PGE Polska Grupa Energetyczna S.A.

Regulatory Filings • Oct 31, 2022

Signing of a letter of intent regarding a cooperation regarding thedevelopment of a nuclear power plant

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE"),discloses that on October, 31 2022 PGE, Korea Hydro _amp; Nuclear Power Co.Ltd. and ZE PAK S.A. (the "Parties") have signed the letter of intent(the "Letter of Intent").

The Parties' intention is to cooperate within the strategicPolish-Korean project of construction of nuclear power plant in Pątnów(the "Project"). The Parties have decided to start the cooperation inorder to develop plan for the nuclear power plant based on the Koreantechnology APR1400, particularly to perform analysis of data regardinggeotechnical, seismic and environmental conditions, develop an estimatedbudget for the preparatory work, construction phase and production phasealong with the proposed Project financing model as well as to create anexpected Project implementation schedule along with the definition ofdates for key milestones. The Parties intend to prepare a developmentplan by the end of 2022.

Pątnów area is indicated in the Energy Policy of Poland until 2040 andin the Polish Nuclear Power Programme, adopted by the Council ofMinisters of the Republic of Poland respectively on February 2, 2021 andon October 2, 2020, as one of four possible locations of nuclear powerplant in Poland.

The Letter of Intent will expire after three years and may be extendedfor a further year with consent of all Parties.