executive director for M&A and IR department, as well as by Karol Wolff, head of strategy. After the presentation, as usual, there will be a Q&A session. With no further delay, I give floor to Robert Ślesiński. Robert, floor is yours. Thank you very much, Konrad. Good afternoon, everyone. A lot have already been said about this transaction, yet still ahead, a lot ahead of us. Nonetheless, today we are facing a very significant milestone with regards to the merger between PKN ORLEN and Grupa LOTOS. Today, the management teams of both PKN ORLEN and Grupa LOTOS agreed and executed the merger plan, which has already been published in the public domain. In terms of the merger plan, the management teams already actually agreed on a share swap parity, which is the crucial part of the document. The agreed share swap parity is at the level of 1.075, what actually means that the shareholder actually, next slide. Apologies, because I forgot to. Can you go to the next slide? Next one. Next. Yes, yes. Apologies, because I want everyone could see it. Referring to the share swap parity again, what the management teams agreed is 1.075, what actually means that every one share of Lotos, the shareholder will get 1.075 of shares of PKN ORLEN. I think that the management teams believes that that constitutes an attractive opportunity for the shareholders of both companies, given the fact that it implies a premium for Lotos of more than 12% over yesterday's close, more than 26% of 3 months VWAP, and more than 30% of 6 months VWAP. That constitutes a significant premium to the current and average trading of Lotos company. On top of that, the various synergies has been analyzed during the process of last couple of months, and they have already been analyzed the last couple of years, actually, between the teams of PKN ORLEN and Grupa Lotos. We think that the synergies are significantly above the every single cost of remedies imposed by European Commission on both PKN ORLEN and Grupa Lotos. On top of that, what I would like to underline also that we strongly believe that there is a strong strategic rationale behind the transaction, and the share swap parity reflects the value of both companies and actually anticipates the performance of both companies going forward. To deep dive into that, because as you can imagine, there will be a lot of questions about the parity, I would like to refer a bit more to the methodology applied to the valuations. The two managements looked among others at trading multiples at some of the parts of each areas of businesses of both companies, the broker target prices, and we also referred, as I mentioned at the beginning, to the current trading and the average trading for the last couple of months, six months VWAP since three months VWAPs. Both management teams were supported by global investment banks when negotiating the parity, when discussing the approach towards the performance of the company, the expectations in terms of the EBITDA generated as of now and the expectations going forward. Actually, the management came to the conclusion that the parity presented to the public domain is providing the fair value and fair approach towards both shareholders of PKN ORLEN and Grupa LOTOS. Maybe just one comment with regards to the conditions precedent. I will elaborate on that a bit more on the following slides, but we still expect the antitrust approval from the European Commission. Here, maybe I would refer to one of our advisors, Professor Maciej Mataczyński, who is the head of our legal team, supporting us in the process of clearance from European Commission. Maciej, if you can comment on that, but maybe the general statement from our side is that we would not expect any difficulties with regards to obtaining the antitrust approval. Please, deep dive a bit. Yes. Thank you very much. Can you hear me? Yes. Okay. Thank you very much, Robert. Indeed, as you all know, because we've discussed it during previous calls, merger between PKN ORLEN and Grupa Lotos was in the jurisdiction of European Commission, and we had to receive consent for this transaction. Now, especially we had to receive the, it's called suitable purchaser approval. Approval of both purchasers. The partners with whom we have concluded divestment remedies, divestment contracts and the terms of contracts. As we have already conveyed to the Commission all the materials, all the contracts, and we are in the position of formally coming to an end of this process. There are no further questions from European Commission. They've now a period of 2-3 weeks at maximum that we hope. We have reasons to hope that we'll be closed by June 20th. Commission is preparing the decision and we look forward to acceptance of both as purchasers and conditions of contracts. Of course, formal decision will only be issued at that time. As I say, I mean, all the remaining doubts were solved. This is it. Thank you. Yes. Coming back to the valuations, maybe a couple of these additional comments before we move on. As I said, the management teams were supported by the global investment banks, but at the same time, the investment banks were supported by Big Four companies, which were conducting the so-called vendor due diligence in different areas. The financial area, tax area, and the legal area. All of the