UNIPETROL FINANCIAL RESULTS

#Unipetrol

@unipetrolcz

Marek Świtajewski, CEO

Mirosław Kastelik, CFO

21 April 2016

Prague, Czech Republic

1Q 2016

1Q16

2 1Q16

Financial results

23 Back-up

3 Key highlights of 1Q16

8 Financial and operating results

16 Cash flow and financial position

19 Steam cracker update and operational outlook

21 Macro and regulatory outlook

5 Macro environment

TABLE OF CONTENTS

3 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

4 1Q16

Financial results

-1.9

1Q16

3.6

4Q15

4.2

1Q15

5.5

Refining model margin

(USD/bbl)

884838611

+273

1Q16 4Q15 1Q15

Petrochemical model margin

(EUR/t)

External macro

environment

Operational

performance

Value creation &

financial position

+15%

1Q16

1,429

4Q15

1,568

1Q15

1,243

Processed crude

(kt)

+46%

1Q16

1,538

4Q15

1,609

1Q15

1,055

Refining sales incl. retail

(kt)

350807

3,111

-89%

1Q16 4Q15 1Q15

EBITDA LIFO

(CZK m)

-500

-9,089

1Q16 4Q15

-9,589

1Q15

-5,856

Net debt/(net cash)

(CZK m)

► Czech GDP growth remained at high level of 4.1% y/y in 4Q15,

a drop to 2.6% is expected in 1Q16

► Crude oil price declined by 36% y/y to 34 USD/bbl

► Refining model margin decreased by 35% y/y to 3.6 USD/bbl

► Petrochemical model margin increased by 45% y/y to 884 EUR/t

► Low crude oil price level continued to support external macro

environment, especially petrochemical margins

► Steam cracker still out of operation which materially impacted

operational performance (processed crude volume and mainly

petrochemical production and sales volumes)*

► Refining utilization ratio declined from 84% to 66% y/y as a

result of the accident and turnaround in Litvínov

► Refining sales volumes profoundly increased by 46% y/y to

1,538 kt thanks to higher refining capacity (Eni’s stake in

Česká rafinérská)

► Benzina further increased its market share to 16.3%

► Significant drop in EBITDA LIFO by 89% y/y to CZK 350 m

due to steam cracker accident and turnaround in Litvínov

► Very strong net cash position of CZK 9.6 bn with operating

cash flow of CZK 4.8 bn

* Note: For more information on steam cracker refer to slide 20.

KEY HIGHLIGHTS OF 1Q16

5 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

6 1Q16

Financial results

Czech GDP growth remained high at 4.1% y/y in 4Q15

GDP dynamics (quarterly data, y/y)

Source: OECD, Bloomberg

Confidence in the Czech economy (monthly data)

Source: Czech Statistical Office

FX (monthly data)

Source: Czech National Bank

0

1

2

3

4

5

1Q17

E

1.7

2.8

4Q16

E

1.7

2.8

3Q16

E

1.5

2.2

2Q16

E

1.4

2.3

1Q16

E

1.4

2.6

4Q15

1.6

4.1

3Q15

1.6

4.6

2Q15

1.6

4.5

1Q15

1.3

3.9

4Q14

1.0

1.4

3Q14

0.8

2.3

2Q14

0.8

2.1

95

105

60

70

80

90

100

110

120

2016 2015 2014 2013 2012

Consumer confidence

Business confidence

16

18

20

22

24

26

28

2016

24.37

27.05

2015 2014 2013 2012

CZK/EUR

CZK/USD

March

March

Eurozone

Czech Republic

► Czech GDP growth remained at high level of 4.1% y/y in 4Q15, a drop

to 2.6% is expected in 1Q16

► Stable level of business confidence in the Czech economy, consumer

confidence slightly decreased but remained on relatively high level

► CZK stable against EUR slightly above ČNB’s target of 27 CZK/EUR;

light appreciation against USD to 24.4 CZK/USD in March; eurodollar

relatively stable around 1.1 USD/EUR

► Diesel consumption increased by 3.2% y/y, gasoline remained stable

in the Czech Republic (mt)*:

GENERAL MACRO ENVIRONMENT

1.061

0.0%

0.353

+3.2%

1Q16

1.028

1Q15 1Q16

0.353

1Q15

Diesel Gasoline

* Own estimates based on available data from the Czech Statistical Office.

