Commentary & Deal Flow

Reoffer: 7yr: MS+110bp / 99.102 / 3.899%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN @ 97.57 / B+119.5bp (HR: 102%)

Final Books: ~€1.8bn (pre-rec, good at guidance). Peak book ~€1.8bn.

Launched: 7yr: €750m @ MS+110bp - Books ~ €1.8bn (pre-rec, good at guidance)
Guidance: 7yr: MS+115 +/- 5bps WPIR - Books > €1.6bn (excl. JLM)
IPTs: 7yr: MS+140a

• Issuer: ORLEN S.A. (Ticker: PKNPW)
• Issuer Ratings: A3 (stable) / BBB+ (stable) (Moody's/Fitch)
• Expected Issue Ratings: A3 / BBB+ (Moody's/Fitch)
• Format: Reg S only, Category 2, Registered Form
• Status: Senior Unsecured
• Settlement: 07-Jul-26 (T+5)
• Tenor: 7-Year
• Maturity: 07-Jul-33
• Amount: €750m
• Re-offer: MS+110bp / 99.102 / 3.899%
• Benchmark: B+119.5bp vs DBR 2.3 33 TWIN @97.57 / 2.704% (HR: 102%)
• Coupon: 3.750% FXD, Ann, ACT/ACT, ICMA
• ISIN: XS3430816002
• Denominations: €100k + €1k
• Optional Redemption: Par call at any time from 3 months prior to the Maturity Date, Change of Control Put Option, Residual Call (80% at par)
• Listing: Euronext Dublin
• Documentation: €5bn GMTN Programme dated 26-Jun-26
• Law: English Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Use of Proceeds: To finance or refinance, in whole or in part, Eligible Projects and Activities (including other related and supporting expenditures) in accordance with ORLEN S.A.’s Green Finance Framework, updated in June 2025
• Target Market: MiFID II / UK MiFIR - Eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Netroadshow: https://dealroadshow.finsight.com/e/ORLEN26
• GFF and SPO: https://www.orlen.pl/en/sustainability/green-finance
• Global Co-Ordinators and Joint Bookrunners: BNP Paribas (B&D), ING and UniCredit
• Joint Bookrunners: Bank Polska Kasa Opieki, CaixaBank and Erste Group
• Timing: TOE: 16:22 UKT | FTT: 08:00 UKT on 01-Jul-26