conclusions coming from vendor due diligence processes run by Big Four companies and also I would say well-known legal company, international legal company. They were used during the valuation processes and they were utilized during the negotiation processes. That both teams of ORLEN and Grupa LOTOS had a strong support from big international companies. With regards to the ultimate number, they were supported by many different perspectives as of today, the perspectives with regards to the actual macro conditions and the expectations going forward, and the underlying data with regards to the many different areas of businesses like petrochemicals, refining business, retail, power generation sector, and all of the perspectives which were discussed, actually they are reflected at the end in terms of the future performance of the companies in the proposed swap arrangement. Next slide, please. Here what you have, what you can see is the illustrative shareholding structure, pre and post the merger. What is important here is the combined shareholding, which we are presenting on the right-hand side. First of all, we expect that the shareholder structure will be as follows. Around 36% of the State Treasury and some significant minority shareholders will rise their shares comparing to the actual stake respectively in PKN ORLEN and Lotos. What is important here to underline, because if you take a look at the structure, you will see that both entities are very similar and their shareholdings are very aligned. At the end, we believe that the agreed parity benefits both shareholder bases actually. This is the key takeaway coming from this slide. Next slide, please. Transaction timeline. There is a history on the left-hand side, but as of today, we are having the signing of the merger plan, second of June. What are the next steps? As Professor Mataczyński said, we are expecting the antitrust approval, which should take place within more or less 10 weeks, but we can't see any obstacles in the next week in terms of getting that approval. It should be in the public domain within more or less 10 weeks, as we have just said. After that, we will convene the general assembly, which should take place at the end of next month. Our expectation is that the general meeting adopting the resolutions of the merger will take place in the third decade of July. That's our goal. The general meetings will be organized in PKN ORLEN and Grupa LOTOS within more or less the same time slots. Afterwards, we are expecting the registration from the respective court. We expect that the ultimate registration will take place at the end of August this year. What is next? Next, there are the divestment processes going forward. What we are doing then is we are preparing our assets, which are subject of the remedies to be divested. We think that it will take, like, three, maybe four months to finalize all of the transactions. At the same time, we will be buying the retail petrol stations from MOL on the respective markets, actually in Hungary and Slovakia. At the same time, what is not presented here, we will be aiming at announcing the merger plan for merger between PKN ORLEN and PGNiG. Our goal is to have all of the mergers finalized by the end of the year. Next slide, please. Next slide. On this slide, there's a brief summary of strategic rationale behind the transactions. As I said at the beginning, on a general basis, a lot has already been said, but on the next slides, we'll elaborate a bit more given the actual macro environment and how we see the merger between ORLEN and Lotos, on the basis of the strategy going forward, because this is one of the key important pillars behind the transaction, how to address the long-term strategy of merged companies between Lotos and PKN ORLEN. I will give the floor to Paweł Woliński, who will deep dive a bit more in the strategic rationale. Yep. Thank you. Thank you, Robert Sobków, for. Next slide. For this introduction. Yeah. I would like to show you how ORLEN-Lotos merger is part of strategic response of the group to the challenges that are reshaping energy markets around us. ORLEN and Lotos are active on energy market in Central Europe. The markets are driven by mega-trends that are changing the approach to hydrocarbons and energy supplies in general. The first mega-trend is technology that is giving more and more advantageous position of renewables. Additionally, we see moving electrification of transport in industry, especially in Western Europe, but in some time perspective, it will become important for Central Europe as well. Additionally, we are impacted by changing customer preferences. Customers are more and more cautious, conscious, and looking for sustainable solutions. Finally, environmental concerns are shaping our regulations. Here, the regulations both on national level and EU level are dramatically changing the environment that we are doing our business. Fit for 55, Clean Energy for All Europeans and European Green Deal in general, are sets of regulations that are decreasing the position of hydrocarbons in the energy markets. We, as a group, need to change. All the factors that I have mentioned imply the need for change and the transition of the group. Let me. On the next slide, if we can move. Yeah. Let me briefly summarize our