Management Board report on the activity of ENEA S.A. and the ENEA Group in 2021

Poznań, 23 March 2022

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Dear Stakeholders,

We are proud to present to you the new report of the ENEA Group, in which we sum up our activities in 2021. The past year was a time of dynamic changes on the energy market driven by the demanding environment, including the effects of the pandemic. The ENEA Group used this time to prepare for its transformation and the key event in this respect was the update of the ENEA Group Development Strategy.

ENEA S.A.’s Green Change is now at the core of the updated Development Strategy. We have decided to pursue sustainable transformation, which will create value for the Group’s shareholders. ENEA will develop renewable energy sources. It will specialize in operating energy storage facilities as a technology of key significance for ensuring RES stability and solidifying energy security. We want to achieve climate neutrality by 2050.

The Enea Group Development Strategy until 2030 with an outlook to 2040 is well aligned with the country’s energy transition goals. In the business environment context, among the primary objectives of the ENEA Group Development Strategy is to spin off from its structures any assets related to the generation of electricity in conventional coal- and lignite-fired units. This direction was confirmed by the Government of the Republic of Poland in March this year when it approved the plan for establishing the National Agency for Energy Security, to which coal production assets will be transferred.

As we sum up the year 2021, we cannot neglect to mention the current events, which have had immense impact, not only in economic terms. The ENEA Foundation has donated significant funds for aid to families from Ukraine. We also offered several hundred places in resorts and facilities owned by the Group. With our vehicle fleet we supported the transportation of Ukrainian families and our employees engaged in coordinated material collection drives and direct aid through employee volunteers. This is not the end of our support. We realize that it will still be necessary in the coming months. During this difficult time, I would like to emphasize once again the role and importance of energy companies in the current situation. Our primary goal is to produce and supply electricity in Poland in a stable and secure manner.

Consistent improvement of financial and operating performance in 2021

Despite the persistently difficult market environment and demanding changes on the electricity market, ENEA Group achieved good performance in 2021, increasing its revenues by 17% y/y to PLN 21.2 billion and earning PLN 3.6 billion of EBITDA (up by PLN 335 million, or 10.1% y/y).

In 2021, the ENEA Group made capital expenditures of PLN 2 billion of which PLN 156 million was spent on projects directly related to environmental protection, including primarily modernizations and projects to adapt the Group’s power plants to the BAT conclusions and construction of a co-generation source in Piła.

Independent external financial institutions confirm good financial standing of the Group. In a press release of 1 December 2021, Fitch Ratings affirmed the Company’s long-term foreign- and local-currency issuer default ratings at ‘BBB’ with a stable outlook. The Net Debt/EBITDA ratio is at a safe level of 0.75.

In 2021, the volume of sales of electricity and gaseous fuel to retail customers was 24.5 TWh, and was about 16% (or 3,393 GWh) higher compared to 2020. In the business customer segment, the sales volume went up by 3,101 GWh, or about 21%, and was caused by a change in the customer portfolio between 2020 and 2021 combined with a higher consumption of energy by customers after the first period of the pandemic; in the household segment, growth was 56 GWh, which is approx. 1%. The sales volume of gaseous fuel also increased compared to the corresponding period of the previous year – by 236 GWh, or approx. 18%.

Last year, ENEA Group produced in total 26.4 TWh of energy, which was nearly 1/5 above the production in 2020. The total volume of energy generated from renewable sources reached over 2.4 TWh, growing by 1%, or 23 GWh.

Nearly 47 thousand renewable sources, including microinstallations, were connected to ENEA Operator’s distribution grid in 2021. At the end of 2021, the total number of RES sources connected to the company’s distribution grid was nearly 109 thousand.

