PKN ORLEN

ORLEN Group presentation ORLEN. Fuelling the future. Responsibly.

August 2021 ORLEN Group – the largest multiutility concern in CEE (1/2)

Refining . Refineries located in , and the Czech Rep. with total max. crude oil throughput of 35,2 mt/y. . Strategic location with an access to crude oil, product pipelines and sea terminals. . REBCO crude oil processing allows to benefit from Brent/Ural differential. . Diversification of crude oil supplies.

Petchem . Petrochemical assets fully integrated with refining. . New production installations.

Energy . Installed capacity: 6,1 GWt (heat) / 3,4 GWe (electricity). . 70% of electricity production comes from zero and low-emission sources (RES and modern CCGT blocks located in Włocławek and Płock). . Offshore wind farm project on the with a maximum power of 1,2 GWe.

Retail . 2854 fuel stations – the largest retail network in CEE. . 2239 Stop Cafe / Star Connect coffee corners. . 278 alternative fuel points. . ORLEN – the most recognizable and valuable Polish brand worth PLN 10 bn. . ORLEN brand present on foreign fuel stations within the Group (cobranding).

Upstream . 174 m boe 2P crude oil and gas reserves in Canada and Poland. . Average production 17,0 th. boe/d. 2 ORLEN Group – the largest multiutility concern in CEE (2/2)

SHAREHOLDERS STRUCTURE KEY DATA 2020

State Treasury 12,4* 3,4 3,2 27,52% PLN bn PLN bn PLN bn Others 43,15% EBITDA LIFO Rekordowy wynik Record-high Detalu Record-high energy result retail result

29,33% Polish Pension Funds 38,3 29,5 mt mt

Sales Crude oil volumes throughput

PKN ORLEN listed on Warsaw Stock Exchange since 1999. PKN ORLEN is in WSE indices: WIG, WIG20, WIG30, WIG 174 1,0 Poland, WIG Paliwa, WIG – ESG. m boe PLN / share Market Cap.: PLN 31,5 bn. 2P oil and gas Dividend reserves

Data as of 30.06.2021. Market capitalisation as of 16.08.2021. * includes profit on a bargain purchase of ENERGA shares in the amount of PLN 4 062 m. 3 Refining

COMPETITIVE ADVANTAGES . Refinery in Płock is classified as a super-site (acc. to Wood Mackenzie) due to its depth and throughput capacity as well as integration with petchem. . Diversification of crude oil and security of natural gas supplies. . Prepared for regulatory changes and market trends due to realization of investment projects. FY 2020 FY 2020 . Leader on the fuel market in CEE. (-) 0,2 mld PLN FY 2019 FY 2020 PLN (-)6M21 0,2 bn PLN 2,8 bn PLN (-) 0,2 bn PLN 0,3 bn

KEY DATA THROUGHPUT AND UTILISATION RATIO . Max. throughput capacity is 35,2 mt/y, of which: 16,3 mt/y Płock, mt; % 10,2 mt/y ORLEN Lietuva, 8,7 mt/y ORLEN . . Ca. 60% of crude oil throughput is REBCO, which allows to benefit from Brent/Ural differential. 84% 90% 86% 94% 95% 96% 84% 75% . Long-term contracts secure ca. 50% of crude oil throughput. Remaining crude oil is bought on SPOT market. . Sales in 2020 amounted to 23,6 mt. 30,9 33,2 33,4 33,9 . Market share: 51% Poland, 55% Czech Rep., 79% Lithuania. 27,3 30,1 29,5 . Investments: construction of Visbreaking Unit in Płock, construction 13,0 of Propylene Glycol in ORLEN Południe.

2014 2015 20162017 2018 20192020 6M21

Data as of 30.06.2021 4 Petrochemicals

COMPETITIVE ADVANTAGES . The largest petrochemical company in CEE. . Petchem assets integrated with refining. . Wide portfolio of petchem products including: monomers, polymers, aromatics, PTA as well as fertilizers and PVC produced in Anwil. . Ethylene pipeline connection with Plock refinery secures feedstock FY 2020 for PVC production. (-) 0,2 mld PLN . Strategic regional supplier for chemical industry. FY 2019 FY 2020 6M21 PLN 2,3 bn PLN 2,1 bn PLN 1,9 bn

