PKN ORLEN Capital Group

February 2015

22

Integrated oil&gas company with energy assets

KEY DATASHAREHOLDERS STRUCTURE

DOWNSTREAM

� Refineries in Poland (supersite in Plock), Lithuania and the Czech Rep.

� Strategic location on key pipeline network and access to crude oil sea

terminals in Gdansk (Poland) and Butinge (Lithuania)

� REBCO crude oil processing - benefiting from B/U diff

� Petrochemical assets fully integrated with the refining

� Building industry cogeneration (CCGT) 463 MWe in Wloclawek and

596 MWe in Plock

RETAIL

� 2 700 filling stations: Poland, the Czech Rep., Germany and Lithuania

UPSTREAM

� Poland: exploration shale gas projects as well as conventional projects

� Canada: TriOil – production assets

OPERATIONAL (mt/y):

Max. throughput capacity ca. 32.4

Downstream sales ca. 27.7

FINANCIAL (PLN bn): 2010 2011 2012 2013 2014

Revenues 83.5 107.0 120.1 113.9 106.8

EBITDA LIFO 4.1 3.9* 5.2* 3.2 5.2*

* EBITDA LIFO before impairments. Impairments amounted to:

2011 PLN (-) 1,8 bn; 2012 PLN (-) 0,7 bn; 2014 PLN (-) 5,4 bn

� Listed since 1999

� WSE ticker: PKN

� Mcap: ca. PLN 23 bn**

� WSE indices included:

WIG, WIG 20, WIG 30,

WIG fuels

** 30.01.2015

Free float

72,48%

State Treasury

27,52%

3

PKN ORLEN vision

� Strong position on large and growing

markets

� Strong customer focus

� Integrated value chain

� Operational excellence

� Sustainable Upstream development

� Modern management culture

2008 … 2017…… 2013…

Retail

Downstream

Upstream

Downstream

4

� 32.4 mt/y - max. throughput capacity: Plock – 16.3 mt/y,

ORLEN Lietuva – 10.2 mt/y, Unipetrol – 5.9 mt/y

� Ca. 90% of crude oil throughput is REBCO type which allows

us to benefit from B/U differential

� Fuel production in line with 2009 Euro standards in all

refineries

� Market share*: gasoline (PL: 65%, CZ: 39%, LT: 96%) &

diesel (PL: 59%, CZ: 36%, LT: 96%).

KEY DATA

HIGH-CLASS ASSETS

Downstream (refining)

* Data as of 31.12.2014

** Poland, Lithuania, the Czech Republic

COMPETITIVE ADVANTAGES

� Refinery in Plock classified as a super-site (acc. to

WoodMackenzie) considering the volume and depth of

processing, integration with petrochemical operations

� Modernized refining assets in Lithuania and in Litvinov

� Prepared for regulatory and market trends changes thanks

to investment projects execution

� Leader on the fuel market in the Central Europe**

THROUGHPUT AND UTILISATION RATIO mt; %

28,1 27,8 27,9 28,2 27,3

91 90 89 88

2013201220112010

84

2014

Utilisation ratio %

5

� Petrochemical sales volumes: 5.4 mt/y

� Depending on the product we have 40% up to 100% market

share in domestic consumption

� Polyolefins sales within Basell network

� PX/PTA - one of the most advanced petrochemical complex in

Europe with production capacity of 600 kt/y PTA

KEY DATA

INTEGRATED ASSETS

ANWIL – CHEMICAL COMPANY

Downstream (petrochemicals)

COMPETITIVE ADVANTAGES

� The largest petrochemical company in Central Europe*

� Integration with refinery allows for savings.

� Attractive portfolio of products including PTA, polyolefins,

butadiene

� Strategic regional supplier for chemical industry

� PVC and fertilizers producer

� Ethylene pipeline connection with Plock refinery secures

feedstock for PVC production

� Synergies with new CCGT plant: heat energy, electricity and

infrastructure

* Poland, Lithuania, the Czech Republic

6

INDUSTRY COGENERATION PROJECTS

Downstream (energy)

ASSETS EFFICIENCY IMPROVEMENT COMPETITIVE ADVANTAGES

� Power plant in Plock (345 MW, 1970 MWt) – the biggest

industrial block in Poland.

� Heating oil, refining gas and natural gas - fuels used for

energy and heat production in Plock and Wloclawek plants.

� PKN ORLEN the biggest gas consumer in Poland and

active participant for natural gas market liberalization.

� Favorable perspectives for energy market eg. increase of

electricity demand not addressed by new projects, increasing

supply-demand gap resulting from closures of old units and

low-emission of gas.

