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Current Report No.: 27/2017

Title: Affirmation by Fitch Ratings of Enea S.A.'s ratings
Date: 2017.30.06
Report no.:  Current Report No.: 27/2017

Current Report No.: 27/2017

Date of publication: 30.06.2017

Short name of issuer: Enea S.A.

Subject: Affirmation by Fitch Ratings of Enea S.A.'s ratings

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

Content of report:

The Management Board of Enea S.A. ("Company") informs that in the communication issued on 30 June 2017 Fitch Ratings agency ("Agency") affirmed the Company's long-term foreign- and local-currency issuer default ratings at "BBB" and also affirmed and simultaneously withdrawn Enea's national long-term rating of "A+(pol)" with a stable outlook for commercial reasons.

Pursuant to the Agency's communication the affirmation follows a series of capital investments accomplished by Enea in 2017, which include the acquisition of ENGIE Energia Polska S.A. as well as minority investments in Polska Grupa Górnicza Sp. z o.o. and Polimex-Mostostal S.A. These investments reduced the importance of power distribution income in Enea's business profile and increased the Company's net leverage. The impact of the largest acquisition, ENGIE Energia Polska S.A., is mitigated by refurbishment of the power blocks prior to acquisition, their profitability and reasonable consideration paid.

The Agency projects funds from operations (FFO) adjusted net leverage to rise to about 3x in 2017-2019, on the back of the accomplished and scheduled capital investments, from 2.2x in 2016. The Agency anticipates that the net leverage will not exceed 3x, which provides foundation for affirmation of the ratings on their current level.

Additional information, including ratings definitions of 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 communication of the Agency 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.