PLN 500m loan for Polkomtel

Polski Koncern Naftowy ORLEN Spolka Akcyjna (“PKN ORLEN”), Central Europe’s largest downstream oil company and owner of 19.61% of shares in Polkomtel S.A. - the operator of the Plus GSM telephone network - (“Polkomtel”), announces today that all Polkomtel’s shareholders signed a loan agreement for Polkomtel. Shareholders of Polkomtel will participate in the PLN 500m loan in proportion to their shareholding in the company.

PKN ORLEN lent Polkomtel total amount of PLN 98,050,000 (ninety eight million fifty thousand). The loan is granted until 31st December 2006 and its interest rate equals six-month WIBOR plus 5% margin. Simultaneously, a subordination agreement was signed to secure the interests of a bank consortium that had already granted Polkomtel loans. (also see report dated 19th June 2001)