Guarantee letters

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, announces that on 29 July 2004 it issued guarantee letters to Zϋrich Versicherung AG to secure the liabilities of ORLEN Deutschland GmbH. The EUR 20m liabilities come out of ORLEN Deutschland’s fuel trading operations. The guarantee letter is valid till 31 January 2005. PKN ORLEN holds 100% stake in ORLEN Deutschland GmbH