7 1Q16

Financial results

Crude oil price further dropped y/y which supported solid downstream macro environment

Brent crude oil price (quarterly average)

USD/bbl

Refining model margin and Brent-Ural differential

USD/bbl

Combined petrochemical model margin

EUR/t

4450

62

102

110108109110

102

113110110

119

109

117

34

113

30

40

50

60

70

80

90

100

110

120

130

-36%

1Q16 3Q15 1Q15

54

76

3Q14 1Q14 3Q13 1Q13 3Q12

108

1Q12 3Q11

0

1

2

3

+0.9 USD/bbl

1Q16

2.6 2.7

3Q15

1.5 1.5

1Q15

1.7 1.5

3Q14

1.8 2.2

1Q14

1.4 1.5

3Q13

0.2 0.7

1Q13

1.7 1.1

3Q12

0.7

2.1

1Q12

1.3

0.3

3Q11

0.7

2.9

0

2

4

6

1.4 1.9

4.3 5.1

2.5 2.0

0.6 0.9 0.1

-1.9 USD/bbl

3.6 4.2

5.8 5.3 5.5

2.2 2.5

0.5 0.2 0.5 0.2

Refining model margin

Brent-Ural differential

800

1,000

900

0

600

500

400

300

700

100

200

943

871

1Q15

611

714

+45%

1Q16

884 838

3Q15 3Q14

661 627

1Q14

648 605

3Q13

615 631

1Q13

631 609

3Q12

554 617

1Q12

514 476

3Q11

543

641

Polyolefin

Olefin ► Crude oil price declined by 22% q/q to 34 USD/bbl; 36% lower y/y

► Brent-Ural differential increased by 55% y/y to 2.6 USD/bbl

► Refining model margin decreased by 35% y/y to 3.6 USD/bbl

► Petrochemical model margin increased by 45% y/y to 884 EUR/t

► Low crude oil price level continued to support external macro

environment, especially petrochemical margins

DOWNSTREAM MACRO ENVIRONMENT

8 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

9 1Q16

Financial results

Revenues

EBITDA LIFO

EBITDA

EBIT

Net profit/loss

CZK m

17,686 22,957 23,975

-26%

350807

-2,761

3,111

559708

-2,338

2,897

243 103

-2,323

2,426

182

-25

-2,020

1,995

FINANCIAL RESULTS – REPORTED NUMBERS

1Q2016 4Q2015 1Q2015

10 1Q16

Financial results

Revenues

EBITDA LIFO

EBITDA

EBIT

Net profit/loss

CZK m

449919

-2,662

3,111

658820

-2,239

2,897

202355

-2,224

2,426

74294

-1,921

1,995

Lower adjusted EBITDA LIFO of CZK 449 m due to steam cracker accident

► Revenues decreased by 26% y/y due to lower crude oil

prices, lower petrochemical products sales volumes and

refinery utilization resulting mainly from the steam cracker

accident and also due to ongoing turnaround of Litvínov

chemical complex

► Lower adjusted EBITDA LIFO of CZK 449 m mainly due to

lost sales volumes / profit because of steam cracker accident

► Estimated lost business profit in 1Q16 resulting from

steam cracker accident expected to be recovered from

insurer amounts to CZK 2.9 bn (not included in financial

results)

► Other one-off operating cost incurred in 1Q16 in connection

with the fire of steam cracker in amount of CZK 99 million

► LIFO effect positive of CZK 209 m

► Depreciation and amortization of CZK 456 m

► EBIT of CZK 202 m in 1Q16

► Positive result from financial operations of CZK 12 m

► Tax expense of CZK 140 m and net profit of CZK 74 m in

1Q16

• 4Q2015 – Adjusted for other operating cost incurred in connection with the fire of steam cracker in amount of CZK 112 m.

