PKN ORLEN SA - Agreements between PKN ORLEN and Vitol

Agreements between PKN ORLEN and Vitol

Regulatory announcement no 235/2014 dated 24 July 2014

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that on 24 July 2014 it signed a spot agreement with Vitol S.A., Geneva, Switzerland ("Vitol") for crude oil deliveries to Unipetrol RPA s.r.o.The total estimated value of agreements signed between PKN ORLEN and Vitol in the period between 29 January 2014 and 24 July 2014 amounts to approximately USD 728 million (i.e. approximately PLN 2 217 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 24 July 2014 is the agreement with the highest amount from among all agreements concluded between PKN ORLEN and Vitol in the period between 29 January 2014 and 24 July 2014. The estimated value of the agreement amounts to approximately USD 108 million (i.e. approximately PLN 331 million, based on the average PLN/USD exchange rate as of 24 July 2014, as stated by the National Bank of Poland).

The agreement was concluded for crude oil deliveries to Unipetrol RPA s.r.o.Unipetrol RPA s.r.o. is a company, in which 100% of shares is held by Unipetrol a.s. PKN ORLEN owns ca. 63% share in Unipetrol a.s.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.

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