Dear Readers,

On behalf of the Management Board of Polskie Górnictwo Naftowe i Gazownictwo, I am proud to present you with the Social Report of the PGNiG Capital Group for 2014 entitled "Responsible Energy".

This is the seventh document summarizing the Group's commitment to corporate social responsibility projects, but it is also the first report to have been developed based on the latest Global Reporting Initiative (GRI) G4 standard and verified by an independent auditor.

As the largest Polish company specializing in the exploration, recovery, storage, distribution and sale of natural gas, the PGNiG Capital Group continues to grow dynamically to best meet the needs of its Customers without disregarding the key social and environmental issues in the process.

2014 was a very important year for PGNiG. The Capital Group established a new company, PGNiG Obrót Detaliczny, the Retail Trade Branch. The branch was created to separate retail trade from wholesale, which will assist the company in fulfilling its statutory obligation to sell natural gas on commodity exchanges in the coming years. This move was also introduced to better respond to the Customers' growing needs.

After several months of negotiations, the PGNiG Capital Group acquired subsequent hydrocarbon reserves in Norway, signed an agreement with Qatargas and began to renegotiate the Yamal Contract. The outcome of the negotiations will influence our future share of the market.

The Capital Group has initiated a broad restructuring plan to prepare for the deregulation of the Polish gas market.

The Group's new strategy for 2014-2022 sets out highly ambitious goals for the coming years. The strategy covers four key areas and ten main development projects which are expected to increase EBITDA to PLN 7 billion in 2022. Within this time framework, the Group is also planning to allocate PLN 40-50 billion to investment projects, maintain hydrocarbon exploration at a stable level on the domestic market and increase crude oil and natural gas production on foreign markets by acquiring stakes in exploration licenses.

The above goals will be pursued in accordance with the principles set forth by the Sustainable Development and Corporate Social Responsibility Strategy of the PGNiG Capital Group to produce results that are meaningful for our key stakeholders: Employees, Communities and Customers. We are ready to embrace the undertaken challenges. For many years now, PGNiG has been a part of the Global Compact initiative which further mobilizes us to observe human rights, create a safe and friendly workplace for our employees, protect the natural environment and fight corruption.

This year's Social Report is particularly interesting because its structure and the covered topics were based on the opinions voiced by our key stakeholder groups. Their representatives participated in a survey to identify areas and topics they consider most important.

I am deeply convinced that all measures and operations completed in 2014 have enabled the Group to promote the awareness of sustainable development issues and strengthen its dialogue with stakeholders.

I hope that this year's Social Report of the PGNiG Capital Group makes for a good read and assists the Readers in understanding our vision of a socially responsible business and the benefits that follow from our ongoing dedication to CSR issues.

Mariusz Zawisza
President of the Management Board
PGNiG SA