• 1Q2016 – Adjusted for other operating cost incurred in connection with the fire of steam cracker in amount of CZK 99 m.

-26%

17,686 22,957 23,975

FINANCIAL RESULTS – NUMBERS ADJUSTED FOR ONE-OFFS

1Q2016 4Q2015 1Q2015

11 1Q16

Financial results

Significant drop in operating profitability due to steam cracker accident

► Downstream segment (combination of refining and

petrochemicals) EBITDA LIFO of CZK 132 m represents

significant drop due to not operating steam cracker unit in 1Q

and ongoing turnaround of Litvínov chemical complex

► Retail segment with positive contribution of CZK 201 m

201

132

350

1Q16

EBITDA LIFO

Corporate functions

16

Retail Downstream

Segment results – EBITDA LIFO

CZK m

350449

1Q16

EBITDA

LIFO

1Q16

One-offs

-99

1Q16

EBITDA

LIFO *

Corporate

functions

25

Retail

67

Downstream*

-2,755

1Q15

EBITDA

LIFO

3,111

Change in segment results y/y

CZK m

► Considerable decrease in operating profitability y/y by

CZK 2,761 m…

► …driven by downstream segment with drop of CZK (-) 2,755

m y/y caused mainly by steam cracker accident

► Retail segment increased by CZK 67 m y/y

Note: Numbers with a star “*”sign represent numbers adjusted for other operating cost incurred in

connection with the fire of steam cracker in amount of CZK 99 m.

OPERATING PROFITABILITY BY SEGMENTS

12 1Q16

Financial results

Downstream segment results – Drivers of change y/y

CZK m

Adjusted EBITDA LIFO significantly decreased to CZK 231 m

132231

1Q16

EBITDA LIFO

1Q16

One-offs

-99

1Q16

EBITDA LIFO *

Other*

-932

Volumes

-1,567

Macro

-256

1Q15

EBITDA LIFO

2,986

EBITDA LIFO quarterly – Adjusted*

CZK m

665854122106

531875941

38231

448384

860

2,500

3,000

3,500

4,000

2,000

1,500

1,000

500

0

-500

-1,000

1Q16 3Q15

3,360

3,591

1Q15

2,986

2,330

3Q14

2,080

1Q14 3Q13 1Q13 3Q12

1,225

1Q12

-78

-887

3Q11

EBITDA LIFO quarterly – Adjusted* - w/o impairment in 2011, 2012 and 2Q14, gain on acquisition

in 1Q14 and 2Q15, provision for removal of old ecological burdens in 2Q15 and one-offs related to

steam cracker accident in 3Q15, 4Q15 and 1Q16.

► Negative macro impact of CZK (-) 256 m y/y driven by lower

refining margins partially compensated by lower crude oil

prices

► Negative volumes impact of CZK (-) 1,567 m y/y driven by:

Significantly lower petrochemical sales volumes due to

steam cracker accident and ongoing turnaround of Litvínov

chemical complex

Partially compensated by higher refining sales volumes

(higher available capacity in Česká rafinérská)

► Negative impact of Other category of CZK (-) 932 m y/y driven

by:

Inventory revaluation effect (NRV) due to declining of crude

oil price

Higher fixed costs in Česká rafinérská (Eni’s stake)

–

DOWNSTREAM – EBITDA LIFO

13 1Q16

Financial results

Significant increase in refining sales volumes by 46% driven by higher refining capacity

