Fitch Ratings downgraded rating for PKN ORLEN

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN", “Company”), Central Europe’s largest downstream oil company hereby informs that, on 15 December 2006 Fitch Ratings (“Agency”) has downgraded PKN ORLEN S.A.'s long-term international credit rating from “BBB/negative watch” to “BBB-/negative outlook“. Agency affirmed PKN ORLEN SA short-term rating at 'F3'.

The change of Fitch Ratings rating for PKN ORLEN reflects an expected periodical increase of the Company’s net debt after the acquisition of Lithuanian company Mazeikiu Nafta AB ("Mazeikiu Nafta") to the level of 2.5x-3.0x EBITDA.

PKN ORLEN Management Board expects that the Company’s net debt will return to the target level between 1.5x-2.0x EBITDA in three years time, and that expected significant growth in value for shareholders from the realized acquisition justifies the periodical increase of the Company’s debt.

See also regulatory announcement no 3/2002 dated 4 January 2002.