During the reporting period, the PGE Group consisted of the enumerated below subsidiaries, consolidated directly and indirectly:

The table above includes the following changes in the structure of the PGE Group companies subject to full consolidation which took place during the year ended December 31, 2016:

• On March 10, 2016 PGE Polska Grupa Energetyczna S.A. and PGE Górnictwo i Energetyka Konwencjonalna S.A. concluded agreement for purchase of 100% shares of subsidiary RAMB sp. z o.o. The transaction had no impact on these financial statements.
• On August 17, 2016 the Extraordinary General Meeting of PGE Energia Natury PEW sp. z o.o. and PGE Energia Natury Omikron sp. z o.o. (subsidiaries of PGE Energia Odnawialna S.A.) adopted resolutions on merger of PGE Energia Natury PEW sp. z o.o. (the Acquiring Company) with PGE Energia Natury Omikron sp. z o.o. (the Acquired Company). The merger of the companies was executed through the transfer to the Acquiring Company of all of the assets of the Acquired Company and subsequent dissolution of the Acquired Company without liquidation. On August 31, 2016 the merger of the companies was registered in the National Court Register and the Acquired Company was deleted from the National Court Register. The merger had no impact on these financial statements.
• On September 15, 2016 PGE Polska Grupa Energetyczna S.A. set up two companies: PGE Inwest 17 sp. z o.o. and PGE Inwest 18 sp. z o.o. The share capital amounts to PLN 10,000 for each company. The companies were registered in the National Court Register: PGE Inwest 17 sp. z o.o. on October 20, 2016 and PGE Inwest 18 sp. z o.o. on October 19, 2016.
• On September 19, 2016 the Extraordinary General Meeting of PGE Inwest 4 sp. z o.o. and RAMB sp. z o.o. (subsidiaries of PGE S.A.) adopted resolutions on merger of PGE Inwest 4 sp. z o.o. (the Acquiring Company) with RAMB sp. z o.o. (the Acquired Company). The merger was registered in the National Court Register on December 16, 2016. The merger had no impact on the consolidated financial statements. After the merger the company changed its name from PGE Inwest 4 sp. z o.o. to RAMB sp. z o.o.
• On December 29, 2016 PGE Polska Grupa Energetyczna S.A. established PGE Towarzystwo Funduszy Inwestycyjnych S.A. The entity was registered in the National Court Register on January 27, 2017.

In addition, on May 31, 2016 PGE S.A. and Polska Grupa Zbrojeniowa S.A. (“PGZ”) signed a letter of intent in which they express their willingness to cooperate in order to conclude a sale of shares of Exatel S.A. by PGE to PGZ. Since the conditions resulting from IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were not met, the shares of Exatel S.A. are recognized and consolidated based on previously existing principles.

After the reporting date the following events took place:

• On Febraury 1, 2017 PGE Polska Grupa Energetyczna S.A. established PGE Invest 19 sp. z o.o. The entity was registered in the National Court Register on February 24, 2017.