Assumptions of the Value Creation Program for Mazeikiu Nafta - PKN ORLEN's strategy for integration with Mazeikiu Nafta

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") announces the Value Creation Program ("VCP") for its Lithuanian subsidiary AB Mazeikiu Nafta ("MN").

In accordance with the assumptions of the VCP, the targeted EBITDA of MN, under a variable macro scenario, in 2012 amounts to USD 700 million, (compared to USD 727 million under a constant macro scenario). Capex planned for MN in the years 2007-2012 amounts to USD 1.6 million.

The VCP will be realized through the following three phases:
1.