PGE Polska Grupa Energetyczna S.A.

Earnings Release • Jul 26, 2018

Estimated selected financial and operating data for the first half of2018.The Management Board of PGE Polska Grupa Energetyczna S.A.("PGE") publishes initial selected consolidated financial and operatingdata for the first half of 2018.

According to the initial estimates net electricity production at PGEgenerating units in first half of 2018 amounted to 32.9 TWh,distribution volume reached 18.0 TWh and sales to final off-takers cameout at 20.7 TWh. Heat sales volume amounted to 29.0 PJ.

Consolidated EBITDA in the first half of 2018 amounted to approximatelyPLN 3,577 million; including:EBITDA of Conventional Generationsegment (including Heating) PLN 1,741 million,EBITDA of Distributionsegment PLN 1,270 million,EBITDA of Supply segment PLN 302 million,EBITDAof Renewables segment PLN 222 million.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1,202 million (i.e. earnings pershare of PLN 0.64). Semiannual CAPEX amounted to PLN 2,251 million.Estimated net debt as at June 30, 2018 was PLN 8,211 million.

Average electricity wholesale price realized by Conventional Generationsegment in the first half of 2018 amounted to PLN 173.3 per MWh (oncomparable basis - 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 annual consolidated report for the first half of 2018will be published on August 7, 2018.