Disclaimer. TAURON Polska Energia S.A. 2

Financial Results for Q1-3 212 13 November 212

Disclaimer This presentation serves for information purposes only and should not be treated as investment-related advice. This presentation has been prepared by TAURON Polska Energia S.A. ( the Company ). Neither the Company nor any of its subsidiaries shall be held accountable for any damage resulting from the use of this presentation or a part thereof, or its contents or in any other manner in connection with this presentation. The recipients of this presentation shall bear exclusive responsibility for their own analyses and market assessment as well as evaluation of the Company s market position and its potential results in the future based on information contained in herein. To the extent this presentation contains forward-looking statements related to the future, in particular such terms as designed, planned, anticipated, or other similar expressions (including their negation), they shall be connected with the known and unknown risks, uncertainty and other factors which might result in actual results, financial situation, actions and achievements being materially different from any future results, actions or achievements expressed in such forward-looking statements. Neither the Company nor any of its subsidiaries shall be obliged to provide the recipients of this presentation with any additional information or to update this presentation. TAURON Polska Energia S.A. 2

Key events TAURON Polska Energia 5 September Establishment of a special purpose vehicle Elektrownia Blachownia Nowa z o.o. by TAURON Wytwarzanie and KGHM Polska Miedź. The Company will be responsible for the process of preparation, construction and operation of 85 MW CCGT unit at Elektrownia Blachownia. 5 September Signing a Letter of Intent concerning purchase of shares in a special purpose vehicle PGE EJ 1 sp. z o.o., established for construction and operation of a nuclear power plant. The parties to the Letter of Intent are: TAURON Polska Energia, PGE Polska Grupa Energetyczna, KGHM Polska Miedź and ENEA 1 October Court registration of the mergers: - TAURON Dystrybucja with TAURON Dystrybucja GZE - TAURON Ekoenergia with TAURON Ekoenergia GZE 19 October Approval of the tariff for gas fuel trading for TAURON Polska Energia by the President of the Energy Regulatory Office 24 October Selecting the consortium of investment banks which will support the TAURON in developing the financing strategy of TAURON Group as well as in the process of fund raising for the Group s investment program. Energy Market October Ministry of Economy finished working on draft RES Law and Energy Law TAURON Polska Energia S.A. 3

Contracts concluded for 213 1% ELECTRICITY CONTRACTS for 213 cumulatively PLN/ MWh Trading of BASE Y-13 contracts Trade volume - - Quotation -- Average 9% 8% Average price [PLN/MWh] Volume [GWh] 7% Total 21.7 73,689 6% including at TGE 198.43 36,39 beyond TGE 23.61 37,65 5% 4% 3% 71% 67% PLN/ MWh Trading of PEAK Y-13 contracts Trade volume - - Quotation -- Average 2% 1% % 23% 5% % 8% % 9% 211 I Q1 kw. 212 II Q2 kw. 212 III Q3 kw. 212 212 IV Q4 kw. 212 SPRZEDAŻ SUPPLY WYTWARZANIE GENERATION including Average price [PLN/MWh] Volume [GWh] Total 226.9 4,119 at TGE 225.83 2,556 beyond TGE 228.64 1,562 TAURON Polska Energia S.A. 4

Expected exposure to CO 2 in 213 TAURON Wytwarzanie TAURON Ciepło TOTAL Emission related to electric energy generation [Mg] 11,327,21 817,441 12,144,462 Expected number of allowances from KPRU II Period 2,839,518 779,381 3,618,899 Total [Mg] 14,166,539 1,596,822 15,763,361 Average CO 2 emission indicator [Mg CO 2 /MWh] for electric energy generation.851 1.431 Volume of electrical energy that might be generated under free CO 2 allowances for 213 16,646,932 1,138,67 17,784,999 % of energy that might be generated under free CO 2 allowances, against the total level of 212 production 75% 18 16 14 12 3 618 899 TW + TC 1 8 Emission indicator 17 784 999 6 12 144 462 4 2 Przewidywany Expected przydział allocation darmowych of free allowances uprawnień + + Przewidywana Expected number ilośc of allowances uprawnień from z II okresu KPRU Period KPRU II Volume Wolumen of electric energii energy elektrycznej that might możliwy be generated do under wyprodukowania free w odniesieniu CO 2 allowances do darmowych uprawnień for CO2 the year na rok 213 213 [MWh] [MWh] TAURON Polska Energia S.A. 5