KEY DATA SALES VOLUMES . Sales in 2020 amounted to 5,1 mt. th.t . Market share between 40% – 100% depending on the product. 1 122 1 022 1 030 . PX/PTA – one of the most advanced petrochemical installations in 959 Europe with PTA production capacity of 690 th.t/y. . Launching, in last two years, new propylene production, i.e. 647 631 Metathesis installation (Płock) and PPF Splitter (ORLEN Lietuva) as 519 498 424 396 well as polyethylene production, i.e. PE3 installation (ORLEN 373 343 Unipetrol). . Investments: expansion of fertilizers production (Anwil), Petrochemicals Development Program (building of aromatics 20192020 2019 2020 2019 202020192020 20192020 2019 2020 complex, expansion of olefins’ production, expansion of phenol production, building R&D Center). Monomers Polymers Aromatics Fertilizers Plastics PTA

Data as of 30.06.2021 5 Energy

COMPETITIVE ADVANTAGES . Modern, low and zero-emission power generation assets. . Broad usage of high-efficiency cogeneration to secure stable high heat and electricity needs of production plants. . Big database of business and individual customers. . Dynamic growth of renewable energy sources portfolio of assets FY 2020 (including offshore) supported by flexible gas units. (-) 0,2 mld PLN . Staff and financial potential for realization of large investment FY 2019 FY 2020 6M21 projects and taking part in energy transformation. PLN 1,6 bn PLN 3,4 bn* PLN 2,5 bn . Diversified sources of revenues from production, distribution and sales.

KEY DATA SOURCES OF ELECTRICITY PRODUCTION . Installed capacity is (3,4 GWe / 6,1 GWt), of which: % . CHP Płock (359 MWe / 2150 MWt) – the biggest industrial block Gas in Poland. 54% . CCGT Włocławek (474 Mwe / 417 MWt) and CCGT Płock (608 MWe / 519 MWt) – modern Combined Cycle Gas Turbines blocks . ENERGA Group (1436 MWe / 493 MWt). . Net electricity production in 2020 amounted to 11,9 TWh, net sales 29,1 TWh and distribution (done by ENERGA Operator) 21,8 TWh. . Gas consumption in ORLEN Group in 2020 amounted to 3,1 bcm, including 2,8 bcm in Poland, which makes us the largest gas consumer in Poland. 31% Others . Investments: offshore wind farm project on the Baltic Sea with a 15% maximum power of 1,2 GWe. Data as of 30.06.2021 RES * does not include profit on a bargain purchase of ENERGA shares in the amount of PLN 4 062 m 6 Retail

COMPETITIVE ADVANTAGES . Modern and the largest network of fuel stations in CEE. . ORLEN – the most recognizable and valuable Polish brand worth PLN 10 bn. . Attractive loyalty programs. . Dynamic growth of non-fuel offer by launching new Stop Cafe/Star FY 2020 Connect coffee corners. (-) 0,2 mld PLN . E-mobility – expansion of EV chargers. FY 2019 FY 2020 6M21 . Cobranding – implementation of ORLEN brand at foreign fuel PLN 3,0 bn PLN 3,2 bn PLN 1,4 bn stations within the Group.

KEY DATA COFFEE CORNERS/FUEL STATIONS . 2854 fuel stations, of which: 1803 Poland, 586 , 421 Czech # at the end of the period Coffee corners Fuel stations Rep., 29 Lithuania, 15 . . Market share: 32% Poland, 25% Czech Rep., 6% Germany, 5% 2 783 2 803 2 836 2855 2854 Lithuania, 1% Slovakia. 2 692 2 679 2 726

. 2239 coffee corners: 1730 Poland, 315 Czech Rep., 151 Germany, 2 145 2 218 2 239 2 016 29 Lithuania, 14 Slovakia. 1 815 1 691 . In 2020 we sold 53,3 million hot-dogs (1,7 per second) and 13,9 1 558 million litres of coffee (almost 6 Olympic swimming pools). 1 250 . 278 alternative fuel points: 232 electricity, 2 hydrogen, 44 CNG. . Large base of loyal customers: 0,5 million active FLOTA customers and 5,5 million active VITAY clients. . Investments: development of fuel network, alternative fuel points, non-fuel concept as well as introduction of new services and 20142015 20162017 2018 2019 2020 6M21 products. Data as of 30.06.2021 7 Upstream

COMPETITIVE ADVANTAGES . Flexible response to changes on oil and gas market. . Adjusting CAPEX to macroeconomic situation. . Focusing on the most profitable and promising projects in Poland and Canada.

