Guarantee letters

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces that on 29 July 2003 it issued guarantee letters to Bayerische-Hypo und Vereinsbank AG, Dresdner Bank AG, Commerzbank AG and an insurance entity - Zurich Versicherung AG - to secure the liabilities of ORLEN Deutschland GmbH (PKN ORLEN's fuel subsidiary in Germany). The EUR 115m liabilities come out of ORLEN Deutschland's fuel trading operations. The guarantee is valid for 12 months.

PKN ORLEN holds 100% stake in ORLEN Deutschland GmbH