Current Report No. 23/2014

In accordance with point 19 of the Bond Issue Terms and Conditions, the Management Board of ENERGA SA (“Company”) discloses the Compliance Declaration containing the calculation of financial leverage (Net Debt to EBIDTA) ratio for the first quarter of 2014.

Financial leverage ratio as of 31 March 2014 calculated on the basis of Condensed Interim Consolidated Financial Statements prepared in accordance with IAS 34 for the three-month period ended 31 March 2014 amounts to 1.46.

This ratio has been calculated based on the basis of the following items of the financial statements and additional information required for its estimation:

1. Net debt – PLN 3,143,122 thousand, thereof:

a. Loans and borrowings - PLN 2,040,440 thousand;

b. Bonds issued – PLN 3,153,171 thousand;

c. Finance lease liabilities – PLN 4,373 thousand;

d. Cash and cash equivalents – PLN (2,054,862) thousand.

2. EBITDA for 12 months ended on 31 December 2013 – PLN 2,147,233 thousand, thereof:

a. EBIT – PLN 1,358,074 thousand;

b. Amortization and depreciation – PLN 789,159 thousand.

Legal Grounds:

§4 of Appendix No. 3 to the By-Laws of regulated over-the-counter market trading