PGE Polska Grupa Energetyczna S.A.

Earnings Release • Feb 12, 2018

Estimated selected financial and operating data for 2017.TheManagement Board of PGE Polska Grupa Energetyczna S.A. publishes initialselected consolidated financial and operating data for 2017.

According to the initial estimates net electricity production at PGEGroup generating units in 2017 amounted to 56,8 TWh (including 39,1 TWhfrom lignite), distribution volume reached 35,3 TWh and sales to finaloff-takers came out at 40.0 TWh.

Consolidated EBITDA for 2017 amounted to approximately PLN 7,601million; including:EBITDA of Conventional Generation segment PLN4,050 million,EBITDA of Distribution segment PLN 2,333 million,EBITDAof Supply segment PLN 811 million,EBITDA of Renewables segment PLN364 million.

Consolidated EBITDA estimate presented above encompasses PLN 1,235million of LTC revenues.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 2,641 million (i.e. earnings pershare of PLN 1.41). CAPEX (without payment for assets of PGE EnergiaCiepła) amounted to approximately PLN 6,751 million.

Estimated net debt as at December 31, 2017 was approximately PLN 7,607million. Average electricity wholesale price realized by ConventionalGeneration segment in 2017 amounted to PLN 164.4 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still being audited by theprofessional auditor. The annual consolidated report for 2017 will bepublished on March 6, 2018.