An approval for the sale of Flexpol

An approval to the sale of shares in Flexpol Sp. z o.o.

Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”), Central Europe’s largest downstream oil company, announces that the Polish Office for the Protection of Competition and Consumers (“UOKiK”) gave its approval to the sale of shares in Flexpol Sp. z o.o. (“Flexpol”), which has its registered office in Plock, to an investor. PKN ORLEN and Kety Group concluded a preliminary contract regarding the sale of Flexpol’s shares to the investor on 21 April 2004.

The preliminary contract was for the sale of all 9,600 shares in Flexpol representing 40% of Flexpol’s initial capital.

The approval of the Polish Office for Protection of Competition and Consumers was one of the conditions of the above mentioned preliminary contract.

(see also regulatory announcement no 24/2004 dated 22 April 2004)

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.