Issue of debt by PKN ORLEN - 2

PKN ORLEN S.A. (PKN ORLEN), Central Europe’s largest downstream oil company, announces today that on 2nd August 2001 PKN ORLEN issued the second and the third tranche of zero-coupon discounted bonds at the total nominal value of PLN 70m (seventy million) with the redemption date of 31st 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 second and the third tranche of the company’s up to PLN 700m bond issuance programme and total value of the bonds issued by the company in the second and the third tranche accounts for 1.80% of PKN ORLEN’s capital (as of Q1 2001).