Submission of application for subscription of series E shares by the State Treasury

With reference to the current reports no. 1/2022 of January 18, 2022 and no. 2/2022 of January 18, 2022, the Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE", the "Company", the "Issuer") informs that today the Issuer has submitted an application to the Prime Minister for the State Treasury, represented by the Prime Minister, to subscribe for not less than 214 596 820 (in words: two hundred and fourteen million five hundred and ninety six thousand eight hundred and twenty) (the "Minimum Number") and not more than 373 952 165 (in words: three hundred and seventy three million nine hundred and fifty two thousand one hundred and sixty five) (the "Maximum Number") newly issued series E ordinary bearer shares of the Company in exchange for a cash contribution from the Reprivatisation Fund (the "Application"). Subscription for shares in the Minimum Number will ensure that the State Treasury's stake in the share capital of the Company remains unchanged.

In the case of subscription of shares in the Minimum Number the total amount of the State Treasury cash contribution shall be not less than PLN 1 834 802 811.00 (say: one billion eight hundred and thirty four million eight hundred two thousand eight hundred and eleven zloty), and in the case of subscription of shares in the Maximum Number the total amount of the State Treasury cash contribution shall be not less than PLN 3 197 291 010.75 (say: three billion one hundred and ninety seven million two hundred and ninety one thousand ten zloty and seventy five groszy).

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

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