Changes to the Agreement with Basell Europe Holdings B.V.

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces today that it has signed an amendment to a joint venture agreement with Basell Europe Holdings B.V. ("Basell"), a Dutch legal entity, having its principle place of business at Hoofddorp, the Netherlands, changing the Agreement signed on 30 September 2002 (see current report no 85/2002 dated 30 September 2002 and current report no 88/2002 dated 17 October 2003).

In light of the above, the parties agreed that the Polish Office for the Protection of Competition and Consumers should give its assent for the realisation of the joint venture by the 24 February 2003. The joint venture created as a result of the agreement and registered under the name Poliolefiny Polska Sp. z o.o., based in Plock, Poland, will commence operations no earlier than the end of February 2003, and not at the end of January 2003 as previously reported.

PKN ORLEN S.A. and Basell Europe Holding B.V. will each hold 50% of the initial capital of Poliolefiny Polska Sp. z o.o.