Fitch Ratings assigned rating for bonds of Series C

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN", “Company”), informs that, on 5 November 2013 Fitch Ratings (“Agency”) has assigned PKN ORLEN a national rating of “A- (pol)” for planned by the Company issue of the Series C bonds, within the public bond issue programme.

Fitch Ratings Agency justifies the rating by the better Company’s financial profile thanks to measures taken to reduce leverage, including the disposal of Polkomtel stake, modest capex in 2011-2013 in comparison to a capex-intensive period in 2007-2010. These operations support PKN ORLEN creditworthiness in the still difficult conditions for the refining sector in Europe.

The Agency, 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. Agency Fitch Ratings has positive view on additional capex specified in the strategy, which may be deferred or cancelled in case of weaker than expected cash flows. The announced by PKN ORLEN plan of acquisition of TriOil Resources Ltd. is within Company’s planned capex for 2013.

In line with the announced by the Company strategy, PKN ORLEN paid dividend in 2013. The Company plans a gradual increase in the dividend payout up to 5% of dividend yield, based on the annual average market capitalization of the Company for the previous year, taking into account the achievement of strategic targets of safe financial standing and forecasts regarding macro environment.

The Agency believes that the Company has much greater financial flexibility to reduce its capex if cash flows are weaker than in 2007-2010, when PKN ORLEN had significant investment liabilities. The Agency positively views PKN ORLEN ability to manage its working capital changes in line with changes in its financial position and the industry conditions.