PGE Polska Grupa Energetyczna S.A.

Earnings Release • Oct 30, 2018

Estimated selected financial and operating data for 9 months of 2018.TheManagement Board of PGE Polska Grupa Energetyczna S.A. ("PGE") publishesinitial selected consolidated financial and operating data for 9 monthsof 2018.

According to the initial estimates net electricity production at PGEgenerating units in 9 months of 2018 amounted to 49.1 TWh, distributionvolume reached 27.1 TWh and sales to final off-takers came out at 31.5TWh. Heat sales volume amounted to 32.4 PJ.

Consolidated EBITDA in 9 months of 2018 amounted to approximately PLN5,141 million; including:EBITDA of Conventional Generation segment(including Heating) PLN 2,366 million,EBITDA of Distribution segmentPLN 1,892 million,EBITDA of Supply segment PLN 459 million,EBITDAof Renewables segment PLN 354 million.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1,697 million (i.e. earnings pershare of PLN 0.91).

CAPEX amounted to PLN 3,759 million.Estimated net debt as atSeptember 30, 2018 was PLN 9,628 million.

Average electricity wholesale price realized by Conventional Generationsegment in 9 months of 2018 amounted to PLN 176.3 per MWh (on comparablebasis - i.e. without assets acquired in November 2017).

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the process ofpreparations. The consolidated report for 9 months of 2018 will bepublished on November 13, 2018.