strategy, our group strategy that we have published, actually in 2020, but I think it's still valid and it's still important. After the brief summary of the strategy, I would like to show you how the merger fits into the strategy pillars. In response to the energy transition, we have prepared a strategy that is based on five business segments of five pillars. We wanted to step away from just refining and petrochemicals, and we wanted to build a multi-energy business that is based both on old business lines like petrochemical, like petro-refining, for example, but is developing the new business segments like renewable power. Here you see five pillars of our business. Refining, petrochemicals, power generation, retail, and upstream. In each of the segments, we want to excel in our position in existing business line, but additionally enter into new segments, new parts of the value chain, especially with the important factor of our view or the important part of the sustainable business. In refining, we need to consolidate the assets, of course, but we want to drive development of biofuels and other alternative fuels. In petrochemicals, we want to focus on expansion of basic and advanced petrochemical capacities, but as well, we want to develop into recycling. In power generation, we plan to rapidly develop the renewable power, especially offshore power at the Baltic Sea. But it should be together with development of gas power plants. In retail, of course, sales of retail, the fuel retail, but also new comprehensive services and formats. Upstream, both upstream we should keep our sustainable portfolio assets. Going to the next slide. I wanted to show how we apply the strategic portfolio management logics to our multi-business approach. We want to maximize performance, as I said, of the old business lines, existing business lines. That should foster our ability to realize strategic development projects in petrochemical and renewable power. We want to excel in our refining operations, both of ORLEN and LOTOS, in order to have the capacities to develop petrochemical projects and renewable power projects. Going on the next slide. Next slide shows the picture of our group after merger of PKN and LOTOS. In refining, which we will be the regional champion with significant presence in Europe. We will be like top fuel producers in Europe and champion in Central Europe. Total capacity should be over 45 million tons per year. In petrochemicals, we will be strategic supplier for chemical industry, but we will have as well space for further development of petrochemical projects. In low carbon or in power generation, we already will have over 8 gigawatts of installed capacity, which is for the group a significant source of revenue and revenue diversification. Here as well, we will have a space for additional development. In retail, we will have the largest retail fuel network in Poland, combined of over 3,000 fuel stations. Our upstream activity or upstream reserves will amount to over 240 million BOE, with diversified portfolio, extending from North America to North Sea. Next slide, please. Here we show few operational indicators of the combined group. As I already said, in refining, top European refining producer with very complex advanced refineries in Gdańsk and Płock. Together, seven refineries in Eastern Europe, of capacity over 45 million tons per annum. In retail, the network of over 33,000 stations with over 35% of market share in Poland and significant position in upstream. However, the position in upstream should improve even better after the PGNiG merger. Now a few words about the remedies. Robert. Yes. The next slide, please. This is just a brief reminder of the remedies imposed by European Commission on the merged companies. It's just a summary. I think that everyone already know it perfectly because everything is already in public domain. I think that we can move forward to the next slide. Here, referring to what Karol has just said, I would underline a couple of additional things. The even broader strategic perspective and energy security in terms of Poland, in terms of both companies, and in terms of region. As of today, what we are facing in within the macro environment and all of the geopolitical, you know, activities around us, is the safety of supplies and the stability of supplies. Actually, PKN ORLEN has diversified the portfolio of crudes which are being supplied to the company, but it took a couple of years. Actually, ORLEN started to diversify its portfolio of crudes in 2015, 2016, and it took like 6, 7 years to get to the number which we are having right now. Of course, the war in Ukraine accelerated the process. As of today, the diversification of crude oil is around 70-30%, which means that the 30% of crude delivered to PKN ORLEN is coming from Russia, and the other part is from the other directions, where the significant part of it is coming from Saudi Aramco. If you take a look from the broader perspective, you know, in PKN ORLEN, our strategy in terms of the actual macro environment is as follows. We are looking at the short-term strategy and the mid-term strategy. Short-term and mid-term strategy from my perspective is the answer to the question, how to address, I would say, to respond to the negative effects of war, actually. What we