PKN ORLEN at „Kazakstan Investment Summit

Representatives of the Executive Board of PKN ORLEN participate in the international trade summit taking place on 8-9th June, in Alma Ata.

PKN ORLEN high in EuroMoney survey

According to the latest survey carried out by the EuroMoney Magazine, PKN ORLEN was named as a company with the most convincing and coherent strategy from the Central and East European “Oil and gas” sector. The Concern was placed higher than Hungarian MOL, Austrian OMV, Russian Gazprom and Sibnieft.

Poland’s first proxy voting on-line of the public listed company

At the forthcoming AGM conveyed for 27th June 2006 PKN ORLEN will offer its shareholders a proxy voting on-line tool which will enable active and live participation in the AGM via internet. PKN ORLEN is the first Polish public company to attract more investors with a user-friendly, remote proxy voting facility.

PKN ORLEN supports Poland's national heritage

Rafał Blechacz, the winner of the XV International Frederic Chopin Piano Competition in Warsaw, yesterday visited the Steinway Factory in Hamburg (Germany) where he chose his dream piano. The purchase of the instrument is being sponsored by PKN ORLEN.

PKN ORLEN has signed an agreement with Yukos that enables the Company to acquire Mažeikių Nafta

On May 26th, 2006 PKN ORLEN S.A. and Yukos International UK B.V., have signed a Share Sale and Purchase Agreement concerning the purchase by PKN ORLEN S.A. of 53.7% stakes in AB Mažeikių Nafta. At the same time a complete set of agreements was provided to the Lithuanian Government containing the agreement to purchase from the Lithuanian Government the package of 30.66% of Mažeikių shares that it owns.

PKN ORLEN to sponsor the Pilgrimage of Pope Benedict XVI

The Apostolic Visit of Pope Benedict XVI to our country will be an extremely important event for Poles – this will be their first meeting with a Pope since the death of John Paul II. As Poland’s largest company, PKN ORLEN feels that it has an obligation to support major initiatives of social life and therefore the decision to sponsor this event was a natural consequence of this duty.

BIO Partnership between Trzebinia Refinery and the City of Cracow

Yesterday, the authorities of Cracow and Trzebinia Refinery (ORLEN Group) signed a letter of intent regarding the use of bio-fuels by the municipal transportation authority. Under The Partner Programme both Cracow transportation and the city cleaning services will be testing Trzebinia Refinery’s BIO ON diesel which has a bio-component content of 20%.

Q1’2006 – poorer results, good prospects for the next quarter

Lower level of refining margins and a decrease in Ural-Brent differential significantly affected the financial results of ORLEN Group for Q1’2006. The decline of the operating result was also affected by limited gas supplies in a period of extremely low temperatures. In the first three months of this year ORLEN Group attained net profit at the level of PLN 365 million. i.e. 16% over Q4’ 2005, but 45% below performance in Q1’2005. ROACE amounted to 6.4%, and EBITDA profit was PLN 984 million. OPTIMA program brought about planned savings of PLN 54 million. The growing sales volumes in virtually all areas of Group’s operations and cost discipline give good prospects under more favorable macroeconomic conditions recorded in the second quarter this year.

Announcement

In the 1st quarter 2006 there was a dramatic combined drop in refining margins and the Ural-Brent differential - in total, a fall of 29% in relation to the corresponding period of the previous year. In addition a decrease in natural gas deliveries and a cold winter affected the PKN ORLEN Group's operations. In consequence, although there was an increase in wholesale and retail sales volumes, the results of the Group in the 1st quarter of 2006 were only at a similar level to the result in the 4th quarter of 2005.