Application for a capital increase of PKN ORLEN

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces that the Management Board has today placed with the Warsaw District Court an application in respect of a capital increase as part of the implementation of the management incentive programme.

It is intended to increase PKN ORLEN's initial capital by PLN 9,414,905 from PLN 525,221,421.25 to PLN 534,636,326.25, through the conversion of 7,531,924 bonds into shares.

As a result of the capital increase, the number of shares will rise to 427,709,061 shares with a par value PLN 1.25, with each share representing one vote at the General Meeting of Shareholders.

New shares account for 1.76 per cent of the initial capital and the same number of votes at the General Meeting of Shareholders of PKN ORLEN.

The number of bonds which were not converted into shares amounts to 3,812,860 and accounts for over 5 per cent of the value of initially issued bonds.