A five-year syndicated loan of EUR 500m

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces that on 29 July 2003 it signed an Agreement for a five-year syndicated loan of EUR 500m. The loan will be provided by:

Bank Austria Creditanstalt AG
Bank Handlowy w Warszawie S.A.
ING Bank N.V., London Branch
Societe Generale
WestLB AG London Branch
Bank Polska Kasa Opieki S.A.
ABN Amro Bank N.V.
Bank Zachodni WBK S.A.
Powszechna Kasa Oszczędnosci Bank Polski S.A.
Bank Gospodarki Zywnosciowej S.A.
BNP Paribas Bank Polska S.A.
The Bank of Tokyo-Mitsubishi, Ltd.
Credit Lyonnais SA
Deutsche Bank Luxembourg S.A.
Sumitomo Mitsui Banking Corporation Europe Ltd.
Danske Bank Polska S.A.
Dresdner Bank Luxembourg S.A.
Nordea Bank Polska S.A.

The loan will be used to finance the company's on-going investments and repay its foreign currency indebtedness. PKN ORLEN is entitled to utilise the loan both in EUR and USD. The loan interest rate is based on the relevant EURIBOR / LIBOR rate plus 0.40% - 0.60% annual margin dependent on the financial ratios. This is one of the most favourable margins available on the syndicated loan market for any Polish company. The loan is not secured on PKN ORLEN's assets.