Bridging guarantee & credit

Polski Koncern Naftowy ORLEN S.A. ("Issuer"), Central Europe's largest downstream oil company, hereby informs that on 27 February 2003 the Euro 90,000,000 Bridging Guarantee Facility and Euro 25,000,000 Bridging Revolving Credit Facility Agreement ("Agreement") was executed. The parties to the Agreement are: (1) the Issuer as guarantor, (2) the company incorporated under German law dependant from the Issuer under the name Einhundertzweiundreissigste Vermoegensverwaltungsgesellschaft mbH (its name will be changed into Orlen Deutschland GmbH) ("Orlen Deutschland") as borrower, and (3) Bank Austria Creditanstalt AG ("Bank"). The Issuer holds 100% shares in the share capital of Orlen Deutschland.

In the Agreement the Bank agreed, subject to satisfaction of certain conditions precedent set forth in the Agreement, to extend bridging financing to Orlen Deutschland in the form of the guarantees and in the form of revolving credit. The financing will be used for the purpose of the working capital of the borrower.

The Bank's receivables for repayment of the financing will be secured in particular by the guarantee granted by the Issuer ("Issuer's Guarantee"). The liability of the Issuer to the Bank under the Issuer's Guarantee is limited to Euro 57,500,000 (fifty seven million five hundred thousand). Additionally, the Agreement provides that other security interests will be established in favor of the Bank upon shares and/or assets of certain companies in Germany. The Issuer shall be obliged to procure that the above security interests will be established.