CR no 5/2018 on 22.02.2018 20:03 New commissioning dates of units 5 and 6 in Opole power plant

With reference to the current report no. 47/2017, the Management Board of PGE Polska Grupa Energetyczna S.A. ('PGE', the 'Company') informs that as a consequence of negotiations with the General Contractor (consortium of Polimex-Mostostal S.A., Mostostal Warszawa S.A. and Rafako S.A.) (the 'General Contractor') and GE Power acting as a general designer and consortium leader managing the contract execution as well as analysis by the Project team, new commissioning dates of units 5 and 6 in Opole power plant have been estimated.

Modified commissioning dates declared by the General Contractor are: May 31, 2019 for unit 5 and September 30, 2019 for unit 6.

The Project team have analysed the working schedule presented by the General Contractor with regard to methodic accuracy of assumptions taken, reasons for delay and planned methods of further management of the contract execution. In the opinion of the Project team, the execution of the investment in above mentioned dates is possible provided that the General Contractor will act with the highest commitment, introducing necessary conditions which will guarantee timely execution of works.

Due to the complex nature of the project and nature of delays, ongoing negotiations with the General Contractor and GE Power have not been finalised yet.