PKN ORLEN received notification regarding execution of put option related to shares owned by the GOL

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") hereby announces that in connection with the put option agreement of sale of AB Mazeikiu Nafta (“Mazeikiu Nafta”) shares owned by the Government of the Republic of Lithuania (the “GOL”) (“put option”), PKN ORLEN received from the GOL formal notification concerning execution of the put option.

On the strength of this agreement the GOL became entitled to sell to PKN ORLEN 70 750 000 ordinary Mazeikiu Nafta shares, each with a nominal value of LTL 1, representing approximately 9.98% of Mazeikiu Nafta share capital. The put option will remain valid for five years after the completion of the purchase transaction of the 30.66% shares from the GOL. The aggregate price for all option shares was USD 277 835 250 (USD 3.927 per share). However, if the GOL exercises the option within three years from the sale of the 30.66% shares, the aggregate price for all option shares will be USD 284 450 375 (USD 4.0205 per share).

It is an intention of PKN ORLEN to agree with the GOL conditions of execution of the put option.

As of 11 March 2009 PKN ORLEN owns 90.02% shares of the Mazeikiu Nafta. In the case of realization of the put option PKN ORLEN will hold 100% shares in the Mazeikiu Nafta share capital.

See also: Regulatory announcement no 4/2007 dated 15 January 2007, Regulatory announcement no 85/2006 dated 15 December 2006, Regulatory announcement no 84/2006 dated 14 December 2006, Regulatory announcement no 83/2006 dated 14 December 2006, Regulatory announcement no 79/2006 dated 4 December 2006, Regulatory announcement no 76/2006 dated 29 November 2006, Regulatory announcement no 68/2006 dated 7 November 2006, Regulatory announcement no 58/2006 dated 26 September 2006, Regulatory announcement no 49/2006 dated 4 August 2006, Regulatory announcement no 47/2006 dated 13 July 2006, Regulatory announcement no 37/2006 dated 9 June 2006, Regulatory announcement no 33/2006 dated 26 May 2006 and also the record of the Internet transmission of The Extraordinary General Meeting of PKN ORLEN dated 30 November 2006.