12.2.2 Transactions with related entities of which the State Treasury has control or joint control or on which the State Treasury has significant influence

In 2021 and 2020, the Group executed transactions with parties related to it through the State Treasury, the aggregate value of which was material. The Group identified transactions with entities related to it through the State Treasury based on the List of State-Owned Companies sourced from the official website of the Republic of Poland. They were concluded on an arm’s length basis in the course of the Group’s day- to-day activities. And involved mainly purchase and sale of fuels and natural gas, purchase of crude oil and energy and transport services.

In addition, the Group had liabilities under bank and non-bank borrowings, notes and leases towards banks and institutions of which the State Treasury has control or joint control or over which it exercises significant influence. These entities include PKO BP S.A., PEKAO S.A., Bank Gospodarstwa Krajowego and Agencja Rozwoju Przemysłu S.A.