Increase in production and sales of fuel ensures stability of the generation sector

LW Bogdanka mine owned by ENEA Group is the main supplier of fuel to our two power plants. Last year, the company recorded a significant increase in both production and sales of coal. That was associated with increased generation of electricity in coal-fired sources. Commercial coal production in LWB was 9.9 million tons and commercial coal sales reached 10.0 million tons. This meant an increase of both these figures by over 30% y/y. As a result, the Mining area generated EBITDA of PLN 798 million. The higher EBITDA was driven mainly by the increased sales of coal, partially offset by a lower sales price and increased costs of operating activities. In 2021, LW Bogdanka posted PLN 2,363 million in revenue from sales. LWB also conforms to the transformation program

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Socially responsible partner

We take a very responsible approach to our impact on the natural environment, by acting in compliance with the objectives of the Agenda 2030 Sustainable Development Goals. In 2021, ENEA Group published its first ESG report, which contains a comprehensive description of the Group’s endeavors in the areas of environmental protection, social engagement and responsible management pursued in 2020. The report prepared in accordance with international reporting standards, GRI Standards, presents not only the Group’s past performance, but also its commitments for the future, including in the area of transformation towards a zero-emission enterprise, which was confirmed in the update of the Development Strategy. In 2021, the Group completed several dozen projects in the CSR area and also launched an important and large project concerning the Baltic Sea.

“Baltic for Generations” is an initiative launched together with the UN Global Compact Network Poland, which is aimed at protecting the water of the Baltic Sea, mainly clearing its bottom of hundreds of thousands of tons of traditional munitions, chemical weapons and shipwrecks filled with fuel. Those are remains after World War II, which pose a great danger not only for the flora and fauna of the sea, but also for residents of the countries of the Baltic Sea basin. ENEA has prepared the #BalticForGenerations educational campaign to spread awareness of the threat and spur the international community to action.

On behalf of the ENEA S.A. Management Board, I wish to thank all members of the Supervisory Board, the management boards of Group companies and all employees of the ENEA Group for their professional and effective efforts, allowing us to jointly build and increase the Group’s value, making it an even more attractive for our investors and shareholders. Please read the following summary of activity of the ENEA Group in 2021.

Yours faithfully,

Paweł Szczeszek

President of the Management Board of ENEA S.A.

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In 2021, the ENEA Group generated EBITDA of approx. PLN 3,637 million (up by PLN 335 million y/y).

The Generation Area posted EBITDA of PLN 1,602 million (up by PLN 72 million y/y). EBITDA of the RES Segment increased by PLN 121 million (an improvement in the Wind, Hydro Areas and in the Green Unit) and the Heat Segment increased by PLN 81 million y/y (mainly as a result of a higher unit margin). A significant decrease in EBITDA was recorded in the System Power Plants Segment, by PLN 130 million y/y, driven down by the lower margin on generation (lower unit CDS chiefly due to an increase in CO ₂ costs) and trading and the Balancing Market (lower unit margins, decrease in volume), partially offset by revenues from the Capacity Market.

The Mining area generated EBITDA of PLN 798 million, (up by PLN 328 million y/y). The higher EBITDA was driven mainly by the higher sales of coal, partially offset by increased costs of operating activities.

The Distribution area posted EBITDA of PLN 1,393 million (up by PLN 80 million y/y). This higher result was driven by higher margins on licensed activities, affected, among other factors, by higher revenue from sales of distribution services. The increase in operating expenses and the decline in the result on other operating activities adversely affected the segment’s performance.

The Trading area posted EBITDA of -125 million (down by PLN 110 million y/y). The decline in EBITDA is mainly due to the change in provisions related to onerous contracts; this decline was partially offset by higher margins realized on the retail market.

• The ENEA Group incurred CAPEX of PLN 1,980 million.

• Production of commercial coal was 9.9 million tons.

• Sales of commercial coal were 10.0 million tons.

• The Group generated 26.4 TWh of electricity.

• Sales of heat in the Generation Segment was 7.2 PJ.

• Sales of distribution services to end users were 20.3 TWh

• The volume of sales of electricity and gaseous fuel to retail customers was 24.5 TWh.

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First quarter

• On 4 January 2021, the Company received a resignation tendered by Ms. Izabela Felczak-Poturnicka from the position of Chairwoman of the Supervisory Board and from her membership in the ENEA S.A. Supervisory Board as of 5 January 2021.

