PGE Polska Grupa Energetyczna S A : Independent Auditors Report on review of interim condensed consolidated financial statements for the first half of 2020

Deloitte Audyt

Spółka z ograniczoną odpowiedzialnością Sp. k. al. Jana Pawła II 22

00-133 Warszawa

Polska

Tel.: [phone]

Fax: [phone]

www.deloitte.com/pl

INDEPENDENT AUDITOR'S REPORT ON REVIEW OF CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

To the Shareholders and Supervisory Board of PGE Polska Grupa Energetyczna S.A.

Introduction

We have reviewed the accompanying condensed interim consolidated financial statements of PGE Polska Grupa Energetyczna S.A. Group (hereinafter: the "Group"), for which PGE Polska Grupa Energetyczna S.A. with its registered office in Warsaw, ul. Mysia 2 is the Parent (hereinafter: the "Parent"), comprising: the consolidated statement of financial position prepared as at 30 June 2020, consolidated statement of comprehensive income, consolidated statement of changes in equity, condensed consolidated statement of cash flows for the period from 1 January 2020 to 30 June 2020 and selected explanatory notes ("interim condensed consolidated financial statements").

The Management Board of the Parent is responsible for the preparation and presentation of these condensed interim consolidated financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting" announced in the form of Commission Regulations.

Our responsibility is to express a conclusion on these condensed interim consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" in the version adopted as the National Standard of Review 2410 by the National Council of Statutory Auditors.

A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing in line with the wording of International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these condensed interim consolidated financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting" announced in the form of Commission Regulations.

Auditor conducting the review on behalf of Deloitte Audyt spółka z ograniczoną odpowiedzialnością sp. k. - entity entered under number 73 on the list of auditors kept by the National Council of Statutory Auditors:

Piotr Sokołowski

Certified auditor

No. 9752

Warsaw, 15 September 2020

This document is a foreign language version of the original Independent Auditor's Report issued in Polish version and only the original version is binding. This document has been prepared for information purposes and could be used only for company's internal purposes. In case of any discrepancies between the Polish and English version, the Polish version shall prevail.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/pl/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Member of Deloitte Touche Tohmatsu Limited

District Court for the city of Warsaw, XII Business Division of the National Court Register, KRS No. 0000446833, NIP: 527-020-07-86, REGON: 010076870