80

443025

2040203020252017

PLANS FOR BLOCKS CLOSURES IN POLAND# block as a % of total, 2012-2040*

24%

43%29%

78%

The highest profitability / the lowest risk , thanks to guarantee of permanent receiving of steam, which enables to achieve very high efficiency

Building a CCGT plant in Wloclawek (463MWe)

� Start-up of energy production in 4Q15

� CAPEX PLN 1,4 bn

Building a CCGT plant in Plock (596 MWe)

� Start-up of energy production in 4Q17

� CAPEX PLN 1,65 bn

* PKN ORLEN analysis

7

� Over 2 700 filling stations*: Poland - 1768, Germany - 559, the

Czech Rep. - 339, Lithuania - 26

� Market share*: PL: 37%, CZ: 15%, LT: 4%, DE: 6%

� 1250 Stop Cafe and Stop Cafe Bistro in Poland.

Every second we sell 1 hot-dog (35m hot-dogs per annum) and

over 5m litters of hot drinks yearly (2,5 Olympic swimming

pools)

� The largest group of loyal customers in Poland: 2,5 m of active

customers VITAY and FLOTA programs

KEY DATA

Retail

* Data as of 31.12.2014

MODERN SALES NETWORK COMPETITIVE ADVANTAGES

� The largest retail network in Central Europe

� ORLEN brand – strong, recognizable and the most valuable in

Poland (PLN 4,4 bn)

� Successful strategy of differentation for filling site brands

and offered fuels.

� Further development of nonfuel sales by extension of Stop Cafe

and Stop Cafe Bistro

STOP CAFE & STOP CAFE BISTRO IN POLAND#

1 250

1 047

813

653626

500

600

700

800

900

1 000

1 100

1 200

1 300

4Q144Q124Q10 4Q134Q11

Upstream

Exploration projects in Poland

Poland

Unconventional projects

� Currently 11 wells finished: : 7 vertical, 4 horizontal and 3 fracking of

horizontal wells, including 3 wells and 1 fracking in 2014

� In 2015 4 wells, 1 fracking and acquisition of seismic data in a base

plan

Lublin Shale (11 wells)

� In 4Q14 horizontal well was made (Wierzbica) and vertical well was

started (Wołomin). Processing and interpretation of 2D seismic data

were finished (Wołomin)

Mid-Poland Unconventionals and Hrubieszów Shale (0 wells)

� In 4Q14 works on update of geological model and assessment of

concession areas prospects were finished - realization of further

works on Hrubieszów concession was withdrawn

Conventional projects

� Currently 3 wells finished, including 1 well in 2014

� In 2015 1 well in a base plan

Project Sieraków (2 wells)

� In 4Q14 continuation of analysis of data to verify area prospects and

update works schedule

Project Karbon (1 well)

� Finishing of processing and interpretation of new 2D seismic data

(Lublin) in 4Q14

2

11

Lubartów

1

Garwolin

11

Wodynie-

Łuków

1

3

2

1

Wierzbica

vertical wellhorizontal wellfracking

8

� EBITDA 4Q14*: PLN (-) 10 m

� CAPEX 4Q14: PLN 19 m

Conventional projects

Unconventional projects

2

1

� EBITDA 12M14**: PLN (-) 33 m

� CAPEX 12M14: PLN 144 m

* Data without impairment of the value of expenditures in the amount of PLN (-) 3 m

** Data without impairment of the value of expenditures in the amount of PLN (-) 11 m

Canada

TriOil - upstream company

Assets

� Assets in Canadian Alberta province is located on four areas: Lochend,

Kaybob, Pouce Coupe and Ferrier/Strachan

� Total reserves: ca. 49,5 m boe of crude oil and gas (2P)

2014:

� Drilling of 36 new wells (21,7 net*)

� Average production amounted to ca. 5,8 th boe/d (ca. 50% liquid

hydrocarbons, 50% gas)

2015:

� Planned average production of 8,9 th boe/d and capex ca. PLN 0,4 bn

in a base plan

� Update of the plan for 2015 taking into account current situation on a

crude oil market is in process.