Processed crude and refining utilization ratio

kt, %

597

509464

966

399

1Q16

1,429

66%

4Q15

1,568

72%

1,059

3Q15

1,840

85%

1,243

2Q15

1,845

95%

1,446

1Q15

1,243

84%

Distillation yields

8%

46%

35%

1Q16

6%

46%

38%

4Q15

7%

48%

36%

3Q15

9%

47%

35%

2Q15

10%

46%

34%

1Q15

Heavy

Middle

Light ► Sales volumes increase by 46% y/y to 1.5 mt driven by:

Higher refining capacity (Eni’s stake in Česká rafinérská)

Operating of refineries to maximize fuels production

Increased imports of fuels

Sales of steam cracker feedstock

► Higher level of processed crude of 1.4 mt compared to 1Q15 (Eni’s stake

in Česká rafinérská)

► Refining utilization ratio declined from 84% to 66% y/y due to ongoing

turnaround in Litvínov and steam cracker accident which caused

reduction in refinery production

► Higher yields of light and middle distillates thanks to higher utilization of

Kralupy refinery y/y

762

836816775

892866842896

908914

737751

1,800

1,600

1,400

1,200

1,000

800

600

400

+46%

1Q16

1,538

1,039

499

1,609

3Q15

1,679

1,457

1Q15

1,055 1,050

3Q14

1,174

1,130

1Q14 3Q13 1Q13 3Q12 1Q12 3Q11

Sales volumes of refining products, incl. retail (Benzina network)

kt Acquired

stake in

Česká

rafinérská

from Eni

Eni’s

stake

DOWNSTREAM (REFINING) – OPERATIONAL DATA

14 1Q16

Financial results

Petrochemical operations materially impacted by steam cracker accident on 13 August 2015

225

332

442439

449445

420

366

453466

411387387

193

446440

403

440

389

446

150

200

250

300

350

400

450

500-57%

1Q16 3Q15 1Q15 3Q14 1Q14 3Q13 1Q13 3Q12 1Q12 3Q11

Sales volumes of petrochemical products

kt

Steam-cracker utilization ratio

1Q16

0%

4Q15

0%

3Q15

37%

2Q15

89%

1Q15

95%

► Petrochemical operations materially impacted by steam cracker

accident on 13 August 2015 and ongoing turnaround of chemical

complex in Litvínov

Steam cracker unit out of operation

Sales volumes declined by 57% to 193 kt

31

49

73

32

59

79

37

75

22

86

-74% -51%

1Q16 4Q15 3Q15 2Q15 1Q15 1Q16 4Q15 3Q15 2Q15 1Q15

Sales volumes of polyethylene and polypropylene

kt Polyethylene Polypropylene

DOWNSTREAM (PETROCHEMICALS) – OPERATIONAL DATA

15 1Q16

Financial results

Continuation of a good profitability with EBITDA LIFO of CZK 201 m

EBITDA LIFO quarterly

CZK m

288316

173147145

210

110

220

0

50

100

150

200

250

300

350

1Q16

201

3Q15

283

122

1Q15

134

3Q14

169

120

1Q14

100

3Q13 1Q13

43 76

3Q12

151

1Q12

146

3Q11

178

Retail segment results – Drivers of change y/y

CZK m

Benzina market share

+ ► Positive fuel margin impact of CZK 15 m y/y resulting from

higher margin on diesel

► Positive fuel sales volumes impact of CZK 41 m y/y thanks to

set of marketing activities and solid dynamics of Czech GDP

► Positive impact of non-fuel sales of CZK 11 m y/y driven by

expansion of StopCafe concept and various promotions

► Further increase in Benzina market share to 16.3% at the end

of January 2016

January 2016* – last available official statistical data.

