February 2020

PKN ORLEN

PKN ORLEN – Capital Group presentation

ORLEN. FUELLING THE FUTURE

PKN ORLEN – one of the biggest oil&gas companies in Europe (1)

BUSINESS SEGMENTS

� 197 m boe 2P reserves in Poland and Canada

� Average production ca. 18,2 th. boe/d in 2019LEADER IN CENTRAL EUROPE

Refining

� Refineries located in Poland, Lithuania 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

� Launching new production capacity

Energy

� 6,1 GWt / 1,9 GWe (including over 1GWe from modern CCGT blocks located in

Włocławek and Płock)

� 1,2 GWe – project of offshore wind farm on the Baltic Sea

� Over 2800 fuel stations – the largest retail network in Central Europe

� Ca. 2150 Stop Cafe/Star Connect (including convenience stores branded O!SHOP)

� Cobranding: ORLEN brand on foreign stations within the Group

2

PKN ORLEN – one of the biggest oil&gas companies in Europe (2)

27,52%

28,83%

43,65%Others

State Treasury

Polish pension funds

PKN ORLEN listed on WSE since 1999

INDICES:

WIG, WIG20, WIG30, WIG Poland, WIG Paliwa, WIG - ESG

Market capitalization:

ca. PLN 36,7 bn

SHAREHOLDERS STRUCTURE KEY DATA 2019

Data as of 31.12.2019 3

PLN

9,4bn

EBITDA LIFO

197

m boe

2P oil and gas

reserves

33,9

mt

Record-high

throughput

PLN

3,1bn

Record-high

retail result

43,3

mt

Record-high

sales

PLN

3,5per

share

Dividend

Data as of 31.12.2019

* Poland, Lithuania, the Czech Republic

THROUGHPUT AND UTILIZATION RATIOmt; %

27,330,9 30,1

33,2 33,4 33,9

2014 2017

84%90%

2015

86%94%

2016

95%

2018

96%

2019

Utilisation ratio

Downstream

Refining

COMPETITIVE ADVANTAGES

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

WoodMackenzie) considering the depth and throughput

capacity as well as integration with petchem

� Diversification of crude oil and security of natural gas supplies

� Prepared for changes in regulatory and market trends due to

execution of investment projects

� Leader in the fuel market in the Central Europe*

REFINING

PLN 4,3 bn

EBITDA LIFO

KEY DATA

� Max. throughput capacity is 35,2 mt/y, of which: 16,3 mt/y

Płock, 10,2 mt/y ORLEN Lietuva and 8,7 mt/y Unipetrol

� Ca. 60% of crude oil throughput is REBCO, which allows to

benefit from B/U differential

� Long-term contracts secure ca. 50% of throughput capacity.

Remaining crude is bought on spot market

� Wholesale market share: gasoline (PL: 65%, CZ: 64%,

LT: 82%) and diesel (PL: 54%, CZ: 60%, LT: 76%)

� Propylene glycol unit and the purchase of a license and base

project for unit to produce second generation bioethanol

(ORLEN Południe), Visbreaking unit (Płock)

4

Downstream

Petrochemicals

KEY DATA

� Sales in 2019 amounted to ca. 5,2 mt

� Market share ca. 40% - 100% depending on the product

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

Europe with PTA production capacity of 690 kt/y

� Launching of Metathesis (Płock) and PPF Splitter (ORLEN

Lietuva)

� Construction of Polyethylene unit in Unipetrol at final stage

� Petrochemicals Development Program

� building of Aromatics complex

� expansion of Olefins

� expansion of Phenol capacity

� building new R&D Center

COMPETITIVE ADVANTAGES

� The largest petrochemical company in Central Europe*

� Petchem assets integrated with refining

� Attractive portfolio of petchem products including: monomers,

polymers, aromatics, PTA, fertilizers and PVC

� Strategic regional supplier for chemical industry

PETROCHEMICALS

ANWIL – CHEMICAL COMPANY

� PVC and fertilizers producer

� Ethylene pipeline connection with Plock refinery secures

feedstock for PVC production

� Synergies with CCGT block in Włocławek – steam, electricity

and infrastructure

� Expansion of fertilizers production

PLN 2,7 bn

EBITDA LIFO

Data as of 31.12.2019

* Poland, Lithuania, the Czech Republic 5

Downstream

Energy

ENERGY

Data as of 31.12.2019

* LT - Lithuania

COMPETITIVE ADVANTAGES

� ORLEN Group – one of the key producers of electricity and heat

consumed in majority internally. Electricity production in 2019 ca.

8,6 TWh.

� ORLEN Group has power plants in 3 countries, of which:

� the biggest industrial block in Poland: EC Płock (415 MWe,

2150 MWt).

� modern Combined Cycle Gas Turbines in Poland:

CCGT Włocławek and CCGT Płock (over 1000 MWe in total).

� Ca. 3,1 bn m3 gas consumption in ORLEN Group in 2019,

including ca. 2,9 bn m3 in Poland, which makes us one of the

largest gas consumers in Poland.

