PKNORLEN (PKN): Korekta raportu bieżącego nr 67/2005 - raport 67

Raport bieżący nr 67/2005

Podstawa prawna

Art. 81 ust. 1 pkt 2 Ustawy PPO - informacja poufna

Zarząd Polskiego Koncernu Naftowego ORLEN Spółka Akcyjna ("PKN ORLEN") informuje, iż w angielskiej wersji raportu bieżącego nr 67/2005 z dnia 17 października 2005 roku ("angielska wersja raportu") błędnie podano następujące informacje:

1. Jest:

- The aforementioned financial and operational targets are based on actual average macro environment seen in year 2004: Crude oil price $38.2/b, Brent/Ural differential $4.1/b, Refinery margin $5.6/b, Exchange rate CZK/EUR 31.90.

Powinno być:

- The aforementioned financial and operational targets are based on actual average macro environment seen in year 2004: Crude oil price $38.2/b, Brent/Ural differential $4.1/b, Refinery margin $3.5/b, Exchange rate CZK/EUR 31.90.

2. Jest:

- IRR - of PKN ORLEN investment in Unipetrol - of 34% does not include the provisions

Powinno być:

- IRR - of PKN ORLEN investment in Unipetrol - of minimum 33.9% does not include the provisions

3. Jest:

- Total investment: EUR 579 m (assuming 30.35 CZK/EUR as of 24.5.2005).

Powinno być:

- Total investment: EUR 486 m (assuming 30.35 CZK/EUR as of 24.5.2005).

4. Jest:

- Return on investment - of 33% - calculated using outlays as defined for IRR calculation included in the presentation �PKN ORLEN and Unipetrol � Partnership for Central Europe, October 17th, 2005", adjusted for PKN ORLEN share of net profit in 2008 including the impact of initiatives and calculated under average 2004 macroeconomic conditions.

Powinno być:.

- Return on investment - of 33% - calculated using outlays as defined for IRR calculation included in the presentation �PKN ORLEN and Unipetrol � Partnership for Central Europe, October 17th, 2005", adjusted for PKN ORLEN share of net profit in 2009 including the impact of initiatives and calculated under average 2004 macroeconomic conditions.

Pozostała treść raportu w wersji angielskiej, a także cała treść wersji polskiej raportu zostają niezmienione.

Poprawna treść wersji angielskiej raportu nr 67/2005 z dnia 17 października 2005:

Regulatory Announcement no 67/2005 as of October 17th, 2005

Polski Koncern Naftowy ORLEN S.A. (�PKN ORLEN�), Central Europe�s largest downstream oil company, announces today its integration strategy with Unipetrol a.s., including the expected effects of the operational improvement program and first improvements to be captured already in year 2005.

The operational improvement program provides for an improvement in efficiency and the realisation of selected targets, which should contribute to an increase of Unipetrol�s EBITDA by minimum 45% in 2008 compared to 2004, based on the actual average macro environment seen in year 2004.

The strategy towards Unipetrol envisages certain capital group restructuring through divestitures of businesses, which Unipetrol has independently determined are non-core: in Aliachem, Lovochemie, Agrobochemie and Kaucuk.

Smooth target realization in core segments: refinery, petrochemicals, chemical and retail will be supported by creating 26 Polish-Czech teams responsible for defined tasks.

Assumed financial targets:

� IRR of PKN ORLEN investment in Unipetrol > 33.9%

� Consolidated EBITDA for Unipetrol in 2008 EUR > 442 m includes:

- impact of Partnership Program EUR > 138 m

Improvements to be captured by Unipetrol already in 2005 will amount to EUR ~ 28 m. Initial expected integration synergies on PKN ORLEN side will exceed EUR 24 m.

The aforementioned financial and operational targets are based on actual average macro environment seen in year 2004: Crude oil price $38.2/b, Brent/Ural differential $4.1/b, Refinery margin $3.5/b, Exchange rate CZK/EUR 31.90.

Additional important assumptions considered in the calculations:

� IRR - of PKN ORLEN investment in Unipetrol - of minimum 33.9% does not include the provisions - PKN ORLEN has created potential provisions for business risk which include provisions to cover possible negative financial effects associated to agreements concerning sale of some Unipetrol assets (in average macro environment seen in year 2004). Including provisions for potential business risk, IRR of PKN ORLEN investment in Unipetrol would amount to 28% (in average macro environment seen in year 2004).

ď�§ Consolidated EBITDA includes Unipetrol, Unipetrol Rafinerie, Paramo, Chemopetrol, Kaučuk, Spolana, Benzina consolidated fully; Česká Rafinérská consolidated following the proportional method and Agrobohemie and Aliachem consolidated following the equity method. EBITDA calculations do not consider the effects of possible divestments.

� Unipetrol base year consolidated results of 2004 adjusted for one-off expenses as well as non-operating and extraordinary charges.

� EBITDA calculations of Unipetrol does not consider the effects of possible divestments.

� Price paid by PKN ORLEN to Czech Property Fund for Unipetrol equity CZK 11,303 m + 14.55% price adjustment = EUR 428 m, price agreed for debt (CZK 1,745 m = EUR 58 m) less repayments of EUR 15 m, project costs of EUR 12 m and provisions for business risk associated with the Unipetrol transaction made by PKN ORLEN. Total expected MTO cost EUR 3.1 m included. Total investment: EUR 486 m (assuming 30.35 CZK/EUR as of 24.5.2005).

� Return on investment - of 33% - calculated using outlays as defined for IRR calculation included in the presentation �PKN ORLEN and Unipetrol � Partnership for Central Europe, October 17th, 2005", adjusted for PKN ORLEN share of net profit in 2009 including the impact of initiatives and calculated under average 2004 macroeconomic conditions.

Management Board of PKN ORLEN

Zarząd PKN ORLEN SA

Data autoryzacji: 30.09.05 16:38

Paweł Szymański - Członek Zarządu

Dariusz Grębosz - Dyrektor Biura Relacji Inwestorskich