Fitch Ratings assigned rating for bonds of series B

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN", “Company”), informs that, on 3 June 2013 Fitch Ratings (“Agency”) has assigned PKN ORLEN a national rating of “BBB+(pol)” for planned by the Company issue of the Series B bonds, within the public bond issue programme.

Fitch Ratings justifies the rating by the better financial profile of PKN ORLEN thanks to measures taken to reduce leverage, modest capex in the last two years in comparison to a capex-intensive earlier period and no dividends paid in 2011-2012. These operations support PKN ORLEN creditworthiness in the still difficult conditions for the European refining sector.

Fitch Ratings, in its statement, indicates that the Company’s strategy announced on November 2012 supports PKN ORLEN credit profile. One of the strategic targets, positively evaluated by the Agency, is to maintain credit ratios at the safe level. Fitch Ratings has positively view on additional capex specified in the strategy, which may be deferred or cancelled in case of weaker than expected cash flows.

Fitch Ratings believes that PKN ORLEN has currently greater flexibility to reduce capex in case of weaker cash flows than in 2007-2010. Fitch Ratings positively views Company’s ability to manage its working capital changes in line with changes in its financial position.

Positive outlook of Company’s rating reflects the possibility of upgrading rating in 2013-2014, for the Company’s international rating to ‘BBB-‘ from ‘BB+’, if PKN ORLEN maintain credit ratios at a moderate level.