LOW EMISSION ENERGY PROJECTS

� PKN ORLEN has a concessions for construction wind farms

on the Baltic Sea with maximum capacity of 1200 MWe.

Concession expires in 2027.

� Final capacity of the wind farm and each of turbines will

depend on e.g.: geological conditions of the Baltic Sea bottom,

environmental conditions and technological progress.

� In case of positive evaluation of the project, investment phase

may start in 2023/24.

INSTALLED THERMAL CAPACITYMWt

INSTALLED ELECTRICAL CAPACITYMWe

3 658

POLAND

1 399

CZECH

REP.

1 040

LT*

POLAND

CZECH REP.

LITHUANIA

1600

142

160

6

COMPETITIVE ADVANTAGES

� Modern and the largest network of fuel stations in Central

Europe*

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

Poland (PLN 4,7 bn)

� Attractive loyalty programs

� Dynamic growth of non-fuel offer by launching new Stop

Cafe/Star Connect locations (including convenience stores

O!SHOP)

� E-mobility – expansion of EV chargers

COFFEE CORNERS AND CONVENIENCE STORES

#

Retail

RETAIL

PLN 3,1 bn

EBITDA LIFO

Data as of 31.12.2019

* Poland, Lithuania, the Czech Republic

KEY DATA

� 2836 fuel stations, of which: 1800 Poland, 585 Germany,

416 Czech Rep., 25 Lithuania, 10 Slovakia

� Market share: 34% Poland, 24% Czech Rep., 7% Germany,

5% Lithuania

� 2145 Stop Cafe/Star Connect locations, of which: 1699 Poland

(including 518 O!SHOP), 306 Czech Rep., 117 Germany and

23 Lithuania

� In 2019 we sold 66,8 million hot-dogs (2,1 per second) and ca.

17,2 million litres of coffee (almost 8,5 olympic swimming pools)

� At the end of 2019 we had 0,6 million active FLOTA customers

and 5,9 million active VITAY customers

� Alternative fuel stations: 64 EV chargers, 2 hydrogen, 42 CNG

1 7261 737

1 7651 815

1 8751 907

1 947

2 0162 047

2 069

2 108

2 145

1 700

1 800

1 900

2 000

2 100

2 200

2Q17 4Q17 4Q181Q17 2Q183Q17 1Q18 3Q18 1Q19 2Q19 3Q19 4Q19

7

Upstream

UPSTREAM

PLN 0,3 bn

EBITDA LIFO

18,2 th. boe/d

TOTAL (2P) CRUDE OIL AND GAS RESERVES

197 m boe

AVERAGE PRODUCTION IN 2019

Poland : ca.1,0 th. boe/d (100% gas)

Canada : ca.17,2 tys. boe/d (49% liquid hydrocarbons)

COMPETITIVE ADVANTAGES

� Flexible response to changes in the oil and gas market

� Adjusting capital expenditure plans to the macro situation

� Leveraging segment synergies in Poland and Canada

POLAND

Total reserves of crude oil and gas (2P)

Ca. 11 m boe (8% liquid hydrocarbons, 92% gas)

EBITDA*: PLN 7 m

CAPEX: PLN 158 m

Total reserves of crude oil and gas (2P)

Ca. 186 m boe* (58% liquid hydrocarbons, 42% gas)

EBITDA*: PLN 324 m

CAPEX: PLN 476 m

CANADA

Data as of 31.12.2019 8

PKN ORLEN competitive advantages

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

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

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

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

brand

� Upstream assets in Poland and Canada – cautious continuation strategy

Financial

strength

Value

creation

People

� Diversified sources of financing

� Average debt maturity in 2021

� Investment rating from Fitch and Moody’s

� Financial gearing – below 30%

� Net debt / EBITDA LIFO – below 1,5

� Dividend – paid every year since 2013

� The World’s Most Ethical Company 2019

� Top Employer Polska 2019

� Platts 2019 TOP250 – 45th place among the largest energy companies in the world

� ORLEN becomes a Title Sponsor of Alfa Romeo Racing

9

Thank you for your attention

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: ir@orlen.pl

www.orlen.pl

Agenda

Supporting slides

11

Dividend

PLN

3,00

per share

2017

2013

PLN

1,50

per share

2014

PLN

1,44

per share

2015

PLN

1,65

per share

2016

PLN

2,00

per share

� Our divided policy is to pay dividend on the regular basis

� Dividend level depends on achieved results, macro situation,

liquidity and financial ratios as well as planned investments

� According to divided policy, the dividend is paid regularly

since 2013 (7 years in row)

� In 2019, we paid the record-high dividend of PLN 1.5 bn

(PLN 3,50 per share)

PLN

3,00

per share

2018

PLN

3,50

per share

2019

12

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 (5.4, 7.0)

Kralupy

(3.3; 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]

�(30) Ust-Luga

BPS2

Supply routes diversification

13

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

understood 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

14

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: ir@orlen.pl

www.orlen.pl