PKN ORLEN Capital Group

February 2015 Integrated oil&gas company with energy assets

DOWNSTREAM ° Refineries in (supersite in Plock), 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., and Lithuania UPSTREAM ° Poland: exploration shale gas projects as well as conventional projects ° Canada: TriOil – production assets

SHAREHOLDERS KEY DATA STRUCTURE OPERATIONAL (mt/y): ° Listed since 1999 State Treasury Max. throughput capacity ca. 32.4 ° WSE ticker: PKN Downstream sales ca. 27.7 27,52% ° Mcap: ca. PLN 23 bn** FINANCIAL (PLN bn): 2010 2011 2012 2013 2014 ° WSE indices included: Revenues 83.5 107.0 120.1 113.9 106.8 72,48% WIG, WIG 20, WIG 30, WIG fuels EBITDA LIFO 4.1 3.9* 5.2* 3.2 5.2* Free float

* EBITDA LIFO before impairments. Impairments amounted to: 2 ** 30.01.2015 2011 PLN (-) 1,8 bn; 2012 PLN (-) 0,7 bn; 2014 PLN (-) 5,4 bn 2 PKN ORLEN vision

‹ Strong position on large and growing markets

Retail ‹ Strong customer focus

‹ Integrated value chain

DownstreamDownstream ‹ Operational excellence

‹ Sustainable Upstream development

Upstream ‹ Modern management culture

2008… 2013… … 2017…

3 Downstream (refining)

HIGH-CLASS ASSETS 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**

KEY DATA THROUGHPUT AND UTILISATION RATIO mt; % Utilisation ratio % ° 32.4 mt/y - max. throughput capacity: Plock – 16.3 mt/y, ORLEN Lietuva – 10.2 mt/y, – 5.9 mt/y 88 89 90 91 ° Ca. 90% of crude oil throughput is REBCO type which allows 84 us to benefit from B/U differential ° Fuel production in line with 2009 Euro standards in all

refineries 28,1 27,8 27,9 28,2 27,3 ° Market share*: gasoline (PL: 65%, CZ: 39%, LT: 96%) & diesel (PL: 59%, CZ: 36%, LT: 96%).

2010 2011 2012 2013 2014 * Data as of 31.12.2014 ** Poland, Lithuania, the 4 Downstream (petrochemicals)

INTEGRATED ASSETS 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

KEY DATA ANWIL – CHEMICAL COMPANY ° 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 ° PVC and fertilizers producer

° PX/PTA - one of the most advanced petrochemical complex in ° Ethylene pipeline connection with Plock refinery secures Europe with production capacity of 600 kt/y PTA feedstock for PVC production

° Synergies with new CCGT plant: heat energy, electricity and infrastructure

* Poland, Lithuania, the Czech Republic 5 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. INDUSTRY COGENERATION PROJECTS PLANS FOR BLOCKS CLOSURES IN POLAND # block as a % of total, 2012-2040* The highest profitability / the lowest risk , thanks to guarantee of permanent receiving of steam, which enables to achieve very high efficiency 78% 80 Building a CCGT plant in Wloclawek (463MWe) 43% 29% ° Start-up of energy production in 4Q15 24% 44 30 ° CAPEX PLN 1,4 bn 25 Building a CCGT plant in Plock (596 MWe)

° Start-up of energy production in 4Q17 2017 2025 2030 2040 ° CAPEX PLN 1,65 bn

* PKN ORLEN analysis 6 Retail

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

KEY DATA STOP CAFE & STOP CAFE BISTRO IN POLAND # ° Over 2 700 filling stations*: Poland - 1768, Germany - 559, the Czech Rep. - 339, Lithuania - 26 1 300 1 250 ° Market share*: PL: 37%, CZ: 15%, LT: 4%, DE: 6% 1 200 1 100 1 047 ° 1250 Stop Cafe and Stop Cafe Bistro in Poland. 1 000 Every second we sell 1 hot-dog (35m hot-dogs per annum) and 900 813 800 over 5m litters of hot drinks yearly (2,5 Olympic swimming 653 pools) 700 626 600 ° The largest group of loyal customers in Poland: 2,5 m of active 500 customers VITAY and FLOTA programs 4Q104Q11 4Q12 4Q13 4Q14

* Data as of 31.12.2014 7 Upstream Exploration projects in Poland

Poland Unconventional projects

Unconventional projects Conventional 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 2 1 1 1 1 2 Lublin Shale (11 wells) 1 Garwolin ° In 4Q14 horizontal well was made (Wierzbica) and vertical well was Wodynie- 3 started (Wołomin). Processing and interpretation of 2D seismic data Łuków 1 were finished (Wołomin) 1 Wierzbica 1 Mid-Poland Unconventionals and Hrubieszów Shale (0 wells) 2 ° In 4Q14 works on update of geological model and assessment of concession areas prospects were finished - realization of further Lubartów 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) fracking horizontal well vertical well ° 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 ° EBITDA 4Q14*: PLN (-) 10 m ° EBITDA 12M14**: PLN (-) 33 m (Lublin) in 4Q14 ° CAPEX 4Q14 : PLN 19 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 8 Upstream Production projects in Canada 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* ° EBITDA 4Q14**: PLN 52 m ° EBITDA 12M14**: PLN 185 m ° CAPEX 4Q14 : PLN 121 m ° CAPEX 12M14*** : PLN 355 m * 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 9 *** Data does not include Birchill Exploration LP acquisition in the amount of PLN 708 m in 2Q14 9 PKN ORLEN competitive advantages

