ORLEN Capital Group – company overview - PKN Orlen

ORLEN Capital Group – company overview
November 2011
1

Agenda
Company overview
Key segments
New businesses entry
Summary
2

Leading refining & petchem company operating in the biggest market in CEE
PKN ORLEN – POLISH KEY PLAYER IN CEE
Strategically located on key pipeline network. Access to
the crude oil terminals in Gdańsk (Poland) and Butinge
(Lithuania).
Operates 7 refineries in Poland, Lithuania and the Czech
Republic, including the largest and highly advanced one.
Capable to process any kind of crude oil in all refineries.
Currently the most economic is REBCO processing.
Petrochemical assets fully integrated with the refining
part.
Operates ca. 2 700 retail sites in Poland, the Czech
Republic, Germany and Lithuania.
LEADING DOWNSTREAM COMPANY
SHAREHOLDERS STRUCTURE
27,52%
State Treasury
KEY FACTS
PRODUCTION:
Refining
Petrochemical
ca. 31.0 mt/y
ca. 4.1 mt/y
Free float
72,48%
FINANCIALS IN YEAR 2010:
Revenues
EBITDA
Net profit
PLN 83.5 bn
PLN 5.5 bn
PLN 2.5 bn
3

The strategy for 2009-2013 assumes further core business development,
divestment of non-core assets and entry into new segements
MAIN OBJECTIVES OF PKN ORLEN GROUP
PRIORITIES
Debt
reduction
Efficiency
improvement
and key
investments
execution
Entry into
new
business areas
Release of capital employed through
working capital optimisation, assets
disinvestment in chemical segment,
solving the issue of obligatory reserves
Efficiency improvement as well as
development and extension of the
value chain in core areas of activity -
refining, retail and petrochemical
segments
Diversification of activities,
strengthening the Group by limiting
the downstream contribution to the
business
2009 – 2010
Preparation for further
growth: actions to
improve financial
performance, increase
efficiency, reduce debt
and finalize investments in
core areas of activity
2011 – 2013
Further efficiency of
core assets,
investments in new
segments in order
to increase the
company value
4

Agenda
Company overview
Key segments
New businesses entry
Summary
5

Refining segment
ASSETS
NELSON COMPLEXITY
Supersite (Plock)
Mazeikiu (10.2; 10.3)
Gold
Silver (MN, Litvinov)
Litvinov (5.5, 7.0)
Kralupy (3.4; 8.1)
Paramo (1.0)
Plock
(16.3; 9.5)
Trzebinia (0.5)
Jedlicze (0.1)
Bronze (Kralupy)
Niche
Trader
Speciality (Paramo)
Closure-Candidate
N/A (Trzebinia, Jedlicze)
Refinery (production capacity mt /y; Nelson complexity index)
Refinery classification according to Wood Mackenzie (2007)
KEY FACTS
PKN ORLEN processing capacity: ca. 31 mt/y (Plock plant in Poland – 16.3 mt/y, Unipetrol – 5.1 mt/y and ORLEN Lietuva
– 10.2 mt/y).
Market share*: gasoline (PL: 62%, CZ: 33%, LT: 85%) and diesel (PL: 55%, CZ: 33%, LT: 89%).
Nelson complexity index: Plock 9.5, Kralupy 8.1, Litvinov 7.0, ORLEN Lietuva 10.3.
Flexibility to process many kinds of crude oil.
Fuel production in line with 2009 Euro standards in all refineries.
* As of 30.09.2011
6

