TAURON's ratings

Statement re TAURON's ratings

17 April 2019

TAURON Polska Energia S.A.

LEI No: 259400NAPDFBOTNCRL54

Ratings and outlooks affirmed and rating assigned to the hybrid bonds

TAURON Polska Energia S.A. ("Company") announces that on 17 April 2019 Fitch Ratings rating agency ("Fitch") affirmed Company's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at "BBB" with Stable Outlooks and assigned a local-currency rating of "BB+" and a national rating of "BBB+(pol)" to PLN 400 million hybrid bonds issued on 29 March 2019, under the hybrid bonds program with Bank Gospodarstwa Krajowego ("BGK") from 2017.

Full list of rating actions includes:

- Long-Term Foreign- and Local-Currency IDRs affirmed at "BBB"; Stable Outlook,

- Short-Term Foreign- and Local-Currency IDRs affirmed at "F3",

- National Long-Term Rating affirmed at "A+(pol)"; Stable Outlook,

- Foreign-currency senior unsecured rating of EUR 500 million Eurobonds affirmed at "BBB",

- National senior unsecured rating affirmed at "A+(pol)",

- EUR 190 million hybrid bonds (European Investment Bank - "EIB") affirmed at "BB+",

- PLN 750 million hybrid bonds (EIB) affirmed at "BB+",

- PLN 400 million hybrid bond program (BGK) affirmed at "BB+",

- PLN 400 million hybrid bond program (BGK) national rating affirmed at "BBB+(pol)",

- PLN 400 million hybrid bonds (BGK), assigned a rating of "BB+",

- PLN 400 million hybrid bonds (BGK) assigned a national rating of "BBB+(pol)".

Fitch report is available on the website: www.fitchratings.com.

Legal basis:

Art. 17 sec. 1 of MAR - inside information.