13

14

15

16

17

January

2016*

16.3% 16.1%

3Q15

15.6%

15.4%

1Q15

15.3% 15.2%

3Q14

14.9%

14.8%

1Q14

14.7%

3Q13

14.5%

14.1%

1Q13

13.7% 13.6%

3Q12

13.6%

13.5%

1Q12

13.6% 13.8%

3Q11

13.9%

14.1%

14.5%

201

13441

1Q16

EBITDA

LIFO

Other

-1

Non-fuel

sales

11

Fuel sales

volumes

Fuel

margins

15

1Q15

EBITDA

LIFO

RETAIL SEGMENT

16 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

17 1Q16

Financial results

Very solid operating cash flow at the level of CZK 4.8 bn

Free cash flow (FCF) reconciliation

CZK m

Net working capital (NWC)

CZK bn

1Q16

1.6

18.5

9.6

10.5

4Q15

5.9

15.7

10.4

11.3

3Q15

7.2

16.2

11.4

12.0

2Q15

10.8

18.3

13.2

15.9

1Q15

9.5

14.4

11.0

12.9

► Continuation of solid cash generation:

Operating cash flow CZK 4.8 bn (CZK 1.9 bn related to

advance payments received from insurer)

Free cash flow CZK 3.7 bn

► CAPEX CZK 2.1 bn

► NWC declined by CZK 3.7 bn mainly due to lower crude

oil prices and advance payments received from insurer

854449

3,734

1Q16

Free cash

flow (FCF)

Other

investing CF

1,084

CAPEX

-2,109

1Q16

Operating

cash flow

4,759

NWC decline

3,704

1Q16

Operating

cash flow

before ∆ NWC

1,055

Other

operating CF

Tax paid

-39

LIFO effect

-209

1Q16

Adjusted

EBITDA LIFO

Payables

NWC

Receivables

Inventories

CASH FLOW & NET WORKING CAPITAL

18 1Q16

Financial results

Very strong net cash position of CZK 9.6 bn at the end of 1Q16

Net debt/(net cash)* change

CZK m

Net debt/(net cash)*, financial gearing & Net debt/EBITDA LIFO**

CZK bn, %

1Q16

-9.6

4Q15

-5.9

3Q15

-6.9

2Q15

-3.0

1Q15

-0.5

► Increase of net cash position q/q to CZK 9.6 bn…

► …with corresponding decrease in financial gearing to

the level (-) 27.4%.

► Net debt/EBITDA LIFO indicator at the level (-) 1.1

-27.4%

-16.7% -19.8%

-9.0% -1.7%

• Net debt/(net cash)* – includes cash pool liabilities.

• Net debt/EBITDA LIFO** – 4-quarter trailing adjusted EBITDA LIFO.

1Q16

Net debt /

(net cash)

-9,589

Other

-1,937

CAPEX

2,109

NWC decrease

-3,704

Tax paid

39

LIFO effect

209

Adjusted

EBITDA LIFO

-449

4Q15

Net debt /

(net cash)

-5,856

-1.1

-0.5 -0.5 -0.3 -0.1

Net debt/(net cash)

Financial gearing

Net debt/EBITDA LIFO

FINANCIAL GEARING

19 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

20 1Q16

Financial results

Steam cracker unit update

► Based on the updated estimations the company expects to complete the

repair works during July.

► Due to complexity and focus on safety the restart schedule has been

adjusted. The steam cracker unit will be restarted at 80% capacity utilization

at the end of August 2016. Full capacity is expected to be reached at the

end of October 2016.

► Unipetrol is insured against both property & mechanical damages and

business interruption. Based on the estimates made at the end of March

2016 cost of repair are at the level of CZK 4 bn and Q1 2016 lost business

profit at the level of CZK 2.9 bn.

STEAM CRACKER UPDATE AND OPERATIONAL OUTLOOK

Turnaround of chemical complex in Litvínov

► Turnaround activities in chemical complex in Litvínov started on 15 March

2016. Engineering works have been finished on all units except Vacuum

Distillation Unit where a fire happened during finalization of maintenance

works. Due to the event, only a part of refinery operations is being started.

► Total related CAPEX spent at level of CZK 2.5 bn.

