PGE Polska Grupa Energetyczna S.A.

Earnings Release • Jul 26, 2017

Estimated selected financial and operating data for the first half of2017The Management Board of PGE Polska GrupaEnergetyczna S.A. ("PGE") publishes initial selected consolidatedfinancial and operating data for the first half of 2017.

According to the initial estimates net electricity production at PGEgenerating units in first half of 2017 amounted to 27.9 TWh,distribution volume reached 17.5 TWh and sales to final off-takers cameout at 19.8 TWh.

Consolidated EBITDA the first half of 2017 amounted to approximately PLN3,445 million; including:EBITDA of Conventional Generation segmentPLN 1,612 million,EBITDA of Distribution segment PLN 1,222 million,EBITDAof Supply segment PLN 422 million,EBITDA of Renewables segment PLN169 million.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1,497 million (i.e. earnings pershare of PLN 0.80). Semiannual CAPEX amounted to PLN 2,595million.Estimated net debt as at June 30, 2017 was PLN 4,718 million.

Average electricity wholesale price realized by Conventional Generationsegment in the first half of 2017 amounted to PLN 163.3 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the process ofpreparations. The annual consolidated report for the first half of 2017will be published on August 8, 2017.