are doing is we are switching from the standard suppliers like Russia to the other suppliers like Saudi Aramco and other companies from the northern part of Europe and, for example, United States. This is exactly to address the economy needs because we are responsible, both ORLEN and LOTOS, for delivering to the Polish economy stable sources of energy resources. Yes, because at the end, everything boils down to the effectiveness and the competitiveness of the economy in which we are working. This is the short-term perspective. The long-term perspective is to how to address the climate changes and how to align the strategy with the climate changes. This is exactly what Karol has just said. This is exactly what we will do going forward. We haven't said that at the beginning of our presentation, but our goal following the mergers is to present to the public domain the updates of the strategy. Our goal is to update the strategy of all merged companies by the end of the year and present the new operational model, how we would run the merged company going forward in a more effective way, in an efficient way to respond the midterm, short-term, and long-term perspectives, which we are discussing right now. Given the strategic rationale and the actual economic surrounding, and given the refining business in which we are in, the petrochemical business, what is extremely important? The stability of crude oil supplies. There is no stable business within the refining and petrochemicals without a stable partner, stable partnership. By now, we had a long-term relationship with Russian providers of crude. Actually all of the investment projects and all of the business optimization processes were based on Russian crude oil, on Russian vector. As you are fully aware, the situation changed dramatically. In the mid and short term, we need to switch to the other partners and raise the volumes delivered from different directions to Polish companies. Because at the end, if we are to invest in petrochemical business, in refining businesses to some extent, in new technologies, we need to base our supplies on a strong partnership. Because we need a serious partner with the quality of crude provided to the company on a long-term basis, with predictable partnership in terms of providing the expected volumes. Because one may say that there is a lot of crude around the world. Yes, that's true. Please find someone who can guarantee you the significant volumes for the next 5, 10, or 15 years with stable quality, with stable logistics. You will not find it. You need to find a partner who has access to his own production, and at the end, he sees you as a long-term partner. This is exactly what we are doing, that transaction. Actually, this is a paradox, but the remedies imposed on the companies by the European Commission provided the possibility to leverage our merger on the partnership with Saudi Aramco. What we have signed so far with Saudi Aramco is, of course, the initial agreement on divesting the shares, the 30% stake in the refinery and part of the wholesale business. What we have already signed is the crude oil supply agreement, which is of significant importance for the Polish companies going forward. Because that gives the stability which I'm referring to. Because at the end, based on the stable supplies with a strong partnership, you can build your strategy in terms of investments in petrochemicals and so on. On the right-hand side, what you can see on the slide is at the end where our goal is. Our goal is petrochemical technology, the advanced technology, renewables and sustainable business, actually. You cannot do it with a stable partner because as I said, for many years, for many decades, our businesses were based on the Russian crude oil. There is no Russian crude oil. Our thinking is that both the European Union and the Polish state will aim at getting rid of Russian hydrocarbons in the long run. Actually, we would expect that following next year, our goal and Polish state goal and the European Union goal will be to eliminate access to the Russian crude oil. This is the short term. In the long term are advanced products or investments in high tech and in renewables. All of this should be connected to the strong partnership with whom you may share the knowledge, with whom you may share the capital, and you may invest together. That's the strategic rationality behind, because our perspective is that specifically for Lotos, the partner like Aramco is something which gives to the company a long-term stability and a long-term perspective going forward. Because on the other hand, you know, what are the alternatives? That's the major question which we may rise. What I wanted to underline is that, at the end, there is no energy security, there is no significant growth for both ORLEN and Lotos without a strong partnership with whom you may invest more, you may invest in more advanced technologies, and you may share the knowledge in the long run. Next slide, please. Here we have just summarized on a general level the synergies coming from this merger. I will not go through the slide itself. Maybe what I will underline is the fact that on all of the analysis behind the synergies, you know, number of people have worked, number of people within PKN ORLEN and number of people