► More than 70 investment projects have been realized with planned budget

CZK 1.3 bn.

Agreement with MERO

► Representatives of Česká rafinérská and MERO ČR have signed an

amendment concerning transportation tariffs via the IKL and Druzhba

pipelines and new contract on arrangement of crude oil transportation via

the TAL pipeline in April 2016.

► The annual value of the contracts exceeds CZK 1 bn.

► Following the contract implementation Unipetrol assumes to achieve

savings comparing to previous conditions, level of which depends on the

volume of transported crude oil.

21 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

22 1Q16

Financial results

Macro environment

► Brent crude oil price – in base case scenario crude oil price is

expected at comparable level to an average crude oil price from 2015.

Factors that may cause crude oil price increase: demand increase,

limited number of drillings in USA and high geopolitical risk.

► Downstream macro environment – expected decrease of yearly

average comparing to 2015, mainly due to lower cracks on diesel and

petrochemical products. Despite the drop, downstream margin should

still be pretty high due to favorable macro environment, i.e. lower crude

oil price and increase in fuels and petrochemical products

consumption.

Regulatory environment

► Amendment to the Act on Fuels

Transposition of EU Directive on deployment of alternative fuels

(CNG, hydrogen, electrical energy).

Unipetrol urges an unification of petrol stations construction and

operation conditions – the same level of technical and safety

requirements for all petrol stations.

► Amendment to the Act on Air Protection

Unipetrol urges reduction/removal of the 4% fuels emission reduction

target till the end of 2017 from the Act – it is not obligatory, only

indicative in the EU Directive → assumption of advance fuels usage,

but very limited offer on the market, if available very expensive,

threat to competitiveness.

Czech Republic

2.5%

1.5%

Eurozone

Economy – GDP growth

► GDP – Czech Republic GDP expected to keep reasonable momentum

during 2016 at 2.5% (Bloomberg).

MACRO AND REGULATORY OUTLOOK

For more information contact Investor Relations Department:

Robert Pecha

Investor Relations Manager

Phone: +420 225 001 425

Email: robert.pecha@unipetrol.cz

Kateřina Smolová

IR Specialist

Phone: +420 225 001 488

Email: katerina.smolova@unipetrol.cz

www.unipetrol.cz

Thank you for your attention THANK YOU

24 1Q16

Financial results

AGENDA

Back-up

Macro and regulatory outlook

Steam cracker update and operational outlook

Cash flow and financial position

Financial and operating results

Macro environment

Key highlights of 1Q16

25 1Q16

Financial results

Detailed breakdown

EBITDA & EBIT – REPORTED NUMBERS

CZK m 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016

EBITDA LIFO 3 111 3 959 3 002 807 350

EBITDA 2 897 4 567 2 470 708 559

EBIT LIFO 2 640 3 463 2 506 342 -106

EBIT 2 426 4 071 1 975 243 103

EBITDA LIFO 2 986 3 910 2 719 553 132

EBITDA 2 772 4 518 2 188 454 341

EBIT LIFO 2 388 4 110 1 783 82 -25

EBIT 2 388 4 110 1 783 82 -25

EBITDA LIFO 134 122 283 288 201

EBITDA 134 122 283 288 201

EBIT LIFO 54 41 200 204 125

EBIT 54 41 200 204 125

EBITDA -9 -73 0 -33 16

EBIT -16 -80 -7 -42 3

Group

Downstream

Retail

Corporate functions

26 1Q16

Financial results

Explanation of key indicators

► Refining margin = revenues from products sold (96% Products = Gasoline 17%, Naphtha 20%, JET 2%, Diesel 40%, Sulphur Fuel Oils 9%, LPG 3%,

Other feedstock 5%) minus costs (100% input = Brent Dated); product prices according to quotations.