FY 2020 (-) 0,2 mld PLN FY 2019 FY 2020 6M21 PLN 0,3 bn PLN 0,3 bn PLN 0,1 bn

KEY DATA AVERAGE PRODUCTION . 174 m boe 2P crude oil and gas reserves, of which: th. boe/d 18,0 18,2 18,0 . Poland – 10,1 m boe (5% liquid hydrocarbons, 95% gas) 17,0 . Canada – 163,9 m boe (60% liquid hydrocarbons, 40% gas) 15,6 13,6 . 18,0 th. boe/d of average production in 2020, of which: . Poland – 1,0 th. boe/d (100% gas) . Canada – 17,0 th. boe/d (46% liquid hydrocarbons) 8,4 7,1 . 17,0 th. boe/d of average production in 6M21, of which: . Poland – 1,2 th. boe/d (100% gas) 3,8 . Canada – 15,8 th. boe/d (45% liquid hydrocarbons) 2013 2014 2015 20162017 2018 2019 2020 6M21

Data as of 30.06.2021 8 Summary

. Refining: high-class assets and strong position on the competitive market. . Petchem: petrochemical assets integrated with refining / wide portfolio of products / new units. Competitive . Energy: modern, low and zero-emission power generation assets / dynamically growing portfolio of RES advantages (including offshore) supported by flexible gas units. . Retail: modern and the largest network of fuel stations equipped with non-fuel concept in CEE with strong and recognizable ORLEN brand. ORLEN brand is the most valuable Polish brand worth PLN 10 bn. . Upstream: focusing on the most profitable and promising projects in Poland and Canada.

. Diversified sources of financing, including: corporate bonds based on ESG MSCI rating valued at PLN 2 bn (first issue in Central Europe) and green Eurobonds valued at EUR 500 m (first issue in Poland). . Average debt maturity in 2023. Finance . Investment rating: BBB- positive outlook (Fitch), Baa2 positive outlook (Moody`s). . Net debt / EBITDA: max. level 2.5x. . Double-digit ROCE from 2025. . Dividend: min. PLN 3,50 per share.

. The World’s Most Ethical Company 2021. . Top Employer Polska 2021. Awards . Platts 2020 TOP250: 51st place among the largest energy companies in the world. . Sustainalytics Agency (ESG rating): 5th place among 86 companies from the Oil & Gas Refining and Marketing. . The Best Annual Report 2019.

9 Strategy_ORLEN2030 - ORLEN Group growth through investments in petrochemicals as well as renewable and gas energy

Strategic logic Key business areas and segments CAPEX

. Upstream: Build a portfolio of gas production assets and reconfigure existing assets. . Refining: Improve the efficiency of and consolidate refining assets, drive further Maximizing PLN 55 bn performance development of biofuels and biocomponents. . Fuel retail: Expand the retail network and offering. . Energy/gas distribution: Optimize investment in energy infrastructure.

. Petrochemicals: Development of petrochemical assets in basic and advanced products as well as polymers. Strategic . Renewable power: rapid development of offshore and onshore wind and solar development PV assets. PLN 75 bn . Gas-fired power: Development of state-of-the-art gas-fired power generation assets. . Non-fuel retail: build an integrated range of non-fuel services for clients.

. New mobility: Build footholds in new mobility. Investing . Hydrogen technologies: Establish footholds in hydrogen-based transport and energy production. in the future PLN 10 bn . Recycling: Technology and capacity development in recycling and biomaterials. . R&D+I and digital transformation: Investments in R&D, innovations and digital solutions. 10 Strategia_ ORLEN2030- vision and directions of ORLEN transformation

Leading player Leader of energy transition Provider of integrated Socially responsible Stable source of value in Europe in the region customer services business creation

Presence in over ten The largest portfolio of Provider for fuel, energy Investment in sustainable Focus on maximising European countries along attractive renewable and and convenience shopping development, energy returns on investment and the entire value chain low-carbon generation needs, relying on existing transition, decarbonisation, maintaining a stable assets, with conversion to and new channels and recycling and community balance sheet hydrogen possible on digital technologies initiatives in the future

