Purchase of shares in ORLEN Upstream

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, announces that on May 9th, 2006, it was informed that the company ORLEN Upstream Sp. z o. o. (“ORLEN Upstream”), a limited liability company headquartered in Warsaw, was registered on the 26th April, 2006 by a District Court in Warsaw (Poland). PKN ORLEN purchased 100 shares in ORLEN Upstream, representing 100% of the initial capital of ORLEN Upstream, with a par value PLN 500 of each share, representing 100% of votes at the General Meeting of shareholders of ORLEN Upstream. The purchased shares in ORLEN Upstream were paid by PKN ORLEN in form of cash contribution of PLN 50,000.

ORLEN Upstream specialises in crude oil mining, natural gas mining, geological and exploration operating.

The Management Board of ORLEN Upstream consists of two persons. Two managing persons of ORLEN Upstream are employees of PKN ORLEN:
- President of the Management Board from 20 February 2006,
- Vice President of the Management Board from 30 December 2005.