4Q14

� In 4Q14 drilling of 9 new wells (6 net*), 14 fracking (6,2 net*) were done

and 18 wells to production (8,8 net*) were included

� Average production amounted to ca. 8 th boe/d (51% liquid

hydrocarbons)

� Production at the end of 4Q14 amounted to 8,4 th boe/d

� At the end of 4Q14 total production from 133,2 wells net*

9

Upstream

Production projects in Canada

9

* Number of wells multiplied by share percentage in particular asset

** Data without impairment of the value of expenditures in the amount of PLN (-) 311 m

*** Data does not include Birchill Exploration LP acquisition in the amount of PLN 708 m in 2Q14

� EBITDA 4Q14**: PLN 52 m

� CAPEX 4Q14: PLN 121 m

� EBITDA 12M14**: PLN 185 m

� CAPEX 12M14***: PLN 355 m

10

PKN ORLEN competitive advantages

Downstream

Retail

Upstream

� Integrated, high-class assets and strong position on competitive market

� Best locations and synergies of gas-fired power generation with other segments

� Modern and the largest sales network in the region with strong and

recognizable brand

� Upstream in Canada and perspective shale gas licenses in Poland

� New units and attractive portfolio of products offered on developing markets

Further PKN ORLEN growth

11

Mission and Corporate Values

RESPONSIBILITYWe respect our customers, shareholders, the natural environment and local communities

PROGRESSWe explore new possibilities

PEOPLEWe are characterized by our know-how, teamwork and integrity

ENERGYWe are enthusiastic about what we do

DEPENDABILITYYou can rely on us

„We discover and process natural resources to fuel the

future”

1212

Thank You for Your attention

For more information on PKN ORLEN, please contact Investor Relations Department:

phone: + 48 24 256 81 80fax: + 48 24 367 77 11e-mail: ir@orlen.pl

www.orlen.pl

13

Agenda

Supporting slides

14

Source: Oil & Gas Journal, PKN Orlen own calculations, Concawe,Reuters, WMRC, EIA, NEFTE Compass, Transneft.ru

Refinery (capacity m tonnes p.a.; Nelson complexity index)

�Oil pipeline [capacity]

Refinery of PKN ORLEN Group

Projected Oil pipeline

Sea terminal [capacity]

Lisichansk

(8.5; 8.2)

Batman

(1.1; 1.9)

Yaroslavi

Ingolstadt

(5.2; 7.5)

Litvinov (5.5, 7.0)

Kralupy

(3.4; 8.1)

Plock

(16.3; 9.5)

Gdansk

(10.5; 10.0)

Mazeikiai

(10.2; 10.3) Novopolotsk

(8.3; 7.7)

Mozyr

(15.7; 4.6)

Bratislava

(6.0; 12.3)

Schwechat

(10.2; 6.2)

Burghausen

(3.5; 7.3)

Holborn

(3.8; 6.1)

Bayernoil

(12.8; 8.0)

Harburg

(4.7; 9.6)

Leuna

(11.0; 7.1)

Schwedt

(10.7; 10.2)

Aspropyrgos

(6.6; 8.9)

Corinth

(4.9; 12.5)

Elefsis

(4.9; 1.0)

Thessaloniki

(3.2; 5.9)

Izmit

(11.5; 6.2)

Izmir

(10.0; 6.4)

Kirikkale

(5.0; 5.4)

Duna

(8.1, 10.6)

Arpechim

(3.6; 7.3)

Petrobrazi

(3.4; 7.3)

Petrotel

(2.6; 7.6)Rafo

(3.4; 9.8)

Petromidia

(5.1; 7.5)

Rijeka

(4.4; 5.7)Sisak

(3.9; 4.1)

Novi Sad

(4.0; 4.6)

Pancevo

(4.8; 4.9)

Neftochim

(5.6; 5.8)

Drogobich

(3.8; 3.0)

Kremenchug

(17.5; 3.5)

Odessa

(3.8; 3.5)

(ex 12)

Kherson

(6.7; 3.1)

DRUZHBA

DRUZHBA

DRUZHBA

ADRIA

IKL

ADRIA

�(18) Ventspils

Butinge(14)

�

(70) Primorsk� Kirishi

Yuzhniy

(ex 4)�

Brody

Tiszaojvaro

s

�

Triest�

�

Rostock�

[Ca 55]

�[C

a 2

2]

�� ��[C

a 3

0]

Novorossiys

k

(ex 45)

�

Trzebinia

(0,5)

Jedlicze

(0,1)

Naftoport(30)

[Ca 20][Ca 9]

[Ca 10]

[Ca 9][Ca 3,5]

Supply Routes Diversification

�(30) Ust-Luga

BPS2

1515

ORLEN Lietuva - maximizing the possessed potential

KEY FACTS

ASSETS

Crude pipeline

Products pipeline

Rail transport

Pump station

Terminal

Storage depot Mažeikių

Nafta

Klaipeda

Joniskis

Latvia

Sea terminal Butinge Orlen Lietuva

Refinery

Lithuania

Illukste

Biržai

Sea terminal Ventspils(20,0 mt/y)

