Completion of the subscription of E series shares

The Management Board of PGE Polska Grupa Energetyczna S.A. ("Company")hereby provides the information regarding the completion of the privatesubscription of E series shares ("E Series Shares_quot;).

The subscription of E Series Shares was made pursuant to Resolution no.7 of the Extraordinary General Shareholders' Meeting of the Companydated 6 April 2022 convened on 7 March 2022 and resumed on 6 April 2022regarding the reduction of the share capital by decreasing the nominalvalue of shares and increasing the share capital by means of an issuanceof E series shares in a private subscription, depriving the existingshareholders of entire pre-emptive right to all E series shares,applying for admission and introduction of E series shares or rights toE series shares to trading on the regulated market of the GiełdaPapierów Wartościowych w Warszawie S.A., dematerialization of E seriesshares or rights to E series shares and amendment of the Company'sArticles of Association ("Share Capital Increase Resolution_quot;).

1. The date of the subscription or sale commencement and completion: thebook-building process took place on 6-7 April 2022. Agreements onsubscribing for E Series Shares were concluded with investors (excludingthe State Treasury) and paid-up between 8-14 April 2022. Thesubscription agreement relating to E Series Shares with the StateTreasury was concluded and paid-up by 21 April 2022.

2. The date of allocation of securities: 22 April 2022

3. The number of subscribed or sold securities: In accordance with theShare Capital Increase Resolution 373,952,165 (in words: three hundredseventy-three million nine hundred fifty-two thousand one hundredsixty-five E Series Shares with a nominal value of PLN 8.55 (in words:eight zloty 55/100) each were issued. All of them were subscribed.

4. The reduction rate in individual tranches, when in at least onetranche the number of allocated securities was lower than the number ofsecurities subscribed for: not applicable.

5. The number of securities which were subscribed under the subscriptionor sale: under a private subscription 373,952,165 (in words: threehundred seventy-three million nine hundred fifty-two thousand onehundred sixty-five) E Series Shares with a nominal value of PLN 8.55 (inwords: eight zloty 55/100) each were acquired.

6. The number of securities allocated under the subscription or sale:under a private subscription 373,952,165 (in words: three hundredseventy-three million nine hundred fifty-two thousand one hundredsixty-five) E Series Shares with a nominal value of PLN 8.55 (in words:eight zloty 55/100) each were acquired.

7. The price at which securities were acquired (purchased): PLN 8.55 (inwords: eight zloty 55/100) per E Series Share.

8. The number of persons who placed subscriptions for the securitiesunder the subscription or sale in individual tranches: The securitieswere subscribed by 141 (in words: one hundred forty-one) entities under98 (in words: ninety-eight) subscription agreements. The privatesubscription was not divided into tranches.

9. The number of persons to whom securities were allocated under thesubscription in individual tranches: E Series Shares were subscribed by141 (in words: one hundred forty-one) entities under 98 (in words:ninety-eight) subscription agreements.

10. The name (business name) of underwriters who acquired securities inperformance of the underwriting agreements, specifying the number ofsecurities acquired, together with the actual unit price of the security(the issue or sale price upon deducting the remuneration for theacquisition of one security, pursuant to the underwriting agreement, bythe underwriter): not applicable. The issue of E Series Shares did notinvolve any underwriting liabilities.

11. The value of the subscription or sale performed, understood as theproduct of the number of the securities which the offer concerned andthe issue or sale price: PLN 3.197.291.010,75 (in words: three billionone hundred and ninety-seven million two hundred and ninety-one thousandand ten zloty 75/100).

12. The aggregate amount of all costs counting towards the issue costs,with an indication of the amount of the costs by each title, divided atleast into the costs: As of the date of submitting this report, theCompany does not have information on the final settlement of the costsof the issue. The costs shall be made available to the public in a formof a current report, after receipt and acceptance of all invoices fromthe entities involved in the work on preparing and conducting the issue.

13. The average cost of effecting the subscription or sale per unit ofthe security which the subscription or sale concerns: As of the date ofsubmitting this report, the Company does not have information on thefinal settlement of the costs of the issue per unit of E Series Shares.The costs shall be made available to the public in a form of a currentreport, after receipt and acceptance of all invoices from the entitiesinvolved in the work on preparing and conducting the issuance.

14. The manner of payment for the securities acquired (purchased) (incase of acquiring by way of set-off of claims): not applicable.

Disclaimer: this current report and the information contained herein isrestricted and is not intended for publication, announcement,distribution or transmission, directly or indirectly, in whole or in anypart, in the territory of the United States of America, Australia,Canada, Japan or any other countries where such publication,announcement, distribution or transmission would be unlawful.

This report is published for the purpose of fulfilling informationobligations of PGE Polska Grupa Energetyczna S.A. as an issuer ofsecurities admitted to trading on a regulated market, and does notconstitute securities offering in any jurisdiction.

Please read legal disclaimers at the end of this current report.

Legal disclaimers:

This current report has been prepared in accordance with therequirements of Article 17(1) of the Regulation (EU) No 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(Market Abuse Regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC and Article 56(1)(2) of the Actof 29 July 2005 on Public Offering, Conditions Governing theIntroduction of Financial Instruments to Organised Trading, and PublicCompanies (_quot;Public Offering Act_quot;).

This current report is of an informative nature only, it constitutes thefulfilment of information obligations of PGE Polska Grupa EnergetycznaS.A. as a public company whose shares are admitted and introduced totrading on the regulated market run by the Warsaw Stock Exchange S.A and(i) is not made available for the purpose of promoting, directly orindirectly, the acquisition of securities of PGE Polska GrupaEnergetyczna S.A. with its registered office in Warsaw or ofencouraging, directly or indirectly, to purchase or subscribe for suchsecurities and (ii) does not constitute an advertisement or promotionalmaterial prepared or published by the Company for the purpose ofpromoting the securities of PGE Polska Grupa Energetyczna S.A., theirsubscription, purchase or offering, or to encourage investors, directlyor indirectly, to purchase or subscribe for such securities.

This current report is not an advertisement within the meaning ofArticle 22 of Regulation (EU) 2017/1129 of the European Parliament andof the Council of 14 June 2017 on the prospectus to be published whensecurities are offered to the public or admitted to trading on aregulated market and repealing Directive 2003/71/EC.

This current report and the information contained herein is not intendedfor publication, announcement or dissemination, directly or indirectly,in or into the United States, or in other countries where publicdissemination of the information contained herein may be restricted orprohibited by law. The securities referred to herein have not been andwill not be registered under the U.S. Securities Act of 1933, asamended, and may not be offered or sold in the United States except fortransactions not being subject to registration obligation under the U.S.Securities Act or pursuant to an exemption from such registrationobligation.

Legal basis: § 16 sec. 1 the Regulation of the Minister of Finance of 29March 2018 on current and periodic information to be published byissuers of securities and conditions for recognising as equivalentinformation required by the laws of a non-member state (Journal of Laws2018, item 757).