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 7 December 2010 it signed a spot agreement with Gunvor International B.V. Amsterdam, Geneva Branch („Gunvor”), for crude oil deliveries to AB ORLEN Lietuva (“ORLEN Lietuva”). The estimated net value of the agreement amounts to approximately USD 60.33 million (i.e. approximately PLN 181 million, based on the average PLN/USD exchange rate as of 7 December 2010, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Gunvor in the period between 3 September 2010 to 7 December 2010 amounts to approximately USD 649.20 million (i.e. approximately PLN 1 874 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 15 November 2010 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Gunvor during the period between 3 September 2010 to 7 December 2010. The estimated value of the agreement amounts to approximately USD 61.57 million (i.e. approximately PLN 178 million, based on the average PLN/USD exchange rate as of 15 November 2010, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to ORLEN Lietuva.

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

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.

See also regulatory announcement 148/2010 dated 3 September 2010.