Equity management conducted across the Group is performed to protect the Group’s financial security in the process of continuing operations while maximizing the profitability to shareholders, in particular by:

• providing access to liquidity for the Group entities and development of effective liquidity distribution structures within the Group;
• diversification of sources of external financing and maintaining their long-term maturity, taking into account banking and non-banking sources.

The above actions are performed based on the constant monitoring of:

• covenant value included in the loan agreements of ORLEN (note 14.7.1);
• ORLEN investment rating.

ORLEN Group Strategy till 2030, announced in February 2023, assumes a dividend policy of ORLEN based on 40% of adjusted free cash flow, created by the Group in the previous financial year. At the same time, a minimum level of dividend has been adopted, so-called base dividend (guaranteed), which will amount to PLN 4 per share for 2022 and will be progressively increased by PLN 0.15 annually till the level of PLN 5.20 per share in 2030. The dividend for previous years paid in 2022 and 2021 amounted to PLN 3,5 per share.