• On 5 January 2021, ENEA S.A., PGE Polska Grupa Energetyczna and Tauron Polska Energia executed a letter of intent the purpose of which is to establish a strategic alliance to execute future investment projects in offshore wind energy, to be located within the boundaries of the Polish Exclusive Economic Zone in the Baltic Sea.

• On 7 January 2021, the Extraordinary General Meeting of ENEA S.A. appointed Mr. Rafał Włodarski as Chairman of the ENEA S.A. Supervisory Board.

• On 7 January 2021, the Company’s Extraordinary General Meeting adopted a resolution by the power of which Ms. Dorota Szymanek was appointed to the ENEA S.A. Supervisory Board of the 10th term of office.

• 13 January 2021 – execution of Annex to the Multi-Year Agreement No. UW/LW/01/2012 by and between ENEA Wytwarzanie Sp. z o.o. and LW Bogdanka S.A. for the purchase of coal. Following the execution of the Annex, the quantitative volume of unrealized deliveries has been shifted from 2020 to 2021.

• 22 January 2021 – execution of Annex to the Steam Coal Purchase Agreement No. 3/W/2012 between ENEA Elektrownia Połaniec S.A. and LW Bogdanka S.A. The annex extended the term of the agreement until 31 December 2024 and also shifted from 2020 to 2021 the quantitative volume of unrealized deliveries.

• 19 February 2021 – execution of the Additional Coal Purchase Agreement No. UD/LW/01/2021 and Annexes to the Multi-Year Agreement No. UD/LW/01/2021 between ENEA Wytwarzanie Sp. z o.o. and LW Bogdanka S.A.

• On 25 February 2021, the Company identified the need to recognize an impairment loss on the value of shares in ENEA Wytwarzanie Sp. z o.o. of approx. PLN 2,817 million in the standalone financial statements for 2020 and an impairment loss on the value of ENEA Wytwarzanie’s generation assets of approx. PLN 2,881 million in the ENEA Group’s consolidated financial statements for 2020, which information was disclosed by the Company in Current Report No. 7/2021.

• On 11 March 2021, ENEA S.A. signed an agreement for green energy sales with Krakowski Holding Komunalny. The subject matter of the agreement is the sale of 424 GWh of electricity generated from renewable sources, confirmed by documents specifying the sources and quantity of electricity supplied, prepared by a competent certifying authority, corroborating the origin of energy from renewable sources.

• On 26 March 2021, an agreement was executed for the acquisition by the State Treasury of 100% stake in PGE EJ1 sp. z o.o

• On 31 March 2021, the State Treasury acquired from ENEA S.A. 532,523 shares representing 10% of the share capital of PGE EJ1 sp. z o.o.

Second quarter

• 13 April 2021 – execution of agreements with PKP CARGO S.A. for the period from 13 April 2021 to 13 October 2022 for the transport of steam coal for ENEA Elektrownia Połaniec S.A.

• 30 April 2021 – execution by ENEA Wytwarzanie Sp. z o.o. and LW Bogdanka S.A. of the Additional Coal Purchase Agreement No. UD/LW/02/2021 and an Annex to Multi-Year Agreement No. UW/LW/01/2012 of 19 February 2021.

• On 11 May 2021, the ENEA S.A. Management Board made a decision on a partial repurchase of ENEA0921 bonds before maturity for redemption, with the par value of PLN 350,000 thousand plus interest and a premium for the holders. The ENEA0921 bonds were issued in the total amount of PLN 500,000 thousand on 16 September 2015 under the “Program Agreement for Bond Issue Program up to the amount of PLN 5,000,000,000 of 30 June 2014,” as amended. The non- repurchased portion of the ENEA0921 bonds with a par value of PLN 150,000 thousand will remain held by the bondholders until maturity, that is until 16 September 2021.

• 23 June 2021 – ENEA Elektrownia Połaniec S.A. received information from the Minister of Climate and the Environment that administrative proceedings have been launched ex officio in the matter of public aid received by the entity till 2016 in the form of CO ₂ emission allowances for completing power unit modernization projects in 2013-2016. By the power of a decision of the Minister of Climate and the Environment received in 9 August 2021, the proceedings were fully discontinued.

