Tender offer for shares of Zespół Elektrociepłowni WrocławskichKOGENERACJA S.A.

With reference to current report no. 50/2017 dated November 13, 2017,the Management Board of PGE Polska Grupa Energetyczna S.A. (the"Offeror") discloses that on February 1, 2018 the Offeror, throughPowszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Branch - DomMaklerski PKO Banku Polskiego (PKO Brokerage House), announced tenderoffer for sale of 2 383 999 (say: two million three hundred eighty threethousand nine hundred ninety nine) dematerialised ordinary bearer shares(the "Shares") issued by Zespół Elektrociepłowni WrocławskichKOGENERACJA Spółka Akcyjna (the "Company"), for a price of PLN 81.80 foreach Share, entitling to 16.00% of votes on the General Meeting of theCompany (the "Tender Offer"). The company which acquires Shares is PGEEnergia Ciepła S.A. (the "Acquirer"). The subscription period will lastfrom February 21, 2018 till March 6, 2018, unless further prolonged.

The Tender Offer was announced on the ground of art. 73 section 2 p. 1of the Act of July 29, 2005 on public offering, conditions governing theintroduction of financial instruments to organised trading, and publiccompanies (consolidated text: Dziennik Ustaw 2016, item 1639), as wellas in accordance with the Regulation of the Minister of Economy andFinance of September 14, 2017 on the templates of tender offers tosubscribe for the sale or exchange of shares in a public company, thedetailed means of their publication and the conditions for acquiringshares as a result of these tender offers (Dziennik Ustaw 2017, item1748), and its content is attached to this current report.

After the Tender Offer, the Acquirer, jointly with its subsidiaryInvestment III B.V., intends to reach 66% of total votes at the GeneralMeeting of the Company, what is represented by 9 834 000 (say: ninemillion eight hundred thirty four thousand) shares of the Company.