(14,0 mt/y)

(16,4 mt/y)

Klaipeda(9,0 mt/y)

Polock

� Concentration on cash flow improvement

� Reduction in overhead and employment costs below USD 10 m monthly and efficiency initiatives will improve the result by over 1 USD/bbl

� Capex optimization to the level below USD 20 m annually

� Improvement in sales efficiency and increase in capacity utilization, including considered crude oil throughput service

� Releasing of cash frozen in assets

� In worsening of macro situation ready to temporary refinery shut down

1616

Unipetrol – continuation of operating efficiency improvement

� Speed up of Operational Excellence Initiatives in Ceska Rafinerska

� Refining and retail sales enhancement upon grey zone limitation

� Investing in synergies between refining and petchem segments

� Regulatory affairs management in the area of renewable energy sources fee, fuels grey zone limitation and biofuel burdens

� Retail segment market share increase and non-fuel sales increase driven by expected economic recovery

KEY FACTS

ASSETS

IKL

Pipeline10 mt/y

CEPRO production pipelines

Mero Crude oil pipelines

CEPRO depots

Kralupy

3.2 mt/y

Pardubice *

1.0 mt/y

Litvínov

5.5 mt/y

Druzhba

pipeline9 mt/y

* Paramo refinery in Pardubice closed permanently and does not process crude oil since 3Q 2012. The production of bitumen and lubes was not affected.

17

Dividend

� Our target is to pay dividend regularly

� We paid:

�PLN 1.50 per share (in 2013)

�PLN 1.44 per share (in 2014)

� We plan to increase dividend per share gradually while

maintaining safe financial ratios.

1818

This presentation (“Presentation”) has been prepared by PKN ORLEN S.A. (“PKN ORLEN” or “Company”). Neither the Presentation nor any copy hereof may be copied,

distributed or delivered directly or indirectly to any person for any purpose without PKN ORLEN’s knowledge and consent. Copying, mailing, distribution or delivery of this

Presentation to any person in some jurisdictions may be subject to certain legal restrictions, and persons who may or have received this Presentation should familiarize

themselves with any such restrictions and abide by them. Failure to observe such restrictions may be deemed an infringement of applicable laws.

This Presentation contains neither a complete nor a comprehensive financial or commercial analysis of PKN ORLEN and of the ORLEN Group, nor does it present its position

or prospects in a complete or comprehensive manner. PKN ORLEN has prepared the Presentation with due care, however certain inconsistencies or omissions might have

appeared in it. Therefore it is recommended that any person who intends to undertake any investment decision regarding any security issued by PKN ORLEN or its subsidiaries

shall only rely on information released as an official communication by PKN ORLEN in accordance with the legal and regulatory provisions that are binding for PKN ORLEN.

The Presentation, as well as the attached slides and descriptions thereof may and do contain forward-looking statements. However, such statements must not be understood as

PKN ORLEN’s assurances or projections concerning future expected results of PKN ORLEN or companies of the ORLEN Group. The Presentation is not and shall not be

understand as a forecast of future results of PKN ORLEN as well as of the ORLEN Group.

It should be also noted that forward-looking statements, including statements relating to expectations regarding the future financial results give no guarantee or assurance that

such results will be achieved. The Management Board’s expectations are based on present knowledge, awareness and/or views of PKN ORLEN’s Management Board’s

members and are dependent on a number of factors, which may cause that the actual results that will be achieved by PKN ORLEN may differ materially from those discussed in

the document. Many such factors are beyond the present knowledge, awareness and/or control of the Company, or cannot be predicted by it.

No warranties or representations can be made as to the comprehensiveness or reliability of the information contained in this Presentation. Neither PKN ORLEN nor its directors,

managers, advisers or representatives of such persons shall bear any liability that might arise in connection with any use of this Presentation. Furthermore, no information

contained herein constitutes an obligation or representation of PKN ORLEN, its managers or directors, its Shareholders, subsidiary undertakings, advisers or representatives of

such persons.

This Presentation was prepared for information purposes only and is neither a purchase or sale offer, nor a solicitation of an offer to purchase or sell any securities or financial

instruments or an invitation to participate in any commercial venture. This Presentation is neither an offer nor an invitation to purchase or subscribe for any securities in any

jurisdiction and no statements contained herein may serve as a basis for any agreement, commitment or investment decision, or may be relied upon in connection with any

agreement, commitment or investment decision.

Disclaimer

1919

For more information on PKN ORLEN, please contact Investor Relations Department:

phone: + 48 24 256 81 80fax: + 48 24 367 77 11e-mail: ir@orlen.pl

www.orlen.pl