PKN ORLEN has signed the agreement with Glencore Energy UK Ltd for delivery of crude oil

Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”) hereby informs that on 21 June 2012 it signed spot agreement with Glencore Energy UK Ltd, London, United Kingdom („Glencore”) for delivery of crude oil to AB ORLEN Lietuva (“ORLEN Lietuva”). The estimated net value of the agreement amounts to approximately USD 70 million (i.e. approximately PLN 236 million, based on the average PLN/USD exchange rate as of 21 June 2012, as stated by the National Bank of Poland).

The total estimated value of agreements signed between PKN ORLEN and Glencore in the period between 23 November 2011 and 21 June 2012 amounts to approximately USD 725 million (i.e. approximately PLN 2 346 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 5 March 2012 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Glencore in the period between 23 November 2011 and 21 June 2012. The estimated value of the agreement amounts to approximately USD 86 million (i.e. approximately PLN 268 million, based on the average PLN/USD exchange rate as of 5 March 2012, 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 no 194/2011 dated 22 November 2011.