Registration of the initial capital increase of BITREX

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, informs of the registration on 15 July 2003 by a District Court in Krakow of the initial capital increase of BITREX Sp. z o.o. (BITREX). At the same time the company has been renamed form BITREX to ORLEN Asfalt Sp. z o.o. (ORLEN Asfalt). The initial capital of BITREX was raised by PLN 50,000,000.00 from the amount of PLN 10,635,000.00 up to the amount of PLN 60,635,000.00 by the issuance of 100,000 new shares with a par value of PLN 500 each.

After registration of the capital increase PKN ORLEN owns 82.46% shares in the initial capital of ORLEN Asfalt and the same number of votes at the General Meeting of Shareholders. The remaining stake of 17,54% is owned by Rafineria Trzebinia S.A.

ORLEN Asfalt specialize in production and processing of the refinery products.

Capital increase is the result of the consolidation of bitumen and asphalt activities within PKN ORLEN Capital Group.

The acquisition of shares in the increased initial capital was covered from PKN ORLEN's cash flow.

(see current report no 42/2003 dated 2 June 2003)