Implementation of the CAPEX program The CAPEX program is aimed at upgrading generation assets and cost-effectively extending generation capacity located in the vicinity of the existing Group s assets (brownfield projects) Katowice new CCGT unit (135 MW e / 9 MW t ) Wind Farms: 4 MW in Wicko and 1 MW in Marszewo Blachownia Gas-fired unit located at Blachownia power plant JV Project with KGHM 85 MW e Commissioning: 217 On 5 September 212 SPV was established under the name Elektrownia Blachownia Nowa sp. z o.o. ZEC Bielsko Biała new heating unit Tychy new CHP unit (5 MW e / 86 MW t ) Jaworzno III construction of biomass-fired fluidized bed boiler (5 MW e / 45 MW t ) Jaworzno III new coal-fired unit (91 MW e ) Stalowa Wola new CCGT unit (45 MW e / 24 MW t ) Stalowa Wola boiler s conversion to biomass (2 MW e) Łaziska boilers upgrade to comply with the future nitrogen emission standards (5 MW e / 182 MW t ) Jaworzno III boilers upgrade Tychy fluidized bed to comply with the future boiler s conversion to nitrogen emission standards biomass (4 MW e ) Commissioning: 218 On 19 October the final bids were opened, submitted in the tender for general contractor TAURON Polska Energia S.A. 6

Capital expenditures PLN M 2 5 2 1 5 1 5 Capital expenditures 2 42.8% 153 1 41 3 82 6 11 1 8 665 27 52 615 9 12 33 83 Wykonanie I-IIIQ 211 15 87 Wykonanie I-IIIQ 212 Q1-3 211 Q1-3 212 Wydobycie Mining Wytwarzanie Generation RES OZE Dystrybucja Distribution Sprzedaż Supply Ciepło Heat Obsługa Customer Klienta Pozostałe Other service After three quarters of 212, TAURON Capital Group s CAPEX amounted to PLN 2bn and was higher than in the corresponding period of 211 by almost 43% (after three quarters of 211 it reached PLN 1.4bn). This was mainly due to significant increase of investment in the Generation, Distribution and Heat segments. The main investment projects in the three quarters of 212 include: in the Distribution segment: construction of new connections (capital expenditures: PLN 34m); upgrade and restoration of grid assets (capital expenditures: PLN 591m) in the Generation segment: construction of new capacities (capital expenditures: PLN 333m) and installations for reduction of NO x emission (capital expenditures: PLN 143m), in the Heat segment: capacity restoration (capital expenditures: PLN 87m), in RES segment: construction of Marszewo wind farm (capital expenditures: PLN 64m). TAURON Polska Energia S.A. 7

Key operating data Q3 211 Q3 212 Change Q1-3 211 Q1-3 212 Change Production of commercial coal (million t) 1.18 1.52 28.8% 3.78 4.9 8.2% Electric energy generation (net production) (TWh) 5.9 4.85-4.7% 16.3 14.9-13.6% Including: from renewable sources.31.28-9.7%.77.92 19.5% Heat Generation (PJ).99.95-4% 1.39 1.68 2.8% Distribution (TWh) 9.34 11.54 23.6% 28.53 35.72 25.2% Electricity supply (TWh) 8.28 1.61 28.1% 26.65 33.14 24.3% Number of customers Distribution (thousand) 4,137 5,294 28% 4,137 5,294 28% TAURON Polska Energia S.A. 8

Financial Results for Q3 212 7 6 5 4 3 2 1 TAURON Group s revenue [PLN m] 5 9 4 836 22% III kwartał Q3 211 211 III kwartał Q3 212 212 1 2 1 8 6 4 2 TAURON Group s EBITDA per segment [PLN m]; EBITDA structure 735 9% 47% 33% 2% 2% 1% 6% 36.8% 1 5 1% 54% 23% 2% 4% 12% III kwartał Q3 211 211 III kwartał Q3 212 212 1% 1% 1% Wydobycie Mining Generation Wytwarzanie RES OZE Dystrybucja Distribution Sprzedaż Supply Heat Obsługa Customer Klienta service Ciepło Other Pozostałe 5 4 3 TAURON Group s net profit [PLN m] 292 54.3% 451 8 6 4 TAURON Group s EBIT [PLN m] Quarter 3, 212 59 54% 383 2 1 2.7% III kwartał 211 III kwartał 212 Q3 212 Q3 211 6.9% III kwartał Q3 211 211 III kwartał Q3 212 212 Share of minority shareholders in profit TAURON Polska Energia S.A. 9

