Guarantee letters

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe's largest downstream oil company, announces that on 19 February 2004 it issued parent company guarantees to HGM Roland Mineralöl Handel GmbH, Holborn European Marketing Company Ltd., Louis Dreyfus & Cie Mineralöl GmbH, Mabanaft Deutschland GmbH & Co. KG, Deutsche BP Aktiengesellschaft - to secure the liabilities of ORLEN Deutschland GmbH (PKN ORLEN's fuel subsidiary in Germany). The EUR 20m and USD 40m liabilities come out of ORLEN Deutschland's fuel trading operations.

PKN ORLEN has also issued guarantee letters to Bayerische-Hypo und Vereinsbank AG, Dresdner Bank AG, Commerzbank AG to secure the liabilities of ORLEN Deutschland GmbH. The EUR 15m liabilities come out of ORLEN Deutschland's fuel trading operations.

The parent company guarantees and the guarantee letters are valid until 31 January 2005 and replace any existing guarantees. (See current report 60/2003 dated 30 July 2003) ORLEN Deutschland GmbH is a 100% subsidiary of PKN ORLEN.

About PKN ORLEN SA

PKN ORLEN S.A. is one of the largest companies in Central & Eastern Europe, with listings on the Warsaw and London Stock Exchanges, and trading on the OTC market in the U.S.A. It is Poland's largest refiner of crude oil and marketer of world-class petroleum and related products. It has a substantial wholesale and retail distribution system that includes the largest network of service stations in Poland. It also has significant financial investments in the telecommunications sector in Poland.