An increase in the initial capital of Fabryka Parafin NaftoWax Sp. z o.o.

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, informs of the registration on 6 July 2004 of an increase in the initial capital of Fabryka Parafin NaftoWax Sp. z o.o. (“FP NaftoWax”) by a District Court in Krakow (Poland).

The initial capital of FP NaftoWax was increased by PLN 28,303,000.00 from PLN 50,000.00 to PLN 28,353,000.00. This was covered by a contribution in-kind from Rafineria Trzebinia S.A. (book value PLN 28,353,000) in respect of certain stages in the paraffin production and refining process. Rafineria Trzebinia S.A. owns 100 per cent of the initial capital in FP NaftoWax. Every share gives the holder the right to one vote at the General Meeting of shareholders.

Rafineria Trzebinia’s business comprises the processing of refinery products.

Assets contributed in-kind will be used by FP NaftoWax in the same manner as previously.

Contributed assets comprise 99.82% of current initial capital of FP NaftoWax.

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.