Financial Results for Q1-3 212 2 18 16 14 12 1 8 6 4 2 TAURON Group s revenue [PLN m] 15 167 2.1% 18 214 I-III Q1-3 kwartał 211 211 I-III kwartał Q1-3 212 212 35 3 25 2 15 1 5 TAURON Group s EBITDA per segment [PLN m]; EBITDA structure 2 371 5% 8% 43% 1%,6% 29.7% 3 75 4% 11% 5% 5% 4% 35% 23% 1% 1% 5% 8% I-III Q1-3 kwartał 211 211 I-III kwartał Q1-3 212 212 Wydobycie Mining Generation Wytwarzanie RES OZE Distribution Dystrybucja Sprzedaż Supply Heat Obsługa Customer Klienta service Ciepło Other Pozostałe TAURON Group s net profit [PLN m] TAURON Group s EBIT [PLN m] 1 6 1 4 1 2 1 8 6 4 2 1 2 31.3% 1 339 2.5% 4.8% I-III Q1-3 kwartał 211 211 I-III kwartał Q1-3 212 212 2 1 8 1 6 1 4 1 2 1 8 6 4 2 1 321 39.7% 1 846 I-III kwartał Q1-3 211 211 I-III kwartał Q1-3 212 212 Share of minority shareholders in profit TAURON Polska Energia S.A. 1

EBITDA Q1-3 212 Change in EBITDA per segment [PLN m and %]; EBITDA margin per segment [%] PLN m 35 3 15.6% 23% 17.6% 74.9% 34.2% 2.6% 15.1% 16.3% 1% - 16.9% 3,75.24.5.7 5.9 151.8 (36.9) 529.7 25 2,371 126.7 (112) 13.9 2 12% -14% 12% 52% 77% 181% 1% 19% 15 1,846 1,321 1 5 EBITDA Q1-3 211 Wydobycie Wytwarzanie OZE Dystrybucja Sprzedaż Obsługa Mining Generation RES Distribution Supply Customer klienta Service Ciepło Pozostałe Non-allocated Heat Pozycje Other items/ nieprzypisane exclusions / wyłączenia EBITDA Q1-3 212 EBIT Increase in segment Change in segment in % Amortisation Decrease in segment EBITDA Margin TAURON Polska Energia S.A. 11

Cash as of 1.1.212 Total operating cash flows Gross profit Amortization Change in liabilities and receivables Other gross profit adjustments Total cash flow from investment Purchase of fixed assets and intangible assets Granting / repayment of loans Other cash flows from investment activity Total cash flows from financial operations Inflows from credits and loans Repayment of credits and loans Issue of debt securities Dividends Interest paid Other cash flows from financial operations Cash as of 3.9.212 Change in cash flows PLN m 4 3 5 3 1 229 Cash flow changes in Q1-3 212 (364) (2 434) 114 2 5 1 688 2 2 668 2 371 999 (128) 15 (56) 1 5 (96) (27) 1 141 1 5 56 (62) 125 338 Increase Decrease TAURON Polska Energia S.A. 12

Group s debt level PLN m Group's debt level 5 4 4 31 (2 917) 2 434 (9) 56 227 (39) 4 489 3 2 22 1 net financial debt/ EBITDA 1.21x* Zadłużenie Net financial netto Operating Przepłwy Zmiana Change kapitału in na debt 1.1.212 as of operacyjne cash flow pracującego working 1.1.212 before przed tax capital opodatkowaniem CAPEX Wydatki inwestycyjne Sprzedaż Sales rzeczowych of fixed assets aktywów and trwałych i intangible wartości assets niematerialnych Dividends Wypłacone dywidendy paid Income Podatek dochodowy tax zapłacony paid Pozostałe Other Zadłużenie Net financial netto na debt 3.9.212 as of 3.9.212 In Q3 212 net financial debt increased by approx. PLN 5m (among others, as a result of drawing the first tranche of a loan from EIB in July 212, in the amount of PLN 45m) * based on 12 month EBITDA for the period 1.1.211 3.9.212 TAURON Polska Energia S.A. 13

