Issue of debt by PKN ORLEN

PKN ORLEN S.A. (PKN ORLEN), Central Europe’s largest downstream oil company, announces today that on 26th July 2001 PKN ORLEN will issue the first tranche of zero-coupon discounted bonds at the total nominal value of PLN 50m (fifty million) with the redemption date of 25th October 2001 and a coupon set between the three-month WIBID (Warsaw Interbank Bid Rate) and the three-month WIBOR (Warsaw Interbank Offered Rate).

The issue is the first tranche of the company’s up to PLN 700m bond issuance programme and total value of the bonds issued by the company in the first tranche accounts for 0.75% of PKN ORLEN’s capital (as of Q1 2001).