Leverage projections of the PKN ORLEN Group for the period 2007 - 2012.

Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”), in accordance with the planned issue of Eurobonds and in order to provide equal access to information, announces the leverage projections for the PKN ORLEN Group for the period 2007 – 2012.

On 28 November 2006 PKN ORLEN signed, with a syndicate formed of six Polish and foreign banks: ABN AMRO Bank N.V., Bank Handlowy in Warsaw S.A., BNP Paribas, ING Bank N.V. / ING Bank Slaski S.A., Societe Generale S.A. Polish Division and the UniCredit Group, an order to prepare for the issue of Eurobonds.

PKN ORLEN is planning to issue Eurobonds with a fixed interest coupon, which will be listed on the Luxembourg Stock Exchange regulated market.

The preliminary version of the PKN ORLEN Prospectus prepared in relation to the Eurobond Issue and the presentation for investors are available on the PKN ORLEN website (www.orlen.pl).

The consolidated leverage projections of the PKN ORLEN Group for the period 2007-2012 on an annual basis (based on the LIFO valuation of inventories i.e. last in first out) are as follows:

Year 2007; 2008; 2009; 2010; 2011; 2012;
PKN ORLEN Capital Group leverage 1.6; 1.4; 1.3; 1.2; 1.1; 0.7;

The leverage model above assumes the sale of the PKN ORLEN share in Polkomtel in 2007.

In all the projections mentioned above, leverage is defined as consolidated net debt divided by EBITDA.

See also: Regulatory announcement no 76/2006 dated 29 November 2006 and regulatory announcement no 38/2007 dated 27 June 2007.