PGNiG SA - PGNiG Notes Placed with the Group Subsidiaries

Warsaw, November 7th 2014

PGNiG Notes Placed with the Group Subsidiaries

Current Report No. 112 /2014

The Management Board of Polskie GórnictwoNaftowe i Gazownictwo SA ("PGNiG") reports on the acquisition of PGNiG debt securities by the Group subsidiaries.

On November 7th 2014, PGNiG issued notes(the "Notes") under the Short-Term Note Issue Programme dated May 6th 2014 (the "Programme"). The aggregate par value of the Notes is PLN 10,000,000.00 (ten million złoty), including:

• 100 Notes with the total value of PLN10,000,000.00 (ten million złoty), maturing on January 9th 2015 and yielding 2.11% per annum, which have been acquired by Polska Spólka Gazownictwa Sp. z o.o. in which PGNiG holds a 100% stake and has the right to 100% of the total vote at the General Meeting.

The par value of one Note is PLN 100,000.00(one hundred thousand złoty).

All the Notes are denominated in the Polishzłoty and have been offered in a private placement exclusively in the territory of Poland.

The Notes are unsecured discount bearernotes in book-entry form, and will be redeemed at par value.

PGNiG has no plans to introduce the Notesto public trading.

The Programme is a tool designed toeffectively manage short-term liquidity within the PGNiG Group.

Following the Note issue discussed above,the total par value of notes issued under the Programme and outstanding as at November 7th 2014 is PLN 30,000,000.00 (thirty million złoty).

More information on page: biznes.pap.pl

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