PGE Polska Grupa Energetyczna S.A.

Share Issue/Capital Change • Jan 19, 2022

Submission of application for subscription of series E shares by theState Treasury

With reference to the current reports no. 1/2022 of January 18, 2022 andno. 2/2022 of January 18, 2022, the Management Board of PGE Polska GrupaEnergetyczna S.A. (_quot;PGE_quot;, the _quot;Company_quot;, the _quot;Issuer_quot;) informs thattoday the Issuer has submitted an application to the Prime Minister forthe State Treasury, represented by the Prime Minister, to subscribe fornot less than 214 596 820 (in words: two hundred and fourteen millionfive hundred and ninety six thousand eight hundred and twenty) (the_quot;Minimum Number_quot;) and not more than 373 952 165 (in words: three hundredand seventy three million nine hundred and fifty two thousand onehundred and sixty five) (the _quot;Maximum Number_quot;) newly issued series Eordinary bearer shares of the Company in exchange for a cashcontribution from the Reprivatisation Fund (the _quot;Application_quot;).Subscription for shares in the Minimum Number will ensure that the StateTreasury's stake in the share capital of the Company remains unchanged.

In the case of subscription of shares in the Minimum Number the totalamount of the State Treasury cash contribution shall be not less thanPLN 1 834 802 811.00 (say: one billion eight hundred and thirty fourmillion eight hundred two thousand eight hundred and eleven zloty), andin the case of subscription of shares in the Maximum Number the totalamount of the State Treasury cash contribution shall be not less thanPLN 3 197 291 010.75 (say: three billion one hundred and ninety sevenmillion two hundred and ninety one thousand ten zloty and seventy fivegroszy).

The Application was submitted on the basis of the Regulation of theMinister of Finance of December 23, 2021 on the detailed procedure forthe acquisition or subscription of shares by the State Treasury from thefunds of the Reprivatisation Fund in the years 2021-2022 (Journal ofLaws 2021, item 2465).

If a decision is made to acquire the Company's shares in accordance withthe Application, the Prime Minister representing the State Treasury willenter with the Company into an investment agreement governing the rulesof disposal of the funds acquired from the State Treasury by the Company.