PKN ORLEN rating maintained

Fitch Ratings maintained its rating for PKN ORLEN at the investment level (BBB and F3). This means that the Company's credit risk is low and stable. At the same time, Fitch changed the outlook for the Company. This, however, is related to the ambitious projects undertaken by PKN ORLEN, such as the acquisition of a network of service stations in northern Germany, launch of a joint venture with Basell or the planned acquisition of shares in Rafineria Gdańska.

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Time of success

For PKN Orlen, 2003 was a time of strenuous work, bold undertakings and investment projects which brought the expected results. The most evident manifestation of the effects of these actions is the fact that the Company is a source of material revenue to the State Budget and one of the most profitable companies on the Warsaw Stock Exchange, which is attested to by the growth of PKN Orlen's share price by nearly 57% over the whole year.

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PKN ORLEN cleared to establish Consortium Agreement with Rotch Energy to bid for the Gdansk Refinery

PKN ORLEN announces that following the resolution of Nafta Polska, it can now establish a consortium, subject to conditions, with UK-based Rotch Energy Ltd, in respect of their joint bid for a 75 per cent stake in the Gdansk Refinery, the second largest refinery in Poland. Nafta Polska has also agreed to allow PKN ORLEN to proceed with due diligence at the Gdansk Refinery.

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PKN ORLEN and Basell Europe Holdings agreed the associated commercial agreements

PKN ORLEN announces that in respect of the Joint Venture Agreement signed on 30 September 2002 between PKN ORLEN and Basell Europe Holdings, both parties have agreed the associated commercial agreements on 23 October 2002. The transaction is still subject to clearance from the Polish Office for Protection of Competition and Consumers and securing satisfactory financing for the project.

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PKN ORLEN's 2001 Annual Report Wins Award

PKN ORLEN's 2001 Annual Report has won the first prize for "The Best Financial Report of a Public and Non-Public Company in 2001". The awards were granted on 11th October 2002 at the Warsaw Stock Exchange.

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Letter of Intent terminated by mutual agreement

PKN ORLEN announces that, following the annulment by the Government of Czech Republic of the bid for Unipetrol a.s., the Letter of Intent between PKN ORLEN and Agrofert Holding a.s. terminated by mutual agreement. Despite this development PKN ORLEN confirms that it has a continuing interest in Czech market.

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Basell and PKN ORLEN Sign Agreement to Form Polish Polyolefins Joint Venture

September 30, 2002 - Basell and PKN ORLEN today signed an agreement to form a new polyolefins joint venture in Plock, Poland to produce and market polypropylene and polyethylene in Europe. This announcement follows the approval of the agreement by PKN ORLEN's Supervisory Board on Saturday.

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Agreement regulating the principles of negotiations

On September 27, 2002 Polski Koncern Naftowy ORLEN (PKN ORLEN) Central Europe's largest downstream oil company and Rotch Energy Limited have entered into the agreement regulating the principles of negotiations aimed at setting up the consortium intending to acquire 75 per cent of shares of Rafineria Gdanska.

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Rotch Energy invites PKN ORLEN to participate in their bid for Gdansk Refinery

Today UK based Rotch Energy officially invited PKN ORLEN to enter into negotiations with them in respect of their bid for 75 per cent stake in Gdansk Refinery, the second largest refinery in Poland. The invitation was received, following an announcement by the Polish Government on amendments to its programme of restructuring and privatisation of the Polish oil sector.

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