PGE Polska Grupa Energetyczna S.A.

Prospectus • Apr 6, 2022

Adoption of subscription rules by the Company's Management Board

The Management Board of PGE Polska Grupa Energetyczna Spółka Akcyjna(_quot;PGE_quot;, _quot;Company_quot;, _quot;Issuer_quot;) announces that on April 6, 2022, theManagement Board of the Company, in reference to PGE's ManagementBoard's resolution no. 19/03/2022 dated January 18, 2022, PGE'sSupervisory Board's resolution no. 466/XI/2022 dated January 18, 2022and resolution no. 7 of the Extraordinary General Shareholders Meetingof PGE dated April 6, 2022, resumed after the break ordered on March 7,2022, adopted the Subscription Rules in connection with the issue andoffering by the Company of 373,952,165 series E shares with a nominalvalue of PLN 8.55 each (_quot;Subscription Rules_quot;).

The Subscription Rules are attached to this report.

Disclaimer: this current report and the information contained herein isrestricted and is not intended for publication, announcement,distribution or transmission, directly or indirectly, in whole or in anypart, in the territory of the United States of America, Australia,Canada, Japan or any other countries where such publication,announcement, distribution or transmission would be unlawful.

This report is published for the purpose of fulfilling informationobligations of PGE Polska Grupa Energetyczna S.A. as an issuer ofsecurities admitted to trading on a regulated market, and does notconstitute securities offering in any jurisdiction.

Please read legal disclaimers at the end of this current report.

Legal disclaimers:

This current report has been prepared in accordance with therequirements of Article 17(1) of the Regulation (EU) No 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(Market Abuse Regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC and Article 56(1)(2) of the Actof 29 July 2005 on Public Offering, Conditions Governing theIntroduction of Financial Instruments to Organised Trading, and PublicCompanies (_quot;Public Offering Act_quot;).

This current report is of an informative nature only, it constitutes thefulfilment of information obligations of PGE Polska Grupa EnergetycznaS.A. as a public company whose shares are admitted and introduced totrading on the regulated market run by the Warsaw Stock Exchange S.A and(i) is not made available for the purpose of promoting, directly orindirectly, the acquisition of securities of PGE Polska GrupaEnergetyczna S.A. with its registered office in Warsaw or ofencouraging, directly or indirectly, to purchase or subscribe for suchsecurities and (ii) does not constitute any advertisement or promotionalmaterial prepared or published by the Company for the purpose ofpromoting the securities of PGE Polska Grupa Energetyczna S.A, (ii) doesnot constitute an advertisement or promotional material prepared orpublished by the Company for the purpose of promoting the securities ofPGE Polska Grupa Energetyczna S.A., their subscription, purchase oroffering, or to encourage investors, directly or indirectly, to purchaseor subscribe for such securities.

This current report is not an advertisement within the meaning ofArticle 22 of Regulation (EU) 2017/1129 of the European Parliament andof the Council of 14 June 2017 on the prospectus to be published whensecurities are offered to the public or admitted to trading on aregulated market and repealing Directive 2003/71/EC.

This current report and the information contained herein is not intendedfor publication, announcement or dissemination, directly or indirectly,in or into the United States, or in other countries where publicdissemination of the information contained herein may be restricted orprohibited by law. The securities referred to herein have not been andwill not be registered under the U.S. Securities Act of 1933, asamended, and may not be offered or sold in the United States except fortransactions not being subject to registration obligation under the U.S.Securities Act or pursuant to an exemption from such registrationobligation.