Energa S.A.

Capital/Financing Update • Dec 21, 2022

Current Report No. 50/2022

Date: 21 December 2022

Subject: Fitch Ratings affirmed Energa SA's rating

Legal basis: Article 17 (1) of MAR - inside information

The Management Board of Energa SA (_quot;Company_quot;) informs that, on 21December 2022 Fitch Ratings (_quot;Agency_quot;, _quot;Fitch_quot;) affirmed the Company'slong-term foreign and local currency Issuer Default Ratings (IDRs) at'BBB+' with a stable outlook. The affirmation reflects Fitch's unchangedview on the Company under Agency's _quot;Parent and Subsidiary Linkage RatingCriteria_quot;, under which the Agency equalizes Energa's rating with that ofthe Company's majority owner - PKN ORLEN S.A.

Fitch also affirmed the following ratings of the Company and its debt:

- long-term national rating: _#8216;AA+(pol)',

- the Company's foreign-currency long-term senior unsecured rating:'BBB+',

- the Company's long-term rating of subordinated debt: 'BBB-'

- long-term national senior unsecured rating: _#8216;AA+(pol)',

and foreign-currency long-term senior unsecured rating for the bondsissued by the Company's subsidiary Energa Finance AB (publ): 'BBB+'.

The Agency also affirmed Energa SA's standalone credit profile at 'bbb-'due to, among others, the Company's solid business profile, with a focuson predictable regulated electricity distribution business, and strongoperational record.

The full text of the Agency's report is available on Fitch Ratingswebsite. The rating was awarded at the request of the Company.