PGE Polska Grupa Energetyczna S.A.

Earnings Release • May 7, 2019

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forthe first quarter of 2019. According to the initial estimates netelectricity production at PGE generating units in the first quarter of2019 amounted to approximately 15.6 TWh, distribution volume arrived at9.3 TWh and sales to final off-takers came out at 11.5 TWh. Heat salesvolume amounted to 20.9 PJ.

Consolidated EBITDA for the first quarter of 2019 amounted toapproximately PLN 1,822m, including:EBITDA of ConventionalGeneration segment PLN 677m*,EBITDA of District Heating segment PLN403m*,EBITDA of Distribution segment PLN 643m,EBITDA of Supplysegment PLN 167m,EBITDA of Renewables segment PLN 184m.

*Effective first quarter 2019 PGE distinguished the new segment DistrictHeating. Involved units were previously presented within ConventionalGeneration segment.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 585m (i.e. earnings per share ofPLN 0.31). CAPEX amounted to PLN 1,008 m.

Estimated net debt amounted to approximately PLN 11,894m as at March 31,2019.

Average electricity wholesale price realized by Conventional Generationsegment in the first quarter of 2019 amounted to PLN 243.9 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The quarterly consolidated report for the first quarter of 2019will be published on May 28, 2019.