Compensation due to termination of Long-Term Contracts Revenue due to compensation 484-9.5% 438-5.3% 415 18 16 14 12 1 8 145 164 145 74 147 129 88 73 95 18 138 121 155 155 6 4 2 3.8% 4.5% 5.% 4.% 1.9% 4.2% 3.5% 2.% 1.4% 1.9% 2.2% Q1 29 Q2 29 Q3 29 Q4 29 Q1 21 Q2 21 Q3 21 Q4 21 Q1 211 Q2 211 Q3 211 Q4 211 2.5% 1.9% 2.7% Q1 212 Q2 212 Q3 212 2.6% XX% Share of LTC in quarterly revenue Revenue due to compensation consists of: Indexed advanced payments under the Act on LTC Termination Annual adjustments of these advance payments Part of the final adjustment TAURON Polska Energia S.A. 14

Prime costs structure Prime costs structure PLN M 9 8 7 6 5 4 7 23,9% 25,9% 6,7% 2,8% 11.6% 11.6% 7 839,9% 25,8% 5,9% 25,% 3 2 1 3,4% 27,5% 15,3% 15% Wykonanie I-IIIQ 211 Wykonanie I-IIIQ 212 Q1-3 211 Q1-3 212 Amortyzacja Amortization and i odpisy impairment aktualiz. Zużycie Consumption materiałów of energy i and energii materials Usługi Outsourced obce services Podatki Taxes and i opłaty fees Koszty Costs of świadczeń employee benefits pracowniczych Pozostałe Other prime koszty costs rodzajowe Cost increase in Q1-3 212 is mainly attributable to: outsourced services, especially due to increased cost of distribution services costs of employee benefits costs related to implementation of labour cost reduction programs for employees leaving the company voluntarily In Q1-3 212 the variable costs constituted approx. 46%, and fixed costs constituted approx. 54% of the total costs. As compared to the corresponding period of 211, when variable costs constituted 43% and fixed costs constituted 57%, the cost structure has improved. TAURON Polska Energia S.A. 15

Efficiency improvement program almost completed... By 3 September 212 cumulative OPEX savings amounted to PLN 987m PLN m 1 PLN 378m (cum.); PLN 14m (cum.); including PLN 184m including PLN 4m in 212 in 212 378 14 13 PLN 1bn 8 6 PLN 529m (cum.); including PLN 12m in 212 529 4 2 PLN 66m (cum.); including PLN 18m in 212 66 Wydobycie Mining Wytwarzanie, Generation, Ciepło, Heat, RES OZE Dystrybucja Distribution Sprzedaż Supply oszczędności Savings to be pozostałe implemented do realizacji 3 September 212 Planned planowane savings oszczędności 21-212 21-212 Voluntary Redundancy Program: 2,764 persons joined the program (since its launch) as of the end of Q3 212, out of which in 212 employment contracts were terminated with 524 persons (in total, since program launch: 1,953 persons). Savings resulting from redundancies, decreased by costs incurred to gain savings, are included in the amounts presented per segment. TAURON Polska Energia S.A. 16

...simultaneously, preparations to the new program for 213-215 are almost finished Distribution of the planned savings in the new efficiency improvement program Approx. 9% Generation and Distribution Over 5% Generation The highest savings planned in 215 Most of the savings will be a result of Voluntary Redundancy Programs 212 213 214 215 Progress of works related to the new efficiency improvement program: over 9% Works related to the program are carried out concurrently with drafting of the financial plan for the Group for 213 Information on the program is scheduled to be disclosed in December 212 Savings will increase after each year of the program execution TAURON Polska Energia S.A. 17