Petrochemical segment
ASSETS
CORE BUSINESS – GROWTH DRIVERS
PX/PTA
Polyolefins
NON CORE BUSINESS - EXIT
Strengthening position through full
integration with refinery.
Europe’s most advanced petrochemical
PX/PTA complex launched.
Building regional leader position.
PVC
Fertilizers
Limited synergies with refining activity.
Release of capital employed through
Anwil sale.
KEY FACTS
PKN ORLEN production capacity: ca. 4.1 mt/y (Plock - 2.5 mt/y, Unipetrol - 1.6 mt/y).
Full integration of petrochemical assets with refining facilities.
Depending on the product we have between 40% to 100% market share in domestic consumption.
Polyolefins sales within Basell network.
PX/PTA production capacities: 400 th t of PX (paraxylene) and 600 th t of PTA (purified terephtalic acid) per annum,
reflecting 20% of European production. Sales of PTA since 2Q2011.
7

Retail segment
ASSETS
OPERATING DATA
EBIT
PLN m
2008
641
2009 2010
- 6%
880 825
Sales volumes
th t
6 229
6 713
+ 5%
7 025
KEY FACTS
Biggest retail network (no of filling stations)*: Poland - 1738, Germany - 564, Czech Republic - 336, Lithuania - 35.
Market share*: Poland - 32%, Czech Republic - 14%, Lithuania - 4% and Northern Germany - 9%.
Two-tier branding strategy (premium and economy)
„FLOTA POLSKA” & DKV/ORLEN fleet card for corporate customers; and „VITAY” loyalty card for individual
customers – ca. 8,5 m participants*
* As of 30.09.2011
8

Agenda
Company overview
Key segments
New businesses entry
Summary
9

„Multi-utility” is a foundation for further PKN ORLEN value growth
STRATEGIC RATIONALES
CONCEPT OF „MULTI- UTILITY”
PKN ORLEN faces serious barriers for the
further dynamic growth in the oil sector...
The dynamic growth through acquisitions and
geographic expansion in 2002-2006
Focus on organic development and efficiency
improvement
Strong competitive pressure and high volatility in
margins
…hence the perceived growth opportunities in
the new areas of growth…
Higher profitability
Stable cash flows
Strong competitive pressure and high volatility in
margins
Operational synergies and diversification of activities
PKN ORLEN’s security
New
segments
Current PKN
ORLEN’s
areas of
activities
Upstream (E&P)
Electric power
generation
Refining
Petrochemicals
Logistics
Sales of fuel and
petrochemicals
Integrated fuel - energy
company
10

Growth of PKN ORLEN in upstream segment is based on three pillars
Regional
focus
Organic and
inorganic growth
Cooperation with
partners
Examples Targets
Limitation of (mostly geopolitical) risks
Building capabilities in stable
environment
Adjustment of activities to the
available budget
Central and Eastern Europe
North Africa
North America
Gradual development of diversified
assets portfolio
Acquisition of mainly minority equity
stakes
Current exploration and production
projects
Opportunity for rapid growth of
know-how and competencies
Participation in existing projects,
including cooperation with external
partners
Limitation of
project risk
Focus on most
prospective assets
11

UPSTREAM
Organic projects
Polish lowland
Latvian shelf
Lublin region
1. Latvian shelf
Off-shore project on Baltic shelf (Latvia) on one of the biggest oil fields in the Baltic Sea.
Project is being realized in cooperation with Kuwait Energy.
Large hydrocarbon reserves: 250m bbl.
Project’s status:
Analysis of newly obtained 3D seismic data and choice of holes locations is in progress.
The drill is planned in 1 half of 2012.
2. Lublin region
On-shore E&P project in Poland (Lublin area).
Exploration activities in the region conducted also by the biggest oil companies: Chevron
and ExxonMobil.
Project’s status:
Data analysis and choice of drills’ locations is in progress.
The drill is planned in 2012.
3. Polish lowland
On-shore E&P project in Poland (Sieraków area) - JV with PGNiG.
The most prospective exploration area in Poland, next to the largest discovered reserves of
oil and gas in Poland.
Exploitable resources of ca. 26m bbl.
Project’s status:
Exploratory drill is in realization.
Next 2 appraisal drills are planned – realization in 2012.
12

