The registration of the initial capital of Mazowsze

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, informs of the registration on 5th November 2002 by a District Court in Gdansk (Poland) of the initial capital increase in Zespoł Wypoczynkowy Mazowsze Sp. z o.o. ("Mazowsze").

The initial capital of Mazowsze was raised by the issuance of 3,476 new shares of par value PLN 1,000 from PLN 456,000 to PLN 3,932,000. The capital was increased through a contribution-in-kind from PKN ORLEN - an exclusive shareholder (book value of contributed assets equals PLN 6,482,831.94).

PKN ORLEN owns 100 per cent of the total shares in Mazowsze.

About PKN ORLEN SA

PKN ORLEN S.A. is one of the largest companies in Central & Eastern Europe, with listings on the Warsaw and London Stock Exchanges, and trading on the OTC market in the U.S.A. It is Poland's largest refiner of crude oil and marketer of world-class petroleum and related products. It has a substantial wholesale and retail distribution system that includes the largest network of service stations in Poland. It also has significant financial investments in the telecommunications sector in Poland.