Financing of the AB Mazeikiu Nafta acquisition

Today, 29th November 2006, PKN ORLEN signed the loan agreements which will allow the acquisition of AB Mazeikiu Nafta. The two syndicated loans, for a total value of EUR 1.6bn, are provided by eight Polish and international banks.

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New Board Members of Mazeiku Nafta

At its meeting on Friday, 24 November 2006, the Supervisory Board of Mazeiku Nafta appointed Daniel Feldman (Head of Big Sky Energy Corp.), Paul Nelson English (President of Mazeiku Nafta), Dariusz Formela (Executive Director at PKN ORLEN - Organisation) and Krystian Pater (Executive Director at PKN ORLEN – Refining Production). At the same time the Supervisory Board appointed Martin J. Parr as Chairman.

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“Best of European Business” for PKN ORLEN

PKN ORLEN was nominated for “Best of European Business” in the Merger & Acquisition (M & A) category of Poland. The ranking is part of an international survey conducted under patronage of CNN.

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Statement of the Chairman of the Supervisiory Board of PKN ORLEN SA.

For the last three months there has been a growing conflict between Ministry of the State Treasury and myself concerning the changes at the position of President of the Management Board of PKN ORLEN SA. In my opinion, during the extremely difficult business process of acquiring Mazeikiu Nafta refinery by PKN ORLEN SA, first of all the company needs the stability of management. Acquisition of Mazeikiu Nafta is the first such a transaction in the Polish economy, due to both, its scale and the geopolitical complexity of the process.

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PKN ORLEN - Good third quarter results

Despite a macroeconomic downturn, PKN ORLEN reported very good results in Q3 2006, due mainly to excellent retail fuel sales supported by very good and strong results in other segments, including Unipetrol.

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EC's clearance for acquisition of Mazeikiu Nafta

European Commission (European Commission Directorate General for Competition) has agreed to the purchase of a controlling stake in AB Mazeikiu Nafta by PKN ORLEN from Yukos International UK. B.V. and Lithuanian Government.

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PKN ORLEN denies speculations on Mazeikiu Nafta

PKN ORLEN categorically denies speculation that any depreciation of the Mazeiku Nafta (MN) asset value is in the Polish company’s interest. PKN ORLEN wishes to stress that the investment in MN is the biggest in the history of the Polish economy and it is in PKN ORLEN’s interest to build up the value of the transaction. Therefore, speculation on PKN ORLEN’s alleged co-operation with the MN managers to undermine the company’s value are absurd and baseless.

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Sale of Spolana to Anwil Wloclawek

This morning, a contract for the sale of UNIPETROL’s share (81.78 %) in SPOLANA a.s., was signed between UNIPETROL and the Polish chemicals producer Zakłady Azotowe ANWIL Spółka Akcyjna. The purchase price for Spolana shares amounted to over CZK 640 million. In addition, the repayment of approx. CZK 660 million that Spolana owes to Unipetrol was ensured. The execution of the contract is the result of a nine-month public tender in which ten investors had initially shown interest in purchasing the shares.

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Military certificate for PKN ORLEN

PKN ORLEN has received the AQAP 2120:2003 certificate which confirms the compliance of the Company’s products with the quality standards required for government orders and NATO forces. The audit regarding the production and distribution of motor and jet fuels was conducted by the Department of Management & Quality Systems of the Polish Ministry of Defense.

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