PGE Polska Grupa Energetyczna : CR no 24/2015 on 25.08.2015. Estimated selected financial data for the first half of 2015 and information on change of accounting policy and on non-cash one-off items affecting the consolidated results of PGE Group for the period .

• No. of the report: 24/2015
• Report date: 25.08.2015
• Report legal ground: Art. 56 section 1 p. 1 of Act on Public Offering - confidential information

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE", the "Company") publishes estimated selected financial data for the first half of 2015: - consolidated EBITDA will amount to approx. PLN 4.3 billion; - net loss attributable to equity holders of the parent company will amount to approx. PLN (-) 5.0 billion; - adjusted net profit attributable to equity holders of the parent company will amount to approx. PLN (+) 2.1 billion. The above estimates include planned recognition of the following non-cash one-off items in the consolidated financial statements for the first half of the year 2015: I. At the EBITDA level: 1) Revenues due to termination of long-term contracts for sale of capacity and electricity (so-called "LTC compensations") in amount of approx. PLN 300 million, accordingly increasing the reported EBITDA, 2) Change in provision for recultivation and actuarial provision (mainly effect of the adjusted discount rate) approx. PLN 250 million in total, accordingly increasing the reported EBITDA. II. At the level of net result attributable to equity holders of the parent company: 1) Revenues due to termination of long-term contracts for sale of capacity and electricity (so-called "LTC compensations") - approx. PLN 250 million, accordingly increasing the reported net result, 2) Change in provision for recultivation and actuarial provision - approx. PLN 200 million, accordingly increasing the reported net result, 3) Impairment loss in Conventional Generation business line in amount of approx. PLN 8.8 billion - resulting in decrease of the reported net result by PLN 7.1 billion At the same time, the Management Board of PGE discloses that there has been a change in the accounting policy in the consolidated financial statements for the first half of 2015. Starting from the financial statements for the first half of 2015, the impairment losses will be recognized in costs by type (instead of other operating expenses - as previously recognised) and for EBITDA calculation they will be treated analogically as depreciation and amortization (i.e. they will not affect EBITDA). Amended accounting policy applies IFRS in a better way and provides higher transparency and comparability of the financial statements with the European energy groups. Disclaimer: financial statements of the PGE Group are still being reviewed by the auditor. Presented values are estimated and may change. The consolidated half-year report for the first half of 2015 will be published on August 31, 2015. Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw of 2009, no 185 item 1439).