PGE Polska Grupa Energetyczna S.A.

Earnings Release • May 12, 2020

Estimated selected financial and operating data for the first quarter of2020

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forthe first quarter of 2020.

According to the initial estimates net electricity production at PGEgenerating units in the first quarter of 2020 amounted to 15.4 TWh,distribution volume arrived at 9.2 TWh and sales to final off-takerscame out at 10.7 TWh. Heat sales volume amounted to 19.7 PJ.

Consolidated EBITDA for the first quarter of 2020 amounted toapproximately PLN 1 770 m, including:

EBITDA of Conventional Generation segment PLN 497 m,

EBITDA of District Heating segment PLN 342 m,

EBITDA of Distribution segment PLN 573 m,

EBITDA of Supply segment PLN 218 m,

EBITDA of Renewables segment PLN 193 m.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 432 m (i.e. earnings per share ofPLN 0.23). CAPEX amounted to PLN 957 m. Estimated net debt amounted toapproximately PLN 13 962 m as at March 31, 2020.

Average electricity wholesale price realized by Conventional Generationsegment in the first quarter of 2020 amounted to PLN 285.4 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 the first quarter of 2020 will bepublished on May 26, 2020.