Energa S.A.

Capital/Financing Update • Feb 20, 2017

Current Report No. 14/2017

Date of Preparation: 20 February 2017

Subject: Announcement of the intention to hold a public subscription foreurobonds issued by ENERGA Finance AB (publ)

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

The Management Board of ENERGA SA ("Company") hereby reports that on 20February 2017 the Company's subsidiary ENERGA Finance AB (publ)announced its intention to hold a public subscription for eurobondsissued within the framework of its updated Euro Medium Term NotesProgram ("EMTN Program"). Depending on the conditions prevailing on themarket, the planned issue will be for a minimum par value of EUR 250million with a maturity of 10-12 years and will be placed in Q1 2017.The funds obtained through the issue will be used to cover the ENERGAGroup's general corporate needs. Following the issue, the eurobonds willbe listed on the Luxembourg Stock Exchange.

ENERGA SA will act as the issue underwriter in accordance with theupdated underwriting statement in favor of ENERGA Finance AB (publ) fora maximum total par value of EUR 1.25 billion valid until 31 December2033.

The EMTN Program, originally established in 2012, has been modified dueto the need for updating the data describing the ENERGA Group and theparameters defining possible future issues.