Squeeze-out of minority shareholders of AB Mazeikiu Nafta

Commencement of the final stage of the squeeze-out of minority shareholders of AB Mazeikiu Nafta

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PKN ORLEN: FIRST QUARTER 2007 RESULTS

Good results from the ORLEN Capital Group’s Polish and Czech companies, especially in retail and petrochemicals, the consolidation of Mažeikiu Nafta, and inventory valuation, were the main factors affecting PKN ORLEN’s first quarter 2007 results. The ORLEN Group generated an EBITDA of PLN 995m, representing a 39.5% increase over the Q4 2006 results and a 1.2% improvement over the corresponding period of last year. Net profit was influenced primarily by the consolidation of our Lithuanian assets, reserve valuation, crude prices and other incidental factors. The cost reduction program’s results were 63% better than in the first quarter of 2006.

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More diesel and petrol from AB Mazeikiu Nafta

AB Mazeikiu Nafta has resumed operations of its visbreaking unit. The installation start-up completed the second stage of the post-fire recovery, and increased the white products yield from the same crude volume.

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"Giants of CEE" for PKN ORLEN

PKN ORLEN has been ranked No 1 in The Giants of Central and Eastern Europe survey prepared by the Polish daily Puls Biznesu and Dun & Bradstreet. Wojciech Heydel, Vice-President of PKN ORLEN, received the winner's statue at today's gala, held at the Warsaw Sheraton Hotel.

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Changes in the PKN ORLEN Management Board

Supervisory Board of PKN ORLEN, following its meeting on 15 March 2007, has dismissed on the request of the interested, with the today’s effect, Mr. Jan Maciejewicz from the position of the Vice-President of the PKN ORLEN Management Board responsible for the cost management, and on the motion of the President of the PKN ORLEN Management Board – the Supervisory Board has dismissed Mr. Cezary Smorszczewski from the position of the Vice-President of the PKN ORLEN Management Board, Chief Investment Officer. Supervisory Board thanked for the cooperation of both called off persons.

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PKN ORLEN Q4 2006 results

Despite an unfavourable macroeconomic environment in Q4 2006, PKN ORLEN reported good operating and financial results. In Q4 2006, the PKN ORLEN Group generated PLN 13,115m in revenue and an operating profit of PLN 173m. Consolidated net profit was PLN 76m and the net profit attributable to shareholders of the holding company was PLN 146m. These results are the effect of continued growth in the wholesale and retail sales of fuels, petrochemical products and consolidation of the Group’s foreign assets.

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Mazeikiu Nafta re-started the refurbished Vacuum Distillation Tower

Mazeikiu Nafta has re-started the refurbished Vacuum Distillation Tower February 20, Mažeikiai. AB Mažeikiu Nafta has re-started the refurbished vacuum distillation tower, which will significantly increase production efficiency. The commissioning and start-up activities on the tower commenced on February 14, and operating efficiency has significantly improved.

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Commencement of the squeeze-out of minority shareholders of AB Mazeikiu Nafta

Tomorrow, on 20 February 2007, PKN ORLEN, acting in cooperation with the Government of Lithuania, shall commence the squeeze-out of minority shareholders of AB Mazeikiu Nafta. The squeeze-out procedure shall be conducted in accordance with Lithuanian law.

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Mr Pior Kownacki has been appointed President & CEO of AB Mažeikių Nafta

The management of AB Mažeikių Nafta, a member of the ORLEN Group, appointed Mr Piotr Kownacki to the position of President & CEO of AB Mažeikių Nafta on 7th February 2007. Mr Kownacki was appointed to the Management Board of AB Mažeikių Nafta on 14th December 2006.

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