based on the generally applicable laws.

At the same time, the Issuer considers it appropriate to declare thatthe execution of the said project will constitute a significant step inthe pursuit of the Issuer's strategic objective involving the attainmentof the share of Renewable Energy Sources in its electricity generationmix at a level of 22% by 2025 and 33% in 2030.