Growth of GZE assets value Transaction value: PLN 3.6bn EV/EBITDA(21): 8x Increased asset valuation approx. PLN.2bn 1) Synergy value: approx. PLN.3bn Increased asset valuation approx. PLN.5bn 2) Adjusted value: PLN 4.1bn Adjusted value: PLN 4.4bn EV/EBITDA(21): 7x EV/EBITDA(21): 6x 1) Only the effect of historical results (211 and 212) was considered higher than originally assumed 2) Provided that the higher results will be maintained over the following four years TAURON Polska Energia S.A. 18

Key expansion and growth directions TAURON GROUP expansion and growth directions Group s value increase Fund raising Update of TAURON Group s corporate strategy Development of TAURON Group s financing strategy, in cooperation with investment banks Implementation of another efficiency improvement program Increased CAPEX, particularly in the Generation segment Acquring preferential funds from EIB Issue of bonds on the domestic market, addressed mainly to financial institutions Issue of Eurobonds after the second rating is assigned Acquiring preferential funds/ subsidies from the EU funds and environmental funds Planned net debt/ebitda ratio at the end of 212: approx. 1.5x TAURON Polska Energia S.A. 19

Thank You Q&A Investor Relations Marcin Lauer marcin.lauer@tauron-pe.pl tel: + 48 32 774 27 6 Paweł Gaworzyński pawel.gaworzynski@tauron-pe.pl tel: + 48 32 774 25 34 Magdalena Wilczek magdalena.wilczek@tauron-pe.pl tel: + 48 32 774 25 38 TAURON Polska Energia S.A. 2

Additional Information TAURON Polska Energia S.A. 21

Electric energy market price trends Platforms: TGE, TFS, GFI, GPW-POEE Forward BASE (Y+Q+M) Forward PEAK (Y+Q+M) Forward (weighted average) SPOT (TGE + GPW-POEE) Total weighted average Price PLN/MWh Volume GWh Price PLN/MWh Volume GWh Price % Volume % 195.36 16,812 2.24 138,581 + 2.5% + 29.7% 219.1 14,744 225.66 17,71 + 3.% + 15.8% 198.23 121,555 23.2 155,653 + 2.4% + 28.1% 199.8 18,95 Electric energy 211 212 212/211 175.89 (Forecast) 19,695 (Forecast) - 11.6% + 4.2% 198.34 14,46 199.98 175,348 +.8% + 24.8% CO 2 emission allowances (EUR/t) Certificates (PLN/MWh) Questionnaire of CO 2 market analysts * Average in 212 Average in 213 Price (EUR/t) 6.5 8 EUR/t 7.5 1 EUR/t Type of certificate Estimates of market prices for December 212 Substitution fee and obligation for 212 RES (green) 229. 286.74 (1.4%) Average in 214 1 12 EUR/t Coal co-generation (red) 6.5 29.3 (23.2%) Average price forecast by TAURON EUA in 212 7 8 EUR/t Gas co-generation (yellow) 123. 128.8 (3.5%) *Source: Deutsche Bank, Barclays Capital, Point Carbon Methane (violet) 57.5 6. (.6%) TAURON Polska Energia S.A. 22

Price [PLN/MWh] BASE contracts for 212 213 Prices of BASE contracts concluded for 212 28 23 198 193 188 183 178 211-1-1 211-4-2 211-7-2 211-1-1 211-12-31 212-3-31 212-6-3 212-9-29 Y-12 Q1-12 Q2-12 Q3-12 Q4-12 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual 22.61 1,796 Quarterly 195.95 26,345 Monthly 189.17 11,44 TOTAL 2.24 138,581 TAURON Polska Energia S.A. 23

Price [PLN/MWh] PEAK contracts for 212 235 Prices of PEAK contracts concluded for 212 23 225 22 215 21 25 211-1-1 211-4-2 211-7-2 211-1-1 211-12-31 212-3-31 212-6-3 212-9-29 Y-12 Q1-12 Q2-12 Q3-12 Q4-12 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual 228.52 11,616 Quarterly 223.51 2,891 Monthly 215.12 2,564 TOTAL 225.66 17,71 TAURON Polska Energia S.A. 24

Price [PLN/MWh] BASE contracts for 213 22 Prices of BASE contracts concluded for 213 215 21 25 2 195 19 185 18 175 212-1-1 212-2-2 212-4-1 212-5-3 212-7-19 212-9-7 212-1-27 Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual 21.7 73,689 Quarterly 193.83 4,937 Monthly TOTAL 2.62 78,626 TAURON Polska Energia S.A. 25