UPSTREAM
Shale gas
Shale gas exploration licenses
1. Licenses
PKN ORLEN has 8 exploration licenses in Poland in the most
prospective areas: 6 licenses in Lublin region (BełŜyce, Garwolin,
Lubartów, Lublin, Wierzbica, Hrubieszów) and 2 licenses in central
Poland (Łódź, Sieradz).
Projects’ status:
Lublin region (Wierzbica)
First wildcat exploration vertical well started in October 2011.
Horizontal wells and multi-stage hydraulic fracturing in June 2012 after
positive findings of samples.
Lublin region (Lubartów)
First wildcat exploration vertical well is planned in December 2011.
2. Cooperation with experienced partners
PKN ORLEN aims to engage with an experienced partner for further
exploration (letters of intent already signed with about 15 companies).
Potential shale gas area
3. Shale gas deposits
5.3 trillion m3 of unconventional gas stretching across northern and
central Poland is estimated by Energy Information Administration
(USA).
Poland’s annual gas consumption is ca. 14 bn m3 (of which 2bn m3
by PKN ORLEN), 72% of gas is imported.
13

ENERGY
New projects and efficiency increase of existing assets
Strategy’s directions
Achieving maximum synergies
Assurance of energy safety of PKN ORLEN
Modernization of current infrastructure for further development and
adaptation for environmental requirements
NEW PROJECTS
1. Construction of gas power plant in Wloclawek
Advanced preparation of investment: the environmental decision,
agreement for connection to the energy network and the
permission to build energy block.
Agreement signed with GAZ-SYSTEM for building a gas pipeline and
connection to gas network. CAPEX ca. PLN 22m, PKN will cover 25%.
Advanced stage of tender for building a block with infrastructure.
Decision about the selection of the contractor in 1Q 2012.
Block building is planned for 2012.
Planned start-up in 2014.
Estimated CAPEX in the amount of PLN 1,5 bn.
2. Potentially additional unit in Plock
EFFICIENCY IMPROVEMENT OF EXISTING ASSETS
1. Modernization of power plant in Plock
Investment program at the level of PLN 1 bn within 2-3 years.
Target is to meet environmental standards (emitted emissions are to
be reduced by ~ 90%) and to the increase in power capacities (up till
2017 planned 20% increase in electricity production capacities and 7%
in thermal power).
Decision about the selection of the contractor to be made in 1Q2012.
Start-up in 2015.
2. Restructuring and modernization of energy
assets in Unipetrol
3. Optimization in other foreign assets
14

Agenda
Company overview
Key segments
New businesses entry
Summary
15

PKN ORLEN is an attractive investment
STRENGTHS
DEVELOPMENT OPPORTUNITIES
Attractive market of new EU countries with growth
potential.
Efficiency improvements through operational
excellence and integration of assets.
Leading position in the Central and Eastern EU
region in the downstream refining and
petrochemical.
World class refinery assets integrated with
petrochemical business.
The largest retail network.
Further development in the core business and
value chain extension.
Release of capital employed through the sale of
non core assets.
Development of new segments through
cooperation with sector partners.
Strategically located on key pipeline network.
Access to the crude oil terminal in Gdańsk
(Poland) and Butinge (Lithuania).
We take pole position for further growth
16

Thank You for Your attention
For more information on PKN ORLEN, please contact
Investor Relations Department:
telephone: + 48 24 256 81 80
fax: + 48 24 367 77 11
e-mail: ir@orlen.pl
www.orlen.pl
17

