Co-operation agreement with Nafta Polska

Current report dated 14th August 2001 Polski Koncern Naftowy ORLEN Spolka Akcyjna (“PKN ORLEN”), Central Europe’s largest downstream oil company, announces today that on 13th August 2001 the Company entered into a co-operation agreement with Nafta Polska SA. (owner of a 17.58% stake in the Company’s share capital) concerning the third stage of privatisation of PKN ORLEN. The agreement also covers the consolidation process involving a selected oil sector entity in the region, which is currently being considered by PKN ORLEN.