Polski Koncern Naftowy ORLEN Spolka Akcyjna ("PKN ORLEN") hereby announces that in order to optimise the management of financial liquidity within the PKN ORLEN Capital Group, on 17 December 2008 PKN ORLEN issued short term bonds to its subsidiary, ORLEN Asfalt Sp. z o.o. (“ORLEN Asfalt”).

The bonds were issued in accordance with the Bond Issue Programme signed by PKN ORLEN and a syndicate of 6 banks in November 2006.

The bonds are used for managing the working capital of PKN ORLEN Capital Group. The bonds were issued in compliance with the Law on Bonds dated 29 June 1995 (unified text: Journal of Laws, 2001 No 120, point 1300 with subsequent changes) in Polish zlotys, as bearer, dematerialized, unsecured, and zero-coupon securities. The redemption of the bonds will be at their nominal value.

The bonds purchased today by ORLEN Asfalt were issued by PKN ORLEN with the following issue conditions: Series: ORLEN087 291208; value of the bond issue PLN 60 000 000 composed of 600 bonds with a nominal value of PLN 100 000 per bond.
- Date of issue: 17 December 2008
- Redemption date: 29 December 2008
- Yield on bonds: based on market conditions, unit nominal price amounted to PLN 99 802.70.

PKN ORLEN owns 82.46% of the registered capital of ORLEN Asfalt. See also: regulatory announcement no 75/2006 dated 27 November 2006.

This announcement has been prepared pursuant to par. 5 section 1 subsection 6, and § 12 of the Regulation of the Minister of Finance dated 19 October, 2005 on current and periodic information to be published by issuers of securities (Journal of Laws No. 209, item 1744).