Agreement over IPO of Polkomtel

PKN ORLEN has entered into an agreement with KGHM S.A. and PSE S.A. over the simultaneous sale of their respective stakes in Polkomtel through an Initial Public Offering of shares by not later than 30 September 2005. This shall be undertaken in compliance with the law and internal regulations of the three companies. PKN ORLEN’s holding in Polkomtel equals 19.61 per cent.

PKN ORLEN's performance in 3Q 2004

PKN ORLEN has achieved another record quarter, with net profit of PLN 837m in the 3Q 2004, calculated according to IFRS. After 9 months of the year, PKN ORLEN’s cost cutting programme has generated savings of PLN 488m.

ORLEN's Increasing Value

In 2Q 2004, PKN ORLEN generated its highest ever quarterly net profit of PLN 668m (317.5 per cent higher than in 2Q 2003), calculated in accordance with International Financial Reporting Standards. PKN ORLEN’s cost cutting programme generated PLN 163m of operational cost savings in 2Q 2004, when combined with savings achieved in 1Q 2004 (PLN 143m), this is equivalent to 68 per cent of the total figure planned for the year. This performance shows that PKN ORLEN is on track to achieve its target of doubling shareholder value in 2006.

Fire maneouvres at the facilities of Basell Orlen Polyolefins

Tomorrow, 22 June 2004, emergency services of PKN ORLEN and Basell Orlen Polyolefins (BOP), in conjunction with national fire brigades and bureau of investigation, will rehearse fire manoeuvres at BOP production plants of in Plock. The operation is aimed at testing co-ordination between forces in case of emergency. Among numerous undertakings to be tested tomorrow, the joint forces will rehearse extinguishing the telogen tank, personnel evacuation and detecting explosives. The manoeuvres are scheduled to commence at 9:00 a.m.

1Q 2004 Results - Efficient Implementation of Strategy

In 1Q 2004, PKN ORLEN Group generated its highest ever quarterly net profit of PLN 397m (11.8 per cent higher than in 1Q 2003), calculated in accordance with International Financial Reporting Standards. PKN ORLEN's cost cutting programme in 1Q 2004 generated PLN 143m of operational cost savings. Headcount was further reduced by 599 jobs across ORLEN Group companies through a socially acceptable programme. Its successful bid for a 63 per cent stake in the Czech company Unipetrol, reconfirms PKN ORLEN's determination to implement its international expansion strategy.

PKN ORLEN earns a record profit

In 4Q 2003, PKN ORLEN generated its highest ever net profit of PLN 1,041m, calculated in accordance with International Financial Reporting Standards. PKN ORLEN's cost cutting programme generated PLN 144m of operating cost savings .

Preliminary tender offer for Unipetrol

Polski Koncern Naftowy ORLEN S.A., Poland's leading refiner, producer and distributor of oils and petroleum fuels, today submitted a preliminary tender offer for acquisition of 62.99% in the share capital of Unipetrol, a.s., the leading Czech oil and petrochemicals group and the purchase of the receivables of Česká konsolidační agentura towards certain entities directly or indirectly owned by Unipetrol, a.s., as well as for the purchase of part of the share capital of Spolana, a.s., currently being held by ČKA (collectively the "ČKA Assets"). Shares and Assets of ČKA are being offered for sale by the National Property Fund of the Czech Republic in a competitive tender.

PKN ORLEN Improves Performance - further effects of the restructuring

The third quarter of 2003 proves that PKN ORLEN is on the path of quick and steady value growth. The restructuring programmes implemented at ORLEN are bringing about the desired effects, which confirms that the development concept proposed by the Executive Board has been correct.

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.