Price [PLN/MWh] PEAK contracts for 213 25 Prices of PEAK contracts concluded for 213 245 24 235 23 225 22 215 21 25 2 212-1-1 212-2-2 212-4-1 212-5-3 212-7-19 212-9-7 212-1-27 Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual 226.9 4,119 Quarterly 225.49 117 Monthly TOTAL 226.86 4,236 TAURON Polska Energia S.A. 26

Price [PLN/MWh] BASE contracts for 214 23 Prices of BASE contracts concluded for 214 225 22 215 21 25 2 195 19 185 18 211-8-1 211-9-2 211-11-9 211-12-29 212-2-17 212-4-7 212-5-27 212-7-16 212-9-4 212-1-24 Y-14 Q1-14 Q2-14 Q3-14 Q4-14 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual 28.32 11,169 Quarterly Monthly TOTAL 28.32 11,169 TAURON Polska Energia S.A. 27

Implementation of the CAPEX program ZEC Bielsko Biała new heating unit Capacity 5 MW e / 182 MW t Scheduled commissioning mid-213 Status as of 3 September 212: Construction and assembly works are in progress. General contractor: Polimex-Mostostal Elektrownia Jaworzno III new fluidized bed boiler (biomass fired) Capacity 5 MW e / 45 MW t Scheduled commissioning 212 Status as of 3 September 212: Works connected with commissioning of the unit are in progress. General contractor: Rafako and Omis consortium Elektrownia Stalowa Wola K-1 boiler upgrades (biomass burning) Capacity 2 MW e Scheduled commissioning 212 Status as of 3 September 212: Final construction and assembly works are in progress General contractor: Rafako Elektrownia Tychy new CHP unit Capacity 5 MW e / 86 MW t Scheduled commissioning end of 215 Status as of 3 September 212: Selection of the contractor of the new unit is underway Elektrociepłownia Tychy fluidized bed boiler conversion (biomass burning) Capacity 4 MW e Scheduled commissioning end of 212 Status as of 3 September 212: construction of a biomass type boiler: Works connected with start-up system are in progress and insulation works are under completion, contractor Metso Power Oy construction of biomass feeding installation: Construction works in progress, contractor: Mostostal Warszawa construction of WR 4 boiler: Boiler construction and assembly has been completed, contractor: SEFAKO TAURON Polska Energia S.A. 28

Implementation of the CAPEX program (2) Elektrownia Stalowa Wola new CCGT unit Capacity 45 MW e / 24 MW t Scheduled commissioning 215 Status as of 3 September 212: General Contractor Abener Energia On 31 July 212 the site was handed over Design works in progress Elektrownia Katowice new CCGT unit Capacity 135 MW e / 9 MW t Scheduled commissioning 216 Status as of 3 September 212: Contractor selection is ongoing. Wind Farm Wicko Capacity 4 MW e Scheduled commissioning 213 Status as of 3 September 212: On 24 August 212 the site was handed over to the General Contractor consortium of Aldesa Nowa Energia from Kraków and Aldesa Construcciones from Madrid Engineering works for roads and assembly yards for 7 wind turbines are in progress Wind Farm Marszewo Capacity 1 MW e Scheduled commissioning 214 Elektrownia Blachownia new gas unit Capacity approx. 85 MW e Scheduled commissioning 217 Status as of 3 September 212: On 23 July 212 European Commission s clearance was obtained for capital concentration and establishment of an SPV On 5 September 212 TAURON Wytwarzanie S.A. and KGHM Polska Miedź S.A. established the special purpose vehicle under the name Elektrownia Blachownia Nowa sp. z o.o., with its seat in Kędzierzyn Koźle Status as of 3 September 212: The first 7 foundations were laid, including access roads Works involving medium voltage and high voltage grid are ongoing. The Main Supply Station is under construction TAURON Polska Energia S.A. 29