Agenda
Supporting slides
18

From domestic leader to EU regional player
Domestic Business to 2002 „Internationalization” 2002-2005 Regional Business 2006+
Lithuania
Estonia
Latvia
Lithuania
Estonia
Latvia
Lithuania
Estonia
Latvia
Germany
Poland
Germany
Poland
Germany
Poland
Czech Republic
Czech Republic
Czech Republic
1999
2000
Merger of Petrochemia Plock (Polish
largest refinery) with CPN (Polish largest
retailer) created PKN.
IPO of 30% of equity on Warsaw Stock
Exchange and London Stock Exchange.
Introduction of the new brand ORLEN.
Second public offer of PKN ORLEN on
WSE and LSE increased free float up to
72%.
2002
Expansion into German retail market.
Joint venture with Basell –
Basell Orlen Polyolefins.
2005
Acquisition of majority stake in Unipetrol
(Czech holding).
Introduction and start of PKN ORLEN
Retail Sales Development Plan for
Poland.
Introduction and start of Unipetrol
Partnership Program.
2006 +
Acquisition of Lithuanian refinery - Mazeikiu
Nafta (from 2009 ORLEN Lietuva).
Implementation of segmental management.
Implementation of two-tier branding
strategy in retail segment in Poland and the
Czech Republic.
Strategy of ORLEN Capital Group for 2009-
2013.
CAPEX, OPEX, working capital and
headcount optimization.
Launch of petrochemical PX/PTA complex.
19

Supply Routes Diversification
Sea Oil Terminals in Gdansk and Butinge Guarantee Alternative Supply Routes
Sea terminal [capacity]
Oil pipeline [capacity]
Projected Oil pipeline
Refinery of PKN ORLEN Group
Refinery (capacity m tonnes p.a.;
Nelson complexity index)
Holborn
(3.8; 6.1)
Ingolstadt
(5.2; 7.5)
Bayernoil
(12.8; 8.0)
Harburg
(4.7; 9.6)
Leuna
(11.0; 7.1)
Rostock
Schwedt Gdansk
(10.7; 10.2) (10.5; 10.0)
(70) Primorsk
Kirishi
(18) Ventspils
Butinge
DRUZHBA
(14) Mazeikiai
Naftoport (10.2; 10.3) Novopolotsk
(30)
(8.3; 7.7)
[Ca 27]
[Ca 30]
[Ca 22]
[Ca 18]
DRUZHBA
[Ca 34]
Mozyr
(15.7; 4.6)
[Ca 55]
Plock
(16.3; 9.5)
Litvinov (5.5, 7.0)
Kralupy Trzebinia Jedlicze
Drogobich
(3.4; 8.1) (0,5) (0,1)
Brody
IKL [Ca 10]
(3.8; 3.0)
Bratislava
Burghausen [Ca 9]
[Ca 20]
DRUZHBA
(6.0; 12.3)
(3.5; 7.3)
[Ca 3,5]
[Ca 9]
Tiszaojvaro
Schwechat
(10.2; 6.2)
Duna
s
Petrotel Rafo
ADRIA (8.1, 10.6) (2.6; 7.6) (3.4; 9.8)
Rijeka
Petrobrazi
Triest
(4.4; 5.7) ADRIA Novi Sad (3.4; 7.3)
Sisak
(4.0; 4.6) Arpechim
(3.9; 4.1)
(3.6; 7.3)
Pancevo
(4.8; 4.9)
[Ca 34]
[Ca 22]
[Ca 60]
[Ca 25]
Yuzhniy
Odessa
(ex 4)
(3.8; 3.5)
(ex 12)
Petromidia
(5.1; 7.5)
Neftochim
(5.6; 5.8)
[Ca 80]
[Ca 78]
[Ca 45]
[Ca 120]
[ Ca 24]
Kremenchug
(17.5; 3.5)
Kherson
(6.7; 3.1)
[ Ca 29]
Yaroslavi
Novorossiys
k
(ex 45)
Lisichansk
(8.5; 8.2)
Elefsis
(4.9; 1.0)
Thessaloniki
(3.2; 5.9)
Aspropyrgos
(6.6; 8.9)
Corinth
(4.9; 12.5)
Izmir
(10.0; 6.4)
Izmit
(11.5; 6.2)
Kirikkale
(5.0; 5.4)
Batman
(1.1; 1.9)
Source: Oil & Gas Journal, PKN Orlen own calculations, Concawe,Reuters, WMRC, EIA, NEFTE Compass, Transneft.ru
20