within Grupa Lotos. Actually, significant part of these people, they have probably the highest experience in terms of oil and gas business in this region. These synergies are based on real operational strategies and on real operational data. These guys really dedicated a lot of time to analyze all of the potential strategies, synergies within the logistics, within the refining business and the semi product swaps and so on. The key takeaway coming from the slide is that our perspective, and I think that the both management's perspective of Lotos and PKN ORLEN, is that these synergies are with major extents cover the gap coming from the sale of the assets which were subject to the remedies imposed by European Commission. Next slide, please. This is our strategic plan in terms of approaching the merger going forward. What we are doing right now, actually, probably hundreds of people are involved how to prepare both companies to the day one, because what we need to focus on is to make the company working after the merger. This is a very complex process in which, as I said, engaged number of people, not only from the organizations itself, but also who are being supported by Big Four companies and all of the key consulting companies which are working in the region. That our goal is to be able to close the transactions with our potential investors and to be ready to smoothly start the operations after the merger. What we are approaching at the same time is we are building the strategic plan for value creation, because at the end we want to deliver the synergies and this is one of the key aspects of our approach toward the merger going forward. Actually, we are working within ORLEN and within Grupa LOTOS on implementing the synergies because very detailed implementation plan is being right now prepared. Following the registration of the merger, that will be right after the day one, implemented. The next stage is to close the big merger between all the key companies within the Polish state. Our goal is, as I said a couple of minutes ago, to close all of the mergers by the end of the year. Our goal would be given, I would say. I forgot the word, but what I want to say is that we would like to close the mergers before the end of the year, like a couple of months before the end of the year, just to be able to provide to the public domain the updated strategy, which should respond to mid-term, short-term and the long-term perspective, as I said. We will be ready to implement new operational plan, how we would see the business going forward, how we would manage the business, because our goal is to create a very effective concern for the next decades. This is it. Thank you very much for listening to the presentation. Now I open the floor for Q&A session. Yes. For the Q&A session of today's session, we will be utilizing the Raise Hand feature. If you would like to ask a question, simply click on the Raise Hand button at the bottom of your screen. Once you have been invited to, please unmute yourself locally and begin with your question. If you have dialed in, please press star nine to raise hand and star six to unmute. Thank you. We have a question from Michał Kozak. Michał Kozak, please unmute yourself. Hi, everyone. Do you hear me? Yes. Okay. I have a couple of questions, if I may. Am I right that price of LOTOS assets that will be sold to Saudi Aramco and MOL is significantly lower than is implied by a proposed parity by ORLEN? Could you explain that approach? Could you compare EV/EBITDA multiples of refining assets sold to Saudi Aramco and Unimot to multiple of the whole Grupa LOTOS that is implied from proposed parity? Actually, it's extremely difficult to respond to that question. Firstly, our approach towards the share swap parity was that we are evaluating the standalone businesses. Yes? We wanted to reflect the value of the businesses going forward without remedies. The goal of both managements was to satisfy the expectations and to provide a fair value for both shareholders of both groups. That's the general approach. If you ask me whether the 30% stake in the refinery as of today is being divested for some discount, yes. On the other hand, you need to have a significantly broader perspective, because what you are referring to is a short-term perspective. The question is, what would be the value of the assets if the embargo on Russian crude oil is imposed right away? Which may happen, and it doesn't have to be the situation that the EU will impose the embargo, but it may be the situation which happened with PGNiG, that the Russians will impose embargo on Polish companies, which is being discussed with Russia as of today. It's not a secret at all. This is the response to the question, because you cannot answer that in a very direct way. You need to have a broader perspective. First of all, the approach towards the share swap parity, how we approach that between the companies, we evaluate it standalone. The second is that you need to have a broader perspective, and that is also reflected in the share swap parity. Thank you. Maybe another question. Could you give a comment on this thesis, in return for lower price for Lotos assets that is sold to Saudi Aramco, you get, thanks to that, some discount for crude oil, from Saudi Aramco. Actually, we cannot