PGE Polska Grupa Energetyczna S.A.

Earnings Release • Oct 30, 2019

Estimated selected financial and operating data for 9 months of 2019

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forthe 9 months of 2019.

According to the initial estimates net electricity production at PGEgenerating units in 9 months of 2019 amounted to approximately 43.4 TWh,distribution volume arrived at 27.1 TWh and sales to final off-takerscame out at 32.8 TWh. Heat sales volume amounted to 32.5 PJ.

Consolidated EBITDA for the 9 months of 2019 amounted to approximatelyPLN 6 072 m, including:

EBITDA of Conventional Generation segment PLN 2 765 m,

EBITDA of District Heating segment PLN 865 m,

EBITDA of Distribution segment PLN 1 810 m,

EBITDA of Supply segment PLN 532 m,

EBITDA of Renewables segment PLN 410 m.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 2 173 m (i.e. earnings per shareof PLN 1.16). CAPEX amounted to PLN 4 468 m. Estimated net debt amountedto approximately PLN 11 703 m as at September 30, 2019.

Average electricity wholesale price realized by Conventional Generationsegment in 9 months of 2019 amounted to PLN 244.7 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The consolidated report for 9 months of 2019 will be publishedon November 12, 2019.