Disclaimer

The contents of this web page shall not be deemed an invitation or offer concerning sale of, investment or trade in, or an invitation to submit a bid concerning sale of, investment or trade in, any securities in the territory of the United States or any other jurisdiction.

The Company shall not be held responsible for the accuracy, completeness or use of the contents of this web page; nor does it undertake to update such contents. No information posted on this page should be construed as advice or recommendation, and no decision or action should be based on that information. In particular, actual results and events may materially differ from the opinions, expectations or forward-looking statements included in this web page.

This web page may include historical information, which may be outdated. Any historical information should only be deemed relevant on the day when it is first published.

This web page contains hypertext links to other sites. The Company has neither familiarised itself with, nor accepts any responsibility for, any information or opinions presented on the web sites of entities which are not members of the PGE Group.

DISCLAIMER

Valid materials in electronic form are made available on the web page of PGE Polska Grupa Energetyczna ("the PGE Group" or "the Company") for information purposes only. All opinions, assessments and forecasts included in these materials are relevant as at the date of their preparation and future results may, but need not, be consistent therewith. Information included in these materials is only relevant as at the date of its publication on the web page, is subject to change without notice, may be incomplete or condensed, and may omit some material information concerning the Company.

The materials are provided for personal use only. If they are printed out, copied or downloaded, they shall not be sent or delivered to other persons.

The materials are of promotional nature only. Any public offering of Company shares within the territory of Poland will be conducted based on an issue prospectus, which the Company would then publish. Such prospectus, upon its approval by the Polish Financial Supervision Authority, will be the only legally binding document containing information on the Company and Company shares covered by such public offering. Such prospectus will be available on the Company‘s web page (www.pgesa.pl) and at customer service points indicated in the issue prospectus.

Non-US Persons

PGE‘s securities discussed or referred to in the materials made available on this web page have not been registered under the United States Securities Act of 1933, as amended ("the US Securities Act"), and shall not be offered, sold, pledged or transferred otherwise than (1) in off-shore transactions meeting the requirements of Rule 903 or Rule 904 of Regulation S, in accordance with the US Securities Act, (2) under a binding registration statement issued in accordance with the US Securities Act, or (3) under any applicable exemption from the registration requirements stipulated in the US Securities Act, always in accordance with all applicable regulations pertaining to securities. Hedging transactions relating to such securities may only be executed in accordance with the US Securities Act.

Requirements concerning U.K. Persons

The materials included in this web page may only be made available to and are designed for (a) persons residing outside the territory of the United Kingdom of Great Britain and Northern Ireland, (b) investment professionals falling within the scope of Art. 19(5) of the United Kingdom‘s Financial Promotion Order of 2005 (as amended), issued pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("the Order") or (c) legal entities, associations and unincorporated partnerships of high net worth, as well as other persons to whom such materials may be lawfully delivered and who meet the criteria stipulated in Art. 49(2)(a)–(d) of the Order (all such persons being referred to as "Relevant Persons"). Any investment or investment activity to which these materials relate shall only be available to Relevant Persons in the United Kingdom of Great Britain and Northern Ireland, and will be engaged in only with such persons. The materials included in this web page or the contents hereof must not be acted or relied upon by persons who are not Relevant Persons.

European Economic Area – Qualified Investors only

In the member states of the European Economic Area (with the exception of Poland), the discussed materials may only be made available and are addressed to Qualified Investors within the meaning of Art. 2(1)(e) of the Prospectus Directive (2003/71/EC) ("Qualified Investors").

MATERIALS AVAILABLE ON THIS WEB PAGE MUST NOT BE DISTRIBUTED IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN.

Materials available on this web page are designed for information purposes only and are neither addressed to nor intended for persons with temporary or permanent residence in the territory of the United States.