ORLEN's ADRs to be traded OTC in the U.S

PKN ORLEN S.A. establishes Level I program
ADRs to be traded OTC in the U.S.

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces today that, with effect from 9 May 2001, it has established a Depositary Receipts Level I program, allowing it to be traded over-the-counter (OTC) in the U.S. market.

This will allow retail U.S.-based investors to invest in PKN ORLEN for the first time.

Currently PKN ORLEN has Rule 144A and Regulation S facilities. Depositary Receipts under rule 144A are traded in the Portal system in the U.S. Depositary Receipts under Reg S are traded on IOB (International Order Book since April 30, 2001; previously on SEAQ International) in The London Stock Exchange. Having gained a 12g3-2(b) exemption from the U.S. SEC, the Level I will increase the visibility of PKN ORLEN in the U.S. and will allow Americans to directly invest in one of their mother country's most important companies.

The Bank of New York manages PKN ORLEN’s Depositary Receipts. Setting up a Level I does not involve new capital raising although many companies who have qualified for Level I status do raise capital via private placements.

It was also announced by the London Stock Exchange that PKN ORLEN’s Depositary Receipts were selected as one of the most actively traded developing market securities and, as such, since April 30, 2001 have been traded on the new IOB (International Order Book).

Commenting on these moves Mr Andrzej Modrzejewski, President & CEO of PKN ORLEN, said: "The move of our Depositary Receipts to Level I marks another important step on the road of development of our company. It will enable us to access a broader base of U.S. investors and pave the way for future activities in the US capital markets. The changes in our status, both in the US and the UK capital markets, are commensurate with the growing international interest in the company.”