PGE Polska Grupa Energetyczna S.A.

Declaration of Voting Results & Voting Rights Announcements • Mar 15, 2018

Information regarding number of shares purchased during the tender offerfor shares of Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A. andthe percent of votes on the General Meeting resulting from the tenderoffer

With reference to current report no. 3/2018 dated February 1, 2018, theManagement Board of PGE Polska Grupa Energetyczna S.A. (the "Offeror")discloses that as a result of the tender offer for sale of 2 383 999(say: two million three hundred eighty three thousand nine hundredninety nine) ordinary bearer shares issued by Zespół ElektrociepłowniWrocławskich KOGENERACJA Spółka Akcyjna (the "Company") announced onFebruary 1, 2018 by the Offeror (the "Tender Offer"), the company PGEEnergia Ciepła S.A. (the "Acquirer") being subsidiary of the Offeror, onMarch 14, 2018 acquired 1 202 172 (say one million two hundred and twothousand one hundred seventy two) Company's shares entitling to 1 202172 (say one million two hundred and two thousand one hundred seventytwo) votes on the General Meeting of the Company, representing (roundedto one hundredth of a percent) 8.07% of the total number of theCompany's shares and votes on the General Meeting of the Company.

Prior to the direct acquisition of shares of the Company being a resultof Tender Offer, mentioned above, the Acquirer held 2 642 869 (say: twomillion six hundred forty two thousand eight hundred sixty nine)Company's shares, entitling to 2 642 869 (say: two million six hundredforty two thousand eight hundred sixty nine) votes at the GeneralMeeting of the Company, representing (rounded to one hundredth of apercent) 17.74% of the total number of the Company's shares and votes atthe General Meeting of the Company.

As of the date of this report, the Acquirer holds 3 845 041 (say: threemillion eight hundred forty five thousand forty one) Company's sharesentitling to 3 845 041 (say: three million eight hundred forty fivethousand and forty one) votes at the General Meeting of the Company,representing (rounded to one hundredth of a percent) 25.81% of thenumber of votes at the General Meeting of the Company and (rounded toone hundredth of a percent) 25.81% of the total number of Company'sshares.

The entity being the subsidiary of the Acquirer, who holds the Company'sshares, is Investment III B.V. As of the date of this announcement,Investment III B.V. holds 4 807 132 (say: four million eight hundred andseven thousand one hundred thirty two) Company's shares, entitling toexercise 4 807 132 (say: four million eight hundred and seven thousandone hundred thirty two) votes at the General Meeting of the Company,representing (rounded to one hundredth of a percent) 32.26% of the totalnumber of Company's shares and votes at the General Meeting of theCompany.

After the proceeding of Tender Offer, the Acquirer, jointly with itssubsidiary Investment III B.V., has reached 58.07% of total votes at theGeneral Meeting of the Company. The change in the number of votes tookplace as a result of the sale of shares on the Warsaw Stock Exchange(WSE) carried out and settled on March 14, 2018.

Legal ground: art. 70 point 1 of the Act of July 29, 2005 on PublicOffering and Conditions Governing the Introduction of FinancialInstruments to Organised Trading and Public Companies (consolidatedtext: Journal of Laws of 2016, item 1639, as amended)