Petrolinvest SA : Petrolinvest has signed a memorandum of understanding with the leading Chinese energy company

l.l_t•.. PetroL1.nvest

Warsaw, 4 January 2013

Press Release

PETROLINVEST HAS SIGNED A MEMORANDUM OF UNDERSTANDING WITH THE LEADING CHINESE ENERGY COMPANY On 4 January 2013, Petrolinvest signed a memorandum of understanding with China National Petroleum Corporation (CNPC) regarding CNPN's intention to make an equity investment in Petrolinvest's Kazakh subsidiary- OTG.

The memorandum was sìgned on behalf of CNPC by the Kazakh company CNPC lnternatìonal (Kazakhstan) Ltd. whìch oversees ali of CNPC's ìnvestments ìn Kazakhstan. The Chìnese company ìs ìnterested ìn makìng an equìty ìnvestment ìn OTG - a company ìn whìch Petrolìnvest has 88.1% of shares - on terms to be agreed upon by the partìes.

OTG has a contract for the exploratìon and productìon of hydrocarbons coverìng an area located ìn the northern part of Kazakhstan, ìncludìng the geologìcal structures of Koblandy, Shyrak, Ayganym, Bestau and Tamdy. The prospectìve resources of the OTG contract have been estìmated by a reputable ìndependent expert McDanìel & Assocìates Consultants at 1.9 bìllìon barrels of oìl equìvalent, wìth the value of prospectìve resources wìthìn the contract estìmated at USD 2.3 bìllìon.

The CNPC corporation enjoys the position of a renowned investor in Kazakhstan. They have a number of exploration assets in that country, some of which are located in the immediate vicinity of our contract held by OTG, which -in the event of CNPC making an equity investment in our subsidiary­ wi/1 make it possible to share a part of the infrastructure required far the industriai production ofthe deposit- saìd Bertrand Le Guern, Presìdent ofthe Management Board of Petrolìnvest S.A.

CNPC ìs Chìna's largest fuel corporatìon and one of the leadìng energy companìes ìn the world, wìth oìl and gas productìon and exploratìon assets ìn more than 30 countrìes around the world and wìth a daìly productìon of approxìmately 3 mìllìon barrels of oìl and 240 mìllìon cubìc metres of natural gas. In 2011, CNPC's revenues amounted to aver USD 350 bìllìon, whìle the company's net profìt exceeded USD 16 bìllìon. CNPC ìs aIso the maìn shareholder of PetroChìna,the largest Chìnese oìl and gas producer, lìsted on the stock exchanges of New York, Hong Kong and Shanghaì. Sìnce 1997,CNPC has been actìvely present ìn Kazakhstan, where ìt carrìes out productìon from five deposìts and ìs ìnvolved ìn the constructìon and management of oìl and gas pìpelìnes connectìng Kazakhstan wìth Chìna. In addìtìon, together wìth KazMunaìGaz, CNPC ìs a shareholder of PetroKazakhstan - a company ìnvolved ìn deposìt productìon actìvìtìes ìn Kazakhstan.

Petrolinvest S.A.

Registered seat Offices

Podolska 21,81-321Gdynia Al. Jerozolimskie 65/79 (LIM Center),00-697 Warszawa telephone [phone],fax: [phone]telephone: [phone],fax: [phone]

e-mail: [e-mail]

EU VAT PL 586-10-27-954,REGON 190829082

e-mail [e-mail]

NationalCourt Register number KRS 0000270970 District Court for Gdarisk-P6tnoc

Contact:[e-mail] PETROLINVEST S.A.

Corporate Office

Al. Jerozolimskie 65/79

00-697 Warsaw

www.petrolinvest.pl
The present press release has been issued by Petrolinvest S.A. (the "Company") in good faith and for informational purposes only. Please read carefully the disclaimer notice below. Given the possibility of modification or update of the content of this release (including the disclaimer notice), you should read the complete content, including disclaimer notices to the content each time you read the present press release. Neither the Company, nor any of its shareholders, members of management or supervisory bodies or employees make - or are under an obligation to make - any representations or warranties with respect to the contents hereof.
The information contained in the press release is not directed or intended to be made accessible to persons in the territory of the United States, Australia, Canada and Japan, nor in any legal system in which the publication or dissemination of the information contained in this press release would be inconsistent with the applicable system of law. This information does not constitute or form part of an offer to sell or the solicitation of an offer to sell nor an offer to buy securities of the Company. The Company's securities have not been registered under the U.S. Securities Act of 1933 (as amended) and may not be offered or sold in the United States of America without a required registration, unless in accordance with applicable exemptions or in a transaction not subject to registration requirements under that Act and relevant state laws. Neither the present press release nor any information contained herein constitutes or forms a part of a bidding for sale or the solicitation of an offer for purchase in Canada, Australia or Japan or in other legal systems, in which the above steps constitute a violation of the applicable law and in these systems no offer for shares or rights to shares will be carried out.
The information provided herein does not constitute a public offer of purchasing the Company's securities, an offer to sell or solicitation or invitation to purchase or subscribe for securities of the Company. None of the information contained in the present press release constitutes a recommendation to purchase or sell financial instruments within the meaning of the Regulation of the Minister o f Finance dated 19 October 2005 on the information on recommendations concerning financial instruments, their issuers or drawers (Journal of Laws of 2005 No 206, item 1715). Consequently, the information contained in the present press release cannot underlie any investment decision concerning the securities of the Company.
The Management Board of the Company exercises due diligence so that any information presented in the present press release is true and
fair, but neither the Management Board of the Company nor the Company itself (or any of its shareholders, members of supervisory bodies
or employees) shall be liable for the truth or fairness of the publicly available information contained in the present press release.
The information contained in the present press release may contain forward-looking statements, but any forward-looking statements are only potential results of the events referred to in the press release characterised by a high level of risk and uncertainty, based on several assumptions (regarding the Company's operations, economic situation, the Company's investment opportunities, results of exploration works, the Company's competitive advantages, etc.), which were not covered in the content of the present press release. Forward-looking statements do not guarantee future results and involve risks and uncertainties regarding their achievement. Because of the possibility of a number of factors, the actual effects of the investments referred to in this press release and, consequently, the Company's profits resulting from it, are uncertain.
A detailed description of the risks associated with investing in securities of the Company can be found in the Company's annual report for
2011 published on the Internet at the Company's website at http://www.petrolinvest.pl/pl/raporty-okresowe.html.
Subject to the fulfilment of its legal obligations (including its obligation to disclose confidential information), the Company hereby states that it is under no obligation to update or revise any published data relating to the information contained in the present press release or the assumptions underlying the Company's strategy with respect to such information.

This document is a translation.

The Polish original should be referred to in matters of interpretation

2