Submitting jointly with PGNiG of a non-binding offer for acquisition of Polish assets of CEZ Group

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that on December 11, 2020 PGE and Polskie Górnictwo Naftowe i Gazownictwo S.A. (the “Partners”), jointly submitted a non-binding offer to ČEZ a.s. („ČEZ”) to acquire Polish assets of ČEZ Group ( the „Transaction”).

Transaction’s target are subsidiaries of ČEZ, that carry out activities related to generation and sale of heat and electricity in Poland (CEZ Skawina S.A. and CEZ Chorzów S.A.), as well as provision of dedicated supporting services with regard to: management of combustion by-products, communication, trading and corporate services (CEZ Produkty Energetyczne sp. z o.o. and CEZ Polska sp. z o.o.).

The Partners will continue to work together towards the submission of a binding offer.

The acquisition of the shares in the ČEZ Group’s assets is in line with PGE Group’s Strategy until 2030 announced on October 19, 2020 (current report no. 29/2020 dated October 19, 2020).