PKN Orlen S.A.

Capital/Financing Update • Jul 7, 2023

Setting the key terms and conditions of Eurobonds issueRegulatoryannouncement no 34/2023 dated 7 July 2023ORLEN S.A. (the"Company_quot;) announces that on 7 July 2023 the Company's Management Boarddecided to issue and set the key terms and conditions of the issue ofseries B of eurobonds ("Eurobonds") with the total nominal value of EUR500,000,000, which will be issued under the medium-term Eurobondsprogramme established on 13 May 2021.The Bonds will be issued onthe following terms and conditions:- The total nominal value ofEurobonds: EUR 500,000,000,- Issue of 5,000 series B Eurobonds inregistered form;- Nominal value of one Eurobond: EUR 100,000;-Issue price of one Eurobond: EUR 98,353;- Maturity date: 7 yearsafter the Eurobonds issue date;- The Eurobonds will bear fixed rateinterest of 4.750% per annum;- The Eurobonds are not secured;-The Eurobonds will be registered in the international system ofsecurities registration maintained by Euroclear Bank SA/NV and/orClearstream Banking SA;- The Company will apply for the admission ofthe Eurobonds to trading on the regulated market of Euronext Dublin andthe Warsaw Stock Exchange.The detailed terms and conditions ofthe Eurobonds will be specified in the Final Terms of the Eurobonds.Fundsfrom the issuance of the Eurobonds will be used for financing of theday-to-day business of the Company.