The main shareholder of PGE S.A. is the State Treasury, which holds 1 072 984 098 ordinary shares with a nominal value of PLN 10.25 each, representing 57.39% of the Company's share capital and entitling to 1 072 984 098 votes at the Company's general meeting, which constitutes 57.39% of total votes. The State Treasury is the only shareholder with at least 5% of the Company's shares.

Other shareholders are not subject to disclosures - their precise identification is difficult. Dispersed shareholdings are referred to as free float - shares in free trade.

The Company is monitoring positions of selected institutional investors under their disclosure policies. As a rule, pension funds are considered as long-term investors. Within shareholder identification we identified OFE (Open Pension Funds) holding PGE shares (as at the end of year 2016) – details are presented on the chart below.