° Integrated, high-class assets and strong position on competitive market Downstream ° New units and attractive portfolio of products offered on developing markets ° Best locations and synergies of gas-fired power generation with other segments

° Modern and the largest sales network in the region with strong and Retail recognizable brand

° Upstream in Canada and perspective shale gas licenses in Poland Upstream

Further PKN ORLEN growth

10 Mission and Corporate Values

„We discover and process natural resources to fuel the future”

RESP ONSIBILITY We respect our customers, shareholders, the natural environment and local communities

PROGRESS We explore new possibilities

PEOP LE We are characterized by our know-how, teamwork and integrity

ENERGY We are enthusiastic about what we do

DEPE NDABILITY You can rely on us

11 Thank You for Your attention

www.orlen.pl

For more information on PKN ORLEN, please contact Investor Relations Department: phone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: [email protected]

12 12 Agenda

Supporting slides

13 Supply Routes Diversification

o Sea terminal [capacity] (70) Primorsk o o Kirishi Oil pipeline [capacity] (30) Ust-Luga Yaroslavi Projected Oil pipeline (18) o BPS2

Refinery of PKN ORLEN Group Butinge DRUZHBA (14) o Mazeikiai Naftoport (10.2; 10.3) Novopolotsk

Refinery (capacity m tonnes p.a.; · Rostocko (30) o (8.3; 7.7) [

Nelson complexity index) Holborn Ca 22] (3.8; 6.1) Schwedt Gdansk (10.7; 10.2) (10.5 ; 10.0) Harburg 30] [Ca Mozyr · · · · DRUZHBA (4.7; 9.6) (15.7; 4.6) Plock [Ca 55] Leuna (16.3; 9.5) (11.0; 7.1) Litvinov ( 5.5 , 7.0) TrzebiniaJedlicze Kralupy Drogobich Ingolstadt (3.4 ; 8.1) (0,5) (0,1) Brody IKL [Ca 10] (3.8; 3.0) (5.2; 7.5) Bratislava Burghausen [Ca 9] [Ca 20] DRUZHBA Bayernoil (6.0 ; 12.3) Kremenchug Lisichansk (3.5; 7.3) (12.8; 8.0) [Ca 9] (17.5; 3.5) (8.5; 8.2) [Ca 3,5] Tiszaojvaro Schwechat s (10.2; 6.2) Duna Petrotel Rafo ADRIA (8.1, 10.6) (2.6 ; 7.6) (3.4; 9.8) Yuzhniy Kherson Rijeka Petrobrazi Odessa(exo 4) (6.7; 3.1) Triesto Novi Sad (4.4; 5.7) ADRIA (3.4; 7.3) (3.8; 3.5) Sisak (4.0 ; 4.6) Arpechim o (ex 12) (3.9; 4.1) (3.6 ; 7.3) o Pancevo Petromidia Novorossiys (4.8; 4.9) (5.1; 7.5) k Neftochim (ex 45) (5.6; 5.8)

Thessaloniki Izmit (3.2; 5.9) (11.5; 6.2) Kirikkale Izmir (5.0; 5.4) Elefsis (10.0; 6.4) Aspropyrgos (4.9; 1.0) (6.6; 8.9) Batman Corinth (1.1; 1.9) (4.9; 12.5)

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

14 ORLEN Lietuva - maximizing the possessed potential

ASSETS

Sea terminal Ventspils (20,0 mt/y)

Pump station Illukste Terminal (16,4 mt/y) Sea terminal Joniskis Polock Biržai Storage depot Butinge MažeikiųOrlen Lietuva (14,0 mt/y) RefineryNafta Crude pipeline KlaipedaKlaipeda Products pipeline (9,0 mt/y) Rail transport Lithuania

KEY FACTS

° 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

15 15 Unipetrol – continuation of operating efficiency improvement

ASSETS

Litvínov 5.5 mt/y

Kralupy Pardubice * IKL Pipeline 3.2 mt/y 1.0 mt/y 10 mt/y

Druzhba Mero Crude oil pipelines pipeline CEPRO production pipelines KEY FACTS 9 mt/y CEPRO depots

° 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

* Paramo refinery in Pardubice closed permanently and does not process crude oil since 3Q 2012. The production of bitumen and lubes was not affected. 16 16 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.

17 Disclaimer

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 understandas a forecast of future results of PKN ORLEN as well asof 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.

18 18 www.orlen.pl

For more information on PKN ORLEN, please contact Investor Relations Department: phone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: [email protected]

19 19