PKN ORLEN has signed the agreement with Statoil ASA for delivery of crude oil

Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) hereby informs that on 21 November 2011 it signed spot agreement with Statoil ASA, Stavanger, Norway (“Statoil”) for delivery of crude oil to AB ORLEN Lietuva. The estimated net value of the agreement amounts to approximately USD 81 million (i.e. approximately PLN 268 million, based on the average PLN/USD exchange rate as of 21 November 2011, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Statoil in the period between 5 January 2011 and 21 November 2011 amounts to approximately USD 720 million (i.e. approximately PLN 2 133 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 27 April 2011 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Statoil in the period between 5 January 2011 and 21 November 2011. The estimated value of the agreement amounts to approximately USD 108 million (i.e. approximately PLN 290 million, based on the average PLN/USD exchange rate as of 27 April 2011, as stated by the National Bank of Poland). The agreement was concluded for crude oil deliveries to PKN ORLEN.

PKN ORLEN holds 100% of shares in 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.