Moody`s assigns Baa3 rating to PKN ORLEN and provisional Baa3 rating to the planned PKN ORLEN Eurobonds issue.

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces that on 27 June 2007 it was informed that Moody’s Investors Service (“Moody’s”) has assigned Baa3 corporate family rating to PKN ORLEN, and a provisional Baa3 rating to the planned by PKN ORLEN Eurobonds Issue (“Eurobonds Issue”). Outlook for the assigned ratings is stable.

In accordance to the information provided by Moody’s the assigned to PKN ORLEN Baa3 rating reflects strong position of PKN ORLEN in the refining and petrochemical industry within Central and Eastern Europe as well as dominant position in Poland. In the assessment, Moody’s stated that over the next 2 years PKN ORLEN should aim to achieve its leverage target of 1.5x-2.0x on a Net debt/EBITDA basis, which would allow Moody’s to consider a higher rating for PKN ORLEN.

The assignment of the provisional ratings to PKN ORLEN’s Eurobonds, in advance of the sale of such securities, reflects Moody's preliminary opinion on the unsecured bonds which are planned to be issued by PKN ORLEN. A definitive rating may be changed by Moody’s upon a conclusive review of the transaction documentation.

The stable ratings outlook, in accordance to the Moody’s comments, reflects its expectation that the economic environment and supply/demand fundamentals for refining products will remain supportive to PKN ORLEN which will allow PKN ORLEN to reduce leverage in the assumed period.

See also: Regulatory announcement no 3/2002 dated 4 January 2002, regulatory announcement no 76/2006 dated 29 November 2006 and regulatory announcement no 86 dated 16 December 2006.