ORLEN Lietuva - maximizing the possessed potential
ASSETS
Sea terminal
Ventspils
(20,0 mt/y)
(14,3 m t/y)
Latvia
Sea terminal
Butinge
(14,0 mt/y)
Klaipeda
(9,0 mt/y)
(14,,0 m t/y)
Mažeikių
Nafta
(16,4 mt/y)
Joniskis
Orlen Lietuva
Refinery
Lithuania
Biržai
Illukste
Polock
Pump station
Terminal
Storage depot
Crude pipeline
Products pipeline
Rail transport
KEY FACTS
ORLEN Lietuva manages ca. 500 km of pipelines in the territory of Lithuania (both crude oil and product pipelines).
Crude oil deliveries via sea to terminal in Butinge.
Products supply within Lithuania is managed by use of railway or tankers.
The potential product pipeline to Klaipeda would improve logistics of final products.
Costs optimization and improvement of operating parameters.
Postponing the date of advisor’s report on recommendation for the request of potential partners, for more detail analysis
of the Company.
21

Unipetrol – continuation of operating efficiency improvement
ASSETS
ethylene
Litvínov
5.5 mt/y
IKL
Pipeline
10 mt/y
Kralupy
3.2 mt/y
Pardubice
1.0 mt/y
KEY FACTS
Druzhba
pipeline
9 mt/y
Mero Crude oil pipelines
CEPRO production pipelines
CEPRO depots
Positive free cash flow as a result of ongoing strict cost control.
Continuation of the long-term trend in staff reduction.
Steadily growing market share in Czech retail from below 10% in 2005 to over 14% in 2011.
Revival of demand since 2010 allow to look optimistically to polyolefins market.
22

Relatively low rate of energy consumption per capita and need for new power
plants indicates high potential for growth in the energy generation sector
ELECTRICITY CONSUMPTION IN EUROPE, 2000-2007
FORECAST FOR SUPPLY AND DEMAND FOR PEAK
POWER IN POLAND, 2005-2020, GW
Developed
countries 1
PKN ORLEN’s
markets 2
Rest
Demand
Supply
Electricity consumption
CAGR 2000-2007, %
4,1
2,1
1,5
Electricity consumption
per capita, 2007, ths. KWh
6,8
3,9
2,7
38
36
34
32
30
28
26
24
2005 2010 2015 2020
Currently energy consumption per capita on PKN ORLEN’s market is by ~ 40% lower than in developed countries 1. Forecasts indicate 2-3% increase in
the electricity demand in Poland until 2030 p.a.
The profitability of the sector is increasing in the result of the expected imbalance between supply and demand
44% of existing power plants in Poland is over 30 years. Old units of 11-15 GW (~30-40% existing capacity) have been planned to be closed. Power
capacities increase planned until 2020 of ~20 GW (includes both modernization of existing and construction of new plants). Top Polish energy companies
(i.e. PGE, Tauron, Enea, Energa) have announced plans of extensive capital investments into increase of capacities, summing up to ~90 bn PLN
Despite the current economic slowdown, an increase in the wholesale electricity prices is expected in the coming years
1)
Developed countries comprise: EU-15, Norway, Switzerland and Slovenia. 2) PKN Orlen’s markets comprise: Poland, Czech Republic, Baltics)
Source: EIA, IMF, PKN ORLEN analysis
23

