Shares held by The Bank of New York

Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”), Central Europe’s largest downstream oil company, announces that the number of its shares held by The Bank of New York decreased by 2.23% from 88,529,062 (21.07% of votes at the General Shareholders' Meeting as reported on April 24, 2002) to 79,158,086 shares (18.84% of votes at the General Shareholders' Meeting as of June 17, 2002).

Commenting on the announcement, Dariusz Grębosz, Head of Investor Relations at PKN ORLEN said “ A decrease in The Bank of New York's holding in PKN ORLEN does not necessarily mean that international investors have been withdrawing from the investment. It is a frequent practice that investors cancel DRs and exchange them into shares on a domestic market. Such transactions allow direct participation at the General Meeting of Shareholders and therefore are nothing new or unusual before 28 June 2002.” Grębosz said that the large number of trades in the securities demonstrates the market’s interest in PKN ORLEN shares. “Let me remind you that 2.2 million shares changed hands yesterday in block trades at a price of PLN 20.5 (6% over the current price)”, he added.