POLSKIE GÓRNICTWO NAFTOWE I GAZOWNICTWO SA Notes Placed with the Group Subsidiaries

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

On December 29th 2014, PGNiG issued notes (the "Notes") under theShort-Term Note Issue Programme dated May 6th 2014 (the "Programme"). The aggregate par value of the Notes is PLN 220,000,000.00 (two hundred twenty million złoty), including:

- 2200 Notes with the total value of PLN 220,000,000.00 (two hundredtwenty million złoty), maturing on January 30th 2015 and yielding 2.23% per annum, which have been acquired by Polska Spółka 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 Polish złoty and have been offeredin a private placement exclusively in the territory of Poland.

The Notes are unsecured discount bearer notes in book-entry form, andwill be redeemed at par value.

PGNiG has no plans to introduce the Notes to public trading.

The Programme is a tool designed to effectively manage short-termliquidity within the PGNiG Group.

Following the Note issue discussed above, the total par value of notesissued under the Programme and outstanding as at December 29th 2014 is PLN 475,000,000.00 (four hundred seventy five million złoty)

More information on page: biznes.pap.pl

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