1.3.3 The following associates and jointly controlled entities are subject to consolidation using the equity method

(in PLNm)
Entity Entity holding stake Stake held by Group entities as at December 31, 2022 Stake held by Group entities as at December 31, 2021
1. Polimex Mostostal S.A. Warsaw PGE S.A. 16,26% 16,40%
2. PEC Bogatynia S.A. Bogatynia PGE EC S.A. 34,93% 34,93%
3. Energopomiar sp. z o.o. Gliwice Spółki GK PGE 49,79% 49,79%
Polska Grupa Górnicza S.A. Katowice PGE GiEK S.A. 15,32%

Three tranches of the call options were exercised in the first half of 2022, as a result of which PGE S.A. acquired 500,000 shares of Polimex Mostostal S.A. In effect, PGE S.A.’s stake in Polimex Mostostal S.A. increased from 16.40% to 16.48%. On September 27, 2022, the conversion of bonds into shares took place and, as a result of this transaction, PGE S.A.’s shareholding decreased to 16.26%.

On October 25, 2022, the agreement on the sale of shares in Polska Grupa Górnicza S.A. was executed. Pursuant to the agreement, PGE GiEK S.A. sold all its shares in PGG to the State Treasury at a price of PLN 1 for all shares held. The value of the investment in PGG has been fully written down and therefore the sale transaction has no material impact on these consolidated financial statements of PGE Group.

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