PKN ORLEN has signed an agreement with Gunvor International B.V. Amsterdam for crude oil deliveries to ORLEN Lietuva

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 20 October 2009 it signed a spot agreement with Gunvor International B.V. Amsterdam, Geneva Branch („Gunvor International B.V. Amsterdam”), for crude oil deliveries to the refinery ORLEN Lietuva (previously Mazeikiu Nafta). The estimated net value of the agreement amounts to approximately USD 50 million (i.e. approximately PLN 141 million, based on the average PLN/USD exchange rate as of 20 October 2009, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Gunvor International B.V. Amsterdam in the period between 29 July 2009 to 20 October 2009 amounts to approximately USD 557.9 million (i.e. approximately PLN 1 604 million, based on the average PLN/USD exchange rates as of the dates of signing the agreements, as stated by the National Bank of Poland).

Agreement dated 12 August 2009 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Gunvor International B.V. Amsterdam during the period between 29 July 2009 to 20 October 2009. The estimated value of the agreement amounts to approximately USD 53 million (i.e. approximately PLN 157 million, based on the average PLN/USD exchange rate as of 12 August 2009, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to ORLEN Lietuva.

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.

PKN ORLEN S.A. owns 100% of ORLEN Lietuva shares.

See also regulatory announcement 109/2009 dated 29 July 2009.