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Current Report No.: 38/2016

Title: Maintaining of the rating for Enea S.A. by Fitch Ratings
Date: 2016.30.11
Report no.:  Current Report No.: 38/2016

Current Report No.: 38/2016

Date of preparation: 30.11.2016

Short name of issuer: Enea S.A.

Subject: Maintaining of the rating for Enea S.A. by Fitch Ratings

Legal basis: Article 17 item 1 of MAR - confidential information

Content of report:

The Management Board of Enea S.A. ("Company", "Issuer") informs that in the communication issued on 30 November 2016 Fitch Ratings agency ("Agency") affirmed the "BBB" long-term ratings for the Company in foreign and local currency and the long-term national rating at "A+(pol)". The outlook of the ratings is stable. The Issuer reminds that the Agency has been affirming the ratings for the Company on the above mentioned level since 2011.

The affirmation reflects the high share of the regulated electricity distribution business in Company's EBITDA, the segment with good cash flow visibility. According to the Agency's expectations funds from operations (FFO) adjusted net leverage will rise to about 3x in 2017-2019 on the back of the large capex plan from 1.9x in 2015. FFO adjusted net leverage of 3x is viewed as a maximum level for the current ratings.

Additional information, including ratings definitions applied by the Agency and principles of their application, criteria and methods used, limitations and exclusions of responsibility and documents concerning policies and procedures used are available on the Agency's website

The content of the Agency's communication is attached by the Company to this current report.

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.