Sale of shares in ORLEN WodKan

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") Central Europe's largest downstream oil company, announces that on 29 December 2003, on the basis of a share transfer agreement, the Company sold 3,620 shares in ORLEN WodKan Sp. z o.o. ("ORLEN WodKan") with a par value PLN 500 each, representing 82.27% of the initial capital of ORLEN WodKan and the same number of votes at its shareholders' meeting, for a total price of PLN 2,354,159.50. Out of 3,620 shares:

1,390 shares were sold to ORLEN WodKan, for a total of PLN 1,016,159.50,
2,230 shares were sold to 143 ORLEN WodKan's employees for a total of PLN 1,338,000.00
As a result of the sale of its holding in ORLEN WodKan, PKN ORLEN has made a gross profit of PLN 544,159.50. At the time of the transaction the company employed 160 people. Except in respect of the execution of the share transfer agreements referred to in the above, no other relationship exists between the issuer and the issuer's managing or supervising persons, and the sellers of the shares.