Impact of LIFO valuation of inventories

Polski Koncern Naftowy ORLEN Spolka Akcyjna ("PKN ORLEN"), Central Europe's largest downstream oil company, informs about impact of LIFO valuation of inventories on consolidated financial results of PKN ORLEN Capital Group for 2Q 2002.

Estimates of gross income and net income (after deferred taxation) assuming LIFO valuation of inventories of PKN ORLEN Capital Group under International Financial Reporting Standards (IFRS) are as follows (PLN m)