Implementation of the CAPEX program (3) Elektrownia Jaworzno III boiler upgrades Scope upgrading six OP-65k type boilers to comply with the lower NO x emission standards to be binding in Poland from 218 Commencement of the works July 21; scheduled commissioning January 216 Elektrownia Jaworzno III a new coal-fired unit Capacity 91 MW e Scheduled commissioning 218 Status as of 3 September 212: Upgrade of units No. 2 and 4 was completed. The test run at unit No. 4 is ongoing General contractor: consortium of Fortum Power and Heat (consortium leader) and Zakłady Remontowe Energetyki Katowice (consortium member) Elektrownia Łaziska boiler upgrades Scope upgrading four OP-65k type boilers to comply with the lower NO x emission standards to be binding in Poland from 218 Commencement of the works July 21; scheduled commissioning January 215 Status as of 3 September 212: Selection of contractor and contract engineer is inunderway Update: On 19 October final offer opening took place for the basic scope: turbine, boiler, de-sulphurization system, cooling station Bidders leaders of the consortia: Alstom Power Rafako SNC-Lavalin China Overseas Engineering Group Status as of 3 September 212: Works at unit No. 12 are completed Modernisation works at unit No. 11 have commenced General contractor: STRABAG TAURON Polska Energia S.A. 3

Reporting model Generation SEGMENT Mining SEGMENT RES SEGMENT Heat SEGMENT Distribution SEGMENT Sales SEGMENT Customer Service SEGMENT AREA: Other Mining Segment: Południowy Koncern Węglowy Other Segment: Kopalnia Wapienia Czatkowice PE-PKH Generation Segment: TAURON Wytwarzanie RES Segment: TAURON Ekoenergia BELS INVESTMENT MEGAWAT MARSZEWO Lipniki TAURON Ekoenergia GZE Heat Segment: TAURON Ciepło EC Tychy EC Nowa Distribution Segment: TAURON Dystrybucja TAURON Dystrybucja GZE TAURON Serwis GZE Sales Segment: TAURON Sprzedaż TAURON Sprzedaż GZE TAURON Polska Energia TAURON Czech Energy Customer Service Segment: TAURON Obsługa Klienta TAURON Obsługa Klienta GZE In Q1 212 TAURON introduced the new reporting model dividing the Group s operations into eight segments TAURON Polska Energia S.A. 31

Mining key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 12 1 8 961 1 92 45 4 35 3 25 39 428 6 2 4 2 251 125 48 Q1-3 211 Q1-3 212 166 15 1 5 122 27 4 Q3 211 Q3 212 88 TAURON Polska Energia S.A. 32

Mining EBIT bridge PLN m 2 15 166 17 15 83 1 5 48 2 EBIT EBIT I-IX Q1-3 211 (wyk.) 211 (result) Wolumen Coal sales sprzedaży volume węgla Cena Coal sprzedaży sales price węgla Jedn. Own koszt cost of własny coal sprzedanego sold per unit węgla Other Pozostałe revenue/ przychody costs / koszty EBIT EBIT I-IX Q1-3 212 (wyk.) 212 (result) Increase Decrease TAURON Polska Energia S.A. 33

Generation from conventional sources key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 5 4 5 4 3 5 3 4 312 4 57 1 6 1 4 1 2 1 1 373 1 348 2 5 2 1 5 1 5 828 716 429 326 8 6 4 2 239 23 11 1 Q1-3 211 Q1-3 212 Q3 211 Q3 212 TAURON Polska Energia S.A. 34

Generation from conventional sources EBIT Bridge PLN m 5 4 429 (14) 11 (166) 155 (7) 19 326 3 2 1 EBIT I-IX Q1-3 211 211 (wyk.) (result) Electricity Wolumen sales volume sprzedaży (from energii own z wł. production) produkcji Cena Electricity energi sales elektrycznej price Variable Jedn. koszt cost of zmienny Electricity energii per unit el. Przych. Revenue z from tyt. rekompensaty LTC compensation KDT Restructuring Koszty restrukturyzacji costs Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-IX Q1-3 212 (wyk.) 212 (result) Increase Decrease TAURON Polska Energia S.A. 35

Generation from renewable sources key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 18 16 14 12 1 151 112 168 126 93 95 7 6 5 4 58 44 37 37 8 6 4 2 3 2 1 23 12 Q1-3 211 Q1-3 212 Q3 211 Q3 212 TAURON Polska Energia S.A. 36