New power plants are mostly required in the northern Poland
EXISTING AND PLANNED GENERATION CAPACITY UNTIL 2015
Concentration of
generation sources
Cable from
Sweden
El. Szczecin
(800-1000 MW)
PGE (800 MW)
Dolna Odra
PGE ZEDO
Włocławek
Power Plant Gdańsk (Lotos, PGNiG, Energa)
(200 MW)
El. Opalenie
(1600 MW)
Energa
Ostrołęka Ostroleka
Energa
(1000 MW)
PKN ORLEN
PAK
Płock refinery
PAK
Enea
PGE Kozienice
Kozienice
(833 MW)
PGE Belchatów
PGE
Bełchatów
Electrabel
Turów (500 MW) BOT
Połaniec Polaniec
PGE Opole
Tauron Tauron
PGE Turów
(2000 MW) PKE PKE
Blachownia
Opole Blachownia
PGE
Łagisza Lagisza
(920 MW) Halemba Halemba Siersza Siersza
Jaworzno Jaworzno
Łaziska Laziska
EdF Rybnik /EnBW
Rybnik
CEZ Skawina
Rybnik
(900-1000 MW)
Skawina CEZ
(400 MW)
RWE
(800 MW)
Enea
(2000 MW)
Tauron
Stalowa Wola
TauronWola
(400 MW)
PGE
(1600 MW)
Jamal gas pipeline
Brown coal power stations
Hard coal power stations
Planned capacity
Planned LNG terminal
Northern Poland has a
historical power deficit.
The current production capacity
is concentrated mainly in the
south of the country.
Some of the planned
greenfield capacities are
located north, near Anwil plant
in Włocławek.
24

Dividend policy:
PKN ORLEN aims to pay dividends equal or higher than 50% of FCFE
Net profit
+ amortization
Reference point for dividend policy – PKN
ORLEN investment goals and opportunities:
Capex
Net working
capital change
Debt structure
adjusting to optimal level
FCFE
taking into account mergers and
acquisitions
allowing for maintaining the optimal
capital structure determined by the
following ratios:
Covenant: Net Debt/EBITDA max.
3.5
Gearing: Net Debt / Equity of 30% -
40%
50
40
30
20
10
0
3,3 3,0
Dividend payout ratio 1999 - 2010 Dividend per share 1999 - 2010
20,3
15,4
30,0
40,0
0,0
0,0
25,1
0,0
0,0
1999 2001 2003 2005 2007 2009
0,0
3
2,5
2
1,5
1
0,5
0
2,13
1,62
0,65
0,12 0,14
0,05 0,05 0 0 0 0
1999 2001 2003 2005 2007 2009
0
25

Polkomtel
Non-core investment of significant value
Shareholders’ structure
Dividends
21.83%
24.39%
24.39%
24.39%
4.99%
Dividend for
the year:
2006
2007
2008
2009
Paid in:
2007
2008
2008/09
2009/10
PLN m
202
245
305
137
PKN ORLEN
KGHM
PGE
Vodafone
Węglokoks
Cash inflow of PLN 3,7 bn for PKN ORLEN from sale of stake in Polkomtel in November 2011
Polish Office of Competition and Consumer Protection approved the transaction in October.
Preliminary agreement signed in June for the sale of 100% shares to Spartan Capital Holdings Sp. z o.o., including the
entire 24,39% shareholding owned by PKN ORLEN.
The total transaction consideration implies an Enterprise Value of PLN 18,1 bn.
After deductions attributable to debt and dividend the net proceeds amount to PLN 15,1 bn.
Capital profit before tax will amount to PLN 2,5 bn.
2010
2010/11
373
26

Effective execution of two-tier branding strategy as a response to market
polarization
PKN ORLEN branding strategy
Poland
Successful rebranding of heritage network of
mixed brands into premium ORLEN and
economical BLISKA networks.
PREMIUM
ECONOMICAL
Market research is to help to determine the final
branding strategy.
Czech Republic
Lithuania
Building a solid foundation for the future
development of high quality ORLEN network.
Germany
Focus on economical STAR network with
competitive prices and superior customer service.
27

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 PKN 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 PKN 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 PKN 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.
28

For more information on PKN ORLEN, please contact
Investor Relations Department:
telephone: + 48 24 256 81 80
fax + 48 24 367 77 11
e-mail: ir@orlen.pl
www.orlen.pl
29