4Q 03 results estimations

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, announces that it expects to generate over PLN 1,300 m of operating profit* and PLN 1,050 m of net profit* in the year to 31 December 2003. This represents almost 150% year-on-year increase and is the highest result in PKN ORLEN’s history.

This significant improvement was achieved following the implementation of further steps of PKN ORLEN’s corporate strategy:

• cost cutting programme
• improvement of fuel station service
• margin optimization
• Value Based Management programme

The positive Oil and Gas environment and the successful implementation of further stages of restructuring of the Capital Group also contributed to the results.

The Company estimates that net profit* calculated on a LIFO basis was PLN 1,010 m*, an increase of over 370% year-on-year.

Full results for 2003 will be published on 26 February, 2004.

* estimations according to IFRS, after 4 quarters of 2003, data are not audited.

Zbigniew Wrobel, President & CEO