► Conversion capacity of Unipetrol’s refineries = Conversion capacity till 2Q2012 was 5.1 mt/y (Česká rafinérská – Kralupy 1.642 mt/y, Česká rafinérská

– Litvínov 2.813 mt/y, Paramo 0.675 mt/y). From 3Q2012 till 4Q2013 conversion capacity was 4.5 mt/y, i.e. only Česká rafinérská refineries conversion

capacity, adjusted for 51.22% shareholding of Unipetrol, after discontinuation of crude oil processing in Paramo refinery (Česká rafinérská – Kralupy 1.642

mt/y, Česká rafinérská – Litvínov 2.813 mt/y). From 1Q2014 till 1Q2015 conversion capacity was 5.9 mt/y after completion of acquisition of Shell’s 16.335%

stake in Česká rafinérská, corresponding to Unipetrol’s total stake of 67.555% (Česká rafinérská – Kralupy 2.166 mt/y, Česká rafinérská – Litvínov 3.710

mt/y). In 2Q15 conversion capacity increased to 7.8 mt/y driven by operation of Eni’s 32.445% stake in Česká rafinérská from May. From 3Q15 conversion

capacity is 100% of Česká rafinérská, i.e. 8.7 mt/y (Česká rafinérská – Kralupy 3.206 mt/y, Česká rafinérská – Litvínov 5.492 mt/y).

► Light distillates = LPG, gasoline, naphtha

► Middle distillates = JET, diesel, light heating oil

► Heavy distillates = fuel oils, bitumen

► Petrochemical olefin margin = revenues from products sold (100% Products = 40% Ethylene + 20% Propylene + 20% Benzene + 20% Naphtha) minus

costs (100% Naphtha); product prices according to quotations.

► Petrochemical polyolefin margin = revenues from products sold (100% Products = 60% Polyethylene/HDPE + 40% Polypropylene) minus costs (100%

input = 60% Ethylene + 40% Propylene); product prices according to quotations.

► Free cash flow (FCF) = sum of operating and investing cash flow

► Net working capital (NWC) = inventories + trade and other receivables – trade and other liabilities

► Net debt = non-current loans, borrowings and debt securities + current loans, borrowings and debt securities + cash pool liabilities – cash and cash

equivalents

► Financial gearing = net debt / (total equity – hedging reserve)

DICTIONARY

27 1Q16

Financial results

The following types of statements:

Projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure or other financial items; Statements of plans

or objectives for future operations; Expectations or plans of future economic performance; and Statements of assumptions underlying the

foregoing types of statements are "forward-looking statements", and words such as "anticipate", "believe", "estimate", "intend", "may", "will",

"expect", "plan“, “target” and "project" and similar expressions as they relate to Unipetrol, its business segments, brands, or the management of

each are intended to identify such forward looking statements. Although Unipetrol believes the expectations contained in such forward-looking

statements are reasonable at the time of this presentation, the Company can give no assurance that such expectations will prove correct. Any

forward-looking statements in this presentation are based only on the current beliefs and assumptions of our management and information

available to us. A variety of factors, many of which are beyond Unipetrol’s control, affect our operations, performance, business strategy and

results and could cause the actual results, performance or achievements of Unipetrol to be materially different from any future results,

performance or achievements that may be expressed or implied by such forward-looking statements. For us, particular uncertainties arise, among

others, from: (a) changes in general economic and business conditions (including margin developments in major business areas); (b) price

fluctuations in crude oil and refinery products; (c) changes in demand for the Unipetrol’s products and services; (d) currency fluctuations; (e) loss

of market and industry competition; (f) environmental and physical risks; (g) the introduction of competing products or technologies by other

companies; (h) lack of acceptance of new products or services by customers targeted by Unipetrol; (i) changes in business strategy; (j) as well as

various other factors. Unipetrol does not intend or assume any obligation to update or revise these forward-looking statements in light of

developments which differ from those anticipated. Readers of this presentation and related materials on our website should not place undue

reliance on forward-looking statements.

DISCLAIMER