Letter from the Chairwoman of the Supervisory Board

Ladies and Gentlemen,Angelina Sarota

It gives me great pleasure to say that 2014 was a good year for PKN ORLEN despite the increasingly uncertain business environment and unstable commodity markets, as well as the necessity to recognise impairment losses on non-current assets, which was due to external circumstances.

Consistently pursuing key objectives under the PKN ORLEN strategy for 2014–2017, the Company concentrated on diversifying its operations and financing sources, seeking market and product synergies, and carrying out its investment plans. Ownership and organisational changes were continued within ORLEN Group companies. With the shareholders’ interests and shareholder value growth in mind, the Company maintained a transparent dividend policy. More focus was placed on research and development, which may drive up the value of our assets in the long term. As a result, the ORLEN Group’s operating foundations and future prospects are stable and offer further potential for development, encouraging investors to put their trust in our Company, as evidenced by the market valuation of our stock and successful bond offerings.

The ORLEN Group takes care to meet the best standards in corporate governance by communicating openly with its market environment. The Company has been strengthening its position in this area for many years, developing and creating new channels of communication with stakeholders through various initiatives, such as the adoption of a new reporting framework in line with the guidelines of the International Integrated Reporting Council and Global Reporting Initiative. Our unwavering focus on observing the highest standards in investor relations has been repeatedly recognised by independent expert bodies.

In the course of its business, the Company is especially committed to corporate social responsibility, supporting important CSR initiatives, promoting healthy lifestyles and helping those in need. We are dedicated to enabling professional development of our employees, training leaders and creating a friendly working environment. We are also involved in a continuous dialogue with trade unions.

We are well-prepared to meet the challenges that the current year will bring. The ORLEN Group will respond to this uncertain environment by pursuing its strategy, which will enable us to ensure consistent value growth, react flexibly to changing conditions, and capture the opportunities offered by the market. We intend to continue our current investment and growth policy, which is based on a cautious approach and optimising risks, diversifying our business and maintaining sound financial ratios. I believe that it will bring us further success.

Angelina Sarota


Chairwoman of the Supervisory Board of PKN ORLEN