>2,5x 2019 EBITDA >2,5 GW of renewable >3 500 fuel stations CO2 reduction by 20% Dividend payout of at capacity >1 000 EV fast >PLN 30bn of least PLN 3.50 per 1 charging stations sustainable share Strong European development CAPEX Two-digit ROCE in the brand second half of the decade

1. Assuming the current number of shares 11 Thank you for your attention

In case of any questions please contact IR Department: phone: + 48 24 256 81 80 e-mail: [email protected]

www.orlen.pl Agenda

Supporting slides

13 Dividend

. According to Strategy ORLEN2030, we declared to pay the dividend at 3,50 PLN/share minimum on the yearly basis . Dividend is paid regularly since 2013 (9 years in a row)

PLN/share 3,50 3,50 3,00 3,00

2,00 1,65 1,50 1,44 1,00

2013 2014 2015 2016 2017 2018 2019 2020 2021

14 Sustainable development and implementation of ESG practices

E S G

Environment Society Governance ENVIRONMENT SOCIETY GOVERNANCE

ESG goals embedded in Strategy 2030. Ongoing operationalization of specific Sustainable development audit initiatives. Strategy includes: for one of important petrochemical customers . Investment in Renewable Energy Sources (RES), incl. wind power, PV . Circular Economy – recycling initiative defined in Petrochemical segment . Important petrochemical customer . Decarbonisation in production segments ordered a sustainable development . Alternative fuels – H2, EV, CNG/LNG audit at ORLEN facilities to confirm supplier competencies over the Emissions reduction – operationalisation ongoing production cycle . The goal of the audit was to ascertain . Detailed decarbonisation projects launched in Energa, Unipetrol, ORLEN Lietuva, targeting further that the provider executes production operationalisation of carbon reduction agenda, renewing initiative portfolio and confirmation of processes up to highest ESG detailed technological solutions for Group entities. standards – in domains of environment, society, governance . Ongoing work on the Green Deal impact, motivated by detailing of new operational targets included . Detailed audit, coordinated by Strategy in sectoral regulations such as RED2, IED, energy efficiency regulations and CO2 prices in EU and Petrochemical Sales engaged ETS. production and environmental departments from across the company . The result of the audit was Circular Economy Workgroup initiated identification of five specific improvement points which were . Analytical works started on circular business models development implemented immediately . Upon formal completion the audit will be valid for 36 months ESG ratings updated

. ORLEN is rated by Sustainalytics, MSCI and Vigeo Eiris. . ORLEN extended scope and effectiveness of reporting with direct impact on marks. Further work pending. 15 Routes of crude oil supplies

(70) Primorsk   Kirishi (30) Ust-Luga Yaroslavi  Sea terminal (capacity) (18)  Oil pipeline [capacity] BPS2 Projected Oil pipeline Butinge DRUZHBA (14)  Mazeikiai Naftoport (10.2 ; 10.3) Novopolotsk Rostock (30)  · (8.3; 7.7) [

Refinery of PKN ORLEN Group Holborn Ca 22] (3.8; 6.1) Schwedt Gdansk (10.7; 10.2) (10.5 ; 10.0) Refinery (capacity m tonnes p.a.; Nelson Harburg 30] [Ca Mozyr · DRUZHBA (4.7; 9.6) complexity index) (15.7; 4.6) Plock [Ca 55] Leuna (16.3 ; 9.5) (11.0; 7.1) Litvinov ( 5.4 , 7.0) TrzebiniaJedlicze (0,5) Kralupy Drogobich Ingolstadt (3.3 ; 8.1) (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] Tiszaojvaros Schwechat (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 (ex 4) (6.7; 3.1) Triest Novi Sad (4.4; 5.7) ADRIA (3.4; 7.3) (3.8; 3.5) Sisak (3.9; (4.0 ; 4.6) Arpechim  (ex 12) 4.1) (3.6 ; 7.3)  Pancevo Petromidia Novorossiysk (4.8; 4.9) (5.1; 7.5) (ex 45) Neftochim (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

16 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 understoodas 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.

17 Thank you for your attention

In case of any questions please contact IR Department: phone: + 48 24 256 81 80 e-mail: [email protected]

www.orlen.pl