• 25 June 2021 – execution of documents regarding the settlement of the Coal-Fired Project as part of the Ostrołęka C Project and the implementation of the Gas-Fired Project in Ostrołęka, on which the Company reported in Current Reports Nos. 20/2021 and 21/2021.

• 28 June 2021 – execution of an agreement with PKP CARGO S.A. for the period from 1 July 2021 to 31 December 2021 for the transport of steam coal for ENEA Elektrownia Połaniec S.A. from LW Bogdanka S.A.

• 28 June 2021 – execution of agreements with PKP CARGO S.A. for the period from 1 July 2021 to 31 December 2022 for the transport of steam coal for ENEA Wytwarzanie sp. z o.o.

• 30 June 2021 - ENEA Innowacje sp. z o.o. signs a master cooperation agreement with NCBR Investment Fund ASI S.A.

Third quarter

• 9 July 2021 – execution of an Annex to the Steam Coal Purchase Agreement No. 3/W/2021 and the Additional Steam Coal Purchase Agreement between LW Bogdanka S.A. and ENEA Elektrownia Połaniec S.A.

• 9 July 2021 – execution of an Annex to the Multi-Year Agreement No. UW/LW/01/2012 and the Additional Coal Purchase Agreement No. UD/LW/03/2021 between LW Bogdanka S.A. and ENEA Wytwarzanie sp. z o.o.

• 9 July 2021 – identification of a possibility of a partial reversal of the provision recognized in the amount of PLN 222.2 million. The partial reversal of the provision in the amount of approx. PLN 114 million will be effected in connection with the scheduled settlement of the investment project executed by Elektrownia Ostrołęka sp. z o.o.

• 23 July 2021 – ENEA S.A., PGE Polska Grupa Energetyczna S.A., TAURON Polska Energia S.A., Energa S.A. and the State Treasury entered into a memorandum of understanding on cooperation in a spin-off of coal assets and their integration within the National Energy Security Agency.

• On 15 September 2021 the Company received the letter of resignation tendered by Mr. Ireneusz Kulka from serving in the capacity of an ENEA S.A. Supervisory Board member and in the capacity of the Chairman of the Audit Committee as of 16 September 2021.

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• 4 October 2021 – execution of an Annex to Steam Coal Purchase Agreement No. 3/W/2012 between ENEA Elektrownia Połaniec S.A. and LW Bogdanka S.A. for the purchase of coal and an annex to the additional coal purchase agreement between these entities.

• 4 October 2021 – execution of an Annex to the Multi-Year Agreement No. UW/LW/01/2012 and the Additional Coal Purchase Agreement No. UD/LW/04/2021 between LW Bogdanka S.A. and ENEA Wytwarzanie sp. z o.o.

• On 18 November 2021, ENEA S.A. and PGE Polska Grupa Energetyczna S.A. signed a conditional share purchase agreement for three project companies, which will obtain location permits for the construction of offshore wind farms in the Polish Exclusive Economic Zone in the Baltic Sea. The UOKiK permit is the only condition precedent for the preliminary agreement. The application to the President of UOKiK for concentration of PGE S.A. and ENEA S.A. was filed on 5 July 2021.

• On 18 November 2021, the Company’s Extraordinary General Meeting adopted a resolution by the power of which Mr. Tomasz Lis was appointed to the ENEA S.A. Supervisory Board of the 10th term of office.

• On 29 November 2021 the Company’s Supervisory Board adopted a resolution to appoint, as of that date, Mr. Lech Adam Żak to the position of ENEA S.A. Management Board Member for Strategy and Development for the joint term of office commenced on the date of holding the Company’s Ordinary General Meeting which approved the financial statements for 2018.

• On 1 December 2021, the Fitch Ratings agency issued a press release, in which it affirmed the Company’s long-term foreign- and local-currency issuer default ratings at ‘BBB’ with stable outlook.

• On 7 December 2021, the Company’s Management Board adopted a resolution to change, as of 13 December 2021, the address of the Company’s registered office from ul. Górecka 1, 60-201 Poznań, to ul. Pastelowa 8, 60-198 Poznań.

