Joint statement by MOL and PKN ORLEN on the progress of their cooperation discussions

On the 20th November 2003, MOL and PKN ORLEN signed a Memorandum of Understanding initiating exclusive negotiations to evaluate the potential merits of closer cooperation between the two companies. The Memorandum of Understanding provided for an initial period of exclusive consultation between MOL and ORLEN in respect of the potential co-operation.

The comprehensive analysis conducted jointly during the recent months has clearly indicated to both companies the strong business logic and potential for cooperation. The parties have made substantial progress on the creation of an agreed, detailed cooperation framework, but further discussions are still required to reach a binding agreement and to secure approvals from all relevant governmental and corporate bodies.

Cooperation between the parties which has started on the basis of the Memorandum of Understanding will be continued upon the progress made so far.