PKN ORLEN has signed an agreement with J&S, Service & Investment Ltd. for crude oil deliveries

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 2 June 2009 it signed a spot agreement with J&S, Service & Investment Ltd. 2 Gregori Afxentiou, Ave, Akamia Center, Office 401, Larnaca-Cyprus („J&S, Service & Investment Ltd.”), for REBCO crude oil deliveries by “Przyjazn” pipeline to PKN ORLEN in June 2009. The estimated value of the agreement amounts to USD 12 017 187 (i.e. approximately PLN 38 201 436, based on the average PLN/USD exchange rate as of 2 June 2009, as stated by the National Bank of Poland).

J&S, Service & Investment Ltd. belongs to the group of Mercuria Energy Group Ltd. The total value of agreements signed between PKN ORLEN and J&S, Service & Investment Ltd. during the last 12 months amounts to approximately USD 402 002 775 (i.e. approximately PLN 1 374 096 521, based on the average PLN/USD exchange rates as of the dates of signing the agreements, as stated by the National Bank of Poland).

The agreement dated 6 May 2009 is an agreement with the highest amount from among all agreements concluded between PKN ORLEN S.A. and J&S, Service & Investment Ltd. during the last 12 months. The estimated value of the agreement amounts to approximately USD 52 547 955 (i.e. approximately PLN 173 329 430, based on the average PLN/USD exchange rate as of 6 May 2009, as stated by the National Bank of Poland). The agreement was concluded for REBCO crude oil deliveries to PKN ORLEN in May 2009.

Additionally PKN ORLEN during the last 12 months signed with J&S Energy S.A., a company which also belongs to the group of Mercuria Energy Group Ltd., an agreement for fuels trading for the total amount of PLN 459 114 392.

In accordance with the “Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state” the abovementioned agreements constitute a “significant agreement” due to the fact that their total value exceeds 10% of PKN ORLEN’s equity.