RES EBIT bridge PLN m 12 1 5 (13) 31 1 (3) 93 (21) 95 8 6 4 2 EBIT EBIT EBIT I-IX Q1-3 I-IX 211 211 211 (wyk.) (result) (result) Supply Wolumen volume sprzedaży hydroelectric - el. power wodne plants Wolumen Supply sprzedaży volume - el.wiatrowe wind farms Cena Electricity sprzedaży sales energii price Cena Certificate sprzedaży certyfikatów sales price Amortyzacja Amortization Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-IX Q1-3 212 212 (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 37

Distribution key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 5 4 5 4 3 5 3 3 412 4 511 1 6 1 4 1 2 1 1 12 1 463 2 5 2 1 5 1 5 1 12 521 1 542 899 8 6 4 2 347 184 537 322 Q1-3 211 Q1-3 212 Q3 211 Q3 212 TAURON Polska Energia S.A. 38

Distribution EBIT bridge PLN m 1 4 1 2 178 29 (2) (322) 1 8 445 21 46 899 6 521 4 2 EBIT EBIT I-IX Q1-3 211 211 (wyk.) (result) Wolumen Sales sprzedaży volume usług distribution dystr. services Sales Cena price sprzedaży distribution usług services dystr. Connection Opłaty przyłączeniowe charges Jedn. Variable koszty costs zmienne per unit Koszty Fixed stałe costs Wynik Result na on pozostałej other core działalności operations podst. Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-IX Q1-3 212 212 (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 39

Supply key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 14 12 1 8 6 9 785 13 245 5 4 5 4 3 5 3 2 5 2 3 132 4 525 4 1 5 2 197 191 348 337 Q1-3 211 Q1-3 212 1 5 63 61 96 92 Q3 211 Q3 212 TAURON Polska Energia S.A. 4

Sales EBIT bridge PLN m 5 164 (167) 4 93 (13) (8) 337 3 77 2 191 1 EBIT EBIT I-IX Q1-3 211 211 (wyk.) (result) Electricity Wolumen sales sprzedaży volume energii elektrycznej Cena Electricity sprzedaży sales energii price elektrycznej Cena Electricity zakupu purchase energii price elektrycznej Cena Carbon zakupu credit PM purchase / opłata price/ substitution zastępcza fee Akcyza Excise tax Pozostałe Other przychody revenue/ / costs koszty EBIT EBIT I-IX Q1-3 212 212 (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 41

Heat key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 8 7 6 5 4 3 2 1 651 678 11 111 58 59 Q1-3 211 Q1-3 212 18 16 14 12 1 8 6 4 2-2 155 154 15 1-2 -7 Q3 211 Q3 212 TAURON Polska Energia S.A. 42

Heat EBIT bridge PLN m 1 8 6 (17) 4 12 58 (5) 59 1 5 4 2 EBIT Q1-3 I-IX 211 211 (result) (wyk.) Wolumen Heat Wolumen Energy dystrybucji distribution ciepła sprzedaży sales volume energii volume Cena Electricity sprzedaży sales energii price Marża Margin na on certyfikatach certificates Jednostkowe Cost of generation koszty per wytwarzania unit Pozostałe Other przychody revenue/ / koszty costs EBIT I-IX Q1-3 212 (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 43

Customer Service key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 3 25 252 9 8 7 84 2 15 173 6 5 4 47 1 3 5 38 28 14 12 Q1-3 211 Q1-3 212 2 1 6 11 5 8 Q3 211 Q3 212 TAURON Polska Energia S.A. 44

Customer Service EBIT bridge PLN m 14 12 53 1 8 58 6 4,82 2 28 2 12 (97) EBIT Q1-3 I-IX 211 211 (result) (wyk.) Przychody Customer service z tytułu obsługi revenue klienta Pozostałe Other przychody sales ze sprzedaży revenue Costs Koszty of świadczonych services provided usług Wynik Result na on pozostałej other działalności operations Other Pozostałe revenue/ przychody costs / koszty EBIT I-IX Q 1-3 212 (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 45

Other key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) 4 35 3 25 2 15 1 5 347 371 31 37 25 31 14 12 1 8 6 4 2 127 116 12 12 1 1 Q1-3 211 Q1-3 212 Q3 211 Q3 212 TAURON Polska Energia S.A. 46