Annex to oil supply contract between PKN ORLEN and J&S

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") Central Europe's largest downstream oil company, hereby announces that on 31st October 2003 PKN ORLEN and J&S Service & Investments Ltd ("J & S"), a Cypriot company with a registered office in Larnaca, executed Annex No. 1 ("Annex") to the term oil supply contract of December 20, 2002 ("Contract").
Pursuant to the provisions of the Contract, and as amended by the Annex, J&S is obliged to provide PKN ORLEN, on average, with 5,400,000 metric tons of oil annually, until 2009 (inclusive), which is 2 years more when compared to the initial provisions (see also current report as of December 21, 2002).
Additionally, the Annex amends the formula for the calculation of the price paid by PKN ORLEN for oil purchased pursuant to the Contract, which refers to quotations for the URAL blend on international markets. The amendments to the Contract introduced by the Annex reflect the prevailing international standards applicable to oil supply contracts and do not affect the estimated value of the Contract. The Annex constitutes an amendment to a "significant agreement" as defined in the Ordinance of the Council of Ministers of October 16, 2001 regarding current and periodic information provided by issuers of securities, as the value of the Contract exceeds 10% of PKN ORLEN's equity.
Pursuant to §5 Section 1 Item 3 and § 9 of the Ordinance of the Council of Ministers of October 16, 2001, regarding current and periodic information provided by issuers of securities (Dz.U. 2001.139. 1569 with later amendments).