• On 15 December 2021, by the power of a resolution of the ENEA S.A. Supervisory Board, the Company accepted for implementation the updated “ENEA Group Development Strategy until 2030 with an outlook to 2040”.

• On 16 December 2021, as a result of the capacity market auction for 2026, a total of not less than 1,028 MW of the capacity obligation was contracted for members of the ENEA Group.

• 16 December 2021 – execution of Annex to the Steam Coal Purchase Agreement No. 3/W/2021 between ENEA Elektrownia Połaniec S.A. and LW Bogdanka S.A.

• 16 December 2021 – execution of an Annex to the Multi-Year Agreement No. UW/LW/01/2012 and the Additional Coal Purchase Agreement No. UD/LW/05/2021 between ENEA Wytwarzanie sp. z o.o. and LW Bogdanka S.A.

• On 20 December 2021, Polskie Sieci Elektroenergetyczne S.A. announced the preliminary outcome of the primary capacity market auction for 2026, including the capacity auction closing price of PLN 400.39 per kW per year.

• On 21 December 2021 the Company received a letter of resignation tendered by Mr. Mariusz Fistek from serving in the capacity of a Supervisory Board member as of 22 December 2021.

• On 22 December 2021, an annex was signed between Elektrownia Ostrołęka Sp. z o.o. and GE Power Sp. z o.o. extending the settlement date until 25 March 2022.

• On 23 December 2021, the UOKiK President issued a decision on the unconditional concentration permit allowing ENEA S.A. to purchase from PGE Polska Grupa Energetyczna S.A. shares in three project companies, which are to obtain location permits for the construction of offshore wind farms (PSZW).

• On 29 December 2021, a final acceptance report was written for the completed strategic investment project entitled “Construction of KR-Zachód cogeneration source in Piła”. The CHP plant is currently in the commissioning phase. The installed power capacity is 8.5 MWe and thermal capacity 8.4 MWt.

1.2. Events after the reporting period

• On 19 January 2022, the ENEA S.A. Management Board adopted a resolution to initiate the process of increasing the share capital by an amount of no less than PLN 1.00 and no more than PLN 88,288,515, i.e. up to the amount no greater than PLN 529,731,093, through the issue of no less than 1 and no more than 88,288,515 D series common bearer shares with a par value of PLN 1.00 each. Detailed information on the share issue is presented in current reports nos. 1-3/2022.

• On 21 January 2022, ENEA S.A. submitted an application to the Prime Minister for the State Treasury to subscribe for the Company’s series D shares for a total amount not greater than PLN 899,659,967.85 in exchange for a cash contribution from the reprivatization fund.

• On 26 January 2022, PGE Polska Grupa Energetyczna S.A. jointly with ENEA S.A., through special project companies being the subject matter of a joint venture concerning an investment in offshore wind farms, submitted applications to issue location permits for the construction of offshore wind farms for the areas nos. 14.E.1 and 60.E.4.

• On 31 January 2022, Elektrownia Ostrołęka Sp. z o.o. terminated the contract implementing the capacity obligation contracted as a result of the capacity market auction for 2023, as reported on by the Issuer in current report No. 66/2018.

• On 3 February 2022, the need was identified to increase the provision for onerous contracts in the trading segment, the balance of which as at 30 September 2021 was PLN 61.9 million in accordance with the standalone financial statements of ENEA S.A. included in the interim report for Q3 2021, to PLN 250.1 million. Additionally, the provision for future investment commitments towards Elektrownia Ostrołęka sp. z o.o. was partially reversed (after being originally recognized in the amount of PLN 222.2 million) from PLN 108.1 million (shown in the interim report for Q3 2021) by PLN 61.6 million to PLN 46.5 million.

• On 21 February 2022, the Court of Appeal in Poznań handed down a judgment, in which the Court of Appeal: (i) modified the judgment of the Regional Court in Poznań by stating that termination of the contract by ENEA S.A. had no legal effect and the contract with Golice Wind Farm sp. z o.o. in Warsaw remains in effect; (ii) dismissed the remainder of the appeal; (iii) dismissed the appeal of ENEA S.A.; (iv) awarded the costs of the appeal proceedings from ENEA S.A. to the Plaintiff.

