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 2 September 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 55.72 million (i.e. approximately PLN 172 million, based on the average PLN/USD exchange rate as of 2 September 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 22 June 2010 to 2 September 2010 amounts to approximately USD 609.75 million (i.e. approximately PLN 1 917 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 11 August 2010 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Gunvor during the period between 22 June 2010 to 2 September 2010. The estimated value of the agreement amounts to approximately USD 58.16 million (i.e. approximately PLN 178 million, based on the average PLN/USD exchange rate as of 11 August 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 110/2010 dated 22 June 2010.