comment on the specific formulas and agreements with Saudi Aramco. What we can say is that this agreement is economically attractive. This is what we can say. Okay. Could you give us comment on synergies with Lotos merger? Do you have this value? Do you have this calculation? Could you share with us? Okay, again, Robert speaking. Of course, we expected that question. Of course, if you calculate synergies, the macro environment is also important. Of course, the macro, it has a significant impact on the value of the synergies. Nonetheless, what I would say at that stage of the process is that the synergies, as I said, they are covering the gap, referred to the businesses divested. At the same time, what I would say that within 10 years, we expect a couple of billion PLN of synergies coming from the operational activities. Okay. Thank you. Are you 100% sure that European Commission will accept all the buyers of the Lotos assets? The second question, the same question referring to State Treasury. State Treasury, will they agree with parity and the size of the transaction during general meetings, in your opinion? Yes. Actually, in this world, you cannot be 100% sure of anything. Nonetheless, I would say that it is very, very probable that they will accept, because informally, what we have heard is that we should rather expect the positive decision rather than the negative one on the buyers and the documents submitted to the commission. The last question from my side, do you consider potential change in proposed parity? I'll State Treasury because I haven't commented. Okay, sorry. Actually, yeah. They have independent process. We know that they have independent advisors supporting them in taking the decision. They will elaborate, as every shareholder, the importance of the share swap parity proposed by ORLEN Group and LOTOS Group. We, as I said at the beginning, think that this is a fair parity which should give a fair value to the shareholders of both companies. We don't know their decision. Okay. The last question. What is the valuation of control premium in percentage that you calculate in Lotos assets? Is it 10%, 30%, in your opinion? Of course, this is a question whether we should discuss any control premium with regards to this transaction, because a lot and probably everything has already been said with regards to this transaction for the last couple of years. Nonetheless, our approach is different. I said that at the beginning. The parity which we propose, that implies a premium for LOTOS of three months VWAP and the six months VWAP of respectively more than 26% and 30%. Actually, what is the control premium here? I don't want to discuss that. I would rather refer to the trading of the companies, and this is our approach. Thank you very much. Our next question will be from Piotr Gancewski. Please unmute yourself. Yes. Good afternoon, everybody, and thank you for taking my questions, and thank you for presentation. I have a couple of questions. Can you please maybe share with us, have you done valuation in absolute terms, like how you would see the EV or fair value for equity in billion Polish zloty? That's the first question. Second question, can you then maybe have a comparison of the multiples, past or anticipated, for both companies as you go to the share swap deal? 'Cause it feels to me, there's quite a bit of a difference. I also feel like when I think about the LOTOS assets, you know, just on the refining, they have a one-third, and they will get one-third of a share, roughly. You have plenty more businesses which probably would way more than outweigh the upstream. I just wanted to understand, you know, the absolute number of valuation, the relative multiples, and how you feel from the perspective of PKN, whether you make a good deal. I wanted to clarify on the synergies. You say couple of billion PLN over a couple of years. How shall we think about it? Do you have like an annualized P&L benefit that you can generate and how you can achieve this, whether this is through the cost-cutting, logistics or other elements that as a PKN shareholder, I understand what I get out of it. I can start with the second or with your last question about the synergies. As Robert said, we have calculated the NPV of synergies for 10 years period in amount of few billion PLN. Of course, there is a timeline of synergies that will enter in particular timeframe after merger. As you can see at the slide number 15 of the presentation, we see like three layers or three groups of synergies. The first one, the most clear one, come from operational activities. Here we see the biggest impact of fuel logistics and wholesale logistics. We see large impact of optimization of refining processes and optimization of crude slates that may be used in all our refineries. We, of course, see impact of synergies in terms of procurement, working capital, and other indicators. Additionally, on top of that, we see a layer of synergies that are coming from larger organizational setup. We can distinguish here common know-how, organizational improvements, or process optimization. We have as ORLEN Group experience in utilizing such kind of synergies. For example, in terms of Energa, where a few years ago we have launched project of utilizing the synergies. Of course, in such type of