A Yukos guarantee for Petroval's obligations

According to current report dated 21 December 2002, in respect of the term contract entered into between PKN ORLEN S.A. and Petroval S.A. for the supply of crude oil, the Management Board of Polski Koncern Naftowy ORLEN S.A. announces that on 13 January 2003 it received a guarantee signed by OJSC "YUKOS OIL CORPORATION", a Russian legal entity, for Petroval S.A.'s obligations under the Agreement.

In light of the above, the condition included in the Agreement has been fulfilled.

(see current report no 111/2002 dated 21 December 2002)