• On 10 March 2022, the Company’s Extraordinary General Meeting adopted a resolution by the power of which, effective on the same date, Mr. Radosław Kwaśnicki was appointed to the ENEA S.A. Supervisory Board of the 10th term of office.

• The Extraordinary General Meeting of the company held on 10 March 2022 adopted a resolution to adjourn the EGM in the part relating to the voting on resolutions on issue of series D shares. The EGM will be resumed on 8 April 2022.

• On 11 March 2022 the Company signed a surety agreement with Powszechna Kasa Oszczędności Bank Polski S.A. to secure obligations of its subsidiary ENEA Trading sp. z o.o. up to the amount of PLN 2,400,000,000. Detailed information on the agreement is provided in Current Report No. 15/2022 of 11 March 2022.

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In 2021, as a result of organizational changes, the Strategic Management Department merged with the Development Management Department. This allowed the Company to create structures that can be comprehensively responsible for tasks related to analysis, strategic planning and the implementation of ENEA Group’s strategy.

In the cost optimization process, the organizational changes in 2021 also included liquidation of the Group’s ICT Department; the functions performed by that department were transferred to other units.

Given the scale and pace of changes in the regulatory and legislative area affecting the functioning of the ENEA Group, the Company established a new organizational unit, the Group’s Regulation and Legislation Monitoring Department, which is responsible for coordinating ENEA Group’s activities in this respect.

On 12 November 2021, the ENEA S.A. Supervisory Board adopted Resolution No. 64/X/2021 regarding the size of the ENEA S.A. Management Board for the term of office commencing on the date of the Ordinary General Meeting approving the financial statements for 2018. The above increased the size of the ENEA S.A. Management Board by adding the Management Board Member responsible for Strategy and Development. The change made by the ENEA S.A. Supervisory Board reflects the Company’s needs associated with the implementation of the Strategy of the ENEA Group and the emerging challenges that the ENEA Group faces.

In connection with the change in the size of the ENEA S.A. Management Board, the Company reviewed the scope of responsibilities of its organizational units and adapted the assigned tasks to the powers of the individual Management Board Members.

The organizational structure of the Company as at 31 December 2021 is presented above.

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3.1. Structure of the ENEA Group

1) In total, ENEA S.A. and ENEA Wytwarzanie Sp. z o.o. hold 65.999% of votes at the general meeting.

2) 2) Ruling on discontinuation of the bankruptcy proceedings/the company does not conduct business activity.

3) In September, the sale of 187,500 shares held by ENEA S.A. in the company’s share capital was finalized, reducing the stake held by ENEA S.A. to 16.40%.

There are 7 leading entities in the ENEA Group, namely ENEA S.A. (trading in electricity), ENEA Operator Sp. z o.o. (distribution of electricity), ENEA Wytwarzanie Sp. z o.o., ENEA Elektrownia Połaniec S.A. and ENEA Nowa Energia Sp. z o.o. (generation and sales of electricity), ENEA Trading Sp. z o.o. (wholesale of electricity) and LW Bogdanka S.A. (coal mining). Other companies carry out ancillary activity in relation to the operations of those listed above. The Group’s structure includes also minority interests held by ENEA S.A. and the subsidiaries of ENEA S.A. and LW Bogdanka S.A. 4)

4) Further down in the document, the names of the companies may be presented without the abbreviation of their legal form.

3.2. Changes in the ENEA Group’s structure

Asset restructuring

Following key organizational changes in 2021, in addition to the initiatives associated with the planned changes, the ENEA Group did not carry out any major asset restructuring activities.

Equity divestments

By 31 March 2021, the Issuer held 532,523 shares in PGE EJ1 sp. z o.o., which represent 10% of the company’s share capital. On 31 March 2021, the State Treasury acquired these shares from ENEA S.A. and consequently ENEA S.A. is no longer a shareholder of PGE EJ 1 sp. z o.o.