processes, there is further upside that may be potentially identified after merger and may bring benefits that we cannot identify at this moment. There are synergies that will build the benefits from the merger in the future. Okay. Thank you. Yeah. Maybe just one comment with regards to the synergies before we come back to the approach to valuation. Within that number of few billion PLN, they are not included significant cost-cutting restructuring processes. Yes? One may expect that following the transaction will merge the overlapping activities. For example, we have Lotos Oil and Orlen Oil, both within the oil sales with base oils. Actually, there is a natural synergy coming from that corporate mergers. We have not included within that this couple of billions PLN the corporate synergies. We think that that should be included in the integration plan. This is exactly what we are doing. We think that we may deliver on top of that number additional synergies going forward. As I said, this is not included yet because you would need to base your assumptions on some benchmarks, which are sometimes misleading. Our goal was to focus on real operational synergies, which can be found between our, you know, experts. Coming back to the valuation, actually. As I said, you know, we use the various methodologies to evaluate the components, and we use, as you have just said, the trading multiples, but not only on the whole companies, but on specific areas of businesses. Because we have done sum-of-the-parts analysis, and here you will have different multiples with regards to the energy sector, to petrochemical and chemical sector, and the upstream and the refining at the end. My response, probably unfortunately to you, is that we are not in the position to share the absolute numbers. What is coming from this presentation. The priority is the information that we think that both Lotos and Orlen are undervalued as of now comparing to its peers. The most important is the relative value and the presented share swap rather than the absolute number of the companies. As I said at the beginning of our discussion, you know, the number, the ultimate number is coming from both of the analysis of both sides in the negotiation process. That you can imagine that both companies, they challenge itself in terms of the approach towards the multiples, towards the EBITDA generation process. Here we have the number which we presented, which we think is a fair value. Just a quick follow-up on this one. If you think your shares are undervalued, why do you give them away? Why don't you do a cash transaction to start with and create value for shareholders? If you can get, you know, at 75 PLN Lotos shares, why do you want to dilute yourself? From the perspective of ORLEN? Yeah, well, that's. I don't understand the question. Well, if you think PKN is undervalued, then issuing new shares is quite dilutive to issue new shares at such a low valuation. You can afford looking at your balance sheet to do the cash transaction so that the current shareholders of PKN would be, you know. You could basically take whatever you value that Lotos at PLN 14 billion and pay out in cash to the shareholders, and then retain the benefits 100% to the shareholders of PKN, not dilute themselves at the very low valuation. You know, it's not a good deal to swap a cheap share for a cheap share. It's a good deal to buy a cheap share at a low valuation. Again, I think that both companies are valued with regards to the parity proposed at fair value and fair approach, which is fair for shareholder structure, which is the same more or less for both companies at the end. Actually it's no use to approach different structure. The most optimal structure then is to merge the companies and play with the shares. Yes? If you think that at the end you value your own company at fair value and the other company is being valued at fair value, you provide the value for both stakeholders. Yes? Understand. Okay, I'll let the others ask questions. Thank you very much. Our next question will be from Tomáš Plucha. Please unmute yourself. Tomáš Plucha, please unmute yourself. Yeah. Good evening. It's Tomáš Plucha from Erste Bank, but just this is my wife's actually Zoom, so that's why. Yeah, there's a different name. I just got one question actually, and that's regards the, you know, your partner, Saudi Aramco. It seems that you had many ties with Saudi Aramco. Do you think about diversification of your partner for the future, or do you believe that Saudi Aramco could be a reliable partner from commercial terms or political terms in the future? That would be my question. Yes. There are a couple of pillars behind that. First of all, what we said is we think that the Saudi Aramco will be supplier of crude oil at the level of 40-45%. What is also important, and based on our experience with Saudi Aramco, they're a reliable partner, stable partner, providing stable quality of crude oil, which is a fundamental thing in terms of analyzing the investments going forward. This is a key when you are analyzing the growth projects. That's first. Secondly, what we experience from Saudi Aramco is a positive approach towards broader cooperation going forward. What we are doing right now is we are implementing. I cannot share the details, but what we