Kulczyk Holding`s share in PKN ORLEN SA drops below 5%

Polski Koncern Naftowy ORLEN SA (‘PKN ORLEN’), Central Europe's largest downstream oil company announces that Warsaw-based Kulczyk Holding S.A. informed PKN ORLEN on 3rd November 2004 that, according to article 147 of The Act on Public Trading in Securities, Euro Agro Centrum S.A., an affiliate of Kulczyk Holding, sold 945,000 bearer shares of PKN ORLEN on 27 October 2004, representing 0.221% of the initial capital and the same number of votes at the general meeting of PKN ORLEN. The transaction was settled on 2 November 2004.

In the light of above Kulczyk Holding SA and its affiliates are in possession of 20,443,377 bearer shares of PKN ORLEN, an amount that accounts for 4.78% of the initial capital and ensures 20,443,377 votes at the general meeting of shareholders and 4.78% of votes at the general meeting of shareholders of PKN ORLEN.

(see also regulatory announcement no 56/2002 dated 20 June 2002)