On 30 December 2021, ENEA Elektrownia Połaniec S.A. sold 11 shares with a par value of PLN 500.00 each and the total par value of PLN 5,500.00, representing 9.91% of the share capital of NZOZ Centrum Medyczne Sp. z o.o., to natural persons.

Otherwise, no significant equity divestments were made in 2021.

Changes in the organization

In 2021, the ENEA Group continued its endeavors aimed at pursuing the Group’s Corporate Strategy.

Equity investments

A detailed description of processes related to equity investments is included in the financial statements for 2021.

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• On 19 January 2021, a project was launched entitled “Merger of ENEA Innowacje sp. z o.o. and ENEA Badania i Rozwój sp. z o.o.” The purpose of the merger of ENEA Innowacje and ENEA Badania i Rozwój is to optimize the innovation activity in ENEA Group. On 1 June 2021, the merger of the companies was registered in KRS.

• On 31 March 2021, the State Treasury acquired from ENEA S.A. 532,523 shares in PGE EJ1 sp. z o.o. representing 10% of the company’s share capital. Accordingly, ENEA S.A. is no longer a shareholder of PGE EJ1 sp. z o.o.

• On 7 May 2021, the Extraordinary General Meeting of ENEA Innowacje adopted a resolution to increase the share capital by PLN 4,500,000, i.e. from PLN 26,360,000 to PLN 30,860,000 by creating 45,000 new shares with a par value of PLN 100 each. The capital increase was registered on 1 July 2021.

• In September 2021, the sale of 187,500 shares held by ENEA S.A. in the share capital of Polimex Mostostal S.A. was finalized; as a result the stake held by ENEA S.A. in the Company’s share capital fell from 16.48% to 16.40% (38,812,524 shares).

• On 14 December 2021, ENEA Nowa Energia purchased from Solartech by Maybatt sp. z o.o. in Warsaw 100 shares in SUN ENERGY 7 in Główczyce with a par value of PLN 50.00 each and the total par value of PLN 5,000.00, representing 100% of its share capital, and 100 shares in GPK Energia with a par value of PLN 50.00 each and the total par value of PLN 5,000.00, representing 100% of its share capital.

• On 16 December 2021, ENEA S.A. purchased from ENEA Elektrownia Połaniec 1 share in Zakłady Pomiarowo-Badawcze Energetyki „Energopomiar” with a par value of PLN 418,288.40, representing 7.77% of its share capital.

• On 16 December 2021, ENEA S.A. purchased from ENEA Wytwarzanie 1 share in Zakłady Pomiarowo-Badawcze Energetyki „Energopomiar” with a par value of PLN 418,288.40, representing 7.77% of its share capital.

• On 16 December 2021, ENEA S.A. purchased from ENEA Wytwarzanie 13,156 shares in Przedsiębiorstwo Energetyki Cieplnej in Oborniki with a par value of PLN 500.00 each and the total par value of PLN 6,578,000.00, representing 99.93% of its share capital, and 24,695 shares in Miejska Energetyka Cieplna Piła with a par value of PLN 1,000.00 each and the total par value of PLN 24,695,000.00, representing 71.11% of its share capital.

• On 30 December 2021, ENEA Elektrownia Połaniec sold 11 shares with a par value of PLN 500.00 each and the total par value of PLN 5,500.00, representing 9.91% of the share capital of NZOZ Centrum Medyczne, to natural persons.

• On 16 March 2022, ENEA S.A. established a special-purpose vehicle named ENEA ELKOGAZ sp. z o.o.. Its share capital is PLN 19,000,000.00.

3.3. ENEA Group’s Business Areas

3.3.1. Mining

In the ENEA Group, the subsidiary involved in the mining business is LW Bogdanka, which is a leader on the bituminous coal market in Poland, standing out in comparison with its peers in terms of financial results, mining efficiency and investment plans including access to new deposits. The bituminous coal sold by LW Bogdanka is used predominantly for the production of electricity, heat and cement. LW Bogdanka’s customers are chiefly industrial companies, especially ones operating in the power sector, located in eastern and north-eastern Poland.

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3.3.2.1. Generation assets of the ENEA Group