Updated information on submitting of an initial non-binding offer foracquisition of shares in Fortum Group's assets

With reference to current report no. 30/2020 dated October 27, 2020 onsubmitting of an initial non-binding offer for acquisition of shares inFortum Group's assets located in Poland, Estonia, Latvia and Lithuaniaby a consortium with participation of PGE, the Management Board of PGEPolska Grupa Energetyczna S.A. ("PGE") discloses that on November 16,2020 PGE and Polskie Górnictwo Naftowe i Gazownictwo S.A. (the"Partners"), submitted a revised, initial non-binding offer to acquirecertain assets owned by Fortum Holding B. V. (the "Offer").

Under the revised Offer, the Partners are bidding for the districtheating business operated by Fortum Holding B.V. exclusively in Poland.PGE further announces that the Partners abandoned their originalintention to purchase the Fortum Group's assets operating in Estonia,Lithuania and Latvia, and decided they would not participate in theinvestment consortium with PFR Inwestycje FIZ and IFM Investors Pty Ltd.

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

The core business of Fortum Holding B.V.'s Polish subsidiary isgeneration, distribution and sale of heat and the generation ofelectricity.

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