Change of dividend policy

The Management Board of PGE Polska Grupa Energetyczna S.A. („PGE”, the „Company”) discloses that on August 25, 2015 it decided to adopt a new dividend policy.

Previous dividend policy determined Management Board’s declaration with regard to dividend proposal to the General Meeting of the Company at the level of 40-50% of consolidated net profit.

According to the amended policy, the Management Board of PGE intends to make a recommendation to the General Meeting of the Company of dividend for shareholders at the level of 40-50% of the consolidated net profit adjusted by the value of impairment loss.

Management Board of PGE reserves that for each individual distribution, the amount of the dividend will depend, in particular, on the Company’s overall indebtedness, expected capital expenditures and prospective acquisitions. The dividend policy will be verified periodically by the Management Board of PGE.

Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw of 2009, no 185 item 1439).