signed in January this year, there are couple of agreements between petrochemical corporation and. Actually, what we are doing, we are implementing an R&D specific within alternative fuels. Tangible processes in R&D. What we do expect is that we will announce in some time, well, next steps on the petrochemical growth project. We think that our cooperation should be based on couple of pillars. One of these is a crude oil, because at the end, the growth will be based not only on crude oil but on petrochemical and chemical growth projects. This is how we see Saudi Aramco. Actually what I can say is that what is really supporting to the partnership which we are heading right now is that during these difficult times when there is sometimes a difficulty to get access to for example standard fuel like diesel and so on we have a very good cooperation with this partner who is supporting us in some cases. Yes we think this is a reliable partner. This is a reliable partner at the end which can transform the merged companies into much more advanced companies. We see no risk of having such a huge partner in our country because in such cases if you take a look at the JVs which Saudi Aramco has or had they are building with the partners long-lasting relationship which is based on the business going forward. Mm-hmm. This means that you are not afraid that, you know, Saudi Aramco becomes such a, like a too big partner for you, or, you would basically, you know, put too much, yeah, too much bet on one partner. You don't see that as a risk because you believe that Saudi Aramco will be always a reliable partner. Yes. Yes. Okay, great. We have very positive experience with them. Okay, great. Thank you very much. It appears there are no more questions at this time. We do have a question from Piotr Gancewski. Please unmute yourself. Thank you for follow-up. I thought there would be more questions from other people. If I can ask you to remind us, what is now the vote requirement to vote the share swap parity at AGM of both companies? What is the threshold you have to get to? Maciej, are you on the line? It's a legal question. I know the answer, but I would involve the lawyer. Yeah, yeah. Thank you very much. It's 80% on the shareholder meeting of Lotos and 75% shareholder meeting of PKN ORLEN. Of the present people or, overall for shares? Present people, right? No, no. Yeah, it's present. Okay. It's present. Okay. Do you have a commitment already from the state to vote in favor of this transaction? The state is working at the same time as other shareholders are working, actually. They are analyzing right now the parity proposal. Okay. We don't know the answer. Understand. The multiples, because I asked previously about the multiples, you're not going to provide, like, how you value, let's say, kind of based on the last year numbers or based on the current year numbers, what is the roughly multiple? Whatever multiple, I mean, like, EBITDA or PE or As I said, the answer is unfortunate for you, but actually I have to say that we will not share the numbers, the multiples too. Okay. Understand. Thank you. Next question is from Dawid Czopek. Please unmute yourself. Hello. I got one question, actually. I would like to ask you if you can disclose us more details or when you will disclose us more details. I mean, for example, we don't know many details in terms of prices, for example, of LOTOS Biopaliwa company. We still don't know. The valuation was announced on a stand-alone basis. The source of parity does not include the remedies. We assume that the whole businesses would work on a stand-alone basis. Secondly, in terms of the access to the data, we will stay with what has already been presented to the public domain, either by us or other partners like Unimot or MOL. We don't expect any additional numbers to be shared. What we are approaching right now, we will organize the roadshows for the shareholders, actually. We will have a lot more discussions and probably we can guide somehow during the bilateral discussions to how to approach some things. We will not share the numbers, actually. We will stay with what has already been presented to the public domain. Next question will be from Beata Szparaga-Waśniewska. Please unmute yourself. Yes. Hello, can you hear me? Yes. Yes. Yes, we can hear you. Okay. I just wanted to double-check. You mentioned that the required consent would be, well, at your general meeting, the required consent would be from 75% of votes present at the meeting. According to the Polish law, in case of a merger plan, the required consent is from two-thirds, so that would be 66.6% of votes, unless there are any special terms in your bylaws. Paweł? Yes. Sorry, that's me. In case of Lotos, it's 80% because it's due to implementation of State Treasury voting requirements in the articles of association. With respect to PKN ORLEN, indeed, it's two-thirds. It was my mistake, so I agree. Okay. Thank you. Are there any more questions? Reminder, if you have dialed in by phone, you can press star nine to raise your hand, star six to unmute. It appears there are no more questions at this point. Too late. Okay. Thank you, operator. If there are no more questions, so this concludes our conference call. Thank you very much for attending, and have a nice evening. Goodbye.