POLSKI KONCERN NAFTOWY ORLEN SA Agreements between PKN ORLEN and VitolRegulatory

Agreements between PKN ORLEN and VitolRegulatory announcement no 296/2014 dated 23 December 2014Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 23 December 2014 it signed a spot agreement with Vitol S.A., Geneva, Switzerland ("Vitol") for crude oil deliveries to AB ORLEN Lietuva.

The total estimated value of agreements signed between PKN ORLEN and Vitol in the period between 3 October 2014 and 23 December 2014 amounts to approximately USD 556 million (i.e. approximately PLN 1 870 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 3 October 2014 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Vitol in the period between 3 October 2014 and 23 December 2014.

The estimated value of the agreement amounts to approximately USD 69 million (i.e. approximately PLN 240 million, based on the average PLN/USD exchange rate as of 3 October 2014, as stated by the National Bank of Poland).

The agreement was concluded for crude oil deliveries to AB ORLEN Lietuva.PKN ORLEN owns 100% of the registered capital of AB 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.

More information on page: biznes.pap.plkom espi dom/