PGE Polska Grupa Energetyczna S.A.

Earnings Release • Feb 4, 2020

Initial selected consolidated financial and operating data for 2019

The Management Board of PGE Polska Grupa Energetyczna S.A. publishesinitial selected consolidated financial and operating data for 2019.

According to the initial estimates net electricity production at PGEGroup generating units in 2019 amounted to 58.32 TWh (including 32.20TWh from lignite), distribution volume reached 36.38 TWh and sales tofinal off-takers came out at 44.01 TWh. Heat sales volume amounted to48.76 PJ.

Consolidated EBITDA for 2019 amounted to approximately PLN 7 118million; including:

EBITDA of Conventional Generation segment PLN 2 880 million,

EBITDA of District Heating segment PLN 1 186 million,

EBITDA of Distribution segment PLN 2 306 million,

EBITDA of Supply segment PLN 280 million,

EBITDA of Renewables segment PLN 536 million.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1 864 million (i.e. earnings pershare of PLN 1.00).

CAPEX amounted to approximately PLN 7 009 million.

Estimated net debt as at December 31, 2019 was approximately PLN 11 415million.

Average electricity wholesale price realized by Conventional Generationsegment in 2019 amounted to PLN 246.1 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 2019 will bepublished on March 10, 2020.